Tarmat Ltd

₹ 93.2 -2.00%

26 Apr - 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 - BE

Market Cap ₹ 202 Cr.
Current Price ₹ 93.2
High / Low ₹ 154 / 57.4
Stock P/E 138
Book Value ₹ 61.8
Dividend Yield 0.00 %
ROCE 4.00 %
ROE 4.57 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of -6.74% over past five years.
Promoter holding is low: 33.2%
Tax rate seems low
Company has a low return on equity of 6.14% over last 3 years.
Debtor days have increased from 42.1 to 56.9 days.
Promoter holding has decreased over last 3 years: -6.66%

* 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

Sector: Infrastructure Developers & Operators Industry: Construction

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	43.67	86.83	52.65	34.52	33.68	60.17	40.60	28.93	32.16	41.96	21.27	24.70	22.70
	42.23	83.44	50.56	32.73	32.17	58.89	38.64	27.88	33.37	41.73	20.11	24.04	22.32
Operating Profit	1.44	3.39	2.09	1.79	1.51	1.28	1.96	1.05	-1.21	0.23	1.16	0.66	0.38
OPM %	3.30%	3.90%	3.97%	5.19%	4.48%	2.13%	4.83%	3.63%	-3.76%	0.55%	5.45%	2.67%	1.67%
	0.50	0.33	0.09	0.04	0.10	0.82	0.04	0.25	6.20	0.19	0.01	0.02	0.00
Interest	0.33	2.43	0.56	0.61	0.47	0.36	0.07	0.19	0.03	0.09	0.19	0.22	0.08
Depreciation	0.25	0.53	0.26	0.26	0.22	0.32	0.23	0.23	0.29	0.29	0.21	0.21	0.21
Profit before tax	1.36	0.76	1.36	0.96	0.92	1.42	1.70	0.88	4.67	0.04	0.77	0.25	0.09
Tax %	5.15%	-172.37%	-2.94%	4.17%	5.43%	2.11%	2.35%	4.55%	0.64%	-575.00%	-3.90%	-12.00%	-33.33%
	1.29	2.07	1.40	0.92	0.86	1.39	1.66	0.85	4.64	0.26	0.80	0.28	0.12
EPS in Rs	0.97	1.55	1.05	0.69	0.65	0.88	0.84	0.40	2.18	0.12	0.38	0.13	0.06
Raw PDF

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	TTM
	80	90	78	204	131	276	196	181	144	111
	83	89	77	213	150	265	189	174	142	108
Operating Profit	-3	0	1	-9	-19	11	7	7	2	2
OPM %	-4%	0%	1%	-4%	-14%	4%	4%	4%	2%	2%
	1	1	1	12	22	1	1	1	7	0
Interest	16	5	0	2	1	2	3	2	1	1
Depreciation	4	2	2	1	1	1	1	1	1	1
Profit before tax	-21	-6	0	0	1	9	4	5	7	1
Tax %	2%	112%	86%	-1,140%	18%	22%	-28%	2%	-2%
	-21	1	0	1	1	7	5	5	7	1
EPS in Rs	-18.85	0.65	0.03	1.13	0.53	5.15	3.86	2.90	3.48	0.69
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	-7%
3 Years:	-20%
TTM:	-32%

Compounded Profit Growth
10 Years:	%
5 Years:	32%
3 Years:	-11%
TTM:	-76%

Stock Price CAGR
10 Years:	29%
5 Years:	18%
3 Years:	20%
1 Year:	19%

Return on Equity
10 Years:	%
5 Years:	0%
3 Years:	6%
Last Year:	5%

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	Sep 2023
Equity Capital	11	11	11	11	11	13	13	16	21	21
Reserves	26	27	27	28	29	43	48	68	109	110
	117	119	122	145	97	110	89	43	6	6
	35	30	32	76	57	103	82	93	76	88
Total Liabilities	190	187	192	260	194	270	233	220	213	226
	18	15	14	13	12	17	18	17	17	17
CWIP	0	0	0	0	0	0	0	0	0	0
Investments	19	19	19	22	19	19	19	1	1	0
	153	152	159	226	163	234	195	201	195	209
Total Assets	190	187	192	260	194	270	233	220	213	226

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
	2	-0	-1	-21	45	-13	26	-7	10
	6	0	0	-2	3	-5	-2	18	-1
	-8	-0	-0	26	-49	20	-24	-21	-8
Net Cash Flow	-0	0	-1	3	-1	2	1	-10	1

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
Debtor Days	100	90	106	62	54	31	24	45	57
Inventory Days	874	697	445	257			683	509	389
Days Payable	902	591	472	321			591	419	360
Cash Conversion Cycle	72	196	79	-1	54	31	116	135	86
Working Capital Days	322	304	380	194	189	94	149	209	251
ROCE %		-1%	0%	1%	-12%	7%	4%	5%	4%

Shareholding Pattern

Numbers in percentages

66 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	39.90%	39.90%	39.90%	39.90%	33.67%	36.15%	35.84%	33.25%	33.25%	33.25%	33.25%	33.25%
	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.02%	0.01%	0.00%	0.00%	0.07%
	60.10%	60.09%	60.08%	60.10%	66.33%	63.85%	64.17%	66.74%	66.75%	66.75%	66.76%	66.69%
No. of Shareholders	8,915	11,083	10,529	10,698	10,536	10,454	10,422	9,909	9,813	11,140	12,523	14,153

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

* 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

Shareholding Pattern

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