B.R.Goyal Infrastructure
SMEBSE₹85.21 Cr issue
+0.56%
Listing gain over issue price
Issue size
₹85.21 Cr
1 lot at cut-off
₹1,35,000
Lot size
1,000shares
Open
07 Jan 2025
Close
09 Jan 2025
Allotment
10 Jan 2025
Listing
14 Jan 2025
Listing performance
Issue price
₹135
Listed at
₹135.75
Listing-day close
₹142.50
Latest price
₹190
Close on 23 Oct 2026
Listing gain
+0.56%
Return since issue
+40.74%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 07 Jan 2025 – 09 Jan 2025
- Listing date
- 14 Jan 2025
- Face value
- ₹10 per share
- Issue price
- ₹135 per share
- Lot size
- 1,000 shares
- Listing at
- BSE
- Total issue size
- ₹85.21 Cr
- Market cap at offer price
- ₹322 Cr
- Promoter holding
- 99.31% → 73.00% pre-issue → post-issue
- ISIN
- INE00ST01011
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- 3-A, Agrawal Nagar, Madhya Pradesh
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 17,86,000 | — | — |
| Market maker | 3,16,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹135
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,35,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,70,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,45,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
17,86,000
Anchor portion
₹24.11 Cr
at ₹135 per share
Valuation and performance
Valuation at offer price
₹135 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.50 | 2.45 |
| P/E (×) | 10.80 | 55.10 |
| Price to book (×) | 0.93 | — |
| Market cap | — | ₹322 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 18.91%
- ROCE
- 19.72%
- Debt / equity
- 0.50
- PAT margin
- 3.72%
- NAV per share
- ₹145.66
- Price to book
- 0.93
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About B.R.Goyal Infrastructure
B.R. Goyal Infrastructure Limited was originally formed as a partnership firm (M/s. Balkrishna Ramkaran Goyal) on August 4, 1986, and was converted to a Private Limited Company on April 1, 2005, then to a Public Limited Company on May 9, 2018. The company is engaged in the construction and development of infrastructure projects such as roads, highways, bridges and buildings since inception with ongoing projects in Madhya Pradesh, Maharashtra, Gujarat, Haryana, Uttar Pradesh, Mizoram and Manipur. The company carries out EPC services for third parties, primarily for government departments, in roads & highways, commercial complex, industrial parks, housing projects and HAM (Hybrid Annuity Mode) projects. The company is also engaged in wind power generation, manufacturing of Ready-Mix Concrete (RMC) and Toll Collection Contract (TCC).
Company Analysis
from RHPB.R. Goyal Infrastructure Limited is an EPC (Engineering, Procurement, Construction) services provider engaged in construction and development of infrastructure projects including roads, highways, bridges, and buildings, with additional operations in wind power generation, Ready-Mix Concrete manufacturing, and toll collection.
B.R. Goyal Infrastructure Limited was originally formed as a partnership firm (M/s. Balkrishna Ramkaran Goyal) on August 4, 1986, and was converted to a Private Limited Company on April 1, 2005, then to a Public Limited Company on May 9, 2018. The company is engaged in the construction and development of infrastructure projects such as roads, highways, bridges and buildings since inception with ongoing projects in Madhya Pradesh, Maharashtra, Gujarat, Haryana, Uttar Pradesh, Mizoram and Manipur. The company carries out EPC services for third parties, primarily for government departments, in roads & highways, commercial complex, industrial parks, housing projects and HAM (Hybrid Annuity Mode) projects. The company is also engaged in wind power generation, manufacturing of Ready-Mix Concrete (RMC) and Toll Collection Contract (TCC).
