Bharat Road Network Limited

BRNL.BO

Industrial - Infrastructure Operations · Industrials

Price

₹17.18

-0.27 (-1.55%)

Market Cap

₹1.43B

Exchange

Bombay Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 25, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count falling — buybacks

−50.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 84.0M (2022) → 41.9M (2026)

Winston Score History

The full picture

Bharat Road Network is an Indian infrastructure company that builds and operates highways and roads under contracts with the government. It develops road projects through a build-operate-transfer (BOT) model, where it constructs roads, collects tolls for a set period, and then hands the roads back to the government. The company is one of several mid-sized players in India's highway development sector.

Bharat Road Network makes money primarily by collecting tolls from vehicles using its road assets and through annuity payments from the government for certain projects. It operates entirely in India and holds a portfolio of road concessions across multiple states. The company's key growth opportunity lies in India's large-scale national highway expansion program, but it faces significant risks from high debt levels, negative operating margins, and the capital-intensive nature of infrastructure projects that can strain cash flows for extended periods.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

85.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Bharat Road Network Limited is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

-196.9%

Thin — -196.9% gross margin

Profit after running costs

Operating Margin

-196.9%

Losing money on operations — -196.9%

Return on the money invested

ROCE

-23.0%

Weak — -23.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-28.5%

Shrinking sales (-28.5% YoY)

Profit growth

EPS YoY

-206.6%

Earnings shrinking (-206.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-43.9%

Burning cash (-43.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.08

Elevated debt (1.08)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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