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BGR Energy Systems Ltd (BGRENERGY)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532930 NSE: BGRENERGY Engineering - Construction | Small Cap | BGR Energy Systems Share Price

₹254.75 1.10 (0.43%)

As on 25-Sep'26 16:59

BGR Energy Systems Ltd (BGRENERGY)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532930 NSE: BGRENERGY Engineering - Construction | Small Cap | BGR Energy Systems Share Price

₹254.75 1.10 (0.43%)

As on 25-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,838 Cr.
Current Price
₹254.8
52-Week Low / High
₹215 / 490
TTM EPS
₹-172.8
TTM Sales
₹227 Cr.
Book Value per Share
₹-432.8
P/E Ratio
0.00
Industry PE
24.3
Price to Book (P/B)
-0.59
Lower than its 5-year historical median
Price to Sales (P/S)
8.10
Higher than its 5-year historical median
EV/EBITDA
-16.06
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
0.00%
Underperforms industry median
Return on Capital Employed (ROCE)
-24.65%
Underperforms industry median
Return on Assets (ROA)
-21.48%
Operating Profit Margin
-124.2%
Net Profit Margin
-215.06%
Gross Profit Margin
-211.2%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-55.43%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
51.01%
Pledged shares (%) of Promoter's holding (%)
58.82%
Reserves
₹-3,195 Cr.
Equity
₹72.2 Cr.
Face Value
₹10
All Time Low / High
₹18.95 / 988.00

BGR Energy Systems stock performance

Key Ratios
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Check Before You Invest

Valuation

Overvalued

Price Trend

Semi Strong
Q.1 Is BGR Energy Systems Ltd a good quality company?
BGR Energy Systems Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does BGR Energy Systems Ltd performance compare with that of its Peers?
Q.1 Revenue growth of BGR Energy Systems Ltd vs industry peers?
BGR Energy Systems Ltd revenue CAGR is -30.00%, compared to the industry median CAGR of 0%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of BGR Energy Systems Ltd?
Promoters hold 51.01% of the BGR Energy Systems Ltd, with 58.82% of their stake pledged, indicating high pledge risk.
Q.1 Stock return of BGR Energy Systems Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 8.3% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
BGR Energy Systems Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ11.2%11.1%11.7%10.5%7.8%-4.5%4.4%-9.4%-12.4%-21%-
Value Creation
Index ⓘ
-0.2-0.2-0.2-0.3-0.5-1.3-0.7-1.7NANA-

Growth Parameters ⓘ

Sales ⓘ3,2383,4383,2983,2292,6921,1401,2218061,012451226
Sales YoY Gr.-6.2%-4.1%-2.1%-16.6%-57.7%7.1%-34%25.5%-55.4%-
Adj EPS ⓘ3.26.54.91-1.5-48.8-25.3-68.2-103.8-135.3-172.2
YoY Gr.-103.4%-24.3%-80.1%-253.1%NANANANANA-
BVPS (₹) ⓘ184.7190.9194.7194.9196.4147.3122.255.9-47.6-183.1-391.8
Adj Net
Profit ⓘ
23.14735.67.1-10.8-352-183-492-749-976-1,243
Cash Flow from Ops. ⓘ-81.759125.6257369467334305150-1,859-
Debt/CF from Ops. ⓘ-28.23.486.98.85.84.25.6612.2-1.9-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ-19.7%-30%-28.2%-55.4%
Adj EPS ⓘ-251.6%NANANA
BVPSⓘ-199.9%-198.6%-214.4%NA
Share Price 8.4% 34.4% 52.7% 13.7%

Key Financial Parameters ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ
1.73.52.60.5-0.8-28.4-18.8-76.6-2507117.359.9
Op. Profit
Mgn % ⓘ
12.811.613.311.89.7-12.711.7-33.5-31.2-121.8-249.9
Net Profit
Mgn % ⓘ
0.71.41.10.2-0.4-30.9-15-61.1-74-216.3-549
Debt to
Equity ⓘ
1.71.51.61.61.51.82.14.6-5.3-2.6-
Working Cap
Days ⓘ
5765545936317331,5541,3521,9571,4183,2162,624
Cash Conv.
Cycle ⓘ
13610313319283-85-112-84-84-1701,082

