Brahmaputra Infrastructure Limited

The promoters of the company have over three decades of experience in the engineering, procurement, and construction (EPC) business. Manoj Kumar Prithani and Sanjeev Kumar Prithani (brothers) ventured into the EPC business in 1987 through a proprietorship firm and later incorporated Brahmaputra Consortium Limited in 1998. The name was changed to the present one, in 2008. Over the years, BIL has developed project expertise, primarily in transportation engineering projects, including roads,

The company has witnessed improvement in liquidity position with growth in business operations and profitability, satisfactory cashflow from operations, and implementation of CDR. The restructuring has provided medium-term relief by deferring principal repayments and converting outstanding dues into optionally convertible cumulative preference shares (OCCPs), where repayment is scheduled to commence from June 2027. This has reduced immediate debt servicing obligations and supported better alignm

Over the last five years, BIL’s total operating income (TOI) includes income generated from real-estate segment. BIL has one flagship commercial property, Central Mall, in Guwahati commercial properties, spanning over 4 lakh sq. ft. with a mix of national and international brands, a PVR multiplex, and anchor tenants, such as Shoppers Stop. BIL generated lease rental income amounting ₹12.41 crore in FY25, which would increase in FY26 per escalation clause. This recurring and surplus cash flow fro

The company’s TOI improved in FY25 and stood at ₹243.49 crore (₹219.90 crore in FY24) with Y-o-Y growth rate of ~10.73%. Post implementation of CDR in FY24, the company’s business performance has gradually picked up with regular orders execution and new orders addition. With the support of higher profit margins in real estate segment, BIL’s operating margin has remaine d healthy above 20% in the last three fiscals. In Q1FY26, the company’s TOI also improved to ₹92.14 crore (₹78.43 crore in Q1FY2

BIL’s total order book position remained moderate at ₹975.39 crore as of July 2025, which is ~4.1x of the TOI of FY25, providing medium-term revenue visibility. The order book is geographically well diversified with orders spread across seven states, including Assam (44%), Rajasthan (21%), Orissa (15%), Arunachal Pradesh (9%), and others (11%). The companyhas added orders to the tune of ~₹108 crore in the last one year ending on March 31, 2025. Continued addition of new work orders, and regular

BIL’s debt level remains high at ₹380.66 crore as on March 31, 2025. Post implementation of CDR, BIL’s debt level reduced, though, remained high due to almost full utilisation of fund-based working capital limits and presence of OCCPs of ₹165.13 crore as reflected by debt equity ratio and overall gearing of 1.73x and 2.61x, respectively, as on March 31, 2025 (PY: 2.76x and 3.89x, respectively). There is a low buffer in BG limits (currently utilised at ~89% as on June 30, 2025), which may hinder

The company’s working capital cycle improved in FY25, however, still remains elongated (marked by 109 days), as BIL majorly undertakes EPC projects in the north-east region, where execution risk remains high due to a challenging operating environment. Due to the same, execution period of BIL is longer with elongated working capital cycle and healthy profit margins. The debtor collection period improved and stood at 76 days in FY25 (PY: 89 days) and inventory days also improved and stood at 193 d

BIL is exposed to execution risks due to a significant portion of its order book being concentrated in the north-east region of India. This geographic concentration presents multiple challenges that can affect project timelines and operational efficienc y. The north-east region is characterised by geopolitical instability, including occasional socio-political unrest and border sensitivities, which can disrupt construction activities, delay approvals, and complicate logistics. Additionally, the a

BIL operates in the intensely competitive construction industry where projects are awarded based on relevant experience of the bidder, financial capability, and most attractive bid price. The high competition in the construction industry is due to the presence of large number of small and medium players resulting in aggressive bidding, which exerts pressure on the margins. However, BIL’s vast experience in handling complex projects and its long-standing track record in the construction industry