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B.R.Goyal Infrastructure Ltd (544335)

📊 BSE: 544335 🏢 Civil Construction 📢 Latest filing: 24 Sep 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (H2 FY26)

In its latest reported quarter, H2 FY26, B.R.Goyal Infrastructure's revenue was ₹478 Cr (+60.9% year on year, +39.8% on the previous half-year), and net profit ₹29.0 Cr (+52.6% year on year); the operating margin was 9.8%.

H2 FY26 (₹ Cr)	Value	YoY vs H2 FY25	vs prev. half
Revenue	₹478	+60.9%	+39.8%
Operating profit	₹47.0	+62.1%	+74.1%
Net profit	₹29.0	+52.6%	+81.2%
EPS (₹)	12.07	+50.5%	+79.1%
Operating margin	9.8%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Order Book Expands 40% to ₹1,720.72 Cr on ₹926 Cr New Inflows

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 24 Sep 2026, 02:26 PM

B.R.Goyal Infrastructure reported that its unexecuted order book reached ₹1,720.72 crore as of August 31, 2026, marking a 40% growth compared to ₹1,235.00 crore on March 31, 2026. This expansion was driven by fresh order wins of ₹926.00 crore secured between April 1 and August 31, 2026, across roads, buildings, and toll collection projects. The current order book represents approximately 1.29x of the company's TTM revenue of ₹1,330 crore, offering strong revenue visibility over the next 6 to 24 months.

Unexecuted order book increased to ₹1,720.72 Crore as on 31 August 2026, up 40% from 31 March 2026
Secured fresh work orders worth ₹926.00 Crore (Gross) between April 1, 2026, and August 31, 2026
Unexecuted order book stood at ₹1,235.00 Crore as on March 31, 2026
Current order book provides revenue visibility over a 6 to 24 months execution timeline
New wins span across Roads, Buildings, and Toll Collection contracts

💡 Track quarterly revenue conversion and operating profit margins in upcoming earnings to ensure project delivery stays on schedule across the 6 to 24-month horizon.

B.R.Goyal Infrastructure to Attend Arihant Bharat Connect Virtual Investor Meet on Sep 25, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Sep 2026, 11:48 AM

B.R.Goyal Infrastructure Ltd has scheduled a virtual group meeting with analysts and institutional investors on September 25, 2026. The meeting is being organized by Arihant Capital Markets under the Arihant Bharat Connect Conference. The company confirmed that interactions will be restricted to generally available information and no unpublished price sensitive information will be shared. This represents routine investor interaction for the civil construction firm, which reported TTM revenue of ₹1,330 crore and FY26 revenue of ₹820 crore.

Virtual group meeting scheduled for September 25, 2026
Interaction arranged under the Arihant Bharat Connect Conference hosted by Arihant Capital Markets
Management will discuss only generally available information with no unpublished price sensitive information

💡 Watch for any post-meet investor presentations or transcripts submitted to the exchanges for updates on project execution and order pipeline.

B.R.Goyal Infra Bags ₹119.85 Cr NHAI User Fee Collection Order in Tamil Nadu

🟢 POSITIVE ⭐ 6/10

OTHER 📅 26 Aug 2026, 05:59 PM

B.R.Goyal Infrastructure Limited has received a Letter of Award (LOA) from the National Highways Authority of India (NHAI) for the engagement of a user fee agency at Surapattu Fee Plaza in Tamil Nadu. The accepted value of the contract is ₹119.85 crore. The execution tenure is 1 year, and it also includes upkeep and maintenance of adjacent toilet blocks.

Accepted contract value is ₹119,84,97,575 (~₹119.85 Cr)
Contract awarded by National Highways Authority of India (NHAI) via competitive e-tender
Execution timeline set for 1 year
Scope includes toll user fee collection at Surapattu Fee Plaza and maintenance of adjacent toilet blocks

💡 Monitor contract commencement and quarterly operational revenue additions to gauge margin contribution from fee collection operations.

B.R.Goyal Infra Wins ₹151 Cr NHAI Toll Collection Contract on NH-3

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 25 Aug 2026, 06:08 PM

B.R.Goyal Infrastructure Limited has secured a ₹151.06 crore work order from the National Highways Authority of India (NHAI) for user fee collection at the Jajau Fee Plaza on NH-3 (Agra-Gwalior section) in Madhya Pradesh. The contract has an execution period of one year and includes upkeep and maintenance of adjacent facilities. The order represents approximately 11.4% of the company's TTM revenue of ₹1,330 crore. Following this win, the company operates 7 active toll collection contracts across multiple states.

