B.R.Goyal Infrastructure Ltd (544335) — concall transcript | 31 March 2026

B.R.Goyal Infrastructure reported robust FY26 performance with 61% revenue growth to INR820 crores and 82% EBITDA growth to INR75 crores, driven by toll collection and wastewater projects. The order book stood at INR1,235 crores as of March 31, 2026, with strategic focus on expanding wastewater revenue to 20-25% of total by FY28-29 and targeting 10.5-11% EBITDA margins. Management highlighted cautious expansion, leveraging subcontracting to build credentials for direct bids, and prioritizing high-ticket National Highway projects (INR1,500-2,000 crores per bid) to drive 20-25% revenue growth. Working capital improved due to IPO funding and central government billing cycles, supporting cash flow recovery post-IPO. The company emphasized disciplined financial management and confidence in executing its growth strategy amid geopolitical uncertainties.