- CIN
- U35201UP1998PLC023941
- ISIN
- INE0BRC01018
- Incorporated
- 15 Sep 1998
- Registered state
- Uttar Pradesh
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Business overview
Bharat Rail Components Limited supplies bogies, couplers, braking sub-systems and signalling hardware to rail operators and coach builders, from two plants in Uttar Pradesh and West Bengal, against a confirmed order book of ₹5,600 crore. Public rail capex has been rising for several years and the company is one of a small set of approved vendors for braking sub-systems, which is a slow and expensive qualification to obtain. The company is currently approved for a public issue, with the offer timetable yet to be announced, and shares change hands only through negotiated off-market transfers.
Key highlights
- Order book to revenue of 2.8x
- IPO approved by the regulator in July 2026
- Vendor approval held for braking sub-systems since 2016
- Return on capital employed of 21.4%
Financial snapshot
FY2026 · Audited · Source: Audited annual report
- Revenue FY2026
- ₹1,980.00 Cr
- EBITDA
- ₹386.00 Cr
- PAT
- ₹236.00 Cr
- Net worth
- ₹1,420.00 Cr
- Total debt
- ₹240.00 Cr
- Cash & equivalents
- ₹380.00 Cr
- Operating cash flow
- ₹268.00 Cr
- EPS
- ₹8.81
Management & board
- SBSince 2017
Shalini Banerjee
Managing Director & CEO
Has led Bharat Rail since 2017 and previously held senior operating roles in the same sector.
- IRSince 2021
Ira Rao
Chief Financial Officer
- RMSince 2014
Rohit Menon
Executive Director — Operations
- ISSince 2017
Ira Sinha
Company Secretary & Compliance Officer
- RASince 2011
Rohit Agarwal
Independent Director
- IPSince 2018
Ira Pillai
Independent Director
Reported financials · FY2024–FY2026
Figures in ₹ crore unless stated. Every column carries its own source and audit status.
| Particulars | FY2026Audited | FY2025Audited | FY2024Audited | YoY |
|---|---|---|---|---|
| Profit & loss | ||||
| Revenue | ₹1,980 Cr | ₹1,560 Cr | ₹1,240 Cr | +26.9% |
| EBITDA | ₹386 Cr | ₹288 Cr | ₹214 Cr | +34.0% |
| Profit after tax | ₹236 Cr | ₹168 Cr | ₹118 Cr | +40.5% |
| Earnings per share | ₹8.81 | ₹6.27 | ₹4.40 | — |
| Balance sheet | ||||
| Net worth | ₹1,420 Cr | ₹1,180 Cr | ₹1,020 Cr | +20.3% |
| Total debt | ₹240 Cr | ₹280 Cr | ₹310 Cr | — |
| Cash & equivalents | ₹380 Cr | ₹296 Cr | ₹224 Cr | — |
| Total assets | ₹2,480 Cr | ₹2,140 Cr | ₹1,880 Cr | — |
| Book value per share | ₹52.99 | ₹44.03 | ₹38.06 | — |
| Cash flow | ||||
| Operating cash flow | ₹268 Cr | ₹204 Cr | ₹156 Cr | — |
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- FY2026 · Audited annual report · period ended 31 Mar 2026 · last updated in the back office 20 Sep 2026
- FY2025 · Audited annual report · period ended 31 Mar 2025
- FY2024 · Audited annual report · period ended 31 Mar 2024
Revenue, EBITDA and PAT
₹ crore. A year with no reported figure is left out rather than drawn as zero.
- Revenue
- EBITDA
- PAT
Every ratio on this tab is derived from the reported figures in the Financials tab and the indicative price in the header — nothing here is a stored value. A ratio that cannot be justified is shown as — with the reason, rather than as a negative or a zero. Ratios move when the indicative price moves.
Size
Balance-sheet items as at FY2026
- Market cap
- ₹19,886 Cr
- Enterprise value
- ₹19,746 Cr
- Indicative price
- ₹742
- Shares outstanding
- 26,80,00,000
Indicative price × shares outstanding
Market cap + debt − cash
Valuation multiples
- P/E
- 84.3x
- P/B
- 14.0x
- EV / EBITDA
- 51.1x
- EPS
- ₹8.81
- Book value / share
- ₹52.99
- Debt / equity
- 0.2x
On FY2026 PAT
Returns & margins
- ROE
- 16.6%
- ROCE (EBITDA basis)
- 23.3%
- EBITDA margin
- 19.5%
- PAT margin
- 11.9%
- Revenue growth
- 26.9%
- Cash / market cap
- 1.9%
EBITDA ÷ (net worth + debt)
Indicative price snapshots
Each point is a dated dealer-quote average. There is no continuous trading behind these numbers, so no daily series is drawn.
