BR Goyal Infrastructure H1 FY27 Revenue Up 61%

Revenue from operations: ₹550 crore (vs. ₹342 crore in H1 FY26), representing 61% YoY growth
EBITDA (excluding other income): ₹35 crore (vs. ₹27 crore in H1 FY26), representing 28% YoY growth
EBITDA margin: 6.38% in H1 FY27
Profit After Tax: ₹22 crore (vs. ₹16 crore in H1 FY26), representing 38% YoY growth
PAT margin: 4.02% in H1 FY27
Operating cash flow: ₹22.3 crore (vs. ₹1.9 crore in H1 FY26)

Fresh orders secured in H1 FY27: ₹1,087 crore (gross basis)
Key order wins:
Bundelkhand Expressway user fee toll collection and O&M contract from UPEIDA: ₹377.54 crore for 2 years
Civil and structure work for Cyber City for Sneh Developers, Micro Mitti Group: ₹81.75 crore with 24-month construction period + 3 months grace period
Civil contracts from LNJ Greenpet for Ratlam project: ₹13 crore + GST with 6-month completion period
Six fresh toll plazas from NHAI:
Katpur, Gujarat: ₹118 crore
Husnapur, Maharashtra: ₹39 crore
Jajau, Madhya Pradesh: ₹151 crore
Surapattu, Tamil Nadu: №119 crore
Chillakallu, Telangana: ₹108 crore
Khambara, Maharashtra: ₹52 crore

Company operates 24 toll plazas across India in Gujarat, Maharashtra, Madhya Pradesh, Tamil Nadu, Telangana, Chhattisgarh, and Uttar Pradesh

Revenue mix expectation: 50% from toll collection contracts, 50% from EPC business
Target annual growth: 20-25% conservatively, expecting 25-30% revenue growth in current year
Bidding pipeline: ₹5,000 crore worth of orders targeted for bidding in current financial year
Strike ratios: 10-15% for EPC bids, 75% for toll collection contract bids
Expect to add ₹700-800 crore new order book conservatively in current financial year
EPC order book expected to reach ₹1,000-1,500 crore by 31 March 2027

Working capital cycle: 45-60 days
Total borrowing: ₹50 crore cash credit limit + ₹315 crore bank guarantee = ₹365 crore total
Equipment loans: ₹15 million
No immediate need for additional bank guarantees due to surety bond acceptance by government agencies
RMC plant capacity: 1.8 lakh cubic meters annually at 80-85% utilization
New RMC plant approved in Indore with identical 1.8 lakh cubic meter capacity, expected operational in H1 FY27-28

Unexecuted order book: ₹132 crore
Expected execution in H2: ₹80-90 crore
Targeting new orders of ₹300-400 crore in wastewater sector by year-end
Pursuing strategic partnerships/JVs for wastewater projects due to eligibility requirements

BRG Hillview residential plotting project: 1.6 lakh square feet plots available for sale
Sales currently paused anticipating price appreciation
No significant sales in current financial year

Global war conditions impacting petroleum product prices (bitumen, diesel) and cement costs
Government providing escalation coverage for cost increases under special provisions
No impact on profitability as additional costs are fully compensated by government
Focus on disciplined execution, operational efficiency, and selective pursuit of opportunities
Exploring HAM, PPP, and BOT models for future projects
TOT projects for toll collection (20-year contracts) being considered with internal cash accruals and banking support

EPC business ROCE: 15-25%
Toll collection contracts ROCE: 30-50%, can reach 60-70% with scale
Toll collection contracts have faster capital turnover (1-year fixed vs 2-3 year EPC contracts)