Infrastructure developmentRoads and highways constructionEPC (Engineering, Procurement, Construction) servicesWind power generationReady-Mix Concrete (RMC) manufacturingToll collection
Objects of the Issue
- Funding of Capital Expenditure ₹802.00 Lakhs p.23
- Funding of Working Capital Requirement ₹4,200.00 Lakhs p.23
- Funding expenditure for inorganic growth through acquisitions & other strategic initiatives and General Corporate Purposes p.23
- Capital expenditure and working capital requirement p.60
- General corporate purposes and funding expenditure for inorganic growth through acquisitions & other strategic initiatives p.61
- Funding capital expenditure requirement Rs. 802.00 lakhs p.111
- Funding Working Capital Requirement Rs. 4,200.00 lakhs p.111
- Funding expenditure for inorganic growth through acquisitions & other strategic initiatives and General Corporate Purposes [●] lakhs (not specified, subject to 35% cap of total issue proceeds, with 25% cap for acquisitions) p.111
- The document does not contain a dedicated 'Objects of the Offer' section on pages 159-212 provided
- Working capital requirement p.343
- General corporate purposes p.343
- Issue expenses p.343
Issue Structure
- Total Issue
- Up to ₹ [●] Lakhs (comprising up to 63,12,000 Equity Shares of Face Value of ₹10/- each)
- Fresh Issue
- Up to 63,12,000 Equity Shares of ₹10/- each aggregating to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- To be decided by the Company in consultation with BRLM
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10.00 each
Business Model
The company earns revenue primarily through EPC (Engineering, Procurement, Construction) services for government departments and entities in roads and highways infrastructure. Revenue is also generated from toll collection contracts, wind power generation, Ready-Mix Concrete (RMC) manufacturing, plot sales, machine hire and transportation charges, and sale of products.
Business Segments
Engineering, Procurement, Construction services for government departments primarily in roads and highways, commercial complexes, industrial parks, housing projects and HAM (Hybrid Annuity Mode) projects
Toll Collection Contract (TCC) operations
Manufacturing of Ready-Mix Concrete for captive consumption and sale
Generation and sale of wind power
The company engages in infrastructure development through EPC contracts, which are the primary business operations
The company manufactures Ready-Mix Concrete through an installed capacity plant, though the plant has shown consistent underutilization
Engineering Procurement Construction services for roads, highways, bridges, buildings and other civil infrastructure projects executed on lump sum or item rate basis, including design, engineering, procurement, execution and maintenance
Toll collection and management services on highways and roads
Manufacturing and sale of ready-mix concrete with installed capacity of 1.80 lakh cubic meters per annum at Indore
Generation and sale of wind power through 1.25 MW wind turbine installed at Jaisalmer, Rajasthan, with Power Purchase Agreement with Ajmer Vidyut Vitran Nigam Limited
Hiring of construction equipment and machinery and provision of transportation services
Sales of developed residential plots from residential projects
Provision of auxiliary business services supporting infrastructure projects
Design, engineering, procurement, construction, rehabilitation, upgradation, operation and maintenance of roads and highways and design, engineering and construction of bridges.
Construction of civil infrastructure for residential, government official buildings, commercial structures and civil works for other infrastructure projects. EPC projects in the civil construction sector primarily awarded by municipal and state authorities.
Collection of user fees from toll plazas on national highways. Recently entered into TCCs from NHAI in states of Haryana and Uttar Pradesh.
Ready Mixed Concrete (RMC) manufacturing under computer-controlled operations. Environmental friendly practice that ensures cleaner work place and minimal disturbance. More cost effective than conventional concrete methods with higher quality assurance.
Generation of electrical power from wind energy. Company owns windmill in Jaisalmer, Rajasthan with total capacity of 1.25 MW commissioned in 2005.
Development of residential plotting projects offering plots in various sizes with all amenities including wider cemented roads, water storm line, sewerage treatment plant, gated community, security surveillance, landscaped gardens.
Construction and development of industrial park providing industrial plots, sheds, godowns, warehousing, and build-to-suit facilities at affordable prices. BRG Industrial Park located 4.75 km from bypass on Nemawar Road, Indore.
