Income Statement Bharat Road Network Limited Bombay S.E.

Stocks

BRNL

INE727S01012

Construction & Engineering

Market Closed - Bombay S.E. 06:02:27 2026-09-28 EDT			5-day change	1st Jan Change
16.50 ^INR	-1.14%		+1.04%	-26.99%

09-04	Bharat Road Network Limited Auditor Raises 'Going Concern' Doubt	CI
08-14	Bharat Road Network Limited Designates Amitabh Kumar Jha as Key Managerial Personal, Effective from August 14, 2026	CI

3252522bf122fc6e3b6e2f4d1f.efAxl_yVsngIOvi6WpjaTNC_9qIC7AakQxlREX7QFMU.E5hl0sXngSlHeL7wDdCRLuXJnuVLhWGWKU4wWRGDcKEhwQTaitnROXFSoQ

Published financial data: BHARAT ROAD NETWORK LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Revenues	2.16B	3.26B	3.8B	2.74B	1.54B
Other Revenues, Total	64.76M	-	-	-	-
Total Revenues	2.23B	3.26B	3.8B	2.74B	1.54B
Cost of Goods Sold, Total	913M	972M	1.02B	619M	47.18M
Gross Profit	1.32B	2.29B	2.77B	2.12B	1.5B
Selling General & Admin Expenses, Total	6.92M	8.08M	3.44M	3.06M	2.27M
Depreciation & Amortization - (IS)	429M	568M	819M	741M	656M
Other Operating Expenses	245M	1.76B	1.39B	1.55B	1.74B
Other Operating Expenses, Total	681M	2.34B	2.21B	2.3B	2.4B
Operating Income	635M	-46.79M	561M	-175M	-900M
Interest Expense, Total	-1.79B	-1.81B	-1.86B	-534M	-
Interest And Investment Income	18.76M	50.97M	88.96M	157M	284M
Net Interest Expenses	-1.77B	-1.75B	-1.77B	-378M	284M
Income (Loss) On Equity Invest.	-1.37B	-84.96M	-	-	-
Other Non Operating Income (Expenses)	-27.98M	-19.7M	-16.55M	-1.58M	4.88M
EBT, Excl. Unusual Items	-2.54B	-1.91B	-1.23B	-555M	-611M
Gain (Loss) On Sale Of Investments	-104M	-221M	11.49M	23.97M	16.48M
Gain (Loss) On Sale Of Assets	-	-	-	1.84B	-
Other Unusual Items	-1.43B	-95.51M	5.19M	31.87M	3.1M
EBT, Incl. Unusual Items	-4.08B	-2.22B	-1.21B	1.34B	-591M
Income Tax Expense	-189M	-170M	-78.1M	-20.97M	3.3M
Earnings From Continuing Operations	-3.89B	-2.05B	-1.13B	1.36B	-595M
Net Income to Company	-3.89B	-2.05B	-1.13B	1.36B	-595M
Minority Interest	124M	-43.31M	12.25M	49.88M	298M
Net Income - (IS)	-3.76B	-2.1B	-1.12B	1.41B	-296M
Net Income to Common Incl Extra Items	-3.76B	-2.1B	-1.12B	1.41B	-296M
Net Income to Common Excl. Extra Items	-3.76B	-2.1B	-1.12B	1.41B	-296M
Per Share Items
Net EPS - Basic	-44.83	-24.96	-13.34	16.81	-3.53
Basic EPS - Continuing Operations	-44.83	-24.96	-13.34	16.81	-3.53
Basic Weighted Average Shares Outstanding	83.95M	83.95M	83.95M	83.95M	83.95M
Net EPS - Diluted	-44.83	-24.96	-13.34	16.81	-3.53
Diluted EPS - Continuing Operations	-44.83	-24.96	-13.34	16.81	-3.53
Diluted Weighted Average Shares Outstanding	83.95M	83.95M	83.95M	83.95M	83.95M
Normalized Basic EPS	-17.44	-14.71	-8.99	-3.54	-1
Normalized Diluted EPS	-17.44	-14.71	-8.99	-3.54	-1
Dividend Per Share	-	-	-	-	-
Payout Ratio	-	-	-	-	-
Supplemental Items
EBITDA	1.06B	521M	1.38B	566M	-244M
EBITA	1.06B	518M	1.38B	563M	-246M
EBIT	635M	-46.79M	561M	-175M	-900M
EBITDAR	1.07B	528M	1.38B	568M	-242M
Total Revenues (As Reported)	2.27B	3.5B	3.91B	4.8B	1.85B
Effective Tax Rate - (Ratio)	4.65	7.64	6.45	-1.56	-0.56
Current Domestic Taxes	-1K	16K	4.16M	-	2.18M
Total Current Taxes	-1K	16K	4.16M	-	2.18M
Deferred Domestic Taxes	-189M	-170M	-82.26M	-20.97M	1.12M
Total Deferred Taxes	-189M	-170M	-82.26M	-20.97M	1.12M
Normalized Net Income	-1.46B	-1.23B	-755M	-297M	-83.64M
Interest Capitalized	47.95M	120M	130M	-	-
Non-Cash Pension Expense	1.43M	-890K	-2.42M	814K	1.06M
Supplemental Operating Expense Items
Advertising Expense	801K	685K	742K	864K	359K
Marketing Expenses	-	-	-	-	-
Selling and Marketing Expenses	801K	685K	742K	864K	359K
Net Rental Expense, Total	6.11M	7.4M	2.7M	2.2M	1.91M
Imputed Operating Lease Interest Expense	5.47M	7.2M	2.86M	930K	-
Imputed Operating Lease Depreciation	640K	195K	-166K	1.27M	-
Maintenance & Repair Expenses, Total	-	-	-	-	-

