Announcement • Nov 03
Bharat Road Network Limited to Report Q2, 2026 Results on Nov 11, 2025 Bharat Road Network Limited announced that they will report Q2, 2026 results at 12:08 PM, Indian Standard Time on Nov 11, 2025 Announcement • Aug 13
Bharat Road Network Limited, Annual General Meeting, Sep 26, 2025 Bharat Road Network Limited, Annual General Meeting, Sep 26, 2025, at 14:30 Indian Standard Time. Announcement • Aug 06
Bharat Road Network Limited to Report Q1, 2026 Results on Aug 12, 2025 Bharat Road Network Limited announced that they will report Q1, 2026 results on Aug 12, 2025 Announcement • Apr 11
Bharat Road Network Limited Announces Resignation of Tuk Tuk Ghosh Kumar as Non-Executive Independent Director and Steps Down as Member of Audit Committee and Nomination and Remuneration Committee and as Chairperson of the Stakeholders Relationship Committee Bharat Road Network Limited announced the resignation of Tuk Tuk Ghosh Kumar as Non-Executive Independent Director effective, April 10, 2025 on account of pressing personal reasons. She has also stepped down as a member of the Audit Committee and Nomination and Remuneration Committee and as Chairperson of the Stakeholders Relationship Committee of the Company on April 11, 2025.Dr. (Ms.) Tuk Tuk Ghosh Kumar does not hold directorship /board committee position in any other listed entity. Announcement • Apr 08
Bharat Road Network Limited Announces Rakesh Kumar Gupta Resigns as Non-Executive Independent Director and Steps Down as Member of Audit Committee, Stakeholders Relationship Committee and Committee of Directors, Effective April 7, 2025 Bharat Road Network Limited announced that Mr. Rakesh Kumar Gupta, Non-Executive Independent Director of the Company has resigned from the Board of Directors of the Company with effect from April 7, 2025 on account of personal reasons. He has also stepped down as a member of the Audit Committee, Stakeholders Relationship Committee and Committee of Directors of the Company with immediate effect. Mr. Rakesh Kumar Gupta does not hold directorship /board committee position in any other listed entity. Announcement • Feb 12
Bharat Road Network Limited Appoints Vinay Agrawal as Senior Vice President- Investments, Effective 17 February, 2025 Bharat Road Network Limited announced that based on the recommendation of the Nomination and Remuneration Committee, appointed Mr. Vinay Agrawal as Senior Vice President - Investments (designated by the board as the Key Managerial Personnel within the meaning of Section 2(51) and 203 of the Companies Act, 2013) with effect from 17 February, 2025. Mr. Vinay Agrawal is a Chartered Accountant with over 26 years of experience and a proven track record in successful management. He brings a unique blend of functional and business expertise, having led multiple functions, including financial strategy, operational re-engineering, and technology
transformation across fulfillment distribution, e-commerce, banking and finance, business collections, treasury operations, accounting, and internal audit. With extensive experience in NBFCs and
manufacturing sectors, Vinay has consistently driven business growth, optimized revenue, and enhanced profitability. He is a strategic leader known for innovative problem-solving, mentoring high-performance teams, and delivering mission-critical results. Reported Earnings • Feb 12
Third quarter 2025 earnings released: EPS: ₹19.57 (vs ₹1.23 loss in 3Q 2024) Third quarter 2025 results: EPS: ₹19.57 (up from ₹1.23 loss in 3Q 2024). Revenue: ₹2.38b (up 144% from 3Q 2024). Net income: ₹1.70b (up ₹1.85b from 3Q 2024). Profit margin: 71% (up from net loss in 3Q 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Jan 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 21% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (₹3.96b market cap, or US$45.7m). Announcement • Dec 26