Civil construction activities and plot sales
Wind power generation with billing to Rajasthan Electricity Board based on meter consumption
Toll collection income from toll booths
Equipment rental and transportation services
Design, engineering, procurement, and execution of civil construction projects including roads, highways, bridges, buildings, commercial complexes, industrial parks, housing projects, and Hybrid Annuity Mode (HAM) projects, primarily for government departments and funded entities
In-house RMC manufacturing unit with installed capacity supporting civil construction operations, established in 2008 at Indore with 1.80 lakh cubic meters per annum capacity
Operation of 1.25 MW Wind Power Turbine installed at Jaisalmer, Rajasthan, commissioned in 2005, operating under 20-year Power Purchase Agreement with Ajmer Vidyut Vitran Nigam Limited at pre-determined tariff
Toll collection operations on tollways and toll plazas across multiple states
Development and sale of residential plots
SWOT Analysis
Strengths
- • Established presence in infrastructure with diversified business portfolio(p.23)
- • Strong financial backing and substantial order book(p.50)
- • Significant order backlog with government clients dominating revenue(p.40)
- • Experienced management team with deep infrastructure industry knowledge(p.52)
- • Established brand recognition in infrastructure sector(p.55)
- • Established roads and highways sector focused construction developer with 20+ years track record(p.152)
- • Efficient business model with cost optimization through careful project identification and strategic planning(p.152)
- • Strong order book with Rs. 87,339.70 lakhs across 26 ongoing projects diversified across sectors(p.153)
- • Technology enabled in-house project management capabilities and ERP system for resource optimization(p.153)
- • Own fleet of 199 construction equipment and vehicles providing competitive advantage and cost control(p.154)
- • Strong workforce with 402 EPC employees and 212 toll employees, minimal reliance on contract labor(p.154)
- • Experienced management team with founder having 37+ years and promoters having 7-31 years in infrastructure sector(p.154)
- • Strong credit rating CARE BBB+; Stable for long-term facilities revised upward in January 2024(p.153)
- • Large fleet of modern equipment reducing procurement costs and improving efficiency(p.168)
- • Strong in-house repair and maintenance capabilities enabling quality and cost control(p.168)
- • Diverse portfolio of executed projects across multiple states(p.167)
- • Government-focused customer base providing revenue stability(p.168)
- • Established presence across multiple infrastructure project types including roads, buildings, and toll collection(p.161)
- • Established management team with deep operational expertise in construction and infrastructure(p.226)
- • Strong board governance with independent directors and mandatory compliance committees(p.213)
- • Diversified business operations across construction, toll collection, and wind power generation(p.257)
- • Significant asset base and productive capacity(p.238)
- • Established track record in infrastructure construction with 18+ years of industry experience(p.308)
- • Award recognition for quality-consciousness and project execution(p.308)
- • Integrated in-house business model with design, engineering, and RMC manufacturing capabilities(p.308)
- • Substantial equipment base supporting project execution(p.308)
- • Diversified business portfolio across infrastructure segments(p.308)
- • Long-term power purchase agreement for renewable energy revenue(p.308)
- • Strong profitability growth with PAT increasing 35.2% from FY2023 to FY2024(p.312)
Weaknesses
- • Heavy dependence on limited number of key customers(p.41)
- • Geographic concentration of business in Madhya Pradesh and Maharashtra(p.45)
- • Past negative cash flows from operating activities(p.45)
- • Substantial contingent liabilities from bank guarantees(p.45)
- • Regulatory non-compliance history and filing delays(p.48)
- • Lack of formal educational qualifications among directors(p.43)
- • Large fleet of equipment creating high fixed costs(p.50)
- • Severe underutilization of Ready-Mix Concrete manufacturing capacity(p.52)
- • High dependence on small group of key suppliers(p.54)
- • Substantial outstanding indebtedness requiring significant cash servicing(p.55)
- • Significant personal guarantees from Directors and Promoters on debt(p.54)
- • Outstanding litigation involving Company, Directors and Promoters(p.53)
- • Properties used not owned but leased with short tenure(p.53)
- • Unsecured loans from Directors can be recalled at any time(p.56)
- • Dependence on limited banking consortium for working capital(p.58)
