| Wholly owned undertaking of GoI:
TBBJCCL was incorporated in January 1935 for the construction of Howrah bridge over river Hooghly in Kolkata (West Bengal). In 1987 - TBBJCCL became a wholly owned subsidiary of Bharat Bhari Udyog Nigam Limited (BBUNL) which was also a 100 per cent Government company. Later in 2015 TBBJCCL was merged with its holding company BBUNL and the name of TBBJCCL was maintained. Currently TBBJCCL enjoys a status of 100 per cent government owned company. TBBJCCL over the years has constructed numerous major steel bridges for the Indian Railways like Prayagraj Rail Bridges, Rail bridge in J&K,Bramhaputra Bridge in Assam, Mahanadi Bridge in Odisha, Ganga Bridge at Mokemah in Bihar, Krishna Bridge in Andhra Pradesh and many more. In 1992 TBBJCCL successfully completed construction of The Second Hooghly Bridge (Vidyasagar Setu, Kolkata), the first long span cable stayed bridge of India. The company is one of few public sector companies having technical expertise and ability for successful construction of steel bridges for railways.
Decline in operations with significant improvement in margin:
TBBJCCL’s performance is underpinned by its demonstrated operational resilience despite a 26.92% decline in operating income to Rs.182.77 crore in FY 2025 from Rs.250.10 crore in FY 2024, primarily due to execution delays and the non-receipt of a Rs.150 crore railway LOA. Notably, the company achieved a sharp improvement in EBITDA margin to 15.80% in FY 2025 from 7.86% in FY 2024, driven by effective cost control, inventory leverage, and reduced employee expenses. PAT margin also rose to 16.74% in FY 2025 from 8.25% in FY 2024, supported by higher EBITDA, increased interest income, and lower finance costs. With an outstanding order book of Rs.497 crore as on June’2025 and an OB/OI ratio of 2.73x, the company enjoys medium-term revenue visibility, especially given its 96% revenue exposure is to government clients like Indian Railways, which ensures strong receivables realization. Acuite believes that the Company will hinge on timely conversion of pending contracts and sustained margin performance.
Healthy Financial Risk Profile
TBBJCCL’s financial risk profile remains robust and healthy in FY25, supported by a conservative capital structure and strong internal accruals, as evidenced by an improvement in the debt-equity ratio to 0.26x from 0.29x in FY24 and a rise in tangible net worth to Rs.263.74 crore in FY 2025 from Rs.237.22 crore in FY 2024. Total debt stood at Rs.67.81 crore, largely comprising a legacy Government of India loan of Rs.65.89 crore and Rs.1.92 crore in Zero Rated Debenture deposits under a structured repayment plan. Debt protection metrics remained strong, with Interest Coverage Ratio (ICR) at 67.76 times and Debt Service Coverage Ratio (DSCR) at 28.98 times in FY25. Liquidity has also strengthened, with Net Cash Accruals to Total Debt (NCA/TD) improving to 0.47x in FY 25 from 0.32x in FY 24, while TOL/TNW moderated to 2.12x in FY 25 from 2.23x in FY 24. With no major debt-funded capex planned, Acuité expects the company’s financial risk profile to remain robust over the near term.
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| Working Capital Management-Moderate
TBBJCCL’s working capital profile in FY25 reflects elevated Gross Current Asset (GCA) days at 1148 day, up from 775 days in FY24, primarily due to stagnant loans and advances with interest receivable worth Rs.405.95 crore from BBUNL subsidiaries transferred post-merger, alongside unrealized revenue which shown as contract assets of Rs.54.95 crore. Inventory days rose modestly to 66 days in FY 2025 from 61 days in FY 2024, driven by work-in-progress, while debtor days increased to 40 days in FY 25 from 34 days in FY 24, with receivables typically cleared within 30–45 days. Accounts payable days surged to 188 days in FY 25 from 40 days in FY 2024, largely due to reduced procurement and aging creditors, including Rs.3.28 crore outstanding for over three years. Despite these shifts, the company’s receivables are backed by a predominantly government client base, ensuring steady realization, and Acuité expects working capital requirements to remain stable over the medium term, with no significant changes in operating cycle dynamics.
Customer and Geographical Distribution
TBBJCCL’s order book reflects moderate client and geographic concentration, with the top two clients, led by Northern Frontier Railways and Rail Vikas Nigam Limited (RVN), accounting for approximately 80% of total orders, and nearly 50% of project execution concentrated in Mizoram. While this focused engagement enables deeper operational alignment and efficient resource deployment, it also introduces execution risks due to Mizoram’s challenging terrain, frequent monsoons, and dependency on timely substructure availability. Acuite believes that the company's strong relationship with Indian Railways and expertise in the company's strong relationship with Indian Railways, while diversification across regions is crucial for long-term operational stability.
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