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Bharat Road Network

NSEI:BRNL
Snowflake Description

Mediocre balance sheet and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BRNL
NSEI
₹7B
Market Cap
  1. Home
  2. IN
  3. Transportation
Company description

Bharat Road Network Limited develops, implements, operates, and maintains roads/highways projects in India. The last earnings update was 52 days ago. More info.


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  • Bharat Road Network has significant price volatility in the past 3 months.
BRNL Share Price and Events
7 Day Returns
-6.5%
NSEI:BRNL
-0.2%
IN Infrastructure
-0.5%
IN Market
1 Year Returns
-53.7%
NSEI:BRNL
1.5%
IN Infrastructure
-2.4%
IN Market
BRNL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bharat Road Network (BRNL) -6.5% 0.1% -26.9% -53.7% - -
IN Infrastructure -0.2% -2.4% 2.4% 1.5% 38.2% 30.9%
IN Market -0.5% -2% -4.8% -2.4% 21.3% 31.2%
1 Year Return vs Industry and Market
  • BRNL underperformed the Infrastructure industry which returned 1.5% over the past year.
  • BRNL underperformed the Market in India which returned -2.4% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Bharat Road Network undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bharat Road Network to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bharat Road Network.

NSEI:BRNL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 21.5%
Perpetual Growth Rate 10-Year IN Government Bond Rate 7.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NSEI:BRNL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IN Govt Bond Rate 7.6%
Equity Risk Premium S&P Global 8.6%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.84
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.837 (1 + (1- 35%) (201.31%))
1.625
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.63
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 7.55% + (1.625 * 8.6%)
21.53%

Discounted Cash Flow Calculation for NSEI:BRNL using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bharat Road Network is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NSEI:BRNL DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (INR, Millions) Source Present Value
Discounted (@ 21.53%)
2020 389.71 Est @ 6.23% 320.68
2021 415.53 Est @ 6.63% 281.36
2022 444.22 Est @ 6.9% 247.51
2023 475.75 Est @ 7.1% 218.13
2024 510.16 Est @ 7.23% 192.47
2025 547.55 Est @ 7.33% 169.99
2026 588.04 Est @ 7.39% 150.22
2027 631.80 Est @ 7.44% 132.81
2028 679.02 Est @ 7.47% 117.46
2029 729.93 Est @ 7.5% 103.90
Present value of next 10 years cash flows ₹1,934.53
NSEI:BRNL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ₹729.93 × (1 + 7.55%) ÷ (21.53% – 7.55%)
₹5,617.22
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ₹5,617.22 ÷ (1 + 21.53%)10
₹799.55
NSEI:BRNL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ₹1,934.53 + ₹799.55
₹2,734.08
Equity Value per Share
(INR)
= Total value / Shares Outstanding
= ₹2,734.08 / 83.95
₹32.57
NSEI:BRNL Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NSEI:BRNL represents 0.98276x of BSE:540700
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.98276x
Value per Share
(Listing Adjusted, INR)
= Value per Share (INR) x Listing Adjustment Factor
= ₹ 32.57 x 0.98276
₹32.01
Value per share (INR) From above. ₹32.01
Current discount Discount to share price of ₹76.95
= -1 x (₹76.95 - ₹32.01) / ₹32.01
-140.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Bharat Road Network is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bharat Road Network's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bharat Road Network's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NSEI:BRNL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in INR ₹-5.19
BSE:540700 Share Price ** BSE (2019-07-19) in INR ₹78.3
India Infrastructure Industry PE Ratio Median Figure of 10 Publicly-Listed Infrastructure Companies 10.8x
India Market PE Ratio Median Figure of 2,834 Publicly-Listed Companies 14.62x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bharat Road Network.

NSEI:BRNL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BSE:540700 Share Price ÷ EPS (both in INR)

= 78.3 ÷ -5.19

-15.09x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bharat Road Network is loss making, we can't compare its value to the IN Infrastructure industry average.
  • Bharat Road Network is loss making, we can't compare the value of its earnings to the India market.
Price based on expected Growth
Does Bharat Road Network's expected growth come at a high price?
Raw Data
NSEI:BRNL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -15.09x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Asia Infrastructure Industry PEG Ratio Median Figure of 19 Publicly-Listed Infrastructure Companies 1x
India Market PEG Ratio Median Figure of 535 Publicly-Listed Companies 1.29x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Bharat Road Network, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Bharat Road Network's assets?
Raw Data
NSEI:BRNL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in INR ₹137.24
BSE:540700 Share Price * BSE (2019-07-19) in INR ₹78.3
India Infrastructure Industry PB Ratio Median Figure of 14 Publicly-Listed Infrastructure Companies 0.58x
India Market PB Ratio Median Figure of 3,669 Publicly-Listed Companies 0.94x
NSEI:BRNL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BSE:540700 Share Price ÷ Book Value per Share (both in INR)

