BGR Energy Systems Limited (BGRENERGY) AI Stock Analysis

• Market Cap: ₹21.95B
• Dividend Yield: N/A
• Average Volume (3M): 34.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.83
• Revenue Growth: -58.59%
• EPS Growth: -14.79%
• Country: IN
• Employees: 1,813
• Sector: Energy
• Sector Strength: 52
• Industry: Engineering & Construction
• EPS (TTM): -26.72
• Shares Outstanding: 72,161,560
• 10 Day Avg. Volume: 15,413
• 30 Day Avg. Volume: 34,175
• PEG Ratio: -0.02
• Price to Book (P/B): -0.37
• Price to Sales (P/S): 1.30
• P/FCF Ratio: -0.32
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: ₹306.00 ▼(-11.64% Downside)
• Action: Reiterated Date: 10/29/25
• Date: Action: Reiterated 10/29/25

The overall stock score is primarily impacted by the poor financial performance, which raises significant concerns about the company's sustainability. While technical analysis indicates strong momentum, the negative valuation metrics, particularly the negative P/E ratio, further weigh down the score. The absence of earnings call data and corporate events means these factors do not influence the score.

Positive Factors

Diversified contract-based revenue streams

The company's revenue model combines EPC project execution, equipment sales, and after-sales services. This mix creates multiple, staggered revenue streams tied to contract milestones and long project lifecycles, supporting revenue visibility and reducing dependence on any single income source over the medium term.

Specialized power-sector EPC and balance-of-plant expertise

BGR’s focus on power-plant EPC and balance-of-plant work reflects specialized technical capabilities and project execution know-how. Such niche expertise entails higher technical barriers to entry, longer contract durations and aftermarket opportunities, supporting sustained competitive positioning in project bidding and execution.

Operational scale with sizable workforce

A workforce of over 1,800 employees indicates operational capacity to execute complex, large-scale EPC projects and in-house manufacturing or commissioning. This scale can improve project delivery reliability, reduce dependence on external contractors, and help preserve margins and timelines across multiple simultaneous contracts.

Negative Factors

Sustained revenue decline and weak profitability

Persistent revenue contraction and deteriorating profitability reduce scale economies and pressure fixed-cost absorption. Over several quarters this undermines backlog conversion economics, limits reinvestment in bid competitiveness and product development, and increases the risk that operations cannot sustain current cost structures without strategic change.

Negative equity and high leverage

Negative shareholders' equity indicates liabilities exceed assets, elevating solvency risk and limiting financial flexibility. High leverage raises refinancing and covenant risks, constrains capacity to fund new projects internally, and can force dilutive financing or restrictive creditor terms, impairing medium-term strategic options.

Poor cash generation and negative operating cash flow

Negative operating cash flow undermines the company's ability to finance working capital for large EPC contracts and to absorb project timing mismatches. Continued cash outflows increase reliance on external financing, heighten liquidity stress during project ramp-ups, and raise the risk of delayed supplier payments or slowed execution.

BGR Energy Systems Limited Business Overview & Revenue Model

Company Description

BGR Energy Systems Limited, together with its subsidiaries, manufactures and sells capital equipment for power plants, petrochemical and process industries, and refineries in India and internationally. Its Power Projects division engages in the provision of turnkey engineering, procurement, and construction services for power plants and plant balance; and supply of sub and super critical steam turbines and generators, and single and multiple pressure level natural circulation heat recovery steam generators. The company's Electrical Projects division offers solutions for EHV substations; optical fiber composite ground wire, all-dielectric self-supporting, and optical line termination equipment; gas insulated switchgear substations; EHV transmission lines; plant electrical projects; and rural electrification. This division also provides power and auxiliary transformers, power evacuation systems, HT/LT/control cables, HT/LT switchgears, DC systems, and battery and battery chargers. Its Oil and Gas Equipment division offers process equipment packages and systems, pipeline equipment, compressor packaging products, and storage tanks. The company's Environmental Engineering division provides deaerators, membrane based water treatment plants, demineralization plants, effluent treatment and recycling plants, and condensate polishing units. Its Air Fin Coolers division offers process, radiator, and compressor coolers, as well as finned tubes and tube bundles. The company also provides heat exchangers; pressure vessels, reactors, and columns; waste heat recovery modules and convection coils; surface condensers and HP/LP heaters; and process equipment and boiler components. BGR Energy Systems Limited was incorporated in 1985 and is headquartered in Chennai, India.

How the Company Makes Money

BGR Energy Systems Limited primarily makes money by executing large, contract-based projects and supplying equipment/systems to power and industrial customers. Key revenue streams include: (1) EPC and project execution income—earning contract revenues from engineering, procurement, construction/commissioning and related project management for power-plant and industrial infrastructure packages (typically recognized based on contract terms and stage of completion/transfer of control); (2) Product and equipment sales—revenue from manufacturing and/or supplying power-plant systems and equipment (sold directly to project owners, EPC contractors, or bundled within BGR’s own project scope); and (3) Services tied to installed projects—income from erection/commissioning support and other after-delivery/service activities where contracted. Specific details on current segment mix, major customers, or significant partnerships are null.

BGR Energy Systems Limited Financial Statement Overview

Summary

BGR Energy Systems Limited faces substantial challenges across all financial metrics. Continuous decline in revenue, profitability issues, negative equity, and poor cash flow raise significant concerns about the company's financial health and sustainability. Immediate strategic intervention may be required to stabilize operations and improve financial performance.