- • High customer concentration with 99.38% of order book from government clients dependent on government policy(p.156)
- • Dependence on government contracts exposes company to policy changes and political uncertainty(p.155)
- • Increasing compliance burden required for project execution(p.156)
- • Low PAT margin of 1.35% for July 31, 2024 period indicating profitability pressures(p.152)
- • EBITDA margin declined from 9.07% in FY2022 to 3.67% in July 2024 period(p.152)
- • Heavy dependence on government clients with top customer representing 26.51% of revenue(p.168)
- • Minimal reliance on contract workers creates labor cost dependency and scalability constraints(p.169)
- • Directors' personal guarantees and mortgaged properties securing borrowings indicate personal financial exposure(p.211)
- • Low capacity utilization of RMC plant at 29.88% as of September 30, 2024(p.169)
- • Geographic concentration in Madhya Pradesh generating 40.43% of consolidated revenue(p.167)
- • High debt burden relative to equity, indicating financial leverage risk(p.238)
- • Significant contingent liabilities and claims against the company(p.267)
- • Promoters have provided personal guarantees securing company borrowings, indicating personal financial exposure(p.226)
- • Declining profitability in current period despite revenue growth(p.239)
- • High customer concentration with top 10 customers accounting for 77.32% of revenue(p.314)
- • Significant dependence on government and government-funded contracts(p.309)
- • Capital-intensive business model with debt obligations(p.309)
- • Multiple ongoing tax litigations with significant disputed amounts(p.318)
- • Litigation against directors related to unfair labour practices(p.320)
- • Concentration of promoter shareholding at 84.75% limiting public float(p.285)
Opportunities
- • Expansion in road infrastructure and government spending(p.23)
- • Diversification into new business segments beyond roads(p.50)
- • Vertical integration through RMC manufacturing(p.47)
- • Expansion into new geographic markets(p.45)
- • Optimal utilization of existing resources and customer relationship development(p.56)
- • Growth in Indian infrastructure sector with government focus on roads, highways and smart cities(p.156)
- • Government initiatives like Smart City Mission, Bharat Mala, PM Gati Shakti and National Highway expansion(p.156)
- • Significant capital expenditure allocation of Rs. 11.11 lakh crore for infrastructure in FY 2024-25(p.144)
- • Expansion opportunities in new infrastructure segments like airport runways, railways, metros and water treatment(p.155)
- • Rapid growth in industrial and residential township development in Indore region(p.156)
- • Private sector participation and foreign investment in infrastructure projects encouraged by government policy(p.156)
- • Expansion into toll collection contracts as new revenue stream(p.165)
- • Government infrastructure investment through National Highways Development Project providing pipeline(p.188)
- • Geographic expansion into new states with recent project launches in Haryana, Punjab and Uttar Pradesh(p.167)
- • Residential and industrial park development offering higher margin opportunities(p.164)
- • Ready Mixed Concrete manufacturing expansion with environmentally friendly offerings(p.165)
- • Expansion into toll collection and highway infrastructure development segments(p.257)
- • Growth in real estate and plot sales, representing significant revenue contributor(p.257)
- • Leveraging existing infrastructure and equipment capacity for machine hire and transportation services(p.257)
- • Access to capital markets through SME IPO to strengthen balance sheet and fund growth initiatives(p.232)
- • Revenue growth momentum with 67.63% increase in FY2024 revenues(p.312)
- • Entry into new toll collection business segment generating ₹3,292.31 lakhs in 4-month period(p.291)
- • Expansion into building and commercial projects including schools and housing(p.308)
- • Expanding geographical footprint across multiple states(p.308)
- • Growth in infrastructure spending and government capex allocation(p.308)
Threats
- • Competitive bidding process and inability to win projects(p.40)
- • Project completion delays and cost overruns(p.41)
- • Volatility in construction material and fuel prices(p.47)
- • Delays in land acquisition and regulatory approvals(p.42)
- • Seasonal and weather-related operational disruptions(p.45)
- • Dependence on joint venture partners for large projects(p.42)
- • Delays in receivables collection from government clients(p.47)
- • Intense competition in construction industry(p.50)
- • Regulatory changes and stricter compliance requirements in infrastructure sector(p.55)
- • Environmental laws and regulations increasing in stringency(p.56)
- • Significant power consumption and vulnerability to tariff increases(p.56)