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Snapshot log
| Date | Indicative price | Change | Source |
|---|---|---|---|
| 20 Sep 2026 | ₹742 | +1.90% | Dealer desk average, 7 quotes |
| 20 Aug 2026 | ₹728 | +7.73% | Dealer desk average |
| 20 Jul 2026 | ₹676 | +2.85% | Dealer desk average |
| 20 Jun 2026 | ₹657 | +2.81% | Dealer desk average |
| 20 May 2026 | ₹639 | +4.60% | Dealer desk average |
| 20 Apr 2026 | ₹611 | +4.63% | Dealer desk average |
| 20 Mar 2026 | ₹584 | +2.96% | Dealer desk average |
| 20 Feb 2026 | ₹567 | +5.78% | Dealer desk average |
| 20 Jan 2026 | ₹536 | +2.72% | Dealer desk average |
| 20 Dec 2025 | ₹522 | +1.08% | Dealer desk average |
| 20 Nov 2025 | ₹516 | +6.15% | Dealer desk average |
| 20 Oct 2025 | ₹487 | +2.28% | Dealer desk average |
| 20 Sep 2025 | ₹476 | — | Dealer desk average |
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Change is measured against the previous snapshot, not against a calendar period, because snapshots are not collected on a fixed schedule. The header percentages use fixed windows and may not tie exactly to this column.
Corporate actions & events
Dated events sourced from company filings and registrar records.
- Filing27 Sep 2026
Annual return filed with the registrar
Statutory filing completed within the prescribed timeline.
Company filing / RoC
- Board18 May 2026
Appointment of an independent director
Board strengthened with an additional independent director following a nomination-committee review.
Company filing / RoC
- Split14 Mar 2025
Sub-division of equity shares
Face value sub-divided to improve tradability ahead of a listing.
Company filing / RoC
- Bonus14 Feb 2024
Bonus issue in the ratio 1:2
Board approved a bonus issue; record date notified to shareholders on file.
Company filing / RoC
- Rights5 Feb 2024
Rights issue to existing shareholders
Rights entitlement offered to shareholders on record in the stated ratio.
Company filing / RoC
IPO / listing status
- Current stage
- IPO approved
- DRHP filed
- 18 Mar 2026
- RHP filed
- 4 Aug 2026
- Expected window
- Q3 FY2027 (indicative)
- Registrar
- Cygnet Registry Services
- Book-running managers
- Northpoint Capital Advisors, Sterling Securities
Listing timelines are indicative and subject to regulatory approval and market conditions. A filing is not a guarantee of listing.
Lock-in applies after listing
Shares acquired before a public issue are typically subject to a statutory lock-in of six months from the date of listing. Confirm the applicable period before transacting.
Read the lock-in explainerResearch
1 published on this company
Documents
Public documents open directly. Private documents are released to verified clients on request.
| Document | Type | FY / date | Source | Access |
|---|---|---|---|---|
| Red Herring Prospectus18.4 MB | RHP | 2026 | Regulator filing | Download |
| Annual Report FY20264.2 MB | Annual report | FY2026 | Company | Download |
| Annual Report FY20253.8 MB | Annual report | FY2025 | Company | Download |
| Audited financial statements — three-year summary620 KB | Financials | FY2024–FY2026 | Statutory filings | Download |
| Investor presentation9.1 MB | Presentation | 2026-07-15 | Company | On request |
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Risk assessment
Our own reading of the disclosed information. Treat the levels as judgement, not as fact.
Single-buyer exposure
HighPublic rail procurement drives most of the order book.
Execution
MediumOrder book conversion depends on site readiness outside the company's control.
Risks common to every unlisted holding. You may not find a buyer when you want one, at any price. A listing may be delayed indefinitely or may never happen, and shares can list below the price at which they changed hands in the unlisted market. Disclosure by unlisted companies is thinner than by listed ones, and the indicative price is based on infrequent dealer quotes rather than continuous trading.