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Assets
Cash And Equivalents	292M	1.2B	623M	37.27M	1.26B
Short Term Investments	120M	210M	1.92B	2.02B	2.24B
Trading Asset Securities, Total	197M	203M	218M	177M	-
Total Cash And Short Term Investments	609M	1.61B	2.76B	2.23B	3.5B
Accounts Receivable, Total	1.38B	589M	4.85M	9.39M	12.06M
Other Receivables	1.34B	1.4B	1.42B	1.38B	1.34B
Notes Receivable	1.16B	503M	503M	485M	1.32B
Total Receivables	3.88B	2.5B	1.93B	1.87B	2.67B
Prepaid Expenses	15.36M	16.41M	15.19M	10.48M	5.55M
Other Current Assets, Total	1.03B	1.59B	969M	900M	1.74B
Total Current Assets	5.53B	5.72B	5.68B	5.01B	7.92B
Gross Property Plant And Equipment	29.76M	33.16M	36.91M	26.61M	35.25M
Accumulated Depreciation	-14.52M	-17.02M	-19.78M	-17.13M	-19.21M
Net Property Plant And Equipment	15.24M	16.14M	17.12M	9.48M	16.04M
Long-term Investments	1.86B	982M	998M	982M	931M
Goodwill	652M	285M	273M	251M	251M
Other Intangibles, Total	17.2B	17.48B	17.71B	5.53B	4.74B
Loans Receivable Long-Term	970K	970K	805K	-	-
Deferred Tax Assets Long-Term	195M	366M	448M	472M	470M
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	3B	2.22B	2.22B	2.09B	24.95M
Total Assets	28.46B	27.06B	27.34B	14.35B	14.36B
Liabilities
Accounts Payable, Total	50.07M	44.11M	41.07M	33.49M	33.17M
Accrued Expenses, Total	1.09B	1.77B	3.89B	1.34B	1.29B
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	2.84B	3.03B	5.09B	3.93B	2.64B
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	-	-	-	-	-
Other Current Liabilities	2.33B	2.33B	2.69B	984M	1.04B
Total Current Liabilities	6.31B	7.18B	11.71B	6.29B	5B
Long-Term Debt	13.38B	12.39B	9.49B	1.71B	1.71B
Pension & Other Post Retirement Benefits	14.07M	11.03M	11.6M	6.88M	7.58M
Deferred Tax Liability Non Current	-	-	-	-	-
Other Non Current Liabilities	2.74B	3.49B	3.27B	2.12B	2.29B
Total Liabilities	22.44B	23.07B	24.48B	10.12B	9.01B
Common Stock, Total	840M	840M	840M	840M	840M
Additional Paid In Capital	10.6B	10.6B	10.6B	10.6B	10.6B
Retained Earnings	-6.67B	-8.76B	-9.87B	-8.46B	-7.73B
Comprehensive Income and Other	316M	342M	333M	323M	311M
Total Common Equity	5.09B	3.02B	1.9B	3.31B	4.03B
Minority Interest	928M	973M	961M	914M	1.32B
Total Equity	6.02B	4B	2.86B	4.22B	5.34B
Total Liabilities And Equity	28.46B	27.06B	27.34B	14.35B	14.36B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	83.95M	83.95M	83.95M	83.95M	83.95M
ECS Total Common Shares Outstanding	83.95M	83.95M	83.95M	83.95M	83.95M
Book Value / Share	60.64	36.02	22.64	39.4	47.96
Tangible Book Value	-12.76B	-14.74B	-16.08B	-2.47B	-964M
Tangible Book Value Per Share	-152.05	-175.58	-191.56	-29.45	-11.48
Total Debt	16.22B	15.42B	14.58B	5.64B	4.34B
Net Debt	15.61B	13.81B	11.81B	3.41B	842M
Debt Equivalent of Unfunded Proj. Benefit Obligation	19.3M	15.89M	13.73M	8.78M	9.52M
Debt Equivalent Oper. Leases	48.91M	59.17M	21.59M	17.59M	15.26M
Minority Interest, Total (Incl. Fin. Div)	928M	973M	961M	914M	1.32B
Equity Method Investments, Total	880M	-	-	-	-
Account Code - Inventory Valuation	6	6	6	6	3
Land - (BS)	1.33M	1.33M	1.33M	1.12M	1.12M
Machinery, Total	28.43M	31.83M	35.58M	25.49M	34.13M
Full Time Employees	636	256	166	36	36

