BGRENERGY
BGR Energy Systems Limited
EPC and capital-goods contractor for power sector boilers and turbines
Industrials›Construction›Construction›Civil Construction
bgrcorp.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹311.89
Market cap
2,249 Cr
Stock P/E
Loss (TTM EPS ₹-172.94)
ROCE (FY26)
-36.6%
Operating margin (FY26)
-198.2%
OCF / EBITDA (FY22)
503.4%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
BGR Energy (BGR Energy Systems) executes engineering, procurement and construction (EPC) contracts, including a balance-of-plant contract at the NUPPL Ghatampur power project, and also runs a capital goods business; it has been in corporate insolvency resolution process (CIRP) proceedings, with court filings continuing into October 2026.
Company snapshot
33rdBy market cap
Ranked among 90 companies in Civil Construction.
Segment mix
Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.
Largest segment: 74.5% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Capital Goods | 25.5% | 82 Cr | 5 Cr | — |
| Construction and EPC contracts | 74.5% | 240 Cr | -273 Cr | — |
| Unallocated | — | 0 Cr | 2 Cr | — |
What we see
Concerns
- ✗Net margin is negative — the company is spending more than it earns right now.
1 more signal from the filings.Sign in free to see them all
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 235 Cr | 462 Cr | 170 Cr | 174 Cr | 83 Cr | 66 Cr | 130 Cr | 89 Cr | 83 Cr | 78 Cr | 50 Cr | 16 Cr |
| Operating expenses (approx.) | 263 Cr | 911 Cr | 8 Cr | 177 Cr | 151 Cr | 258 Cr | 432 Cr | 194 Cr | 140 Cr | 265 Cr | 284 Cr | 118 Cr |
| EBITDA | -28 Cr | -448 Cr | 162 Cr | -3 Cr | -69 Cr | -192 Cr | -302 Cr | -105 Cr | -56 Cr | -187 Cr | -234 Cr | -102 Cr |
| OPM % | -12.0% | -97.0% | 95.3% | -1.8% | -83.4% | -290.7% | -232.3% | -118.8% | -67.8% | -241.1% | -467.0% | -647.6% |
| Other income | 1 Cr | 11 Cr | 96 Cr | 17 Cr | 5 Cr | 1 Cr | 187 Cr | 25 Cr | 12 Cr | 22 Cr | 70 Cr | 84 Cr |
| Interest | 102 Cr | 117 Cr | 126 Cr | 122 Cr | 122 Cr | 143 Cr | 213 Cr | 182 Cr | 15 Cr | 24 Cr | 604 Cr | 204 Cr |
| Depreciation | 3 Cr | 3 Cr | 3 Cr | 3 Cr | 3 Cr | 3 Cr | 4 Cr | 3 Cr | 3 Cr | 3 Cr | 3 Cr | 0.90 Cr |
| Profit before tax | -133 Cr | -559 Cr | 129 Cr | -112 Cr | -193 Cr | -336 Cr | -332 Cr | -266 Cr | -63 Cr | -193 Cr | -771 Cr | -223 Cr |
| Tax % | 19.5% | -23.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net profit | -107 Cr | -691 Cr | 129 Cr | -112 Cr | -193 Cr | -336 Cr | -332 Cr | -266 Cr | -63 Cr | -193 Cr | -771 Cr | -223 Cr |
| EPS (₹) | ₹-14.81 | ₹-95.66 | ₹18.08 | ₹-15.72 | ₹-26.68 | ₹-46.58 | ₹-45.77 | ₹-36.74 | ₹-8.63 | ₹-26.72 | ₹-106.42 | ₹-31.06 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,451 Cr | 3,299 Cr | 3,273 Cr | 2,692 Cr | 1,140 Cr | 1,221 Cr | 806 Cr | 1,012 Cr | 452 Cr | 300 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 3,064 Cr | 2,951 Cr | 2,950 Cr | 2,502 Cr | 1,398 Cr | 1,156 Cr | 1,085 Cr | 1,348 Cr | 1,019 Cr | 883 Cr | Sign in free for the trailing twelve months |
| EBITDA | 387 Cr | 347 Cr | 323 Cr | 190 Cr | -258 Cr | 65 Cr | -279 Cr | -336 Cr | -566 Cr | -583 Cr | Sign in free for the trailing twelve months |
| OPM % | 11.2% | 10.5% | 9.9% | 7.1% | -22.6% | 5.3% | -34.6% | -33.2% | -125.1% | -194.6% | Sign in free for the trailing twelve months |
| Other income | 0.24 Cr | 24 Cr | 3 Cr | 43 Cr | 7 Cr | 9 Cr | 50 Cr | 109 Cr | 210 Cr | 128 Cr | Sign in free for the trailing twelve months |
| Interest | 263 Cr | 287 Cr | 270 Cr | 277 Cr | 264 Cr | 290 Cr | 399 Cr | 445 Cr | 600 Cr | 825 Cr | Sign in free for the trailing twelve months |