Income Statement

BGR Energy Systems Limited shows a concerning decline in revenue and profitability. The revenue growth rate is negative, and the company has been unable to maintain a positive gross profit margin, with significant negative EBIT and net profit margins indicating ongoing operational challenges and high expenses.

Balance Sheet

The balance sheet reveals a precarious financial position with negative stockholders' equity, indicating liabilities exceed assets. The debt-to-equity ratio is unfavorable due to negative equity, and the company faces high leverage, significantly increasing financial risk.

Cash Flow

Cash flow analysis shows a troubling trend with deteriorating free cash flow and negative operating cash flow in the most recent year. The inability to generate positive cash flow from operations poses a significant liquidity risk.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	3.68B	4.52B	10.12B	8.06B	12.21B	11.40B
Gross Profit	-2.62B	-1.68B	-679.80M	-386.70M	3.17B	1.76B
EBITDA	-4.31B	-3.61B	-2.97B	-3.04B	646.30M	-1.28B
Net Income	-9.94B	-9.72B	-7.58B	-4.85B	-1.83B	-3.64B
Balance Sheet
Total Assets	44.56B	47.01B	43.58B	49.55B	53.60B	53.86B
Cash, Cash Equivalents and Short-Term Investments	527.10M	777.20M	902.10M	2.97B	2.74B	3.54B
Total Debt	39.98B	34.71B	18.33B	18.45B	18.78B	19.43B
Total Liabilities	64.24B	63.41B	50.64B	49.06B	48.23B	46.53B
Stockholders Equity	-19.35B	-16.08B	-6.61B	918.80M	5.77B	7.63B
Cash Flow
Free Cash Flow	3.75B	-18.58B	1.49B	3.02B	3.25B	4.68B
Operating Cash Flow	3.75B	-18.57B	1.50B	3.04B	3.27B	4.69B
Investing Cash Flow	7.10M	16.70M	3.40M	-20.00M	79.70M	-7.60M
Financing Cash Flow	-4.02B	18.83B	-1.43B	-3.06B	-3.70B	-4.59B

BGR Energy Systems Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 346.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BGRENERGY, the sentiment is Negative. The current price of 346.3 is above the 20-day moving average (MA) of 326.52, above the 50-day MA of 336.14, and above the 200-day MA of 262.79, indicating a neutral trend. The MACD of -4.13 indicates Negative momentum. The RSI at 41.49 is Neutral, neither overbought nor oversold. The STOCH value of 64.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:BGRENERGY.

BGR Energy Systems Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KNRCON	74 Outperform	₹34.04B	11.13	―	0.16%	-42.73%	-44.36%
JKIL	67 Neutral	₹37.41B	13.34	―	0.67%	13.96%	12.91%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
MANINFRA	61 Neutral	₹37.48B	27.56	―	1.03%	-21.85%	-1.63%
POWERMECH	61 Neutral	₹59.77B	19.27	―	0.05%	28.54%	19.19%
BGRENERGY	51 Neutral	₹21.95B	-3.50	―	―	-58.59%	-14.79%
HCC	45 Neutral	₹39.19B	118.38	―	―	-31.50%	-74.38%

BGR Energy Systems Limited Corporate Events

BGR Energy Reports Rs 3,968 Crore Debt With No Loan Defaults in Q3 FY26

BGR Energy Systems Limited has reported its quarterly disclosure of financial indebtedness for the period ended 31 December 2025, in line with SEBI’s reporting requirements for listed entities. The company disclosed outstanding loans and revolving facilities from banks and financial institutions amounting to Rs. 3,534.93 crore, with no defaults on interest or principal repayments as of the quarter end, and confirmed that it has no outstanding unlisted debt securities such as NCDs or NCRPS. Total financial indebtedness, including both short-term and long-term debt, stands at Rs. 3,968.11 crore, indicating a substantial leverage position but with timely servicing of obligations, which may reassure lenders and investors about the company’s current debt-servicing discipline despite its high overall debt level.

BGR Energy to Challenge GST Appellate Order on Disputed Input Tax Credit

BGR Energy Systems Limited has disclosed that it received an Order-in-Appeal from the Commissioner (Appeals), Central Goods & Service Tax and Central Excise, Jodhpur, relating to a dispute over alleged wrongful availment of input tax credit under the CGST Act for the period July 2017 to March 2020. The order involves a contested input tax credit of about Rs 1.69 crore and interest of around Rs 3.64 lakh stemming from a prior GST audit and original order by the Joint Commissioner, CGST, Udaipur; the company is currently reviewing the appellate order and plans to challenge it further, indicating a continuing tax litigation that could have compliance and financial implications but with no quantified operational impact disclosed yet.

BGR Energy Blocks Insider Trading Window Ahead of Q3 FY2025-26 Results

BGR Energy Systems Limited has announced a closure of its trading window for company securities for all directors, promoters, officers, designated employees, related intermediaries and their immediate relatives from 1 January 2026 until 48 hours after the announcement of its unaudited financial results for the third quarter and nine months ended 31 December 2025, in compliance with SEBI’s Prohibition of Insider Trading Regulations and the company’s internal code of conduct. The company has instructed all designated persons not to trade in its equity shares during this period, signalling routine adherence to market integrity and governance norms ahead of its upcoming results, with the date of the board meeting to approve these financials to be announced later.