Tarmat Ltd

₹ 50.0 -0.74%

23 Jul - 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 ₹ 125 Cr.
Current Price ₹ 50.0
High / Low ₹ 73.9 / 46.3
Stock P/E 20.0
Book Value ₹ 74.5
Dividend Yield 0.00 %
ROCE 3.57 %
ROE 3.47 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 0.67 times its book value

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of -9.73% over past five years.
Promoter holding is low: 29.0%
Tax rate seems low
Company has a low return on equity of 1.98% over last 3 years.
Promoter holding has decreased over last 3 years: -4.19%

* 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

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	41.96	21.27	24.70	22.70	20.68	21.78	15.57	26.14	37.79	24.94	22.67	27.31	42.46
	41.73	20.11	24.04	22.32	20.48	20.85	15.01	25.57	37.06	23.82	21.54	25.57	39.56
Operating Profit	0.23	1.16	0.66	0.38	0.20	0.93	0.56	0.57	0.73	1.12	1.13	1.74	2.90
OPM %	0.55%	5.45%	2.67%	1.67%	0.97%	4.27%	3.60%	2.18%	1.93%	4.49%	4.98%	6.37%	6.83%
	0.19	0.01	0.02	0.00	-2.20	0.00	0.04	0.23	0.78	0.06	0.75	0.04	0.39
Interest	0.09	0.19	0.22	0.08	0.16	0.23	0.04	0.11	0.32	0.25	0.21	0.41	0.26
Depreciation	0.29	0.21	0.21	0.21	0.21	0.18	0.18	0.40	0.57	0.29	0.29	0.32	0.37
Profit before tax	0.04	0.77	0.25	0.09	-2.37	0.52	0.38	0.29	0.62	0.64	1.38	1.05	2.66
Tax %	-575.00%	-3.90%	-12.00%	-33.33%	-1.27%	-5.77%	-7.89%	-17.24%	8.06%	-9.38%	-5.80%	-6.67%	-11.28%
	0.26	0.80	0.28	0.12	-2.34	0.55	0.41	0.34	0.57	0.69	1.46	1.13	2.96
EPS in Rs	0.12	0.38	0.13	0.06	-1.10	0.26	0.17	0.14	0.24	0.29	0.61	0.45	1.18
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	80	90	78	204	131	276	196	181	144	89	101	117
	83	89	77	213	150	265	189	174	142	87	98	110
Operating Profit	-3	0	1	-9	-19	11	7	7	2	2	3	7
OPM %	-4%	0%	1%	-4%	-14%	4%	4%	4%	2%	3%	3%	6%
	1	1	1	12	22	1	1	1	7	-2	1	1
Interest	16	5	0	2	1	2	3	2	1	1	1	1
Depreciation	4	2	2	1	1	1	1	1	1	1	1	1
Profit before tax	-21	-6	0	0	1	9	4	5	7	-1	2	6
Tax %	-2%	-112%	86%	-1,140%	18%	22%	-28%	2%	-2%	-10%	-3%	-9%
	-21	1	0	1	1	7	5	5	7	-1	2	6
EPS in Rs	-18.85	0.65	0.03	1.13	0.53	5.15	3.86	2.90	3.48	-0.53	0.78	2.49
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	3%
5 Years:	-10%
3 Years:	-7%
TTM:	16%

Compounded Profit Growth
10 Years:	24%
5 Years:	4%
3 Years:	8%
TTM:	346%

Stock Price CAGR
10 Years:	2%
5 Years:	-11%
3 Years:	-8%
1 Year:	-15%

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	11	11	11	11	11	13	13	16	21	21	24	25
Reserves	26	27	27	28	29	43	48	78	109	108	149	162
	117	119	122	145	97	110	89	43	6	10	10	15
	35	30	32	76	57	103	82	83	76	58	53	59
Total Liabilities	190	187	192	260	194	270	233	220	213	198	236	261
	18	15	14	13	12	17	18	17	17	16	21	27
CWIP	0	0	0	0	0	0	0	0	0	0	0	0
Investments	19	19	19	22	19	19	19	1	1	1	1	0
	153	152	159	226	163	234	195	201	195	181	214	234
Total Assets	190	187	192	260	194	270	233	220	213	198	236	261

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2	-0	-1	-21	45	-13	26	-7	9	-3	-9	8
	6	0	0	-2	3	-5	-2	18	-1	0	-27	-7
	-8	-0	-0	26	-49	20	-24	-21	-8	4	40	11
Net Cash Flow	-0	0	-1	3	-1	2	1	-10	1	1	4	12
Free Cash Flow	2	-0	-1	-21	45	-19	24	-7	9	-3	-15	-0
CFO/OP	-71%	-1,350%	87%	249%	-240%	-103%	348%	-101%	812%	-105%	-327%	128%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	100	90	106	62	54	31	24	45	57	52	78	66
Inventory Days	874	697	445	257			683	509	389	834	648	286
Days Payable	902	591	472	321			591	419	360	586	292	149
Cash Conversion Cycle	72	196	79	-1	54	31	116	135	86	300	434	203
Working Capital Days	-109	-6	23	59	189	94	-12	124	238	380	488	413
ROCE %		-1%	0%	1%	-12%	7%	4%	5%	4%	2%	2%	4%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Permanent Employees
Count ・Standalone data

xx	xx	xx	xx	xx	xx	xx	xxx	xxx	xx
xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	x,xxx.xx	xxx.xx	xxx.xx	xxx.xx	x,xxx.xx
x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx
xxx	xxx	x,xxx	xxx	xxx			xxx	xxx	xxx

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Plant and Equipment (Net Book Value)
INR Lakh ・Standalone data

Work in Progress (Inventories)
INR Lakh ・Standalone data

Order Book / Projects in Hand
INR Crore ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	33.25%	33.25%	33.25%	33.25%	33.25%	29.84%	30.15%	29.84%	29.84%	30.13%	29.05%	29.05%
	0.00%	0.00%	0.07%	0.07%	2.84%	2.53%	2.96%	2.94%	2.92%	1.87%	1.80%	1.80%
	66.75%	66.76%	66.69%	66.69%	63.92%	67.64%	66.88%	67.21%	67.24%	68.00%	69.15%	69.15%
No. of Shareholders	11,140	12,523	14,153	14,153	14,628	14,442	14,358	14,379	14,596	14,055	13,485	13,251

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	63.24%	60.33%	53.94%	50.58%	39.90%	39.90%	33.25%	33.25%	30.15%	29.05%	29.05%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.07%	2.96%	1.80%	1.80%
	36.76%	39.67%	46.06%	49.42%	60.10%	60.10%	66.74%	66.69%	66.88%	69.15%	69.15%
No. of Shareholders	7,857	9,905	9,441	8,665	8,868	10,698	9,909	14,153	14,358	13,485	13,251

* 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

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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