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Net Income	-3.76B	-2.1B	-1.12B	1.41B	-296M
Depreciation & Amortization - CF	2.91M	2.69M	2.91M	3.04M	2.13M
Amortization of Goodwill and Intangible Assets - (CF)	426M	565M	816M	738M	654M
Depreciation & Amortization, Total	429M	567M	819M	741M	656M
Amortization of Deferred Charges, Total - (CF)	217K	227K	144K	10K	10K
(Gain) Loss From Sale Of Asset	-	-	-	-1.84B	-
(Gain) Loss on Sale of Investments - (CF)	647M	386M	-11.49M	-23.97M	-11.69M
Provision for Credit Losses	331M	-	-	-	-
Provision and Write-off of Bad Debts	-	-	584M	38.96M	16.97M
Other Operating Activities, Total	1.47B	1.66B	1.71B	272M	72.57M
Change In Accounts Receivable	-196M	883M	-6.57M	-12.51M	-667M
Change In Accounts Payable	1.3B	1.19B	1.67B	126M	-1.03B
Change in Other Net Operating Assets	-	-	-	-	-
Cash from Operations	219M	2.59B	3.65B	714M	-1.26B
Capital Expenditure	-283M	-84.37M	-1.04B	-522M	-72.17M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	1.6B	-63.3M	-1.11B	3.27M	18.12M
Net (Increase) Decrease in Loans Originated / Sold - Investing	515M	-	-	-	-833M
Other Investing Activities, Total	133M	588M	72.72M	116M	4.17B
Cash from Investing	1.96B	440M	-2.08B	-403M	3.28B
Short Term Debt Issued, Total	283M	187M	2.06B	-	-
Long-Term Debt Issued, Total	-	-	-	532M	-
Total Debt Issued	283M	187M	2.06B	532M	-
Short Term Debt Repaid, Total	-	-	-	-1.15B	-
Long-Term Debt Repaid, Total	-750M	-984M	-2.9B	-	-
Total Debt Repaid	-750M	-984M	-2.9B	-1.15B	-
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Other Financing Activities, Total	-1.87B	-1.33B	-1.3B	-61.06M	-800M
Cash from Financing	-2.33B	-2.13B	-2.14B	-682M	-800M
Miscellaneous Cash Flow Adjustments	1K	-	-	-	-
Net Change in Cash	-152M	905M	-574M	-370M	1.22B
Supplemental Items
Cash Interest Paid	1.76B	1.7B	1.3B	61.06M	800M
Cash Income Tax Paid (Refund)	14.43M	-218K	-11.85M	9.84M	101M
Levered Free Cash Flow	348M	816M	2.03B	-4.36B	-1.61B
Unlevered Free Cash Flow	1.47B	1.94B	3.19B	-4.02B	-1.61B
Change In Net Working Capital	-926M	-1.49B	-3.06B	4.13B	1.63B
Net Debt Issued / Repaid	-468M	-797M	-846M	-620M	-

