Company Background

Brahmaputra Infrastructure Limited is an infrastructure EPC company incorporated in 1998 with operational roots in Guwahati, Assam. The company serves as a leading contractor in North-East India, building bridges, flyovers, highways, airports, river-bank protection, and buildings for government and PSU clients. The company also has a Real Estate division that earns annuity-style income from the City Centre mall (rentals) and Industrial Park.

Standalone Q2 FY27 Performance

Q2 FY27 represented the strongest quarter in the last four quarters with profit growing more than twice as fast as revenue:

  • Revenue from operations: ₹104.63 Cr, representing +16.0% YoY growth and +12.0% QoQ growth
  • EPC division revenue: ₹100.72 Cr, up +17.7% YoY
  • PAT: ₹19.64 Cr, up +34.2% YoY (highest in last four quarters)
  • Significant margin expansion with PBT margin improving by 3.7 percentage points YoY

Standalone H1 FY27 Performance

H1 FY27 showed consistent growth across all key metrics:

  • Revenue from operations: ₹198.07 Cr, +8.9% over H1 FY26 (₹181.80 Cr)
  • Total income: ₹201.52 Cr, +10.2% over H1 FY26 (₹182.91 Cr)
  • EBITDA: ₹49.35 Cr, +12.3% over H1 FY26 (₹43.96 Cr)
  • Profit before tax: ₹43.74 Cr, +26.4% over H1 FY26 (₹34.61 Cr)
  • Net profit (PAT): ₹35.93 Cr, +21.1% over H1 FY26 (₹29.67 Cr)
  • EPS: ₹12.38, +21.0% over H1 FY26 (₹10.23)
  • Finance costs: ₹8.40 Cr, down 14.2% YoY

H1 FY27 revenue already equals 54% of full-year FY26 revenue (₹365.47 Cr).

Consolidated Performance

The group consists of BIL + BCPL (100%) + BCBPL (52.38%) + JCC Infraprojects-BIL JV & Pawan-Brahmaputra JV (49% each).

Q2 FY27 Consolidated:

  • Revenue growth: +31.0% YoY
  • Net profit: ₹20.11 Cr
  • JV execution added ₹13.5 Cr of revenue on top of standalone business
  • Two consecutive quarters of group revenue above ₹100 Cr

H1 FY27 Consolidated:

  • Group revenue: ₹226.31 Cr, up +24.5% over H1 FY26
  • Group net profit: ₹36.59 Cr, up +23.3% over H1 FY26
  • EPS: ₹12.61
  • Subsidiaries & JVs contributed ₹28.24 Cr of revenue in H1 FY27, all in EPC segment
  • EPC represents 95% of group income

Segment Performance

EPC segment result up +69.7% YoY in Q2. Real Estate provides steady annuity income with high margins.

Balance Sheet Position (as at September 30, 2026)

  • Standalone net worth: ₹381.23 Cr (up ₹35.9 Cr in six months from March 2026)
  • Consolidated net worth: ₹387.73 Cr (includes non-controlling interest of ₹6.34 Cr)
  • Debt-to-equity ratio: 0.35x (comfortably low leverage)
  • Standalone total assets: ₹725.93 Cr
  • Consolidated total assets: ₹784.15 Cr
  • Asset base backed by projects and real estate

Cash Flow and Working Capital

H1 FY27 Cash Flow highlights:

  • ₹49.6 Cr of trade payables cleared from internal accruals
  • Cash balance maintained above ₹20 Cr
  • Trade payables reduced by ₹49.59 Cr (vendors paid down)
  • Inventories released ₹14.43 Cr
  • Receivables collected ₹9.60 Cr
  • Unbilled revenue (contract assets) increased by ₹11.87 Cr due to faster execution
  • Closing cash: ₹20.56 Cr (standalone) / ₹23.42 Cr (consolidated)

Key Takeaways

1. Record quarter with standalone Q2 revenue of ₹104.63 Cr (+16.0% YoY) and PAT of ₹19.64 Cr (+34.2% YoY)

2. Group scale-up with consolidated Q2 revenue of ₹118.12 Cr (+31.0% YoY) and JVs adding EPC capacity

3. Margin expansion with PBT margin at 22.6% vs 18.9% a year ago, and EPC segment margin at 19.9%

4. Lower interest burden with H1 finance costs down 14.2% YoY to ₹8.40 Cr

5. Stronger balance sheet with net worth of ₹381 Cr, debt-to-equity of 0.35x, and book value of ₹131 per share

6. Strong visibility with order book above ₹1,600 Cr (as per Q1 FY27 call) representing approximately 4x FY26 revenue