B.R.Goyal Infrastructure Limited: Paving the Way for Robust Growth in H1 FY26

B.R.Goyal Infrastructure Limited, a prominent player in India's dynamic infrastructure sector, has announced a stellar performance for the first half of the financial year 2026. The company, engaged in critical infrastructure projects spanning roads, highways, bridges, buildings, and the burgeoning waste-water treatment segment, reported unaudited consolidated financial results for the period ended September 30, 2025, showcasing significant growth across key metrics. This strong showing underscores the company's strategic execution capabilities and its ability to capitalize on India's infrastructure boom.

The first half of FY26 saw B.R.Goyal Infrastructure Limited achieve its highest-ever turnover, with revenue from operations soaring to INR 342.13 crore, marking an impressive 60.73% year-on-year increase compared to INR 212.86 crore in H1 FY25. This robust top-line growth was primarily fueled by a strong inflow of new orders, the successful execution of higher-ticket projects, and consistent operational delivery. The company's profitability also witnessed a remarkable surge, with Profit After Tax (PAT) expanding by 163.98% to INR 16.05 crore from INR 6.08 crore in the corresponding period last year. This significant PAT expansion translated into a healthy PAT margin of 4.69%, an improvement of 183 basis points year-on-year. EBITDA (excluding other income) also saw a substantial rise of 133.40% to INR 27.47 crore, with EBITDA margins improving by 250 basis points to 8.03%. This margin expansion was attributed to efficient working capital management and strategic advance payments for raw materials, securing cost advantages.

Strategic Diversification and Order Book Momentum

B.R.Goyal Infrastructure's success is rooted in its diversified business model and a strategically growing order book. The company operates across several key verticals: EPC Contracts, Toll Collection Contracts (TCC), RMC Manufacturing, Residential Plotting Projects, and the newly entered Water Management & Treatment segment. The EPC segment, encompassing roads, highways, bridges, buildings, and waste water treatment, contributed significantly to the revenue, with Rs. 371 crore in FY25. Toll Collection Contracts, a recurring income model, added Rs. 135 crore in FY25. The company's RMC manufacturing unit in Indore, with an installed capacity of 1.80 lakh cubic meters per annum, supports backward integration and cost-effectiveness, although its utilization saw a temporary dip in H1 FY26 due to monsoon-related impacts on third-party consumption.

On the operational front, the company achieved a significant milestone with its order book reaching Rs. 1,534.60 crore as of September 30, 2025, marking a robust 73.0% increase from Rs. 887.23 crore as of September 30, 2024. During H1 FY26 alone, B.R.Goyal secured new work orders worth Rs. 582.45 crore across various verticals, including roads, buildings, wastewater treatment, and toll collection. Notably, the company executed work orders amounting to Rs. 359.33 crore (Gross), demonstrating a strong 54% year-on-year growth in execution momentum. Key order wins included a Rs. 148.50 crore road improvement project in Maharashtra and several user-fee collection contracts from NHAI across Uttar Pradesh, Maharashtra, and Madhya Pradesh. A strategic entry into the water Infra Sector through three subcontract agreements in Tamil Nadu, collectively valued at Rs. 167.23 crore, further highlights the company's diversification efforts.

Management Outlook and Future Strategy

Mr. Brij Kishore Goyal, Chairman and Managing Director, expressed satisfaction with the strong H1 FY26 performance, emphasizing healthy growth in revenue, profitability, and order book. He highlighted the company's robust project execution capabilities, efficient financial management, and growing market presence as key drivers for sustained growth. Management guidance for FY26 projects a 35% to 40% growth in both top-line and bottom-line, with an expected H2 FY26 turnover of INR 400-450 crore, leading to a full-year revenue target of INR 700-750 crore. For FY27, the company aims for INR 900 crore in revenue, reflecting a 15-20% growth. EBITDA margins are expected to be between 11% to 13% for the full FY26, potentially reaching 15-20% if better orders in water infrastructure are secured.

The company's strategic roadmap includes thoughtful geographic expansion into high-potential areas, strengthening its core focus on roads and highways through EPC and HAM contracts, and deepening client partnerships with government and institutional bodies. A significant focus is on expanding into emerging sectors like waste water management and renewable energy, with active exploration of wind power and solar EPC contracts. B.R.Goyal Infra is also committed to optimizing project execution through advanced technology, skilled staff, and strategic bidding for larger contracts. The management's disciplined financial approach is evident in its conservative debt-to-equity ratio, which remains below the industry average, providing ample headroom for future growth. The company's proactive approach to adapting to new government payment mechanisms, such as the AMRUT 2.0 scheme, ensures payment surety and mitigates risks associated with state government funding lapses.

Building on a Strong Foundation

B.R.Goyal Infrastructure Limited's H1 FY26 results underscore its strong project execution capabilities, efficient financial management, and growing market presence. With a robust and well-diversified order book, coupled with a clear strategic vision for expansion into high-growth segments and geographies, the company is well-positioned to sustain its growth momentum in the coming quarters. The management's focus on operational excellence, client relationships, and disciplined capital allocation instills confidence in its ability to deliver long-term value to all stakeholders, solidifying its position as an emerging mid-size infrastructure leader in India.