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Bharat Road Network Limited (BRNL)

₹15.64 +0.77% last close, 16 Oct

📊 NSE: BRNL 🏢 Construction 📢 Latest filing: 05 Sep 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Bharat Road's revenue was ₹47.4 Cr (+2.5% year on year, -3.3% on the previous quarter), and net profit ₹-87.3 Cr (against a profit a year earlier); the operating margin was -154.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹47.4	+2.5%	-3.3%
Operating profit	₹-73.2	to loss	loss widened
Net profit	₹-87.3	to loss	loss narrowed
EPS (₹)	-10.40	to loss	loss widened
Operating margin	-154.4%	—	—

Full quarterly financials → Results calendar →

BRNL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 71.63% of the BRNL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 74.38%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal.

71.63%Delivery, 16 Oct

74.38%Own 20-session average

0.5×Volume vs its average

₹15.64NSE close · +0.77%

Delivery in the last 5 sessions: 52.6% · 85.7% · 89.8% · 82.5% · 71.6%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

BRNL to Hold 19th AGM on Sep 30, 2026; Seeks Approval for ₹18 Cr Related Party Transactions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Sep 2026, 11:00 PM

Bharat Road Network Limited has issued the notice for its 19th Annual General Meeting scheduled for September 30, 2026, via video conferencing. Key items include the adoption of FY26 audited standalone and consolidated financial statements and approval of ₹18.00 Cr in related party transactions for FY27. The proposed related party transactions represent ~11.6% of the company's TTM revenue of ₹155 Cr. The largest single transaction proposed is ₹15.00 Cr with Guruvayoor Infrastructure Private Limited.

19th Annual General Meeting scheduled for Wednesday, September 30, 2026 at 2:30 PM IST via VC/OAVM.
Proposed approval for ₹18.00 Cr total Related Party Transactions from October 1, 2026 to September 30, 2027.
Major RPT allocation includes ₹15.00 Cr for Guruvayoor Infrastructure Private Limited and ₹1.00 Cr each for three other entities.
Dispatched FY26 Annual Report access links to shareholders on September 4, 2026.

💡 Track voting outcomes of the AGM resolutions on September 30, 2026, and monitor financial disclosures in the FY26 Annual Report.

BRNL Appoints New Group CEO; Auditors Flag Going Concern and Rs 79.5 Cr Unrecorded Liabilities

🔴 NEGATIVE ⭐ 7/10

BOARD_MEETING 📅 14 Aug 2026, 10:08 PM

Bharat Road Network Limited (BRNL) approved its Q1 FY27 results and appointed Amitabh Kumar Jha as Group Chief Executive Officer w.e.f. August 14, 2026. Statutory auditors issued a qualified opinion, noting that standalone Q1 loss before tax is understated by Rs 9.21 cr (and current liabilities by Rs 79.49 cr) due to unrecognized interest on financial assistance since July 2024. Additionally, consolidated liabilities are understated by Rs 25.61 cr at subsidiary GIPL. The auditor highlighted material uncertainty regarding going concern following debt repayment defaults, alongside sub judice claims and PMLA search proceedings at GIPL.

Appointed Amitabh Kumar Jha as Group Chief Executive Officer (KMP) w.e.f. August 14, 2026.
Auditors qualified standalone results: Q1 loss understated by Rs 921.28 lakhs and current liabilities understated by Rs 7,948.54 lakhs due to unaccrued interest since July 1, 2024.
Subsidiary Guruvayoor Infrastructure Pvt Ltd (GIPL) understated current liabilities by Rs 2,560.58 lakhs due to unaccrued interest since October 1, 2024.
Auditor flagged material uncertainty over going concern due to continued losses and default in repayment of dues.
19th Annual General Meeting scheduled for September 30, 2026.

💡 Track progress on debt resolution/settlement discussions with lenders and updates on sub judice claim realizations from terminated projects like Mahakaleshwar Tollways.