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Profitability
Return on Assets	1.33	-0.11	1.29	-0.53	-3.92
Return on Total Capital	1.63	-0.14	1.9	-0.8	-5.75
Return On Equity %	-48.79	-40.99	-33.01	38.44	-12.43
Return on Common Equity	-53.94	-51.65	-45.48	54.19	-8.08
Margin Analysis
Gross Profit Margin %	59.05	70.22	73.06	77.43	96.94
SG&A Margin	0.31	0.25	0.09	0.11	0.15
EBITDA Margin %	47.74	15.95	36.34	20.63	-15.8
EBITA Margin %	47.61	15.87	36.27	20.52	-15.94
EBIT Margin %	28.5	-1.43	14.77	-6.4	-58.32
Income From Continuing Operations Margin %	-174.39	-62.89	-29.82	49.63	-38.53
Net Income Margin %	-168.85	-64.22	-29.5	51.45	-19.21
Net Avail. For Common Margin %	-168.85	-64.22	-29.5	51.45	-19.21
Normalized Net Income Margin	-65.71	-37.84	-19.87	-10.82	-5.42
Levered Free Cash Flow Margin	15.62	25.01	53.34	-158.78	-104.17
Unlevered Free Cash Flow Margin	65.91	59.59	83.96	-146.6	-104.17
Asset Turnover
Asset Turnover	0.07	0.12	0.14	0.13	0.11
Fixed Assets Turnover	142.55	208.01	228.29	206.22	120.94
Receivables Turnover (Average Receivables)	1.58	3.32	12.79	385.15	143.86
Short Term Liquidity
Current Ratio	0.88	0.8	0.49	0.8	1.58
Quick Ratio	0.53	0.5	0.36	0.57	0.97
Operating Cash Flow to Current Liabilities	0.03	0.36	0.31	0.11	-0.25
Days Sales Outstanding (Average Receivables)	230.37	110.09	28.62	0.95	2.54
Average Days Payable Outstanding	12.7	17.69	15.24	21.98	257.85
Long Term Solvency
Total Debt/Equity	269.52	385.89	509.3	133.62	81.27
Total Debt / Total Capital	72.94	79.42	83.59	57.19	44.83
LT Debt/Equity	222.28	310.08	331.63	40.45	31.95
Long-Term Debt / Total Capital	60.15	63.82	54.43	17.31	17.62
Total Liabilities / Total Assets	78.86	85.23	89.53	70.58	62.77
EBIT / Interest Expense	0.35	-0.03	0.3	-0.33	-
EBITDA / Interest Expense	0.59	0.29	0.74	1.06	-
(EBITDA - Capex) / Interest Expense	0.44	0.24	0.18	0.08	-
Total Debt / EBITDA	15.25	29.62	10.56	9.97	-17.81
Net Debt / EBITDA	14.67	26.53	8.56	6.03	-3.45
Total Debt / (EBITDA - Capex)	20.76	35.35	43.02	127.12	-13.74
Net Debt / (EBITDA - Capex)	19.98	31.66	34.86	76.87	-2.66
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-5.02	50.81	16.36	-27.77	-43.74
Gross Profit, 1 Yr. Growth %	-31.36	83.15	21.06	-23.45	-29.57
EBITDA, 1 Yr. Growth %	5.01	-47.89	165.06	-58.99	-143.09