Bharat Road Network Limited Announces Appointment of Manisha Chandalia as Chief Financial Officer Bharat Road Network Limited informed that the Board of Directors at its Meeting held on 24 December 2024 has pursuant to Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, based on the recommendation of the Nomination and Remuneration Committee and approval of the Audit Committee has approved appointment of Ms. Manisha Chandalia as Chief Financial Officer (CFO) of the Company with effect from 24 December 2024 within the meaning of Section 203 of the Companies Act, 2013 and Regulation 26A of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015. Manisha Chandalia is a seasoned Chartered Accountant with over 20 years of experience in the corporate sector. She currently serves as the Vice President of Finance & Accounts at Bharat Road Network Limited, a listed company. Prior to this role, she held the position of Manager at Deloitte Haskins & Sells (Audit & Assurance) in Kolkata and was associated with the Deloitte group from December 2005 to March 2015. Her core competencies span Fund Management, Budgeting & MIS, Internal Financial Controls, Finalization of Accounts and Related Reports, Vendor and Associates Management, as well as liaising with banks, statutory agencies, and government departments. In addition to her expertise in these areas, she has gained significant experience in IPO- related processes during the company's stock exchange listing and has also contributed extensively to the group's strategic initiatives in the past. Announcement • Sep 30
Bharat Road Network Limited Announces Resignation of Mr. Arindam Bhowmick as Chief Financial Officer Bharat Road Network Limited announced that Mr. Arindam Bhowmick has tendered his resignation from the post of Chief Financial Officer of the Company effective from September 29, 2024 in order to pursue other career opportunities. Board Change • Sep 15
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Rajesh Lihala was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 31
Bharat Road Network Limited Appoints Rajesh Lihala as Independent Directors Bharat Road Network Limited announced the appointment of Mr. Rajesh Lihala as Independent Directors of the Company for a first term of 5 consecutive years effective from June 07, 2024 upto June 06, 2029 (both
days inclusive). Mr. Rajesh Lihala is a Fellow Member of the Institute of Chartered Accountants of India. He is a B. Sc., FCA, DISA, IP and has completed CAAT (A certificate Course of ICAI) in 2005 and has appeared in AICPA (USA) Exam in 2001. Mr. Lihala holds vast experience in Audit, Taxation and Insolvency Profession. He has done a certificate Course in Concurrent Audit of Banks from ICAI and is also a Resolution Professional (IBBI). Apart from above, Mr. Lihala is also currently serving as a Member of Clinical Research Ethics Committee of Antara Psychiatric Hospital; and Joint Secretary of NGO Nish-Shabd Angeekar Welfare Association. Besides, Mr. Lihala was a Co- opted member of committee of Ethical Standard Committee in 2011 and a Special Invitee in the committee of Board of Studies in 2013-14. Announcement • Aug 30
Bharat Road Network Limited, Annual General Meeting, Sep 28, 2024 Bharat Road Network Limited, Annual General Meeting, Sep 28, 2024, at 14:30 Indian Standard Time. Reported Earnings • Aug 14
First quarter 2025 earnings released: ₹1.30 loss per share (vs ₹0.86 loss in 1Q 2024) First quarter 2025 results: ₹1.30 loss per share (further deteriorated from ₹0.86 loss in 1Q 2024). Revenue: ₹1.08b (up 9.3% from 1Q 2024). Net loss: ₹155.5m (loss widened 32% from 1Q 2024). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Aug 05
Bharat Road Network Limited to Report Q1, 2025 Results on Aug 13, 2024 Bharat Road Network Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Reported Earnings • May 25
Full year 2024 earnings released: ₹13.49 loss per share (vs ₹24.96 loss in FY 2023) Full year 2024 results: ₹13.49 loss per share (improved from ₹24.96 loss in FY 2023). Revenue: ₹3.91b (up 20% from FY 2023). Net loss: ₹1.12b (loss narrowed 47% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Announcement • Mar 22
Bharat Road Network Limited Appoints Dr. Manta Dey as Non-Executive Independent Director Bharat Road Network Limited announced that Dr. (Ms.) Manta Dey has been appointed as the Non-Executive Independent Director of the Company for a first term of 5 consecutive years effective February 06, 2024. Dr. Manta Dey (PhD, MBA - Finance, M.Com, CA-inter) is an Associate Professor, Department of Management, Amity University. She is a dynamic professional having over 17 years of academic experience in reputed Business Schools and 10 years of Industry, Audit and Entrepreneurial experience. Previously, she was Pan India Academic head & HOD of Techno India University in joint venture with ICA edu skills. Her areas of interest includes Audit, Banking, Law, Corporate Finance, Management Accounting, and Taxation while imparting knowledge to Graduate and Post Graduate students. She has presented and published various scholarly articles and is responsible for managing wide gamut of activities like Planning & Implementation of New Education Policy (NEP) as Chairman of University Board of Studies. She has played a key role in implementing organizational strategy & eyeing the "big picture" for wealth maximization and holistic growth of an organization. Her research area includes Study of `Awareness' `Participation' & `Implementation' of RBI initiated Financial Inclusions among Urban Poor. She is passionate about mentoring young minds to become precious citizens and promoting their contribution towards welfare of society. Reported Earnings • Feb 07