- • Dependence on Indian economic conditions and potential slowdowns(p.59)
- • Vulnerability to broader economic disruptions including pandemics(p.64)
- • Risk of competition and market saturation in infrastructure sector(p.63)
- • Political instability and unfavorable government policy changes(p.66)
- • Volatile Indian tax regime undergoing substantial changes(p.64)
- • High volatility in raw material prices including cement, sand, steel and bitumen affecting profitability(p.156)
- • Heavy dependence on government contracts exposes company to government policy changes and electoral cycles(p.156)
- • Concentration risk with 99.38% of outstanding order book from government clients(p.157)
- • Geographic concentration with 40.7% of order book in Madhya Pradesh alone(p.157)
- • Project execution risks from delays due to adverse climatic conditions and regulatory delays(p.155)
- • Competitive bidding pressure with competitors accepting lower margins(p.180)
- • Insurance coverage limitations may not protect against all material hazards(p.170)
- • Contracts lacking escalation clauses expose company to input cost inflation(p.167)
- • Construction project delays from client non-compliance with design approvals(p.164)
- • Regulatory compliance costs and environmental clearance requirements(p.193)
- • Significant contingent liabilities from disputed claims that could adversely impact financial position(p.267)
- • Dependence on consortium lenders with restrictive covenants(p.251)
- • Exposure to government and regulatory changes affecting toll operations and project allocation(p.257)
- • Volatile working capital requirements and inventory management challenges(p.256)
- • Highly competitive bidding process for government contracts(p.309)
- • Seasonality affecting construction activity during monsoon(p.314)
- • Raw material price volatility and supply chain disruptions(p.309)
- • Changes in GST regime creating tax liability disputes(p.321)
- • Interest rate and inflation impacts on financing costs(p.309)
- • Regulatory and policy changes affecting infrastructure projects(p.309)
- • Economic cyclicality and recession risks impacting project awards(p.309)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Brij Kishore Goyal | Promoter | 28.05% | 20.62% |
| Mr. Balkrishna Goyal | Promoter | 5.12% | 3.76% |
| Mr. Gopal Goyal | Promoter | 28.05% | 20.62% |
| Mr. Rajendra Kumar Goyal | Promoter | 28.05% | 20.62% |
| Mr. Yash Goyal | Promoter | — | — |
| Mr. Uppal Goyal | Promoter | — | — |
| M/s. B. R. Goyal Holdings Private Limited | Corporate Promoter | 9.99% | 7.35% |
| Rajendra Kumar Goyal | Promoter & Whole Time Director | 28.05% | 20.62% |
| Gopal Goyal | Promoter & Whole Time Director | 28.05% | 20.62% |
| Brij Kishore Goyal | Promoter, Chairman & Managing Director | 28.05% | 20.62% |
| Balkrishna Goyal | Promoter | 5.12% | 3.76% |
| B.R.Goyal Holdings Private Limited | Promoter Group | 9.99% | 7.35% |
| Rajendra Kumar Goyal | Promoter & Whole Time Director | 28.05% | 20.62% |
| Gopal Goyal | Promoter & Whole Time Director | 28.05% | 20.62% |
| Brij Kishore Goyal | Promoter & Managing Director | 28.05% | 20.62% |
| Balkrishna Goyal | Promoter | 5.12% | 3.76% |
| B. R. Goyal Holdings Private Limited | Promoter Group | 9.99% | 7.35% |
| Mr. Brij Kishore Goyal | Promoter/Chairman and Managing Director | 28.05% | — |
| Mr. Rajendra Kumar Goyal | Promoter/Whole Time Director | 28.05% | — |
| Mr. Gopal Goyal | Promoter/Whole Time Director | 28.05% | — |
| Balkrishna Goyal | Promoter | 5.12% | — |
| Rajendra Kumar Goyal | Promoter | 28.05% | — |
| Gopal Goyal | Promoter | 28.05% | — |
| Brij Kishore Goyal | Promoter | 28.05% | — |
| B. R. Goyal Holdings Private Limited | Corporate Promoter | 10.06% | — |
| Uppal Goyal | Promoter | — | — |
| Yash Goyal | Promoter | — | — |
| Rajendra Kumar Goyal | Promoter | 28.25% | — |
| Gopal Goyal | Promoter | 28.25% | — |
| Brij Kishore Goyal | Promoter | 28.25% | — |
| BRG Holding Pvt. Ltd. | Promoter Group | 10.06% | — |
| Bal Krishna Goyal | Promoter | 5.16% | — |
Leadership
Mr. Brij Kishore Goyal · Chairman and Managing Director
Mr. Rajendra Kumar Goyal · Whole Time Director
Mr. Gopal Goyal · Whole Time Director
Mr. Dasharath Tomar · Chief Financial Officer
Ms. Ritika Jhala · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
B.R.Goyal Infrastructure IPO FAQs
What is the lot size of B.R.Goyal Infrastructure IPO?
The minimum lot size of B.R.Goyal Infrastructure IPO is 1,000 shares. One lot costs ₹1,35,000 at the cut-off price.
When does B.R.Goyal Infrastructure IPO open and close?
B.R.Goyal Infrastructure IPO opened for subscription on 07 Jan 2025 and closed on 09 Jan 2025.
What is the listing date of B.R.Goyal Infrastructure IPO?
B.R.Goyal Infrastructure IPO listed on 14 Jan 2025.