Valuation of BGR Energy Systems - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *58.8258.8258.8258.8258.8258.8258.8358.8258.8258.82
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales3,2443,4413,2983,2732,6921,1401,2218061,012452
Operating Expenses ⓘ + 2,8302,9932,8922,9052,4411,2951,0851,0851,3481,019
Manufacturing Costs48793965562151926214413410098
Material Costs2,0011,7031,8251,9551,641676760562843524
Employee Cost 19720022023420114113612811555
Other Costs ⓘ 145152193958121645261290342
Operating Profit ⓘ 413448406368251-156136-279-336-566
Operating Profit Margin (%) 12.7%13.0%12.3%11.2%9.3%-13.7%11.1%-34.6%-33.2%-125.0%
Other Income ⓘ + 70233248271350109210
Exceptional Items ⓘ 020-19000000-5
Interest ⓘ 358323347343344329364399445600
Depreciation ⓘ 24242528353127171313
Profit Before Tax ⓘ 381213728-80-487-243-644-685-973
Tax ⓘ 25353213-70-119-58-157750
Profit After Tax 1385515-10-368-185-488-761-973
PAT Margin (%) 0.4%2.5%0.2%0.5%-0.4%-32.3%-15.2%-60.5%-75.2%-215.0%
Adjusted EPS (₹)2.410.12.32.7-0.4-50.5-25.4-67.2-105.0-134.0
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 1,2401,3141,3231,2281,17977057792-661-1,608
Share Capital ⓘ 72.1672.1672.1672.1672.1672.1672.1672.1672.1672.16
Reserves ⓘ 1,1681,2421,2511,1551,10769850520-733-1,680
Debt +2,2481,9262,1252,1242,1301,9381,8781,8411,8303,470
Long Term Debt39027417036000231432433
Short Term Debt1,8591,6521,9552,0892,1301,9381,8781,6101,3983,037
Minority Interest53655716-12-35-40-43-45-32
Trade Payables1,5161,4121,3891,3781,1651,2738531,1581,2031,281
Others Liabilities ⓘ 1,6341,7101,8831,9581,7831,4432,0911,8322,0311,590
Total Liabilities ⓘ 6,6916,4266,7776,7046,2455,3895,3604,8804,3584,701

Fixed Assets

Net Fixed Assets ⓘ +494488493493403370336322297283
Gross Block649666689715651644622606512504
Accumulated Depreciation154178196223248274286284215221
CWIP ⓘ 0000000000
Investments ⓘ 1111011122
Inventories26614437444739424315
Trade Receivables2,6272,1642,9962,891881808730677580357
Cash Equivalents 5565323723963813542742979078
Others Assets ⓘ 2,9873,1802,8702,8864,5363,8103,9813,5413,3463,966
Total Assets ⓘ 6,6916,4266,7776,7046,2455,3895,3604,8804,3584,701
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + -8254524250370469327304150-1,857
PBT ⓘ 381213728-80-487-243-644-685-973
Adjustment ⓘ 402256392318308466383617467605
Changes in Working Capital ⓘ -520190-361-83152490159296341-1494
Tax Paid ⓘ -2-21-45-12-11-02736274
Cash Flow From Investing Activity ⓘ + -19-18-31-2542-18-202
Capex -24-19-31-25-1-18-202
Net Investments 000-0-000000
Others ⓘ 50004300000
Cash Flow From Financing Activity ⓘ + -117-534-91-232-413-459-370-306-1431,883
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 38-116-103-103-170002312011
Interest Paid ⓘ -301-247-302-266-277-263-332-334-288-178
Dividend Paid ⓘ 0000000000
Others ⓘ 147-17131513835-196-38-204-562,060
Net Cash Flow ⓘ -218-7-98-7-110-35-4828
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)1.16.950.431.23-0.81-37.8-27.49-145.84N/AN/A
ROCE (%)11.6213.1411.3710.77.85-5.284.69-11.17N/AN/A
Asset Turnover Ratio0.490.530.50.490.420.20.230.160.220.1
PAT to CFO Conversion(x)-6.316.414.816.67N/AN/AN/AN/AN/AN/A
Working Capital Days
Receivable Days282.90253.40285.50328.30255.70270.30229.90318.40226.60378
Inventory Days4.304.605.804.605.5014.6012.8018.3015.5023.60
Payable Days277.50313.70280.20258.40282.90658.40510.60652.90511865.60

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BGR Energy Systems Ltd FAQs

The current trading price of BGR Energy Systems on 25-Sep-2026 16:59 is ₹254.8.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 24-Sep-2026 the market cap of BGR Energy Systems stood at ₹1,838.3 Cr

The latest P/E ratio of BGR Energy Systems as of 24-Sep-2026 is 0.00.

The latest P/B ratio of BGR Energy Systems as of 24-Sep-2026 is -0.65.