Third quarter 2024 earnings released: ₹1.23 loss per share (vs ₹15.23 loss in 3Q 2023) Third quarter 2024 results: ₹1.23 loss per share (improved from ₹15.23 loss in 3Q 2023). Revenue: ₹998.0m (up 8.2% from 3Q 2023). Net loss: ₹157.3m (loss narrowed 88% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 40% per year, which means it is well ahead of earnings. Announcement • Nov 09
Bharat Road Network Limited Announces Resignation of Praful Tayal to Board of Directors Bharat Road Network Limited announced that Mr. Praful Tayal (DIN: 00826834) Non-Executive Independent Director of the Company has resigned from the Board of Directors of the Company with effect from close of business hours on November 07, 2023 on account of personal reasons. Announcement • Aug 30
Bharat Road Network Limited, Annual General Meeting, Sep 29, 2023 Bharat Road Network Limited, Annual General Meeting, Sep 29, 2023, at 14:30 Indian Standard Time. Reported Earnings • Aug 13
First quarter 2024 earnings released First quarter 2024 results: ₹0.86 loss per share. Revenue: ₹1.01b (up 13% from 1Q 2023). Net loss: ₹117.8m (loss widened 243% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Aug 06
Bharat Road Network Limited to Report Q1, 2024 Results on Aug 12, 2023 Bharat Road Network Limited announced that they will report Q1, 2024 results on Aug 12, 2023 Reported Earnings • May 27
Full year 2023 earnings released: ₹24.45 loss per share (vs ₹44.83 loss in FY 2022) Full year 2023 results: ₹24.45 loss per share (improved from ₹44.83 loss in FY 2022). Revenue: ₹3.50b (up 57% from FY 2022). Net loss: ₹2.10b (loss narrowed 44% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Buying Opportunity • May 26
Now 21% undervalued Over the last 90 days, the stock is up 2.0%. The fair value is estimated to be ₹38.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Announcement • May 20
Bharat Road Network Limited to Report Q4, 2023 Results on May 25, 2023 Bharat Road Network Limited announced that they will report Q4, 2023 results on May 25, 2023 Buying Opportunity • May 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.1%. The fair value is estimated to be ₹38.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Feb 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be ₹37.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Jan 24
Third quarter 2023 earnings released: ₹15.23 loss per share (vs ₹1.55 loss in 3Q 2022) Third quarter 2023 results: ₹15.23 loss per share (further deteriorated from ₹1.55 loss in 3Q 2022). Revenue: ₹922.4m (up 28% from 3Q 2022). Net loss: ₹1.33b (loss widened ₹1.22b from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Announcement • Jan 17
Bharat Road Network Limited to Report Q3, 2023 Results on Jan 23, 2023 Bharat Road Network Limited announced that they will report Q3, 2023 results on Jan 23, 2023 Announcement • Dec 23
Bharat Road Network Limited Announces Appointment of Bajrang Kumar as Managing Director Bharat Road Network Limited informed that Mr. Bajrang Kumar Choudhary has been appointed as the Managing Director of the Company, effective from December 22, 2022. Effective date of appointment as approved by the shareholders is December 22, 2022. Mr. Bajrang Kumar Choudhary is a qualified Chartered Accountant and a known business strategist and infrastructure thought leader possessing a wealth of experience and expertise of almost three decades in portfolio management, project development, corporate finance and transaction structuring. He has demonstrated skills and expertise across various facets of business strategy, business planformulation,development of measureable systems & processes, leadership development, team building, leading organizational growth and stakeholder management. Announcement • Nov 05
Bharat Road Network Limited to Report Q2, 2023 Results on Nov 12, 2022 Bharat Road Network Limited announced that they will report Q2, 2023 results at 3:30 PM, Indian Standard Time on Nov 12, 2022 Announcement • Aug 31
