B.R.Goyal Infrastructure Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript B.R.Goyal Infrastructure Ltd filed with BSE on 05 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
B.R. Goyal Infrastructure reported FY26 revenue growth of 61% year-on-year to Rs 820 crore, with EBITDA up 82% to Rs 75 crore and profit after tax up 77.8% to Rs 44.92 crore. Management attributed the growth to higher EPC execution, increasing toll collection contributions, expansion into new geographies, and initial execution in the wastewater treatment segment. The company also reported an order book of approximately Rs 1,235 crore as of March 31, 2026, and disclosed a preferential issue of convertible warrants and a maiden dividend recommendation.
Numbers mentioned
Revenue from operations: Rs 820 crore (FY26)
p. 5
“For financial '26, revenue from operations grew by 61% year-on-year to INR820 crores compared to last year's INR510 crores.”
Dasharath Tomar, page 5 of the filed PDF · View the filing
EBITDA: Rs 75 crore (FY26)
p. 5
“EBITDA, excluding other income, increased by around 82% year-on-year to INR75 crores from INR41 crores in financial '25.”
Dasharath Tomar, page 5 of the filed PDF · View the filing
EBITDA margin: 9.13% (FY26)
p. 5
“EBITDA margin improved by 105 basis points to 9.13%, reflecting better operating leverage, improved project mix, procurement efficiencies, and stronger execution across projects.”
Dasharath Tomar, page 5 of the filed PDF · View the filing
Profit after tax: Rs 44.92 crore (FY26)
p. 5
“Profit after tax for financial '26 stood at INR44.92 crores as against INR25.27 crores in FY25, registering a robust growth of 77.8% year-on-year.”
Dasharath Tomar, page 5 of the filed PDF · View the filing
PAT margin: 5.48% (FY26)
p. 5
“PAT margin improved to 52 basis points to 5.48%, supported by strong revenue growth and margin expansion.”
Dasharath Tomar, page 5 of the filed PDF · View the filing
Revenue from operations: Rs 478 crore (H2 FY26)
p. 5
“Coming to H2 FY26 performance, revenue from operations increased by 61% year-on-year to INR478 crores.”
Dasharath Tomar, page 5 of the filed PDF · View the filing
EBITDA: Rs 47.48 crore (H2 FY26)
p. 5
“EBITDA grew by 61% to INR47.48 crores, while profit after tax increased by 49.5% to INR28.72 crores.”
Dasharath Tomar, page 5 of the filed PDF · View the filing
EBITDA margin: 9.93% (H2 FY26)
p. 5
“EBITDA margin remained healthy at 9.93%, demonstrating the scalability and strength of our operating model.”
Dasharath Tomar, page 5 of the filed PDF · View the filing
Order book: approximately Rs 1,235 crore (as of March 31, 2026)
p. 4
“As of March 31, 2026, the company reported a healthy order book of approximately INR1,235 crores, providing strong revenue visibility across multiple business segments.”
Yash Goyal, page 4 of the filed PDF · View the filing
Preferential issue of convertible warrants: up to Rs 13.09 crore
p. 4
“The Board has also approved a preferential issue of convertible warrants aggregating up to INR13.09 crores to support further growth initiatives and strengthen the company's capital base.”
Yash Goyal, page 4 of the filed PDF · View the filing
Dividend: 0.25% per share (2.5% of face value) (FY26)
p. 5
“the Board has recommended a maiden dividend of 0.25% per share, equivalent to 2.5% of the face value of INR10 per share.”
Yash Goyal, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth rate — 20% to 25% · FY27
stated conditionally by Yash Goyal
p. 7
“Sir, we expect around a 20% to 25% growth rate, trying to maintain that.”
Yash Goyal, page 7 of the filed PDF · View the filing
Order book growth — additional INR2,000 crores · FY27
stated as an aspiration by Yash Goyal
p. 10
“So, we're targeting that in different sectors, wastewater, in your road sector, toll collection contracts.”
Yash Goyal, page 10 of the filed PDF · View the filing
Revenue mix from wastewater — 20% to 25% of revenue · near future
stated as an aspiration by Yash Goyal
p. 12
“you can say that near about 20% to 25% of our revenue in the near future will come from wastewater.”
