Tarmat Ltd

₹ 55.1 -0.61%

10 Oct - close price

About

Incorporated in 1986, Tarmat Ltd does construction of Airfield and National /
state highways^[1]

Key Points

Business Overview:^[1]^[2]
TL is an ISO 9001:2008 Quality Mgmt System certified company which is in the business of construction of Highways, Runways, airfields, parking bays, aprons, taxiways, etc. It has worked on projects sponsored by Govt agencies, including Central Govt, State Governments and Municipalities. Company provides engineering, procurement and construction services for infrastructure projects - EPC

Website BSE NSE

Market Cap ₹ 131 Cr.
Current Price ₹ 55.1
High / Low ₹ 92.6 / 45.0
Stock P/E 65.3
Book Value ₹ 72.0
Dividend Yield 0.00 %
ROCE 1.55 %
ROE 0.92 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 0.76 times its book value
Company is expected to give good quarter

Cons

The company has delivered a poor sales growth of -15.4% over past five years.
Promoter holding is low: 29.8%
Tax rate seems low
Company has a low return on equity of 1.98% over last 3 years.
Earnings include an other income of Rs.1.11 Cr.
Debtor days have increased from 62.5 to 78.3 days.
Promoter holding has decreased over last 3 years: -3.84%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Construction Construction Civil Construction

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
	40.60	28.93	32.16	41.96	21.27	24.70	22.70	20.68	21.78	15.57	26.14	37.79	24.94
	38.64	27.88	33.37	41.73	20.11	24.04	22.32	20.48	20.85	15.01	25.57	37.06	23.82
Operating Profit	1.96	1.05	-1.21	0.23	1.16	0.66	0.38	0.20	0.93	0.56	0.57	0.73	1.12
OPM %	4.83%	3.63%	-3.76%	0.55%	5.45%	2.67%	1.67%	0.97%	4.27%	3.60%	2.18%	1.93%	4.49%
	0.04	0.25	6.20	0.19	0.01	0.02	-0.00	-2.20	-0.00	0.04	0.23	0.78	0.06
Interest	0.07	0.19	0.03	0.09	0.19	0.22	0.08	0.16	0.23	0.04	0.11	0.32	0.25
Depreciation	0.23	0.23	0.29	0.29	0.21	0.21	0.21	0.21	0.18	0.18	0.40	0.57	0.29
Profit before tax	1.70	0.88	4.67	0.04	0.77	0.25	0.09	-2.37	0.52	0.38	0.29	0.62	0.64
Tax %	2.35%	4.55%	0.64%	-575.00%	-3.90%	-12.00%	-33.33%	-1.27%	-5.77%	-7.89%	-17.24%	8.06%	-9.38%
	1.66	0.85	4.64	0.26	0.80	0.28	0.12	-2.34	0.55	0.41	0.34	0.57	0.69
EPS in Rs	0.84	0.40	2.18	0.12	0.38	0.13	0.06	-1.10	0.26	0.17	0.14	0.24	0.29
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	103	64	51	59	61	95	233	171	162	144	89	101	104
	107	67	51	58	77	114	222	163	155	142	87	98	101
Operating Profit	-5	-4	-0	1	-17	-19	11	7	7	2	2	3	3
OPM %	-5%	-6%	-0%	1%	-27%	-20%	5%	4%	4%	2%	3%	3%	3%
	2	1	1	1	19	22	1	1	1	7	-2	1	1
Interest	16	16	5	0	1	1	2	3	2	1	1	1	1
Depreciation	4	4	2	1	1	1	1	1	1	1	1	1	1
Profit before tax	-23	-21	-6	0	0	1	9	4	5	7	-1	2	2
Tax %	-2%	-2%	-114%	86%	-1,150%	20%	22%	-27%	2%	-2%	-10%	-3%
	-22	-21	1	0	1	1	7	5	5	7	-1	2	2
EPS in Rs	-20.45	-19.11	0.75	0.03	1.14	0.52	5.19	3.82	2.90	3.48	-0.53	0.78	0.84
Dividend Payout %	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%

Compounded Sales Growth
10 Years:	5%
5 Years:	-15%
3 Years:	-14%
TTM:	16%

Compounded Profit Growth
10 Years:	8%
5 Years:	-27%
3 Years:	-30%
TTM:	65%

Stock Price CAGR
10 Years:	9%
5 Years:	6%
3 Years:	1%
1 Year:	-34%

Return on Equity
10 Years:	1%
5 Years:	3%
3 Years:	2%
Last Year:	1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	11	11	11	11	11	13	13	16	21	21	24
Reserves	47	26	27	27	28	29	43	48	78	109	108	149
	110	117	119	122	113	97	110	89	43	6	10	10
	24	27	24	22	25	31	63	58	56	57	39	34
Total Liabilities	192	182	181	181	177	168	229	209	192	194	179	217
	21	17	14	13	12	11	16	17	16	16	15	20
CWIP	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Investments	24	19	19	19	27	27	27	27	9	10	10	10
	147	146	147	149	138	131	186	164	167	168	154	187
Total Assets	192	182	181	181	177	168	229	209	192	194	179	217

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	7	2	-0	-1	14	17	-14	26	-7	9	-3	-9
	-24	6	0	0	-7	1	-5	-2	18	-1	0	-27
	17	-8	-0	-0	-7	-17	20	-24	-21	-8	4	40
Net Cash Flow	-0	-0	0	-1	0	1	2	1	-10	1	1	4

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	56	118	149	141	127	74	27	28	36	57	52	78
Inventory Days	1,585	1,675	3,475	476	232			421	340	236	525	400
Days Payable	888	1,265	2,254	321	148			374	253	251	366	115
Cash Conversion Cycle	753	528	1,370	296	211	74	27	75	122	42	212	363
Working Capital Days	-13	-127	14	36	108	247	114	-22	122	219	390	460
ROCE %	-5%	-4%	-1%	0%	1%	-13%	7%	4%	4%	4%	2%	2%

Shareholding Pattern

Numbers in percentages

5 Recently

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
	36.15%	35.84%	33.25%	33.25%	33.25%	33.25%	33.25%	33.25%	33.25%	29.84%	30.15%	29.84%
	0.00%	0.00%	0.02%	0.01%	0.00%	0.00%	0.07%	0.07%	2.84%	2.53%	2.96%	2.94%
	63.85%	64.17%	66.74%	66.75%	66.75%	66.76%	66.69%	66.69%	63.92%	67.64%	66.88%	67.21%
No. of Shareholders	10,454	10,422	9,909	9,813	11,140	12,523	14,153	14,153	14,628	14,442	14,358	14,379

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Jun 2025
	63.24%	60.33%	53.94%	50.58%	39.90%	39.90%	33.25%	33.25%	30.15%	29.84%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.07%	2.96%	2.94%
	36.76%	39.67%	46.06%	49.42%	60.10%	60.10%	66.74%	66.69%	66.88%	67.21%
No. of Shareholders	7,857	9,905	9,441	8,665	8,868	10,698	9,909	14,153	14,358	14,379

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Tarmat Ltd

Tarmat Ltd

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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