Bharat Road Network: Non-Executive Director Bajrang Kumar Choudhary Resigns

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 07 Aug 2026, 06:53 PM

Bharat Road Network Limited (BRNL) has announced the resignation of Mr. Bajrang Kumar Choudhary from his position as Non-Executive Director, effective from the close of business hours on August 5, 2026. The resignation letter was received by the company late in the evening on August 5, 2026. As this involves an outgoing non-executive board member, there is no immediate direct operational disruption indicated in the filing.

Resignation of Non-Executive Director Mr. Bajrang Kumar Choudhary (DIN: 00441872)
Cessation effective from the close of business hours on August 5, 2026
Intimation submitted to stock exchanges under Regulation 30 of SEBI LODR Regulations

💡 Track subsequent board reconstitutions and future quarterly earnings updates for any changes in corporate governance or strategic direction.

Resignation of Non-Executive Director Mr. Bajrang Kumar Choudhary

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 06 Aug 2026, 08:32 PM

Mr. Bajrang Kumar Choudhary has resigned from his position as a Non-Executive Director of Bharat Road Network Limited (BRNL), effective from the close of business hours on August 5, 2026. The resignation comes at a time when the company is facing financial headwinds, reporting a TTM net loss of •59.4 crore on a revenue of •154 crore. This change is administrative in nature and does not involve the executive leadership (MD/CEO). The company's market capitalization stands at •446 crore with a debt-to-equity ratio of 0.63.

Resignation of Mr. Bajrang Kumar Choudhary (DIN: 00441872) effective August 5, 2026.
The company reported a significant net loss of •110 crore in the March 2026 quarter.
TTM revenue stands at •154 crore, a sharp decline from FY25 revenue of •458 crore.
Promoter holding has remained stable at 51.97% as of March 2026.

💡 Investors should focus on the company's upcoming quarterly results and any announcements regarding board restructuring or capital recycling, rather than this routine director resignation.

Resignation of Managing Director Amitabh Kumar Jha Effective July 31, 2026

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 01 Aug 2026, 05:03 PM

Mr. Amitabh Kumar Jha has resigned as the Managing Director of Bharat Road Network Limited (BRNL) effective July 31, 2026, citing personal reasons. This leadership exit occurs as the company faces financial stress, reporting a TTM net loss of ₹59.43 crore and a low ROCE of 0.6%. With a market cap of ₹443 crore and debt of ₹264 crore, the transition in top leadership adds a layer of uncertainty to the company's turnaround efforts. No immediate successor has been named in the filing.

Managing Director Amitabh Kumar Jha resigned effective from the close of business hours on July 31, 2026.
The company reported a significant TTM net loss of ₹59.43 crore for FY26.
BRNL currently carries a debt of ₹264 crore against a net worth of ₹416 crore (D/E of 0.63).
Operating Profit Margin (OPM) for the TTM period stands at a low 2.3%.
Stock performance has been weak, with a 12-month price return of -14.8%.

💡 Investors should monitor the board's announcement regarding a successor and watch for any changes in the company's strategy for debt reduction and claim realization from terminated projects.

SFIO Initiates Investigation into BRNL and Subsidiary Orissa Steel Expressway

🔵 WATCH ⭐ 9/10

REGULATORY 📅 15 Jul 2026, 02:58 PM

Bharat Road Network Limited (BRNL) and its subsidiary, Orissa Steel Expressway Private Limited, have received a notice from the Serious Fraud Investigation Office (SFIO) for an investigation under Section 212(1)(c) of the Companies Act, 2013. The investigation stems from a Ministry of Corporate Affairs order dated April 23, 2026, originally targeting SREI Infrastructure Finance Limited. The company is required to provide information under Section 217(1), though it currently maintains that there is no material impact on operations. This development is significant given the company's TTM revenue of ₹154 Cr and a TTM net loss of ₹59 Cr.