| Depreciation | 24 Cr | 25 Cr | 28 Cr | 35 Cr | 31 Cr | 27 Cr | 17 Cr | 13 Cr | 13 Cr | 11 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 121 Cr | 33 Cr | 32 Cr | -80 Cr | -546 Cr | -244 Cr | -644 Cr | -685 Cr | -973 Cr | -1,292 Cr | Sign in free for the trailing twelve months |
| Tax % | 29.4% | 96.5% | 39.7% | 88.0% | 21.8% | 23.9% | 24.3% | -11.0% | 0.0% | 0.0% | Sign in free for the trailing twelve months |
| Net profit | 85 Cr | 1 Cr | 19 Cr | -10 Cr | -427 Cr | -186 Cr | -488 Cr | -761 Cr | -973 Cr | -1,292 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹10.10 | ₹1.67 | ₹2.67 | ₹-0.40 | ₹-56.16 | ₹-25.44 | ₹-67.21 | ₹-105.07 | ₹-134.75 | ₹-178.51 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | — | — | — | — | — | — | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 72 Cr | 72 Cr | 72 Cr | 72 Cr | 72 Cr | 72 Cr | 72 Cr | 72 Cr | 72 Cr | 72 Cr |
| Reserves | 1,242 Cr | 1,254 Cr | 1,155 Cr | 1,107 Cr | 703 Cr | 511 Cr | 20 Cr | -733 Cr | -1,680 Cr | -2,933 Cr |
| Borrowings | 1,926 Cr | 2,125 Cr | 2,124 Cr | 2,130 Cr | 1,938 Cr | 1,878 Cr | 1,841 Cr | 1,830 Cr | 3,470 Cr | 4,527 Cr |
| Other liabilities | 3,121 Cr | 2,920 Cr | 3,336 Cr | 2,948 Cr | 2,714 Cr | 2,940 Cr | 3,065 Cr | 3,234 Cr | 2,871 Cr | 2,687 Cr |
| Total liabilities | 6,426 Cr | 6,425 Cr | 6,704 Cr | 6,245 Cr | 5,395 Cr | 5,365 Cr | 4,955 Cr | 4,358 Cr | 4,701 Cr | 4,311 Cr |
| Fixed assets (net) | 486 Cr | 490 Cr | 489 Cr | 400 Cr | 368 Cr | 335 Cr | 321 Cr | 296 Cr | 283 Cr | 255 Cr |
| CWIP | — | — | 0 Cr | 0 Cr | 0 Cr | — | — | 0 Cr | 0.25 Cr | 0.41 Cr |
| Investments | 0.84 Cr | 0.90 Cr | 0.88 Cr | 0.42 Cr | 0.78 Cr | 1 Cr | 4 Cr | 5 Cr | 4 Cr | 2 Cr |
| Loans & advances | — | — | 389 Cr | 476 Cr | 472 Cr | — | 410 Cr | 432 Cr | 417 Cr | 338 Cr |
| Inventories | 61 Cr | 44 Cr | 37 Cr | 44 Cr | 47 Cr | 37 Cr | 42 Cr | 43 Cr | 15 Cr | 10 Cr |
| Trade receivables | 2,164 Cr | 2,996 Cr | 2,891 Cr | 2,221 Cr | 808 Cr | 730 Cr | 677 Cr | 580 Cr | 357 Cr | 87 Cr |
| Cash & bank | 532 Cr | 372 Cr | 396 Cr | 381 Cr | 354 Cr | 274 Cr | 16 Cr | 24 Cr | 52 Cr | 22 Cr |
| Other assets | 3,183 Cr | 2,520 Cr | 2,500 Cr | 2,723 Cr | 3,346 Cr | 3,988 Cr | 3,486 Cr | 2,978 Cr | 3,574 Cr | 3,597 Cr |
| Total assets | 6,426 Cr | 6,425 Cr | 6,704 Cr | 6,245 Cr | 5,395 Cr | 5,365 Cr | 4,955 Cr | 4,358 Cr | 4,701 Cr | 4,311 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 545 Cr | 24 Cr | 250 Cr | 370 Cr | 469 Cr | 326 Cr | 304 Cr | 150 Cr | -1,857 Cr | -23 Cr |
| Cash from investing | -18 Cr | -31 Cr | -25 Cr | 42 Cr | -0.76 Cr | 8 Cr | -2 Cr | 0.34 Cr | 2 Cr | 2 Cr |
| Cash from financing | -534 Cr | -91 Cr | -232 Cr | -413 Cr | -459 Cr | -369 Cr | -306 Cr | -143 Cr | 1,883 Cr | -9 Cr |
| Net cash flow | -7 Cr | -98 Cr | -7 Cr | -1 Cr | 10 Cr | -35 Cr | -4 Cr | 8 Cr | 28 Cr | -30 Cr |
| Free cash flow (OCF − Capex) | 527 Cr | -8 Cr | 224 Cr | 367 Cr | 468 Cr | 324 Cr | 302 Cr | 149 Cr | -1,858 Cr | -24 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 11.6% | 9.1% | 9.0% | 6.0% | -10.5% | 1.9% | -13.0% | -31.1% | -31.6% | -36.6% |
| ROE % | 5.3% | 0.1% | 1.6% | -0.2% | -54.6% | -33.6% | -988.2% | — | — | — |
| Debtor days | 228 | 331 | 322 | 301 | 258 | 218 | 306 | 209 | 287 | 106 |
| Inventory days | 13 | 9 | 7 | 10 | 23 | 18 | 28 | 19 | 10 | 8 |
| Days payable | 298 | 278 | 257 | 259 | 545 | 580 | 751 | 521 | 890 | 937 |
| Cash conversion cycle | -57 | 61 | 71 | 52 | -264 | -345 | -418 | -293 | -592 | -823 |
| OCF / EBITDA % | 140.8% | 6.9% | 77.5% | 194.4% | — | 503.4% | — | — | — | — |
| OCF / EBITDA % (3 years) | — | — | 77.5% | 74.8% | 427.4% | — | — | — | — | — |
| Debt / equity | 1.47 | 1.60 | 1.73 | 1.82 | 2.61 | 3.44 | 37.52 | 0.00 | — | — |
| Current ratio | 1.17 | 1.02 | 0.99 | 0.97 | 0.99 | 0.95 | 0.97 | 0.89 | 0.73 | 1.43 |
| Net debt / EBITDA | 3.60 | — | 5.35 | 9.20 | — | — | — | — | — | — |