Bharat Road Network Limited, Annual General Meeting, Sep 29, 2022 Bharat Road Network Limited, Annual General Meeting, Sep 29, 2022, at 14:30 Indian Standard Time. Announcement • Aug 21
Bharat Road Network Limited Appoints Rakesh Kumar Gupta as Additional Director Bharat Road Network Limited announced that it has appointed Mr. Rakesh Kumar Gupta - IPS (Retd.) (DIN: 06806891), as an Additional Director (Category: Non Executive Non Independent) of the Company with effect from 18th August, 2022. Mr. Rakesh Kumar Gupta has been an Indian Police Service (IPS) Officer of 1986 batch, West Bengal Cadre and he retired in January, 2021 in the rank of Director General of Police as Head of Directorate of Anti Corruption Branch, West Bengal. During the service period of about 35 years, he has worked in positions involving administration & governance, law, public service, management, science & technology, coordination & liaison, quasi judicial functions as Enquiring Officer. He was a Director on the Board of Kolkata Police Housing and Infrastructure Development Corporation Limited and West Bengal Police Housing & Infrastructure Development Corporation Limited. Reported Earnings • Aug 19
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₹890.4m (up 75% from 1Q 2022). Net loss: ₹34.4m (loss narrowed 90% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Announcement • Aug 08
Bharat Road Network Limited to Report Q1, 2023 Results on Aug 13, 2022 Bharat Road Network Limited announced that they will report Q1, 2023 results on Aug 13, 2022 Announcement • Aug 02
Bharat Road Network Limited Announces Resignation of Chathanur Krishnan Ranganathan as Chief Financial Officer Bharat Road Network Limited announced that Mr. Chathanur Krishnan Ranganathan has resigned as the Chief Financial Officer of the Company and has been relieved on 30th July, 2022 as per Company's Policy. Announcement • Jun 30
A trust managed by Caisse de dépôt et placement du Québec entered into an agreement to acquire 67-kilometer Road Project in Odisha, India from Bharat Road Network Limited (BSE:540700) and its partners. A trust managed by Caisse de dépôt et placement du Québec entered into an agreement to acquire 67-kilometer Road Project in Odisha, India from Bharat Road Network Limited (BSE:540700) and its partners on January 21, 2021. The equity value of the proposed transaction is subject to adjustments of debt and other capital and operational costs at closing date. The transaction is subject to regulatory approvals and other closing conditions. The transaction is expected to help Bharat Road Network Limited in reducing its debts and will also provide the company with funds for reinvesting in its existing assets under construction and for organic and inorganic growth.
A trust managed by Caisse de dépôt et placement du Québec entered into an agreement to acquire 67-kilometer Road Project in Odisha, India from Bharat Road Network Limited (BSE:540700) and its partners on June 28, 2022. Bharat Road Network has received INR 941.1 million from Caisse de dépôt et placement du Québec against its equity exposure of INR 1.12 billion. Announcement • May 31
Bharat Road Network Limited Announces Resignation of Vipin Kumar Saxena as Independent Director Bharat Road Network Limited at its board meeting held on May 30, 2022 announced resignation tendered by Mr. Vipin Kumar Saxena, Independent Director of the Company with effect from 30th May, 2022 purely due to personal reasons. Announcement • May 24
Bharat Road Network Limited to Report Fiscal Year 2022 Results on May 30, 2022 Bharat Road Network Limited announced that they will report fiscal year 2022 results on May 30, 2022 Buying Opportunity • Feb 14
Now 22% undervalued Over the last 90 days, the stock is up 58%. The fair value is estimated to be ₹55.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 23% per annum over the last 3 years. Earnings per share has declined by 63% per annum over the last 3 years. Reported Earnings • Feb 14
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: ₹1.55 loss per share (down from ₹0.20 profit in 3Q 2021). Revenue: ₹720.1m (up 12% from 3Q 2021). Net loss: ₹111.0m (down ₹127.6m from profit in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 18
Second quarter 2022 earnings released: ₹4.01 loss per share (vs ₹3.55 loss in 2Q 2021) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2022 results: Revenue: ₹590.2m (up 17% from 2Q 2021). Net loss: ₹313.3m (loss widened 3.6% from 2Q 2021). Reported Earnings • Jul 04
