B. R. Goyal Infrastructure Limited

As per financial performance, B. R. Goyal Infrastructure Limited has posted total income / net profits of Rs 228.63 Cr / Rs 7.45 Cr (FY22), Rs 353.30 Cr / Rs 17.32 Cr (FY23), Rs 596.19 Cr / Rs 21.88 Cr (FY24) and Rs 156.86 Cr / Rs 1.97 Cr (31.07.24 FY25). So as per previous financials data, company has shown good growth. Company has posted an average EPS of Rs 10.33 and average RoNW of 16.97% for last three fiscals. Issue is priced at a P/BV of 1.83 as per NAV of Rs 73.96/- as on 31.07.24. If we attribute latest earnings of FY23, FY24 and annualized FY25 on fully diluted equity post issue, then asking price is at a P/E of around 18.55, 14.69 and 54.51 respectively, which looks fully priced. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Beeline Capital Advisors Private Limited is associated with this SME IPO and handled 50 SME IPOs in last 3 years. From last 10 IPOs, all opened above issue price or at par on the day of listing. As of now from last 10 IPO, two are trading below issue price and remaining are trading above issue price or at par as on today. ( As on 03.01.25 ) As per financials, B. R. Goyal Infrastructure Limited has shown good results, RoNW is 43.9% and P/E is respectively 10.48, 5.26 and 4.01 as per FY23, FY24 and annualized FY25 earnings. So, issue looks fully priced and order book as on 30.09.24 is Rs 873.40/- Cr. Company is engaged in the construction and development of infrastructure projects such as roads, highways, bridges and buildings, which is highly competitive business segment. Performance of BRLM post listing is good. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 B. R. Goyal Holdings Private Limited
• 2 Mr. Balkrishna Goyal
• 3 Mr. Rajendra Kumar Goyal
• 4 Mr. Gopal Goyal
• 5 Mr. Brij Kishore Goyal
• 6 Mr. Uppal Goyal
• 7 Mr. Yash Goyal