EBITA, 1 Yr. Growth %	5.01	-48.01	165.78	-59.12	-143.7
EBIT, 1 Yr. Growth %	2.71	-108.2	-1.3K	-131.28	412.85
Earnings From Cont. Operations, 1 Yr. Growth %	227.11	-47.19	-44.83	-220.23	-143.68
Net Income, 1 Yr. Growth %	229.4	-44.31	-46.56	-226	-121.01
Normalized Net Income, 1 Yr. Growth %	153.3	-15.69	-38.88	-60.67	-71.82
Diluted EPS Before Extra, 1 Yr. Growth %	229.4	-44.31	-46.56	-226	-121.01
Accounts Receivable, 1 Yr. Growth %	2.04	-57.3	-99.18	93.49	28.45
Net Property, Plant and Equip., 1 Yr. Growth %	-4.96	5.93	6.1	-44.67	69.29
Total Assets, 1 Yr. Growth %	-9.43	-4.92	1.04	-47.54	0.07
Tangible Book Value, 1 Yr. Growth %	41.07	15.47	9.1	-84.63	-61.01
Common Equity, 1 Yr. Growth %	-42.57	-40.59	-37.14	73.99	21.73
Cash From Operations, 1 Yr. Growth %	-57.19	1.08K	40.5	-73	-276.03
Capital Expenditures, 1 Yr. Growth %	-	-70.16	1.13K	-49.9	-86.16
Levered Free Cash Flow, 1 Yr. Growth %	-188.43	165.26	42.38	-315.01	-63.09
Unlevered Free Cash Flow, 1 Yr. Growth %	130.35	36.13	24.97	-226.12	-60.03
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-13.83	17.93	32.47	-8.32	-36.25
Gross Profit, 2 Yr. CAGR %	-22.24	9.33	48.91	-3.73	-26.57
EBITDA, 2 Yr. CAGR %	-24.08	-28.32	17.52	4.26	-57.96
EBITA, 2 Yr. CAGR %	-24.13	-28.4	17.57	4.23	-57.73
EBIT, 2 Yr. CAGR %	-34.55	-72.5	-0.83	93.66	26.66
Earnings From Cont. Operations, 2 Yr. CAGR %	448.22	31.43	-46.03	-18.56	-27.53
Net Income, 2 Yr. CAGR %	385.38	35.44	-45.45	-17.94	-48.55
Normalized Net Income, 2 Yr. CAGR %	185.18	46.14	-28.22	-50.97	-66.71
Diluted EPS Before Extra, 2 Yr. CAGR %	385.38	35.44	-45.45	-17.94	-48.55
Accounts Receivable, 2 Yr. CAGR %	8.09	-33.99	-94.07	-87.37	57.65
Net Property, Plant and Equip., 2 Yr. CAGR %	13.7	0.34	6.01	-23.38	-3.21
Total Assets, 2 Yr. CAGR %	-7.46	-7.2	-1.99	-27.19	-27.54
Tangible Book Value, 2 Yr. CAGR %	27.35	27.63	12.24	-59.04	-75.52
Common Equity, 2 Yr. CAGR %	-28.7	-41.59	-38.89	4.58	45.53
Cash From Operations, 2 Yr. CAGR %	-69.62	124.95	307.51	-47.54	-31.06
Capital Expenditures, 2 Yr. CAGR %	-57.43	-	91.91	148.64	-73.67
Levered Free Cash Flow, 2 Yr. CAGR %	-63.56	43.98	156.58	74.96	-10.92
Unlevered Free Cash Flow, 2 Yr. CAGR %	1.38	74.63	49.39	25.54	-29
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-17.81	2.83	17.4	8.22	-22.09