= 78.3 ÷ 137.24

0.57x

* Primary Listing of Bharat Road Network.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bharat Road Network is good value based on assets compared to the IN Infrastructure industry average.
X
Value checks
We assess Bharat Road Network's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Infrastructure industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Infrastructure industry average (and greater than 0)? (1 check)
  5. Bharat Road Network has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Bharat Road Network expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Bharat Road Network has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.2%
Expected Infrastructure industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bharat Road Network expected to grow at an attractive rate?
  • Unable to compare Bharat Road Network's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Bharat Road Network's earnings growth to the India market average as no estimate data is available.
  • Unable to compare Bharat Road Network's revenue growth to the India market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NSEI:BRNL Future Growth Rates Data Sources
Data Point Source Value (per year)
India Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 12.2%
Asia Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 5.7%
India Market Earnings Growth Rate Market Cap Weighted Average 17%
India Market Revenue Growth Rate Market Cap Weighted Average 9.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NSEI:BRNL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in INR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NSEI:BRNL Past Financials Data
Date (Data in INR Millions) Revenue Cash Flow Net Income *
2019-03-31 4,014 -383
2018-03-31 1,532 1,432 233
2017-03-31 1,415 -90 -623

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Bharat Road Network is high growth as no earnings estimate data is available.
  • Unable to determine if Bharat Road Network is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NSEI:BRNL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Bharat Road Network Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:BRNL Past Financials Data
Date (Data in INR Millions) EPS *
2019-03-31 -5.19
2018-03-31 3.30
2017-03-31 -22.36

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Bharat Road Network will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Take a look at our analysis of BRNL’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
  2. Bharat Road Network's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Transportation companies here
  3. Bharat Road Network's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Bharat Road Network's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the India market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bharat Road Network has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Bharat Road Network performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bharat Road Network's growth in the last year to its industry (Infrastructure).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bharat Road Network does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Bharat Road Network's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Bharat Road Network's 1-year growth to the IN Infrastructure industry average as it is not currently profitable.
Earnings and Revenue History
Bharat Road Network's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bharat Road Network Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:BRNL Past Revenue, Cash Flow and Net Income Data
Date (Data in INR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 4,014.08 -382.58
2018-03-31 1,532.05 233.08 0.77
2017-03-31 1,415.16 -623.08 0.24
2016-03-31 7.50 -443.74 0.44
2015-03-31 84.33 -264.22 0.09
2014-03-31 96.16 -607.61 0.04
2013-03-31 6.80 -168.77 0.03

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Bharat Road Network has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Bharat Road Network used its assets less efficiently than the IN Infrastructure industry average last year based on Return on Assets.
  • It is difficult to establish if Bharat Road Network improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Bharat Road Network's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Infrastructure industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bharat Road Network has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Bharat Road Network's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bharat Road Network's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bharat Road Network's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Bharat Road Network's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Bharat Road Network's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bharat Road Network Company Filings, last reported 3 months ago.

NSEI:BRNL Past Debt and Equity Data
Date (Data in INR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 11,182.84 13,604.37 1,010.69
2018-03-31 11,752.36 10,847.05 1,511.04
2017-03-31 4,725.49 5,614.75 273.41
2016-03-31 -652.93 8,890.90 180.71
2015-03-31 59.51 5,708.52 88.29
2014-03-31 104.84 4,963.39 521.15
2013-03-31 238.67 3,021.70 37.00
  • Bharat Road Network's level of debt (121.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (4741.8% vs 121.7% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Bharat Road Network has sufficient cash runway for more than 3 years based on current free cash flow.
  • Bharat Road Network has sufficient cash runway for more than 3 years if free cash flow continues to reduce at historical rates of -50.4% each year.
X
Financial health checks
We assess Bharat Road Network's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bharat Road Network has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Bharat Road Network's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.28%
Current annual income from Bharat Road Network dividends.
If you bought ₹2,000 of Bharat Road Network shares you are expected to receive ₹26 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Bharat Road Network's pays a higher dividend yield than the bottom 25% of dividend payers in India (0.56%).
  • Bharat Road Network's dividend is below the markets top 25% of dividend payers in India (2.23%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NSEI:BRNL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
India Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 0.7%
India Market Average Dividend Yield Market Cap Weighted Average of 1446 Stocks 1.4%
India Minimum Threshold Dividend Yield 10th Percentile 0.3%
India Bottom 25% Dividend Yield 25th Percentile 0.6%
India Top 25% Dividend Yield 75th Percentile 2.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NSEI:BRNL Past Annualized Dividends Data
Date (Data in ₹) Dividend per share (annual) Avg. Yield (%)
2018-09-28 1.000 1.010
2017-11-02 1.000 0.571

