Indore, May 29, 2025 — B.R. Goyal Infrastructure Limited (BRGIL), an emerging name in India’s infrastructure sector, has secured a ₹91.7 crore contract from the National Highways Authority of India (NHAI). The deal, announced on May 28, 2025, involves operating and maintaining the Kathpur Fee Plaza at km 472 on the Himmatnagar-Chiloda section of National Highway 8 (NH-8) in Gujarat. This milestone strengthens BRGIL’s position in the industry and highlights its growing role in supporting India’s highway development initiatives.
A Key Contract Win
The ₹91.7 crore project focuses on user fee collection and maintenance of facilities, including nearby toilet blocks, at the Kathpur Fee Plaza. Secured through competitive e-tendering, this contract underscores BRGIL’s ability to win high-value projects in a crowded market. The Himmatnagar-Chiloda stretch is a vital part of NH-8, a major artery for Gujarat’s industrial and commercial activity. By managing toll operations here, BRGIL will ensure smooth highway operations while generating consistent revenue.
This contract adds to BRGIL’s growing order book, now valued at approximately ₹1,313 crore. Recent wins include a ₹70.76 crore toll collection contract for the Newadakanthi Fee Plaza on NH-91 in Uttar Pradesh and a ₹30.71 crore road construction project from Bhavnagar Municipal Corporation. These achievements reflect BRGIL’s versatility across toll management, road construction, and other infrastructure services.
Financial Snapshot: Steady Growth
BRGIL’s financials paint a picture of resilience and growth. For the fiscal year 2024 (FY24), the company reported a 70.1% surge in revenue to ₹588.76 crore, up from ₹353.30 crore in FY23. Net profit grew by 26.3% to ₹21.88 crore, compared to ₹17.34 crore in the prior year. As of July 31, 2024, BRGIL recorded revenue of ₹155.51 crore and a profit after tax of ₹1.97 crore, showcasing its ability to maintain profitability in a competitive sector.
The company’s recent initial public offering (IPO), launched on January 7, 2025, and listed on the BSE SME platform on January 14, 2025, was a runaway success. Priced between ₹128 and ₹135 per share, the IPO was subscribed 109.91 times, raising ₹85.21 crore through a fresh issue of 63.12 lakh equity shares. As of July 31, 2024, the stock traded 4.60% above its IPO price, with a market capitalization of around ₹309.72 crore. The IPO funds are set to fuel capital expenditures, acquisitions, and expansion plans, paving the way for future growth.
Tapping Into India’s Infrastructure Surge
BRGIL’s latest contract aligns with India’s push to modernize its highway network. The government has outlined plans to invest ₹10 lakh crore over the next two years to enhance highways, with a focus on expanding connectivity in the Northeast and border regions. In 2024-25, NHAI constructed 5,614 km of highways, exceeding its 5,150 km target. With 784 projects worth ₹3.73 lakh crore planned for eastern states and ₹19,338 crore allocated for the Northeast, BRGIL is well-placed to secure more opportunities.
Toll collection contracts like the Kathpur Fee Plaza project offer stable cash flows, complementing BRGIL’s core engineering, procurement, and construction (EPC) business. The company also operates in ready-mix concrete production, wind power generation, and residential plotting, with projects spanning Madhya Pradesh, Maharashtra, Gujarat, and Uttar Pradesh.
Market Buzz and Future Prospects
The market has taken notice of BRGIL’s recent successes. Social media platforms like X have buzzed with optimism, with users highlighting the company’s growing market cap and its appeal as an SME stock with exposure to India’s infrastructure boom. The government’s focus on upgrading 25,000 km of two-lane highways to four lanes presents a significant opportunity for BRGIL to expand its footprint.
However, the infrastructure sector comes with challenges, including intense competition and project execution risks. BRGIL’s track record of delivering projects across multiple states and its successful IPO demonstrate its ability to navigate these hurdles. The company’s leadership has emphasized using IPO proceeds to drive strategic growth, positioning BRGIL for long-term success.
Looking Ahead
B.R. Goyal Infrastructure’s ₹91.7 crore NHAI contract is a stepping stone in its journey to become a leading player in India’s infrastructure landscape. With a strong order book, solid financial performance, and a diversified portfolio, BRGIL is poised to capitalize on the country’s highway development initiatives. As India accelerates its infrastructure investments, BRGIL offers a compelling story for those looking to tap into this transformative sector.
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