Company Valuation: Bharat Road Network Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 2,405 2,409 2,204 4,684 2,432 1,422
Change - 0.17% -8.54% 112.57% -48.08% -41.53%
Enterprise Value (EV) 1 17,743 18,021 16,017 16,498 5,842 2,264
Change - 1.56% -11.12% 3% -64.59% -61.25%
P/E -2.11x -0.64x -1.05x -4.18x 1.72x -4.8x
PBR 0.27x 0.47x 0.73x 2.46x 0.74x 0.35x
PEG - -0x 0x 0.1x -0x 0x
Capitalization / Revenue 1.02x 1.08x 0.68x 1.23x 0.89x 0.92x
EV / Revenue 7.56x 8.09x 4.91x 4.34x 2.13x 1.47x
EV / EBITDA 17.5x 16.9x 30.8x 12x 10.3x -9.28x
EV / EBIT 28.7x 28.4x -342x 29.4x -33.3x -2.52x
EV / FCF -45.1x 51.8x 19.6x 8.14x -1.34x -1.41x
FCF Yield -2.22% 1.93% 5.1% 12.3% -74.5% -71%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -13.61 -44.83 -24.96 -13.34 16.81 -3.531
Distribution rate - - - - - -
Net sales 1 2,347 2,229 3,263 3,797 2,743 1,543
EBITDA 1 1,013 1,064 520.6 1,380 566 -243.9
EBIT 1 618.5 635.2 -46.79 561 -175.5 -899.9
Net income 1 -1,142 -3,763 -2,096 -1,120 1,411 -296.4
Net Debt 1 15,338 15,611 13,814 11,813 3,410 841.8
Reference price 2 28.65 28.70 26.25 55.80 28.97 16.94
Nbr of stocks (in thousands) 83,950 83,950 83,950 83,950 83,950 83,950
Announcement Date 04/09/21 03/09/22 02/09/23 05/09/24 04/09/25 05/09/26
1INR in Million2INR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
56.12x2.59x24.69x0.07% 97.59B
12.25x1.05x5.75x4.77% 70.29B
34.15x4.3x23.32x0.2% 58.29B
26.07x2.01x19.74x1.13% 55.68B
50.74x4.04x25.56x1.91% 39.91B
27.22x0.68x11.26x2.27% 34.06B
23.27x1.59x14.65x0.2% 33.62B
21.85x0.44x6.92x2.78% 29.56B
4.92x0.31x5.78x5.98% 26.22B
Average 28.51x 1.89x 15.30x 2.15% 49.47B
Weighted average by Cap. 32.09x 2.13x 16.90x 1.83%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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