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Bharat Road Network has been paying a dividend for less than 10 years.
  • Bharat Road Network has only been paying a dividend for 2 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Bharat Road Network's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Bharat Road Network's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bharat Road Network afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bharat Road Network has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Bharat Road Network's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bajrang Choudhary
COMPENSATION ₹0
AGE 51
TENURE AS CEO 2.7 years
CEO Bio

Mr. Bajrang Kumar Choudhary has been the Managing Director at Bharat Road Network Limited since November 1, 2016. Mr. Choudhary served as the Chief Executive Officer of Infrastructure Project Development at SREI Infrastructure Finance Limited since April 1, 2014 until October 31, 2016 and served as its President of Infrastructure Project Development until October 31, 2016. Mr. Choudhary serves as Senior Vice President and Managing Director's Secreteriat at SREI Infrastructure Finance Limited. He has rich experience in corporate finance, conceptualisation and implementation of business plans, vendor development, portfolio management and project appraisal and analysis. He has been assisting the Directors in all new initiatives/alliances and contributes in policy making. He was associated with Apeejay Surrendra Group and Pricewaterhouse Coopers in senior management positions. He served as Director of Infrastructure Project Development at Bharat Road Network Limited until August 29, 2016 and has been its Director since November 1, 2016. Mr. Choudhary is a Bachelor of Commerce from Shriram College of Commerce, New Delhi and a qualified Chartered Accountant.

CEO Compensation
  • Bajrang's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Bajrang's remuneration is lower than average for companies of similar size in India.
Management Team Tenure

Average tenure and age of the Bharat Road Network management team in years:

2.7
Average Tenure
50
Average Age
  • The tenure for the Bharat Road Network management team is about average.
Management Team

Bajrang Choudhary

TITLE
MD & Director
AGE
51
TENURE
2.7 yrs

Asim Tewari

TITLE
Chief Operating Officer
AGE
50
TENURE
2.7 yrs

Naresh Mathur

TITLE
Compliance Officer & Company Secretary
COMPENSATION
₹3M
TENURE
1.6 yrs

Arunava Sengupta

TITLE
Chief Operating Officer of Construction
AGE
55
TENURE
2.3 yrs

Rahul Dhandhania

TITLE
Vice President
AGE
41
TENURE
2.7 yrs

Jai Shaw

TITLE
Chief Financial Officer
TENURE
0.3 yrs

Rajesh Sirohia

TITLE
Head of Corporate Strategy & Investments
AGE
45
TENURE
2.7 yrs

Partha Chaudhary

TITLE
Head of Technical
AGE
50
TENURE
2.7 yrs

Shailendra Singh

TITLE
General Manager of Administration
AGE
52
TENURE
3.1 yrs

Nikhil Jain

TITLE
Associate Vice President
AGE
37
Board of Directors Tenure

Average tenure and age of the Bharat Road Network board of directors in years:

3.3
Average Tenure
64
Average Age
  • The tenure for the Bharat Road Network board of directors is about average.
Board of Directors

Bajrang Choudhary

TITLE
MD & Director
AGE
51
TENURE
8.3 yrs

Pradeep Singh

TITLE
Independent Director
COMPENSATION
₹330K
AGE
66
TENURE
3.8 yrs

Atanu Sen

TITLE
Independent Director
COMPENSATION
₹505K
AGE
65
TENURE
2.8 yrs

Tuktuk Ghosh-Kumar

TITLE
Independent Director
COMPENSATION
₹340K
AGE
63
TENURE
2.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (₹) Value (₹)
X
Management checks
We assess Bharat Road Network's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bharat Road Network has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Bharat Road Network Limited (NSE:BRNL) Is Yielding 1.2% - But Is It A Buy?

Dividend paying stocks like Bharat Road Network Limited (NSE:BRNL) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. … Some readers mightn't know much about Bharat Road Network's 1.2% dividend, as it has only been paying distributions for the last two years. … Given Bharat Road Network is paying a dividend but reported a loss over the past year, we need to check its balance sheet for signs of financial distress.

Simply Wall St -

You Might Like Bharat Road Network Limited (NSE:BRNL) But Do You Like Its Debt?