Awarded ₹151.06 crore (₹1,51,05,72,575) toll collection contract from NHAI
Contract duration is 1 year on the Agra-Gwalior corridor (NH-3, Km 8.000 to Km 103.000)
Brings total operational toll collection portfolio to 7 active contracts
Order size represents ~11.4% of company's TTM revenue of ₹1,330 crore

💡 Track execution rollout and the revenue run-rate contribution in upcoming quarterly results over the one-year contract duration.

B.R.Goyal Infra Bags ₹151.06 Cr NHAI User Fee Collection Order in MP

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 22 Aug 2026, 11:28 AM

B.R.Goyal Infrastructure Limited has secured a Letter of Award (LOA) from the National Highways Authority of India (NHAI) for a contract valued at ₹151.06 crore. The mandate involves functioning as the user fee agency for Jajau Fee Plaza on the Agra-Gwalior section of NH-3 in Madhya Pradesh, along with toilet block upkeep. The contract execution period is 1 year. The order value represents approximately 11.4% of the company's TTM revenue of ₹1,330 crore.

Order awarded by NHAI valued at ₹1,51,05,72,575 (₹151.06 Cr)
Contract duration is 1 year for user fee collection at Jajau Fee Plaza on NH-3 (Agra-Gwalior section, MP)
Includes upkeep and maintenance of adjacent toilet blocks and consumable recouping
Order size represents ~11.4% of TTM revenue (₹1,330 Cr) and ~18.4% of FY26 revenue (₹820 Cr)

💡 Track toll operations commencement, fee collection stability, and quarterly revenue contribution over the 1-year execution timeframe.

B.R.Goyal Infra Appoints Pardeep Kumar as Business Head - Operations (Technical)

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 20 Aug 2026, 07:17 PM

B.R.Goyal Infrastructure Limited has appointed Mr. Pardeep Kumar as Business Head – Operations (Technical), categorised as Senior Management Personnel (SMP), effective 20 August 2026. Mr. Kumar brings over 30 years of experience in the EPC and infrastructure sectors, having previously overseen execution of more than 5,000 lane-km of highway projects valued at over ₹14,500 crore. He has previously held leadership roles at Ashoka Buildcon, Gammon Infrastructure Projects, and Essel Infraprojects. The addition strengthens the company's technical operational leadership amid its scaling civil construction operations (TTM revenue ₹1,330 crore).

Appointment of Mr. Pardeep Kumar as Business Head – Operations (Technical), SMP, effective 20 August 2026
Candidate possesses over 30 years of EPC and infrastructure sector experience
Past execution track record includes >5,000 lane-km of highways and projects exceeding ₹14,500 crore
Holds B.E. in Civil Engineering, MBA, and M.Tech in Transport Engineering with no relationship to existing directors

💡 Track subsequent quarterly project execution pace and order conversion efficiency under the expanded technical management team.

Rs 39.00 Cr Order Win from NHAI for Toll Collection in Maharashtra

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 12 Aug 2026, 03:36 PM

B.R.Goyal Infrastructure Ltd has received a Letter of Award (LOA) from the National Highways Authority of India (NHAI) for toll collection services. The contract, valued at Rs 39.00 crore, involves acting as the user fee agency for the Husnapur Toll Plaza on NH-361 in Maharashtra. The project has a short execution timeline of one year and includes the maintenance of adjacent facilities. This order is relatively small, representing approximately 2.9% of the company's TTM revenue of Rs 1,330 crore.

Awarded a contract worth Rs 39,00,22,575 by NHAI.
Execution period is fixed at 1 year.
Project covers the Yavatmal-Wardha section (Km 400.575 to Km 465.500) of NH-361.
Scope includes user fee collection and upkeep of adjacent toilet blocks.
Order value represents ~4.7% of FY26 revenue of Rs 820 crore.

💡 Investors should monitor the company's ability to secure larger-scale civil construction projects, as this tolling contract is a short-term service engagement rather than a core infrastructure development project.

₹13.09 Cr Fundraise: B.R.Goyal Infrastructure Allots 11 Lakh Convertible Warrants

🟢 POSITIVE ⭐ 5/10

FUNDRAISE 📅 12 Aug 2026, 03:30 PM

B.R.Goyal Infrastructure has approved the allotment of 11,00,000 convertible warrants to nine non-promoter investors at an issue price of ₹119 per warrant. The company has received ₹3.27 crore, representing the mandatory 25% upfront subscription money. The remaining 75% (₹9.82 crore) is payable within 18 months upon exercise of conversion rights. This total fundraise of ₹13.09 crore is relatively small, representing approximately 4.8% of the company's net worth and less than 1% of its TTM revenue.

