Bharat Road Network Limited

BRNL.NS

Industrial - Infrastructure Operations · Industrials

Price

₹17.66

+0.06 (+0.34%)

Market Cap

₹1.48B

Exchange

National Stock Exchange of India

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 13, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count falling — buybacks

−50.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 84.0M (2022) → 41.9M (2026)

Winston Score History

The full picture

Bharat Road Network Limited (BRNL) is an Indian enterprise specializing in the comprehensive lifecycle management of road infrastructure. The company undertakes the design, development, construction, ownership, operation, and transfer of roads and related services across India. Its extensive service portfolio includes financial and concession management, project management, and the operation and supervision of tolling and highway systems. Additionally, BRNL provides specialized solutions such as the construction of custom toll plazas, seamlessly integrated with chosen Toll Management Systems (TMS), and sophisticated corridor and incident management services, often powered by Highway Traffic Management Systems (HTMS). Founded in 2006, the company maintains its headquarters in Kolkata, India.

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

+3.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Position

Cash flow positive

$4.4B cash & investments

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

Growth context

Bharat Road Network Limited is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

-126.0%

Thin — -126.0% gross margin

Operating Margin

-126.0%

Losing money on operations — -126.0%

ROCE

-7.4%

Weak — -7.4% return on capital

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

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Growth

Sales YoY

-43.7%

Shrinking sales (-43.7% YoY)

EPS YoY

-150.5%

Earnings shrinking (-150.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-44.2%

Burning cash (-44.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.08

Elevated debt (1.08)

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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