While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Understanding the company's financial health becomes. … The following basic checks can help you get a picture of the company's balance sheet strength.

Simply Wall St -

Some Bharat Road Network (NSE:BRNL) Shareholders Are Down 46%

Investors in Bharat Road Network Limited (NSE:BRNL) have tasted that bitter downside in the last year, as the share price dropped 46%. … Bharat Road Network hasn't been listed for long, so although we're wary of recent listings that perform poorly, it may still prove itself with time. … Bharat Road Network managed to increase earnings per share from a loss to a profit, over the last 12 months.

Simply Wall St -

Is Bharat Road Network Limited (NSE:BRNL) A Smart Choice For Dividend Investors?

Bharat Road Network Limited (NSE:BRNL) has started paying a dividend to shareholders. … Let's dig deeper into whether Bharat Road Network should have a place in your portfolio. … View our latest analysis for Bharat Road Network

Simply Wall St -

How Financially Strong Is Bharat Road Network Limited (NSE:BRNL)?

Bharat Road Network Limited (NSE:BRNL) is a small-cap stock with a market capitalization of ₹8.8b. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Assessing first and foremost the financial health is.

Simply Wall St -

Bharat Road Network Limited (NSE:BRNL): Can It Deliver A Superior ROE To The Industry?

By way of learning-by-doing, we'll look at ROE to gain a better understanding Bharat Road Network Limited (NSE:BRNL). … Over the last twelve months Bharat Road Network has recorded a ROE of 2.0%. … Check out our latest analysis for Bharat Road Network?

Simply Wall St -

What does Bharat Road Network Limited's (NSE:BRNL) Balance Sheet Tell Us About Its Future?

Bharat Road Network Limited (NSE:BRNL) is a small-cap stock with a market capitalization of ₹14.17b. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … So, understanding the company's financial health becomes.

Simply Wall St -

Will Bharat Road Network Limited (NSE:BRNL) Continue To Underperform Its Industry?

This article is intended for those of you who are at the beginning of your investing journey. … and want to better understand how you can grow your money by investing in Bharat Road Network Limited (NSE:BRNL). … With an ROE of 1.97%, Bharat Road Network Limited (NSE:BRNL) returned in-line to its own industry which delivered 4.73% over the past year.

Simply Wall St -

What Investors Should Know About Bharat Road Network Limited's (NSE:BRNL) Financial Strength

With this debt repayment, BRNL currently has ₹279.53M remaining in cash and short-term investments , ready to deploy into the business. … Moving onto cash from operations, its operating cash flow is not yet significant enough to calculate a meaningful cash-to-debt ratio, indicating that operational efficiency is something we’d need to take a look at. … Running high debt, while not yet making money, can be risky in unexpected downturns as liquidity may dry up, making it hard to operate.Next Steps: BRNL’s debt and cash flow levels indicate room for improvement.

Simply Wall St -

Should You Be Happy With Bharat Road Network Limited's (NSE:BRNL) Performance Lately?

NSEI:BRNL Income Statement Feb 26th 18 We can further examine Bharat Road Network's loss by looking at what the industry has been experiencing over the past few years. … Each year, for the last five years Bharat Road Network's top-line has risen by 17.26% on average, signalling that the company is in a high-growth phase with expenses shooting ahead of revenues, leading to annual losses. … This suggests that although Bharat Road Network is currently running a loss, whatever near-term headwind the industry is enduring, Bharat Road Network is relatively better-cushioned than its peers.What does this mean?

Simply Wall St -

Company Info

Description

Bharat Road Network Limited develops, implements, operates, and maintains roads/highways projects in India. It offers project, financial, and concession management services; tolling operations and management services; and specialized toll plaza construction and integration with the selected TMS services, as well as corridor and incident management integrated with HTMS services. The company was incorporated in 2006 and is based in Kolkata, India. Bharat Road Network Limited is a subsidiary of SREI Infrastructure Finance Limited.

Details
Name: Bharat Road Network Limited
BRNL
Exchange: NSEI
Founded: 2006
₹6,757,975,000
83,950,000
Website: http://www.brnl.in
Address: Bharat Road Network Limited
Vishwakarma Building,
North East Block,
Kolkata,
West Bengal, 700046,
India
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BSE 540700 Equity Shares Mumbai Stock Exchange IN INR 18. Sep 2017
NSEI BRNL Equity Shares National Stock Exchange of India IN INR 18. Sep 2017
Number of employees
Current staff
Staff numbers
696
Bharat Road Network employees.
Industry
Highways and Railtracks
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/19 13:07
End of day share price update: 2019/07/19 00:00
Last earnings filing: 2019/05/28
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.