Gross Profit, 3 Yr. CAGR %	-20.24	1.73	13.11	19.29	-13.26
EBITDA, 3 Yr. CAGR %	-15.34	-34.42	10.85	-17.26	-22.34
EBITA, 3 Yr. CAGR %	-15.38	-34.5	10.87	-17.33	-21.99
EBIT, 3 Yr. CAGR %	-23.46	-68.4	-3.2	-32.5	167.93
Earnings From Cont. Operations, 3 Yr. CAGR %	107.45	151.3	-1.59	-29.51	-33.83
Net Income, 3 Yr. CAGR %	114.26	135.86	-0.66	-27.89	-47.9
Normalized Net Income, 3 Yr. CAGR %	47.9	89.98	9.29	-41.26	-59.24
Diluted EPS Before Extra, 3 Yr. CAGR %	114.26	135.86	-0.66	-27.89	-47.9
Accounts Receivable, 3 Yr. CAGR %	11.85	-20.69	-84.69	-81.05	-72.64
Net Property, Plant and Equip., 3 Yr. CAGR %	6.72	11.05	2.22	-14.64	-0.2
Total Assets, 3 Yr. CAGR %	-1.36	-6.62	-4.53	-20.42	-19.05
Tangible Book Value, 3 Yr. CAGR %	25.02	23.26	21.13	-42.14	-59.71
Common Equity, 3 Yr. CAGR %	-20.46	-32.91	-40.14	-13.39	10.01
Cash From Operations, 3 Yr. CAGR %	-57.98	2.95	92.29	48.17	-21.46
Capital Expenditures, 3 Yr. CAGR %	-55.48	-62.19	-	22.65	-5.07
Levered Free Cash Flow, 3 Yr. CAGR %	-57.84	-32.23	72.63	141.9	4.15
Unlevered Free Cash Flow, 3 Yr. CAGR %	-24.2	10.81	70.99	41.19	-14.27
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	9.51	16.33	-1.1	-1.78	-8.04
Gross Profit, 5 Yr. CAGR %	30.7	26.45	1.35	-0.49	-4.84
EBITDA, 5 Yr. CAGR %	31.78	3.35	-4.68	-21.06	-24.79
EBITA, 5 Yr. CAGR %	31.74	3.27	-4.69	-21.12	-24.61
EBIT, 5 Yr. CAGR %	18.89	-36.05	-16.91	-34.74	7.79
Earnings From Cont. Operations, 5 Yr. CAGR %	44.21	54.72	21.07	60.12	-12.93
Net Income, 5 Yr. CAGR %	43.29	55.16	23.97	54.61	-23.65
Normalized Net Income, 5 Yr. CAGR %	30.9	34.14	10.76	10.51	-32.07
Diluted EPS Before Extra, 5 Yr. CAGR %	14.92	49.88	23.97	54.61	-23.65
Accounts Receivable, 5 Yr. CAGR %	96	-10.7	-65.45	-61.97	-61.09
Net Property, Plant and Equip., 5 Yr. CAGR %	40.67	2.85	6.44	-4.27	0.01
Total Assets, 5 Yr. CAGR %	18.26	1.04	-1.61	-15.47	-14.51
Tangible Book Value, 5 Yr. CAGR %	210.83	31.82	19.74	-20.67	-36.1
Common Equity, 5 Yr. CAGR %	2.92	-22.23	-28.42	-19.87	-14.6
Cash From Operations, 5 Yr. CAGR %	19.45	12.62	4.26	-21.38	19.64
Capital Expenditures, 5 Yr. CAGR %	-39.2	-43.27	-20.14	-19.68	-
Levered Free Cash Flow, 5 Yr. CAGR %	-36.86	-2.97	-15.3	10.68	32.49
Unlevered Free Cash Flow, 5 Yr. CAGR %	-14.68	23.4	-1.12	22.98	20.31