B.R.Goyal Infrastructure H1 revenue rises 60% to Rs 549.71 crore

B.R.Goyal Infrastructure Limited reported consolidated revenue from operations of Rs 549.71 crore for the half year ended 30 September 2026, up 60.25% from Rs 342.11 crore a year earlier, while profit after consolidation adjustments increased 35.98% to Rs 21.83 crore.

How did B.R.Goyal Infrastructure perform in H1 2026?

B.R.Goyal Infrastructure increased total income to Rs 551.38 crore in the half year ended 30 September 2026, from Rs 343.68 crore in the corresponding half year ended 30 September 2025. Revenue from operations accounted for Rs 549.71 crore of the latest total, while other income was Rs 1.67 crore, compared with Rs 1.54 crore a year earlier.

Profit before tax rose to Rs 27.57 crore from Rs 22.19 crore in H1 2025. Current tax was Rs 6.67 crore and deferred tax was a credit of Rs 1.21 crore, producing profit before consolidation adjustments of Rs 22.11 crore. After a Rs 0.28 crore consolidation adjustment, B.R.Goyal Infrastructure reported profit of Rs 21.83 crore, against Rs 16.05 crore in the prior-year half.

Basic earnings per equity share increased to Rs 9.30 in H1 2026 from Rs 8.55 in H1 2025, while diluted earnings per share were Rs 9.05 from Rs 8.55. The consolidated results were reviewed by the auditor, which said nothing had come to its attention indicating that the statement did not meet the disclosure requirements of the listing regulations.

Why did B.R.Goyal Infrastructure’s profit rise more slowly than revenue?

B.R.Goyal Infrastructure’s total expenses increased 62.94% to Rs 523.82 crore, a faster rate than the 60.25% increase in revenue from operations. The results show profit before tax rising by Rs 5.38 crore, compared with a Rs 207.60 crore increase in revenue, which explains why the reported profit growth rate was below the revenue growth rate.

The largest movements in the stated cost lines included materials consumed, which rose to Rs 79.74 crore from Rs 43.79 crore, and employee benefits expense, which increased to Rs 17.98 crore from Rs 14.27 crore. Depreciation and amortisation increased to Rs 4.82 crore from Rs 3.04 crore, while finance cost rose to Rs 4.34 crore from Rs 4.11 crore.

The inventory-change line moved to an expense of Rs 54.84 crore in H1 2026 from a credit of Rs 48.76 crore in H1 2025. Operating and other expenses were reported at Rs 292.10 crore, below Rs 305.25 crore a year earlier. The filing does not provide a segment breakdown because it says that 100% of revenue comes from a single segment under Accounting Standard 17.

What changed in B.R.Goyal Infrastructure’s consolidated balance sheet?

B.R.Goyal Infrastructure’s consolidated total assets increased to Rs 476.88 crore at 30 September 2026 from Rs 458.17 crore at 31 March 2026. Non-current assets rose to Rs 163.15 crore from Rs 151.39 crore, led by capital work in progress of Rs 11.77 crore, up from Rs 2.15 crore at the financial year-end.

Current assets were Rs 313.73 crore at 30 September, compared with Rs 306.78 crore at 31 March. Inventories declined to Rs 123.48 crore from Rs 149.54 crore, whereas short-term loans and advances rose to Rs 59.35 crore from Rs 39.41 crore. Trade receivables increased to Rs 51.47 crore from Rs 50.66 crore, and other current assets rose to Rs 46.35 crore from Rs 37.12 crore.

Shareholders’ funds increased to Rs 298.26 crore from Rs 273.75 crore, including reserves and surplus of Rs 271.16 crore. Long-term borrowings were Rs 31.01 crore, broadly unchanged from Rs 30.98 crore, while short-term borrowings rose to Rs 49.42 crore from Rs 45.43 crore. Payables to creditors other than micro and small enterprises increased to Rs 24.09 crore from Rs 14.80 crore.

What do B.R.Goyal Infrastructure’s cash flow and warrant disclosures show?

B.R.Goyal Infrastructure’s filing includes a standalone, rather than consolidated, cash-flow statement showing net cash from operating activities of Rs 22.27 crore for the half year ended 30 September 2026. This followed Rs 28.94 crore of cash flow after working-capital changes and Rs 6.67 crore of income tax payable. The statement is not directly comparable with the Rs 1.94 crore operating inflow reported for the full year ended 31 March 2026.

Standalone investing activities used Rs 21.60 crore in the half year, including Rs 17.08 crore for property, plant and equipment and capital advances and Rs 5.62 crore of investments made. Financing activities provided Rs 2.36 crore, comprising Rs 4.02 crore of net borrowing proceeds, Rs 4.34 crore of interest paid, Rs 59.53 lakh of dividends paid and Rs 3.27 crore received against share warrants. Closing standalone cash and cash equivalents were Rs 33.07 crore, compared with Rs 30.05 crore at 31 March 2026.

During the half year, B.R.Goyal Infrastructure issued 11 lakh convertible equity share warrants to non-promoter investors at Rs 119 each. It received the initial 25% subscription of Rs 3.27 crore and the utilisation certificate states that the whole amount had been used for working-capital requirements by 30 September 2026. The total issue size is Rs 13.09 crore, with Rs 9.82 crore remaining payable if holders exercise their conversion option within 18 months from allotment.

The auditor also noted that certain subsidiary interim information used in consolidation was unreviewed. Before consolidation adjustments, those subsidiaries had total assets of Rs 18.09 crore, revenue of Rs 39.14 crore and net profit after tax of Rs 57.94 lakh for the half year; the associate’s unreviewed share of net profit before tax was Rs 8.11 lakh.

Conclusion

B.R.Goyal Infrastructure recorded substantially higher consolidated H1 revenue and profit in the period ended 30 September 2026, but expenses rose faster than revenue. The balance sheet combined a Rs 26.06 crore inventory reduction with higher short-term loans and advances, borrowing and trade payables, while the standalone cash-flow statement showed a Rs 22.27 crore operating cash inflow.

The next disclosed matter to watch is the 18-month conversion window for the 11 lakh warrants. Exercise would bring the remaining Rs 9.82 crore of the Rs 13.09 crore issue for the stated working-capital purpose; non-exercise would mean that amount is not received under this instrument.