Notice received from the Serious Fraud Investigation Office (SFIO) on July 14, 2026
Investigation ordered under Section 212(1)(c) of the Companies Act, 2013
Linked to a broader investigation into SREI Infrastructure Finance Limited and other entities
Company reported a significant quarterly net loss of ₹110 Cr in March 2026
Debt levels remain high at ₹264 Cr against a TTM revenue of ₹154 Cr

💡 Investors should closely monitor future disclosures regarding the specific allegations or findings from the SFIO. The primary concern is whether the investigation uncovers financial irregularities that could impact the company's ability to bid for NHAI projects or manage its ₹264 Cr debt.

BRNL Announces Trading Window Closure from July 1, 2026, for Q1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Jul 2026, 10:04 PM

Bharat Road Network Limited (BRNL) has announced the closure of its trading window for all insiders effective July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the release of the unaudited financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the results are declared to the stock exchanges. This is a standard procedural filing and does not impact the company's operational fundamentals.

Trading window closure initiated on July 1, 2026.
Closure applies to the unaudited financial results for the quarter ended June 30, 2026.
Restriction covers all Insiders, including Directors and Designated Persons.
Window to reopen 48 hours after the official announcement of quarterly results.

💡 Investors should watch for the upcoming announcement of the board meeting date, which will determine when the Q1 FY27 results (and the company's financial health) will be disclosed.

SIFL Declares No Encumbrance on 19.81% Stake in BRNL; Disputes Promoter Classification

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 19 Jun 2026, 03:39 PM

Srei Infrastructure Finance Limited (SIFL) has submitted a disclosure under SEBI Takeover Regulations regarding its 19.81% stake in Bharat Road Network Limited (BRNL). SIFL confirmed that no encumbrances have been created on its 16,630,000 equity shares since their allotment in November 2016. However, SIFL filed this under protest, arguing it should be re-classified as a 'Public' shareholder rather than 'Promoter' following its management change via the NARCL resolution plan approved by NCLT in August 2023.

SIFL holds 16,630,000 equity shares in BRNL, representing a 19.81% stake in the company.
Confirmed zero encumbrances on the entire holding from November 12, 2016, to the present date.
SIFL disputes its 'Promoter' status, citing the NCLT order dated August 11, 2023, which transferred control to NARCL.
The disclosure under Regulation 31(4) was made as a matter of abundant caution despite the ongoing re-classification dispute.

💡 Investors should monitor the formal re-classification process of SIFL from 'Promoter' to 'Public', as it will significantly alter BRNL's reported shareholding structure. The lack of encumbrances on a nearly 20% stake is a positive sign for share price stability.

BRNL FY26 Results: Auditor Flags ₹4,107 Lakh Profit Overstatement and Going Concern Risk

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 30 May 2026, 09:17 PM

Bharat Road Network Limited (BRNL) reported a standalone profit before tax of ₹376.59 lakhs for FY26, but auditors issued a qualified opinion stating this figure is significantly misleading. The auditor noted that the company failed to recognize interest on financial assistance since July 2024, leading to a profit overstatement of ₹4,107.69 lakhs. If adjusted, the company would actually post a loss of ₹3,731.10 lakhs. Additionally, the auditor highlighted a 'material uncertainty' regarding the company's ability to continue as a going concern due to debt defaults.

Reported standalone profit of ₹376.59 lakhs for FY26 is overstated by ₹4,107.69 lakhs according to auditors.
Adjusted financial results show a net loss of ₹3,731.10 lakhs and an EPS of negative ₹3.25.
Current liabilities as of March 31, 2026, are understated by ₹7,027.26 lakhs due to unrecognized interest.
Auditors issued a 'Going Concern' warning citing significant losses and defaults in repayment of dues.
Promoter Srei Infrastructure Finance Limited's request for reclassification to 'Public' category was kept in abeyance.