Allotment of 11,00,000 convertible warrants to 9 non-promoter investors on a preferential basis.
Issue price of ₹119 per warrant includes a premium of ₹109 over the ₹10 face value.
Immediate capital infusion of ₹3.27 crore received as 25% warrant subscription money.
Total potential fundraise of ₹13.09 crore upon full conversion within 18 months.
Post-conversion, this will result in the issuance of 11 lakh new equity shares.

💡 Investors should monitor the company's future disclosures regarding the specific utilization of these funds and the timing of the remaining 75% payment, which will lead to equity dilution.

Rs 13.09 Cr Fundraise: B.R.Goyal Infrastructure Allots 11 Lakh Convertible Warrants

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 12 Aug 2026, 03:28 PM

B.R.Goyal Infrastructure has approved the allotment of 11,00,000 convertible warrants to nine non-promoter investors at an issue price of Rs 119 per warrant. The company has received the initial 25% subscription amount totaling Rs 3.27 crore, with the remaining 75% payable upon conversion within 18 months. The total potential fundraise of Rs 13.09 crore represents approximately 4.8% of the company's net worth (Rs 274 Cr). This preferential allotment is aimed at strengthening the capital base for its civil construction operations.

Allotment of 11,00,000 convertible warrants at a price of Rs 119 per warrant (including Rs 109 premium).
Total aggregate consideration for the issue stands at Rs 13.09 crore.
Initial 25% subscription money of Rs 3.27 crore has been received and deposited in a separate bank account.
Warrants are convertible into equity shares on a 1:1 basis within a maximum period of 18 months.
Allotment made to 9 non-promoter investors, including Mavira AMC LLP and several individuals.

💡 Investors should track the conversion timeline over the next 18 months and monitor how the management utilizes the proceeds to scale its construction order book.

B.R.Goyal Infrastructure sets Aug 20 as Cut-off Date for 21st AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Aug 2026, 05:14 PM

B.R.Goyal Infrastructure has announced its 21st Annual General Meeting (AGM) to be held on August 27, 2026, via video conferencing. The company has fixed August 20, 2026, as the cut-off date to determine shareholder eligibility for e-voting. The register of members and share transfer books will remain closed from August 21 to August 27, 2026. This is a standard procedural filing for a company with TTM revenue of ₹1,330 Cr and a net worth of ₹274 Cr.

21st Annual General Meeting scheduled for August 27, 2026, at 04:00 PM IST.
Cut-off date for determining e-voting eligibility is fixed as August 20, 2026.
Remote e-voting period starts on August 24, 2026 (09:00 AM) and ends on August 26, 2026 (05:00 PM).
Book closure period for the AGM is from August 21, 2026, to August 27, 2026.
Notice of the AGM was originally dated July 28, 2026.

💡 Shareholders interested in voting on company resolutions should ensure their shareholding is recorded by the August 20 cut-off date and monitor the AGM notice for specific agenda items.

61% Revenue Growth in FY26; B.R. Goyal Infrastructure to Hold 21st AGM on August 27

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 04 Aug 2026, 05:10 PM

B.R. Goyal Infrastructure has scheduled its 21st Annual General Meeting for August 27, 2026, following a year of significant growth. In FY 2025-26, the company reported a 61% increase in total income to Rs 815.65 crore, up from Rs 506.83 crore. The company secured new work orders worth Rs 811.21 crore during the fiscal year, nearly matching its annual revenue. Key agenda items include the re-appointment of the Managing Director and Executive Director, and ratification of cost auditor remuneration.

Total Income grew by 61% YoY to Rs 815.65 crore in FY 2025-26
New work orders worth Rs 811.21 crore were awarded during the fiscal year
Revenue from operations increased to Rs 811.50 crore from Rs 501.55 crore in FY 2024-25
Record date for e-voting is set for August 20, 2026
Proposed remuneration for Cost Auditors is ₹ 70,000 for FY 2026-27

💡 Investors should monitor the execution of the Rs 811.21 crore order book and watch for concrete developments in the company's planned entry into water treatment and smart urban infrastructure segments.

BRG Infrastructure FY26 Revenue Grows 61% to ₹811 Cr; New Orders Worth ₹811 Cr Secured

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 04 Aug 2026, 05:06 PM

B.R.Goyal Infrastructure Limited has released its FY 2025-26 Annual Report, highlighting a significant 61% growth in total income to ₹815.65 crore. The company secured new work orders worth ₹811.21 crore during the fiscal year, nearly matching its annual revenue and indicating strong execution momentum. The 21st Annual General Meeting (AGM) is scheduled for August 27, 2026, with a voting record date of August 20, 2026. Management is signaling a strategic shift toward water treatment and smart urban infrastructure to diversify its traditional road construction portfolio.

