Bharat Road Network Limited (BRNL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1320.0%

₹197.38

vs ₹13.90 price

Levered DCF

₹63.12

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-2.39×	1.8×	-4.39×	-1.05×	-0.64×	-2.11×	-17.39×	-20.5×
P/B	0.18×	0.79×	2.59×	0.73×	0.47×	0.27×	0.28×	0.78×
P/S	0.46×	0.96×	1.29×	0.68×	1.11×	1.15×	0.93×	1.96×
EV / EBITDA	7.35×	1.87×	11.79×	56.19×	-37.7×	21.09×	8.4×	10.65×
Gross margin	45.0%	46.5%	75.8%	19.5%	64.2%	86.0%	77.1%	68.0%
Operating margin	-9.1%	-6.4%	30.2%	-1.4%	26.4%	25.0%	50.1%	35.3%
Net margin	-19.2%	51.4%	-29.5%	-64.2%	-173.9%	-54.5%	-5.3%	-9.5%
Current ratio	1.58×	0.8×	0.49×	0.8×	0.88×	1.22×	1.16×	0.95×
Debt / equity	1.08×	1.31×	6.99×	4.67×	2.93×	1.74×	1.55×	1.36×
Interest coverage	-600.49×	-0.32×	0.62×	-0.03×	0.31×	0.31×	0.77×	0.69×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.8%	0.6%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-31.7%	-13.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-7.4%	42.7%	-58.9%	-69.3%	-73.9%	-12.9%	-1.6%	-3.8%
Return on invested capital	-1.2%	-1.6%	5.5%	-0.2%	2.3%	1.8%	5.4%	5.3%
Return on assets	-2.1%	9.8%	-4.1%	-7.7%	-13.2%	-3.6%	-0.5%	-1.3%
Free cash flow yield	-264.9%	9.4%	53.0%	113.9%	-2.6%	21.3%	29.5%	-3.1%
Earnings yield	-41.8%	53.7%	-22.8%	-95.1%	-156.2%	-47.5%	-5.8%	-4.9%
Enterprise value	₹3.8B	₹4.9B	₹17.6B	₹15.1B	₹17B	₹17.4B	₹18.1B	₹21.3B
Net debt / EBITDA	5.97×	0.87×	8.49×	48.01×	-32.37×	18.17×	7.11×	6.72×
Cash conversion cycle (days)	301	57	-16	54	209	219	133	88