💡 Investors should exercise extreme caution as the audit qualifications suggest the company's financial health is much weaker than the headline numbers indicate. The 'going concern' uncertainty and massive understatement of liabilities are significant red flags.

BRNL Promoter SREI Infrastructure Requests Re-classification of 19.81% Stake to Public Category

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 19 May 2026, 03:54 PM

SREI Infrastructure Finance Limited, holding a significant 19.81% stake (1,66,30,000 shares) in Bharat Road Network Limited (BRNL), has requested to be re-classified from 'Promoter' to 'Public' category. This move follows the insolvency resolution of SREI, where National Asset Reconstruction Company Limited (NARCL) took control of the entity. SREI contends that since the NCLT approval of its resolution plan in August 2023, it no longer functions as a promoter or related party to BRNL. The re-classification is pending approval from the BRNL Board and relevant Stock Exchanges.

SREI Infrastructure Finance Limited holds 1,66,30,000 equity shares, representing 19.81% of BRNL's total paid-up capital.
The request is based on Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The change in status is a result of the NCLT order dated August 11, 2023, which approved the resolution plan by NARCL for SREI.
SREI has not been part of the promoter group or a related party of BRNL since the resolution plan approval date.
The re-classification is subject to board consideration and no-objection from Stock Exchanges.

💡 Investors should monitor this transition as it may lead to increased liquidity or potential future stake sales by SREI/NARCL once they are in the public category. No immediate action is required as this is primarily a regulatory alignment following SREI's insolvency proceedings.

BRNL Appoints Amitabh Kumar Jha as Managing Director for 3-Year Term

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 30 Apr 2026, 07:11 PM

Bharat Road Network Limited (BRNL) has appointed Mr. Amitabh Kumar Jha as Managing Director for a three-year term effective May 1, 2026, subject to shareholder approval. Mr. Jha brings over 28 years of extensive experience in the roads and highways sector, having managed more than 50 national and state highway projects. His previous leadership roles include serving as CEO and COO at prominent firms like Reliance Infrastructure and L&T IDPL Invit. This appointment is expected to strengthen the company's strategic planning and operational management in the infrastructure space.

Appointment of Mr. Amitabh Kumar Jha as Managing Director for a 3-year term starting May 1, 2026.
Mr. Jha possesses over 28 years of experience in the transportation sector, managing 50+ highway projects.
Previously held senior leadership positions including CEO and COO at Reliance Infrastructure and L&T IDPL Invit.
Educational credentials include executive programs from Wharton, Harvard, and the University of Michigan.
The appointment is a key managerial change and is subject to the approval of the company's shareholders.

💡 Investors should view this as a positive development given the appointee's deep industry expertise; monitor for any shifts in strategic direction or project execution efficiency under the new leadership.

BRNL Announces Demise of Chairman and Independent Director Prof. Santanu Ray

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 18 Apr 2026, 07:27 PM

Bharat Road Network Limited (BRNL) has reported the sudden passing of its Chairman and Independent Director, Prof. Santanu Ray, on April 18, 2026. Prof. Ray had been associated with the company since July 30, 2019, and was currently serving a second term that was set to conclude on July 29, 2029. His demise creates immediate vacancies in the Audit Committee, where he served as Chairman, and the Nomination and Remuneration Committee. The company must now initiate the process of appointing a new Chairman and an Independent Director to ensure regulatory compliance.

Prof. Santanu Ray, Chairman and Independent Director, passed away on April 18, 2026.
He was serving a second five-year term as an Independent Director scheduled until July 29, 2029.
Vacancies created in the Audit Committee (Chairman) and Nomination and Remuneration Committee (Member).
Prof. Ray had been a key member of the board for nearly 7 years since his appointment in 2019.

💡 Investors should monitor the company's upcoming board appointments to ensure governance continuity and compliance with SEBI listing regulations regarding committee compositions. The transition to a new Chairman will be a key factor to watch for management stability.