Total Income for FY26 reached ₹815.65 crore, a 61% increase from ₹506.83 crore in FY25.
Revenue from Operations grew to ₹811.50 crore in FY26 compared to ₹501.55 crore in the previous year.
New work orders valued at ₹811.21 crore were awarded by government and corporate clients during FY26.
The 21st AGM is scheduled for August 27, 2026, via video conferencing.
Proposed remuneration for Cost Auditors for FY27 is set at ₹70,000 plus taxes.

💡 Review the full Annual Report for details on the current order book aging and monitor the company's progress in entering the water treatment and smart urban infrastructure segments as mentioned by the Managing Director.

B.R.Goyal Infrastructure Directors Summoned by Court for FY 2014-15 Compliance Issue

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 01 Aug 2026, 05:02 PM

B.R.Goyal Infrastructure and its directors have received summons from the Chief Judicial Magistrate, Gwalior, regarding the alleged non-filing of the Cost Audit Report (Form CRA-4) for FY 2014-15. The summons, dated March 13, 2026, was received by the company on July 8, 2026, and requires a personal appearance in court on October 12, 2026. The case was originally registered by the Registrar of Companies (RoC) on September 5, 2019, and is currently at the 'Examination of Accused' stage. The company states that the matter is procedural and does not expect a material financial impact on its current operations.

Summons received on July 8, 2026, for alleged non-compliance during FY 2014-15
Personal appearance of three directors and the company required on October 12, 2026
Case registered by RoC on September 5, 2019, under Sections 147(1) and 148(8) of the Companies Act, 2013
Allegation pertains to the non-filing of the Cost Audit Report (Form CRA-4)
Company reported a 24-day delay in disclosing the receipt of the summons to the exchange

💡 Investors should monitor the outcome of the court hearing on October 12, 2026, to confirm if any penalties are levied, though the impact is expected to be immaterial relative to the company's Rs 1,330 Cr TTM revenue.

₹377.54 Cr Order Win from UPEIDA for Bundelkhand Expressway O&M and Toll Collection

🟢 POSITIVE ⭐ 9/10

OTHER 📅 30 Jul 2026, 11:28 AM

B.R.Goyal Infrastructure Ltd has secured a significant contract worth ₹377.54 crore from the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA). The order involves the collection of user fees and Operations & Maintenance (O&M) of toll plazas along the Bundelkhand Expressway for a period of two years. This contract is highly material, representing approximately 28.4% of the company's TTM revenue of ₹1,330 crore. The contract includes a built-in 10% escalation for the second year, providing clear revenue visibility through 2028.

Total contract value of ₹377.54 crore for a 2-year duration
Year 1 revenue contribution fixed at ₹179.78 crore
Year 2 revenue increases to ₹197.76 crore due to a 10% annual escalation clause
Scope includes deployment of 12 patrol-cum-safety vehicles and associated personnel
Contract is extendable by an additional 6 months at the discretion of UPEIDA

💡 Investors should monitor the commencement date of the contract and its impact on operating margins (OPM), which were 8.6% for the TTM period. Watch for the company's ability to manage the manpower and logistics required for the 12 patrol vehicles efficiently.

B.R.Goyal Infrastructure Sets August 20, 2026 as Record Date for Final Dividend

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 28 Jul 2026, 08:31 PM

B.R.Goyal Infrastructure has announced August 20, 2026, as the record date for determining shareholder eligibility for the final dividend of FY 2025-26. The 21st Annual General Meeting (AGM) is scheduled for August 27, 2026, where the dividend will be put to a shareholder vote. The company reported a TTM PAT of Rs 70 Cr and an EPS of Rs 30.30, indicating a significant growth over FY25's PAT of Rs 25 Cr. Payment will be processed within statutory timelines following AGM approval.

Record date for final dividend eligibility fixed for August 20, 2026
21st Annual General Meeting scheduled for August 27, 2026, at 16:00 IST
Cut-off date for dispatch of AGM notice was July 24, 2026
TTM PAT stands at Rs 70 Cr compared to FY25 PAT of Rs 25 Cr
Promoter holding remains stable at 73.6% as of March 2026

💡 Investors interested in the dividend must hold shares by the record date of August 20, 2026. Monitor the AGM outcome on August 27 for final approval and the specific dividend payout amount if not already tracked.

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