B.R.Goyal Infrastructure Limited IPO

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B.R. Goyal Infrastructure Limited is a diversified infrastructure company with a long-standing presence in civil construction, infrastructure development, and ancillary services. The company has evolved through multiple transformations and operates across several states in India, including Madhya Pradesh, Maharashtra, Gujarat, Punjab, Haryana, Uttar Pradesh, Mizoram and Manipur.

Key Business Activities

The company’s operations are categorized into five core business segments:
i. Civil Construction Services (EPC Projects)
ii. Ready-Mix Concrete (RMC) Manufacturing
iii. Wind Power Generation
iv. Toll Collection Contracts (TCC)
v. Residential Plotting Projects

Core Strengths

Efficient Project Execution:
i. Proven ability to deliver projects on time, leveraging an in-house integrated model and skilled resources.
ii. Projects are executed with high operational efficiency, even when involving complex requirements.

Diverse Portfolio: Broad range of services and sectors, from road construction and EPC services to renewable energy and real estate, ensuring revenue diversification.

Established Market Presence: Active in multiple Indian states with a strong reputation in government infrastructure projects.

Sustainability Initiatives: Engagement in wind power generation reflects the company’s commitment to sustainable practices.

Conclusion

B.R. Goyal Infrastructure Limited is a versatile and experienced player in India’s infrastructure sector. With a robust portfolio spanning civil construction, renewable energy, and real estate, the company is well-positioned to capitalize on opportunities in the growing infrastructure landscape. Its focus on operational efficiency, diverse service offerings, and sustainability ensures a competitive edge in the market.

Objects of the B.R.Goyal Infrastructure Limited IPO:

The Company intend to utilize the net proceeds of the Issue to meet the following objects: i. Funding capital expenditure requirement of the company ii. Funding Working Capital Requirement of the Company iii. Funding expenditure for inorganic growth through acquisitions & other strategic initiatives and General Corporate Purposes.
DRHP of B.R.Goyal Infrastructure Limited IPO
RHP of B.R.Goyal Infrastructure Limited IPO

B.R.Goyal Infrastructure Limited IPO Details:

Open Date: Jan 07 2025
Close Date: Jan 09 2025
Total Shares: 63,12,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 85.21 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 128 - 135 Per Equity Share
Listing At: BSE SME
Listing Date: Jan 14 2025

Promoters And Management:

Mr. Brij Kishore Goyal, aged 60, is the Promoter and Chairman cum Managing Director of the company, with over 18 years of experience in civil construction. Re-appointed on May 1, 2023, for five years, he oversees operations, strategic direction, resource management, government liaison, and project planning. Known for his leadership and client relations, he also ensures quality checks and plays a key role in business development and financing. Mr. Rajendra Kumar Goyal, aged 65, is a Promoter and Whole-Time Director of the company, with 31 years of experience in road construction. Re-appointed on May 1, 2023, for five years, he oversees project execution, site management, technical equipment procurement, and on-site operations, ensuring smooth employee and workflow management. Mr. Gopal Goyal, aged 62, is a Promoter and Whole-Time Director of the company with over 31 years of experience in the infrastructure business. Re-appointed on May 1, 2023, for five years, he oversees operations, strategic direction, resource management, office administration, and human resources. He also fosters client relationships and identifies new business opportunities.

Financials of B.R.Goyal Infrastructure Limited IPO:

In Cr.
Particulars July 31, 2024 March 31, 2024 March 31, 2023 March 31, 2022
Revenue from Operations 155.50 588.75 346.22 224.88
EBITDA 5.35 32.45 26.70 18.89
EBITDA Margins 3.44% 5.51% 7.71% 8.40%
PAT 1.94 21.88 17.33 7.56
PAT Margins 1.25% 3.72% 5.01% 3.36%
ROCE 19.72% 19.60% 12.28%
CFOA -14.45 12.13 22.19 20.36

Comparison With Peers:

Companies Revenue EBITDA Margins PAT Margins D/E Ratio MCap P/E
B.R.Goyal Infrastructure (FY 2024) 588.75 Cr. 5.51% 3.72% 0.49 321.63 Cr. 14.69*
Teerth Gopicon (TTM) 136 Cr. 21% 13.23% 0.22 703 Cr. 39.80
Udayshivkumar Infra (TTM) 452 Cr. 6% 3.76% 0.39 319 Cr. 18.30
* Forward PE is 55.26 on the basis of expected FY 25 PAT.

Recommendation on B.R.Goyal Infrastructure Limited IPO:

Review and Recommendation of B.R.Goyal SME IPO by team IZ is 4/10.

Lead Manager of B.R.Goyal Infrastructure Limited IPO:

  1. Beeline Broking Limited

Registrar of B.R.Goyal Infrastructure Limited IPO:

  1. Link Intime India Private Limited

Company Address:

B.R.Goyal Infrastructure Limited 3-A Agrawal Nagar, Indore 452001, Phone: +91-731 2403831 Email: cs@brginfra.in Website: http://www.brginfra.com/

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