BRNL Closes Trading Window from April 1, 2026, Ahead of FY26 Audited Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Apr 2026, 01:34 PM

Bharat Road Network Limited (BRNL) has announced the closure of its trading window for all designated persons and their immediate relatives starting April 1, 2026. This action is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, to prevent any insider trading ahead of the company's financial reporting. The window will remain closed until 48 hours after the audited financial results for the year ended March 31, 2026, are declared. This is a standard regulatory procedure followed by all listed entities in India.

Trading window closure effective from Wednesday, April 1, 2026
Closure is in relation to the Annual Audited Financial Results for the year ended March 31, 2026
Restriction applies to all Insiders, including Directors and Designated Persons
Trading window to reopen 48 hours after the announcement of results to BSE and NSE

💡 This is a routine administrative filing and does not impact the company's fundamentals. Investors should focus on the upcoming audited financial results to evaluate the company's performance.

BRNL Q3 Results: Auditors Raise Going Concern Doubts; Profits Overstated by ₹11 Crore

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 13 Feb 2026, 08:15 PM

Bharat Road Network Limited (BRNL) reported its Q3 FY26 results, which are heavily impacted by a qualified auditor's opinion and a 'going concern' warning. The company failed to recognize interest expenses since July 2024, resulting in an overstatement of standalone profit before tax by ₹1,104.39 lakhs for the quarter. Furthermore, the company has defaulted on debt repayments and faces significant losses, casting serious doubt on its operational viability. Additionally, a subsidiary is currently under investigation by authorities under the Prevention of Money Laundering Act (PMLA).

Profit before tax for Q3 FY26 is overstated by ₹1,104.39 lakhs due to non-recognition of interest on financial assistance.
Current liabilities as of December 31, 2025, are understated by ₹6,142.30 lakhs on a standalone basis.
Auditors issued a 'Material Uncertainty related to Going Concern' due to significant losses and debt defaults.
Subsidiary Guruvayoor Infrastructure Private Limited is facing search proceedings under the Prevention of Money Laundering Act (PMLA).
Consolidated revenue from subsidiaries for the quarter stood at ₹4,874.70 lakhs with a net profit of ₹2,408.27 lakhs.

💡 Investors should exercise extreme caution given the multiple red flags including accounting qualifications, going concern doubts, and PMLA investigations. The stock carries high risk due to potential insolvency and ongoing legal proceedings at its subsidiaries and associates.

BRNL Q3 Results: Auditor Issues Going Concern Warning; Profits Overstated by ₹11.04 Crore

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 13 Feb 2026, 08:04 PM

Bharat Road Network Limited (BRNL) reported its Q3 FY26 results with significant auditor qualifications regarding the non-recognition of interest expenses. The auditors noted that profit before tax was overstated by ₹1,104.39 lakhs for the quarter and current liabilities were understated by ₹6,142.30 lakhs. A material uncertainty exists regarding the company's ability to continue as a going concern due to debt defaults and heavy losses. Furthermore, a subsidiary is facing PMLA search proceedings, and two associate projects have been terminated.

Quarterly profit before tax overstated by ₹1,104.39 lakhs due to non-recognition of interest on financial assistance since July 2024.
Current liabilities as of December 31, 2025, are understated by ₹6,142.30 lakhs on a standalone basis.
Auditors highlighted material uncertainty regarding 'Going Concern' status due to repayment defaults and significant losses.
Subsidiary Guruvayoor Infrastructure Private Limited is subject to search proceedings under the Prevention of Money Laundering Act (PMLA).
Consolidated subsidiary revenue for the quarter stood at ₹4,874.70 lakhs with a net profit of ₹2,408.27 lakhs.

💡 Investors should exercise extreme caution given the auditor's qualified opinion and the 'going concern' warning which suggests severe financial instability. The overstatement of profits and PMLA investigations into a subsidiary are significant red flags for shareholders.

