About BGR Energy Systems Limited

BGR Energy Systems Limited is a public limited company engaged in manufacturing capital equipment for power plants, petrochemical industries, refineries and process industries, and in executing turnkey Balance of Plant (BOP) and Engineering, Procurement and Construction (EPC) contracts for power projects. The company operates through five business units: Power Projects, Electrical Projects, Oil and Gas Equipment, Environmental Engineering and Air Fin Coolers. It is listed on BSE and NSE, with ISIN INE661I01014, and presents this 39th Annual Report for FY 2024-25. The registered office is at A-5, Pannamgadu Industrial Estate, Ramapuram Post, Sullurpet Taluk, Nellore District, Andhra Pradesh, and the corporate office is at 443, Anna Salai, Teynampet, Chennai–600018, Tamil Nadu.

The company’s work spans India and select overseas markets, with revenues reported across domestic and overseas customer locations. Management highlights continued international market development for its capital goods/manufacturing businesses, alongside ongoing project exports initiatives. BGR Energy Systems has three subsidiaries and one joint venture arrangement for specific construction projects, consolidating the group’s capabilities across equipment supply and project execution.

Key milestones of BGR Energy Systems Limited

Key milestones reported for the latest year include commercial operation of Unit I (3 x 660 MW) at the Ghatampur Thermal Power Project in December 2024; substantial progress at APGENCO’s 1 x 800 MW NTTPS project (with the main plant in commercial operation from December 2023 and balance packages progressing toward completion by March 2026); and significant deliveries for NPCIL’s 2 x 1,000 MW Kudankulam Light Water Reactor project, where the 220 kV GIS was taken into service and 80% of the electrical package value delivered, with the C&I package also advancing. The company reported operational acceptance for the Main Plant Electrical Systems at Kakrapar (KAPP 3 & 4) and 97% completion for the RAPP 7 & 8 electrical systems, and more than 90% completion for the 220 kV switchyard extension at Tarapur.

BGR Energy Systems Limited Business Segments

– Revenue by geography (FY 2024-25): Domestic 97.1%; Overseas 2.9% (based on the company’s disclosed external revenue by customer location).

BGR Energy Systems Limited Key Management

• Sasikala Raghupathy, Chairperson (Non-Executive, Non-Independent)
• Arjun Govind Raghupathy, Managing Director
• Ganesan Jeyakrishna, Director
• Krishnamoorthi Meyyanathan, Independent Director
• Surilisubbu Vasudevan, Independent Director
• Narmadha Dinakaran, Independent Director
• S. Sundar, Company Secretary & Compliance Officer
• S. Pattabiraman, Chief Financial Officer

Latest Updates on BGR Energy Systems Limited

• Strategic realignment: In view of sectoral challenges, the company is pursuing adjacent opportunities in water and water treatment, electricity transmission and distribution, transport infrastructure (Metro, Railways and Highways), civil construction, project exports, and oil & gas equipment. It will continue as a selective market participant in thermal generation, with focus on nuclear power and power transmission, and is expanding international market reach for its manufacturing portfolio.
• Project execution highlights: Commercial operation of Ghatampur Unit I in December 2024; continued progress at APGENCO’s NTTPS (coal handling works heading to completion by March 2026); advanced status at NPCIL’s Kudankulam (220 kV GIS taken into service, with deliveries ongoing); operational acceptance at KAPP 3 & 4; near-completion at RAPP 7 & 8; and more than 90% completion at Tarapur’s 220 kV switchyard extension.
• Board appointments: During FY 2024-25, the company appointed Sadasivam Deivanayagam, Krishnamoorthi Meyyanathan and Surilisubbu Vasudevan as Independent Directors, and appointed Jeyakrishna Ganesan as an Additional Director on May 14, 2024; these appointments were approved by members on August 09, 2024.
•  Capital authorisation: Members had approved an increase in authorised share capital at the 38th AGM on August 09, 2024; however, the approval was not acted upon and the company proposes to rescind the resolution at the ensuing AGM.
• Credit rating and liquidity: The company’s credit rating during the year was BWR D – Issuer Not Cooperating. Management notes measures for fund infusion, including promoter support, to stabilise operations.
• Operational and financial context: Management cited cash flow constraints, classification of bank borrowings as NPA, terminations or pre-closures of certain contracts, encashment of bank guarantees (Rs 1,52,567 Lakh), and promoter infusion of unsecured loans (Rs 43,318 Lakh). Despite these challenges, the company continued executing ongoing projects and engaged lenders on potential restructuring.