Company Valuation: Bharat Road Network Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 2,775 2,405 2,409 2,204 4,684 2,432
Change - -13.31% 0.17% -8.54% 112.57% -48.08%
Enterprise Value (EV) 1 19,019 17,743 18,021 16,017 16,498 5,842
Change - -6.71% 1.56% -11.12% 3% -64.59%
P/E -17.4x -2.11x -0.64x -1.05x -4.18x 1.72x
PBR 0.28x 0.27x 0.47x 0.73x 2.46x 0.74x
PEG - -0x -0x 0x 0.1x -0x
Capitalization / Revenue 0.93x 1.02x 1.08x 0.68x 1.23x 0.89x
EV / Revenue 6.36x 7.56x 8.09x 4.91x 4.34x 2.13x
EV / EBITDA 10.4x 17.5x 16.9x 30.8x 12x 10.3x
EV / EBIT 12.9x 28.7x 28.4x -342x 29.4x -33.3x
EV / FCF -6.5x -45.1x 51.8x 19.6x 8.14x -1.34x
FCF Yield -15.4% -2.22% 1.93% 5.1% 12.3% -74.5%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -1.903 -13.61 -44.83 -24.96 -13.34 16.81
Distribution rate - - - - - -
Net sales 1 2,992 2,347 2,229 3,263 3,797 2,743
EBITDA 1 1,837 1,013 1,064 520.6 1,380 566
EBIT 1 1,474 618.5 635.2 -46.79 561 -175.5
Net income 1 -159.7 -1,142 -3,763 -2,096 -1,120 1,411
Net Debt 1 16,245 15,338 15,611 13,814 11,813 3,410
Reference price 2 33.05 28.65 28.70 26.25 55.80 28.97
Nbr of stocks (in thousands) 83,950 83,950 83,950 83,950 83,950 83,950
Announcement Date 02/09/20 04/09/21 03/09/22 02/09/23 05/09/24 04/09/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 15.29M
59.86x2.73x26.04x0.06% 103B
13.3x1.12x6.14x4.4% 77.54B
36.61x4.62x25.07x0.18% 62.33B
27.2x2.08x20.43x1.11% 58.45B
57.22x4.54x28.74x1.57% 46.34B
30.8x0.76x12.56x2.01% 38.59B
25.53x1.75x16.13x0.18% 36.89B
25.57x0.52x8.28x2.31% 35.13B
4.48x0.3x5.98x6.28% 26.96B
Average 31.17x 2.05x 16.60x 2.01% 48.53B
Weighted average by Cap. 34.77x 2.28x 18.09x 1.71%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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