View All BRNL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single business segment of road development and related services. Consolidated gross revenue grew 22.7% YoY, reaching INR 480.01 Cr in FY25 compared to INR 391.10 Cr in FY24. Standalone total income decreased slightly by 0.25% to INR 13.82 Cr.

Geographic Revenue Split

Revenue is derived from road assets across India, including Kerala (GIPL recorded toll revenue of INR 186.53 Cr, contributing ~39% of consolidated revenue), Uttar Pradesh (GAEPL), Odisha (SJEPL), and Haryana (Kurukshetra Expressway).

Profitability Margins

Consolidated PAT margin turned positive at 28.3% in FY25 (INR 136.13 Cr profit) from a net loss of INR 113.23 Cr in FY24. However, standalone net loss widened significantly to INR 308.15 Cr in FY25 from INR 22.07 Cr in FY24 due to impairment and financial costs.

EBITDA Margin

Consolidated operating profit before working capital changes for H1 FY26 was a negative INR 18.87 Cr on revenue of INR 130.77 Cr, indicating core operational challenges in the current half-year period.

Capital Expenditure

Not disclosed in available documents, though the company mentions adopting a prudent project delivery mechanism to expedite execution of existing assets under construction.

Credit Rating & Borrowing

Total consolidated borrowings stood at INR 263.58 Cr as of September 30, 2025. Auditors highlighted a qualification regarding non-recognition of interest on INR 193.58 Cr (Holding) and INR 97.66 Cr (Subsidiary), impacting reported borrowing costs.

⚙️ Operational Drivers

Capacity Expansion

Focus is on completing existing assets under construction and managing operational high-density corridors like GAEPL and SJEPL. The group headcount was 208 as of March 31, 2025.

Manufacturing Efficiency

Not applicable as the company is a service-based infrastructure developer.

📈 Strategic Growth

Growth Strategy

Growth is targeted through selective bidding for new projects at attractive IRRs, proactive claim realization from terminated projects, and asset management of high-density corridors. The company also utilizes inorganic growth by acquiring existing projects at favorable valuations.

Products & Services

Road infrastructure development, toll collection services, BOT (Build-Operate-Transfer) projects, HAM (Hybrid Annuity Model) projects, and TOT (Toll-Operate-Transfer) models.

Brand Portfolio

Bharat Road Network Limited (BRNL), Guruvayoor Infrastructure Private Limited (GIPL), Ghaziabad–Aligarh Expressway Pvt Ltd (GAEPL), Shree Jagannath Expressway Pvt Ltd (SJEPL).

Market Expansion

Focus on regional connectivity and high-density corridors in India; ownership of marquee assets has been transferred to institutional investors to recycle capital.

Strategic Alliances

Transfer of asset ownership to marquee institutional investors for GAEPL and SJEPL projects to demonstrate bankability.

🌍 External Factors

Industry Trends

The industry is shifting toward HAM and TOT models to mitigate private sector risk; increased competition is noted as more players qualify for project bidding.

Competitive Landscape

The infrastructure sector is becoming more competitive with more players qualifying for BOT, HAM, and TOT projects, potentially squeezing bidding margins.

Competitive Moat

Moat is built on operational excellence in managing high-density corridors and a robust internal framework for claims management, which is critical for recovering value from stalled projects.

Macro Economic Sensitivity

Highly sensitive to GDP growth and economic conditions that drive commercial traffic volumes; traffic growth is a key business risk.

Consumer Behavior

Traffic volume trends are influenced by regional connectivity and economic activity; steady operational performance was noted in GIPL with toll revenue of INR 186.53 Cr.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by NHAI concession agreements and the Insolvency and Bankruptcy Code (IBC), the latter of which poses a risk by overriding contract-specific termination clauses.

Legal Contingencies

The company is actively pursuing claims for financial losses sustained from terminated concession agreements. A significant legal/accounting dispute exists regarding the non-recognition of interest on liabilities totaling INR 193.58 Cr for the holding company and INR 97.66 Cr for GIPL.