Bharat Road Network Limited (BRNL) Fair Value & Analysis
Industrials · IN · Market cap ₹1.5B (≈ $15.4M) · ISIN INE727S01012
What is Bharat Road Network Limited really worth?
Below-average quality, and trading another 239% above our fair value of ₹5.04.
As of Aug 19, 2026, the fair value of Bharat Road Network Limited is ₹5.04 per share against a price of ₹17.06, so the fair value sits 70% below the price. A model estimate blended from multiple valuation models, recalculated regularly.
Risks
Fair value as of: Aug 19, 2026
From 4 valuation models · updated 18 days ago
Share price −3.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (₹8.08). The favourable scenario is already priced in.
- Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- A fairly wide model range (₹3.13 to ₹8.08) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.
How to read this chart
60‑month range ₹16.87 – ₹94.03 · fair‑value band ₹3.13 – ₹8.08 · the ₹17.06 price screens above the ₹5.04 fair value. Dashed = 300-day average. As of Aug 19, 2026.
Analysis
Bharat Road Network Limited (BRNL) currently trades at ₹17.06, while our model-based Fair Value estimate is ₹5.04, implying the stock looks roughly 238.5% overvalued today. The Quality Score stands at 40/100 (below-average quality), in the Industrials sector. Bull case: the Asset-Based group reads highest at a median of ₹32.13 per share, and 2 of the 4 models we run sit above the ₹17.06 price. Bear case: the Dividend Discount group reads lowest at ₹4.19, and 2 of the 4 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, Bharat Road Network Limited generated revenue of ₹1.5B at a net margin of −19.2%. Revenue grew 3.5% year over year. It earns a return on equity of −12.4%. Net debt stands at ₹3.1B. Fundamentals as of Aug 19, 2026
Our scenario range runs from ₹3.13 (bear case) to ₹8.08 (bull case); at ₹17.06, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 35% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 5% fair-value upside, at −70%, BRNL screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 4 models by family
Widest divergence: Asset-Based (₹32.13) versus Dividend Discount (₹4.19). Highest evidence: Owner Earnings (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 39 · Market factors (momentum, volatility) 36
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Bharat Road Network Limited owns, designs, develops, builds, and operates transfers road and related services in India. It is involved in project development an implementation; tolling operations and highway management; and advisory and project management services, including construction supervision/debt syndication.
Full company description
Bharat Road Network Limited owns, designs, develops, builds, and operates transfers road and related services in India. It is involved in project development an implementation; tolling operations and highway management; and advisory and project management services, including construction supervision/debt syndication. The company was incorporated in 2006 and is based in Kolkata, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Bharat Road Network Limited reported revenue of ₹1.5B in FY2026 versus ₹2.2B in FY2022, a compound −8.1%/yr. Reported net income was −₹296M in FY2026.
Peer Group
Infrastructure Operations · 64 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Infrastructure Operations median · lower = cheaper
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Infrastructure Operations stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Merchants Expressway Network & Technology Holdings 001965 | ¥9.80 | ¥10.25 | +5% |
| Jiangsu Expressway Company 600377 | ¥12.01 | ¥14.47 | +20% |
| Shandong Hi-speed Company 600350 | ¥10.90 | ¥8.68 | −20% |
| Zhejiang Expressway Co 0576 | HK$6.31 | HK$18.50 | +193% |
| Guangdong Provincial Expressway Development Co 000429 | ¥13.04 | ¥13.79 | +6% |
| Anhui Expressway Company 600012 | ¥16.15 | ¥14.90 | −8% |
| Shenzhen Expressway Corporation 600548 | ¥8.37 | ¥9.16 | +9% |
| IRB Infrastructure Developers Limited IRB | ₹18.95 | ₹14.79 | −22% |
| Sichuan Expressway Company 601107 | ¥5.53 | ¥5.73 | +4% |
| CUBEINVIT CUBEINVIT | ₹159.18 | ₹33.83 | −79% |
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