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B. R. Goyal Infrastructure IPO
B.R.Goyal Infrastructure Ltd
₹1,28,000 /1000 sharesMinimum Investment
B. R. Goyal Infrastructure IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹135.00 | ₹135.75 | ₹0.75 (0.56%) |
B. R. Goyal Infrastructure IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 7 Jan ‘25 - 9 Jan ‘25 | ₹1,28,000 | 1,000 | ₹128 - ₹135 |
| Issue Size | IPO Doc |
|---|---|
| 85.21Cr | RHP PDF |
Subscription rate
As of 09 Jan'25, 05:00 PM
| Qualified Institutional Buyers | 69.88x |
| Non-Institutional Investor | 257.22x |
| Retail Individual Investor | 87.44x |
| Total | 78.53x |
About B. R. Goyal Infrastructure
Founded in
1986
Managing director
Mr. Brij Kishore Goyal
Parent organisation
B.R.Goyal Infrastructure Ltd
Strengths & Financials of B. R. Goyal Infrastructure
Strengths
Risks
B.R. Goyal Infrastructure operates with an integrated in-house model, utilising its resources to manage projects from conceptualisation to completion. This includes a dedicated design and engineering team and an RMC manufacturing unit with an annual capacity of 1.80 lakh cubic metres, established in Indore in 2008.
As of September 30, 2024, the company was handling 26 ongoing projects across roads, bridges, buildings, and toll collection contracts (TCC). These projects involve activities such as construction, improvement, widening, strengthening, upgrading, and rehabilitation of two-, four-, and six-lane highways, as well as the construction of high-level bridges and road networks.
The company possesses in-house expertise for various project stages, including design, engineering, bid surveys, tender preparation, financial modelling, construction, and maintenance.
As of September 30, 2024, the company's asset base included 199 construction equipment, commercial vehicles, and plant and machinery. According to the company, using its own fleet of equipment gives it a competitive edge, allowing it to maximise efficiency and optimise equipment usage.
The company has seen a consistent increase in revenue from operations and profit after tax (PAT) over the past three years. Revenue from operations increased from Rs 224.88 crore in FY22 to Rs 346.22 crore in FY23 to Rs 588.76 crore in FY24. PAT increased from Rs 7.56 crore in FY22 to Rs 17.33 crore in FY23 to Rs 21.89 crore in FY24.
B.R. Goyal Infrastructure secures projects primarily through a competitive bidding process. However, there is no guarantee that all bids will be successful. Failure to qualify for or win projects could negatively impact the company’s business and operational results.
The company’s revenue relies significantly on its EPC business, which depends on the contracts it secures. EPC contributed Rs 101.03 crore (68.57%) as of July 31, 2024, and Rs 394.63 crore (68.18%), Rs 275.19 crore (79.70%), and Rs 142.68 crore (68.47%), in FY24, FY23, and FY22, respectively, to the revenue from operations. Any failure to secure new projects could adversely affect the company’s financial performance.
The company’s revenue is majorly dependent on a few key customers. The top 10 customers contributed Rs 113.92 crore (77.32%) as of July 31, 2024, and Rs 477.09 crore (82.42%), Rs 281.25 crore (81.44%), and Rs 147.13 crore (70.61%), in FY24, FY23, and FY22, respectively, to the revenue from operations. A loss of any major client or a reduction in business from any of them could adversely affect the company’s operations and finances.
To qualify for and execute large-scale projects, the company often forms joint ventures. If the company is unable to establish or manage these partnerships effectively, it could lead to increased financial and performance obligations, reduced profits, or potential losses, adversely impacting its business and financial results.
As of July 31, 2024, the company had contingent liabilities amounting to Rs 99.74 crore. An increase in these liabilities, or if they materialise, could negatively impact the company’s financial condition.
The company’s project portfolio is largely concentrated in Madhya Pradesh and Maharashtra. As of September 30, 2024, 17 projects in these states accounted for approximately 76.39% of its outstanding order value. Any adverse developments in these regions could disrupt the company’s operations, negatively impacting its finances.
The company, its directors and promoters are currently involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could hurt the company’s business prospects.
As of July 31, 2024, the company had Rs 26 crore in long-term borrowings and Rs 36.47 crore in short-term borrowings on a standalone basis. Any inability to repay or service these loans could adversely affect the company’s financial position.
B. R. Goyal Infrastructure Financials
*All values are in Rs. Cr
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Application Details of B. R. Goyal Infrastructure IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹128 - 135 | ₹2 - 5 Lakh |
| High Networth Individual | ₹128 - 135 | ₹2 - 5 Lakh |
For B. R. Goyal Infrastructure IPO, eligible investors can apply as Regular.