The 52-week high of BGR Energy Systems is ₹490.1 and the 52-week low is ₹215.1.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of BGR Energy Systems is ₹226 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that BGR Energy Systems Ltd is a below average quality company.

The key valuation ratios of BGR Energy Systems Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of BGR Energy Systems Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About BGR Energy Systems Ltd

BGR Energy Systems (BGRESL) was incorporated in 1985 and  is engaged in supplying of systems and equipment and contracting turnkey engineering project.  The company started as a joint venture between GEA Energietechnik GmbH, Germany and the promoterB G Raghupathy in order to produce and sell on-line condenser tube cleaning systems, debris filters and rubber cleaning balls used in thermal and nuclear power plants.

In 1993 B G Raghupathy and members of his family became the sole shareholders of the company and began to expand the range of product and services range in the power and oil & gas industries. On June 28, 2007, the company's name was changed from GEA Energy System (India), to BGR Energy Systems.

In the turnkey engineering project contracting business, the company engineers, manufactures, procures, constructs and commissions projects in  area of power and oil and gas sector, wherein it takes turnkey responsibility to supply of a range of equipment and services, including the civil works required for a project and other work as may be required under the contract for such project.

The company executes turnkey contracts to supply the Balance of Plant ('BOP') Equipment, Services and Civil works for Power Generation projects, in which it supplys, from a single source, the balance of the plant, i.e. items other than the boiler, turbine and generator. The company is currently executing BOP and EPC contracts tailored to customer's demands. It also has an infrastructure business intended to provide construction services and technology oriented projects to the infrastructure sector.

Businesses

Power Projects - Under this, BGR Energy provides turnkey EPC and BOP services for coal-based thermal power plants and gas-based combined cycle power plants typically over 100 megawatts ('MW'). The company completed its first contract in 2002.

Captive Power Projects- The company offers turnkey EPC and BOP services for power plants typically under 100 MW. This division became operational in 2006.

Oil and Gas Equipments- It designs and manufactures gas conditioning and metering skids, storage tanks, pipeline pig launching and receiving systems, gas processing complexes and gas compressor packages related to the oil and gas industry for companies in India and abroad, and which began operating in 2001.

Air Fin Coolers- BGRESL designs and manufactures air fin coolers, which cools process fluids and gases used in the refining, petrochemical, and oil and gas industries, and which began operating in 1994.

Environmental Engineering- The company designs, manufactures and provides water treatment plants and effluent treatment plants, which have application in power and process plants and other industrial plants, and which began operating in 1996.

Electrical Projects- Under this, the company designs supplies electrical systems and equipment such as gas insulated switchgear (GIS) substations, optical fiber power ground wires (OPGW), extra high voltage substations and transmission lines to power stations, refineries and petrochemical plants.

Infrastructure- The division began operations in 2004. The company is capable of building roads and industrial buildings.

Milestones

  • 1987- in February, company entered into a joint venture with GEA Germany.
  • 1993- In March, GEA Germany divested its stake in company. 
  • 1994- It entered into a license and technical collaboration with GEA Btt, France in January. In April, Progen entered into a license and technical service agreement with GEA Spirogills, UK.
  • 1996- BGRESL entered into a collaboration agreement with GEA Germany to set up GEA Cooling Tower Technologies (India).
  • 2000- The company entered into a technical collaboration agreement with Crane Environmental Inc, USA. The same year company secured its first contract for balance of plant from BHEL. 
  • 2003- In April, the company secured its first engineering, procurement and constriction contract for a 120 MW gas based combined cycle power plant in Karuppur, Tamil Nadu. In June of that year, the company built and supplied a debris filter for a nuclear power plant in Taiwan.
  • 2006- The company won a contract for gas insulated switchgear from Hyundai Motors India in January. In March, company entered memorandum of understanding with Ariel Corporation Inc allowing the company to become an Ariel, qualified packager. The company’s electrical project business obtained category 'F' power trading license from the Central Electricity Regulatory Commission (CERC).
  • 2010
    - BGR Energy Systems Ltd  signed Joint Venture Agreements with Hitachi Ltd., Japan and Hitachi Power Europe GmbH, Germany for the business of design, engineering and manufacture of Supercritical Steam Turbine Generator and Supercritical Steam Generator (Boilers).
  • 2012
    -BGR was awarded contract for supply of 2 x 660 MW Super - critical Boilers from NTPC.
    -BGR Energy awarded contract for supply of 2 x 800 MW Steam Turbine and Generators for NTPC's LARA STPP.

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