Full year 2021 earnings released: ₹14.15 loss per share (vs ₹1.90 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: ₹2.10b (down 30% from FY 2020). Net loss: ₹1.14b (loss widened ₹982.7m from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 13
Third quarter 2021 earnings released: EPS ₹0.41 (vs ₹1.86 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹743.8m (down 4.0% from 3Q 2020). Net income: ₹16.6m (down 88% from 3Q 2020). Profit margin: 2.2% (down from 18% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 98% per year but the company’s share price has only fallen by 43% per year, which means it has not declined as severely as earnings. Announcement • Feb 05
Bharat Road Network Limited to Report Q3, 2021 Results on Feb 11, 2021 Bharat Road Network Limited announced that they will report Q3, 2021 results on Feb 11, 2021 Announcement • Jan 23
Indian Highway Concessions Trust executed a securities purchase agreement to acquire Shree Jagannath Expressways Private Limited from Bharat Road Network Limited (BSE:540700). Indian Highway Concessions Trust executed a securities purchase agreement to acquire Shree Jagannath Expressways Private Limited from Bharat Road Network Limited (BSE:540700) on January 20, 2021. The Equity Value of the transaction is subject to adjustments of debt and other capital and operational costs at closing date. The transaction is subject to applicable regulatory and other approvals and certain conditions. Announcement • Jan 22
A trust managed by Caisse de dépôt et placement du Québec entered into an agreement to acquire 40% stake in 67-kilometer Road Project in Odisha, India from Bharat Road Network Limited (BSE:540700). A trust managed by Caisse de dépôt et placement du Québec entered into an agreement to acquire 67-kilometer Road Project in Odisha, India from Bharat Road Network Limited (BSE:540700) and its partners on January 21, 2021. The equity value of the proposed transaction is subject to adjustments of debt and other capital and operational costs at closing date. The transaction is subject to regulatory approvals and other closing conditions. The transaction is expected to help Bharat Road Network Limited in reducing its debts and will also provide the company with funds for reinvesting in its existing assets under construction and for organic and inorganic growth. Is New 90 Day High Low • Dec 08
New 90-day high: ₹34.40 The company is up 1.0% from its price of ₹34.00 on 09 September 2020. The Indian market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 31% over the same period. Announcement • Nov 05
Bharat Road Network Limited to Report Q2, 2021 Results on Nov 12, 2020 Bharat Road Network Limited announced that they will report Q2, 2021 results on Nov 12, 2020 Announcement • Sep 27
Bharat Road Network Limited Appoints Mr. Vipin Kumar Saxena as Additional Director Bharat Road Network Limited announced that based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors have appointed Mr. Vipin Kumar Saxena IAS (Retd.) (DIN:08889866) as an Additional Director (Category: Independent) of the Company effective from 25th September, 2020. Mr. Vipin Kumar Saxena retired in November, 2018 as Principal Resident Commissioner, Government of Odisha in the rank of Additional Chief Secretary to Government of Odisha duly empanelled by Government of India as Secretary Equivalent. Prior to joining the IAS, he has worked for 5 years in the private sector having passed out from Indian
Institute of Foreign Trade in 1980. Announcement • Sep 26
Bharat Road Network Limited Announces Cessation of Mr. Pradeep Singh as Independent Director Bharat Road Network Limited announced that its Independent Directors, Mr. Pradeep Singh has ceased his Office as director with effect from 25th September, 2020 due to completion of his first term of 5 consecutive years as an Independent Director under section 149(10) and 149(11) of the Companies Act, 2013. It may be noted that he expressed his unwillingness for re-appointment for a second term of 5 years due to his pre-occupation. Announcement • Sep 06
Bharat Road Network Limited to Report Q1, 2021 Results on Sep 14, 2020 Bharat Road Network Limited announced that they will report Q1, 2021 results on Sep 14, 2020 Announcement • Jul 21
Bharat Road Network Limited to Report Fiscal Year 2020 Results on Jul 24, 2020 Bharat Road Network Limited announced that they will report fiscal year 2020 results on Jul 24, 2020 