Yash Goyal, page 12 of the filed PDF · View the filing
Business mix (EPC road/building, wastewater, toll collection) — 40% EPC road and building, 20-25% wastewater, 35-40% toll collection
stated as an aspiration by Dasharath Tomar
p. 16
“So, we are trying to stay around 40% in EPC road and building from revenue. In wastewater, near about 20% to 25% for wastewater and remaining 35% to 40% in toll collection contracts.”
Dasharath Tomar, page 16 of the filed PDF · View the filing
Overall growth rate — 20% to 25% every year
stated as an aspiration by Dasharath Tomar
p. 16
“if we talk about growth, the approach is to maintain a growth of 20% to 25% every year.”
Dasharath Tomar, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said there is no slowdown; the company is bidding for higher-value projects and has a large unopened bid pipeline.
Answered by Yash Goyal
Asked by Ojasvi Mohta: Why has the order book decreased year-on-year and is there a tender slowdown?
p. 6
“No, sir, there is no slowdown in the tender process. Actually, why do you see a decrease in that is the reason that we are now bidding for a higher scale of projects.”
Yash Goyal, page 6 of the filed PDF · View the filing
Management explained the margin difference between toll collection and EPC businesses and gave a blended target.
Answered by Management
Asked by Khushi Jain: What EBITDA margin does the company expect going forward?
p. 11
“toll collection margin is around 2.5% and if I talk about EBITDA, it is around 4% and EPC is around 13% to 15%, but definitely when I see at the blended levels by mixing both the turnover so around 9% to 9.25% is present.”
Management, page 11 of the filed PDF · View the filing
Management said wastewater margins are higher than the blended company average.
Answered by Yash Goyal
Asked by Urmish Shah: What is the EBITDA margin profile of the wastewater vertical specifically?
p. 12
“It is near about the 15% to 20% of EBITDA margin.”
Yash Goyal, page 12 of the filed PDF · View the filing
CFO explained the company's working capital cycle is short because it focuses on centrally-funded projects, and operating cash flow turned positive this year after IPO fund deployment.
Answered by Dasharath Tomar
Asked by Yash Parkar: How should working capital and cash conversion evolve given entry into wastewater and larger EPC projects?
p. 9
“if you look at my working capital cycle, it is almost between 30 days to 45 days.”
Dasharath Tomar, page 9 of the filed PDF · View the filing
Management said price escalation clauses and force majeure provisions in contracts protect margins from fuel price increases.
Answered by Yash Goyal
Asked by Darshan Chandra: Given crude price volatility, is management confident EBITDA margin will still improve to 10-11%?
p. 14
“there's a clause of force majeure in our contract, sir. So, the price escalation is already in part as a part of agreement and the relaxation for sudden increase in these prices of crude, fuel, everything has already been intimated and we are going to get the price variations.”
Yash Goyal, page 14 of the filed PDF · View the filing
Management identified large toll collection contracts (TOT model) and BOT projects as opportunities, and said execution challenges exist but are manageable given experience.
Answered by Dasharath Tomar
Asked by Yash Parkar: What is the biggest opportunity and biggest risk facing the company in coming years?
p. 16
“Now we are seeing new opportunities in large toll collection contracts, like the TOT model we are talking about.”
Dasharath Tomar, page 16 of the filed PDF · View the filing
Risks flagged
Crude oil and fuel price volatility temporarily impacted costs before stabilizing
p. 14
“of course, some part for a month or one and a half months we got hit, but later now it's stabilized.”
Yash Goyal, page 14 of the filed PDF · View the filing
Increased competition in wastewater bidding due to many players
p. 13
“For INR200 crores of bid, there were 15 to 20 players who were bidded for these projects. So, the competition has increased like anything.”
Yash Goyal, page 13 of the filed PDF · View the filing
Lack of technical credentials in wastewater requiring subcontracting/name-lending approach
p. 12
“So, we are doing it on a subcontracting basis or on a, like, name lending basis.”
Yash Goyal, page 12 of the filed PDF · View the filing
Operational challenges of working within municipal corporation limits for wastewater projects
p. 12
“So, there are operational challenges which are going to be very strong.”
Yash Goyal, page 12 of the filed PDF · View the filing
Uncertainty around fund allocation in some municipal annual plans affecting bidding decisions
p. 15
“there's no certainty in the annual plan about when money is coming or where it's going.”
Yash Goyal, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.