BGR Energy Systems Limited (BGRENERGY.NS) Stock Analysis & Winston Score

BGR Energy Systems Limited is an Indian engineering and construction company that builds power plants and related infrastructure. Its core work includes setting up thermal power plants, balance-of-plant systems, and electrical and mechanical equipment for the energy sector. Its main customers are large power utilities and government-owned electricity companies across India.

The company earns revenue primarily through engineering, procurement, and construction (EPC) contracts, where it is paid to design and build complete power plant projects. It operates mainly in India and competes with both domestic and international engineering firms for large government tenders. The financial metrics — including deeply negative margins and poor returns on capital — signal that the company is currently under significant financial stress, likely from project execution challenges, cost overruns, or a weak order pipeline. The key risk going forward is whether BGR can win new contracts and return to profitability as India continues to invest in expanding its power generation capacity.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-61.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-132.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

52.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$4.0B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

BGR Energy Systems Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 72.2M (2022) → 72.2M (2026)

Score breakdown

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Quality

Gross Margin

-326.5%

Thin — -326.5% gross margin

Operating Margin

-472.3%

Losing money on operations — -472.3%

ROCE

-14.1%

Weak — -14.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-16.2%

Shrinking sales (-16.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

109.9%

Converts sales into free cash efficiently (109.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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