B.R.Goyal Infra. H1FY27 Results (BSE: 544335)
Signal: Margin pressure
The read
The trajectory is still expansionary: H1 revenue reached ₹549.71 crore, up 60.67%, and the order book expanded 42% to ₹1,755.00 crore with ₹1,087.08 crore of new orders; however, EBITDA margin fell 165 bps to 6.38%, so execution growth has not yet translated proportionately into operating profit, while EPS growth materially lagged PAT growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹549.71 Cr | 60.67% | N/A |
| Net profit | ₹22.12 Cr | 37.82% | |
| EPS | ₹9.04 | N/A | |
| EBIT margin | 6.38% |
P&L walk
Revenue rose 60.67% to ₹549.71 crore, while EBITDA increased 27.63% to ₹35.06 crore and EBITDA margin compressed 165 bps to 6.38%; PAT still grew 37.82% to ₹22.12 crore, but EPS rose from ₹8.55 to ₹9.04 without a disclosed growth percentage.
Key positives
- Revenue from operations rose 60.67% YoY to ₹549.71 crore, supported by ₹1,087.08 crore of gross new work orders secured during H1 FY27.
- Unexecuted order book reached ₹1,755.00 crore as of September 30, 2026, up 42% from ₹1,235.00 crore at March 31, 2026, providing stated revenue visibility of 6 to 24 months.
- Toll collection orders represented ₹966.55 crore of H1 wins, diversifying the order pipeline across Uttar Pradesh, Gujarat, Maharashtra, Madhya Pradesh, Tamil Nadu and Telangana/Andhra Pradesh.
- PAT increased 37.82% to ₹22.12 crore despite EBITDA margin compression, while the company reported its highest toll collection per day during H1 FY27.
Key concerns
- EBITDA margin declined 165 bps YoY to 6.38% even as revenue grew 60.67%, indicating that operating profit is scaling materially slower than execution; the filing does not disclose the cause.
- EPS rose from ₹8.55 to ₹9.04, roughly 5.7% based on the printed values, materially below PAT growth of 37.82%, requiring monitoring for equity dilution or minority-interest effects.
- The order book is heavily supported by toll-collection mandates, including ₹966.55 crore of H1 awards; the release does not provide contract-level profitability or cash-conversion details.
Research and educational content only. Not investment advice.