Niraj Cement Structurals Ltd

₹ 29.2 5.91%

15 Apr - close price

About

Incorporated in 1972, Niraj Cement Structurals Ltd provides infrastructural services^[1]

Key Points

Business Overview:^[1]^[2]
NCSL is in the business of specialty engineering construction and infrastructure. It provides end-to-end solutions, highways, bridges, water supply and drainage, irrigation, land storm water drainage, expressways, turnkey projects roads, tunnels and other infrastructural work

Website BSE NSE

Market Cap ₹ 170 Cr.
Current Price ₹ 29.2
High / Low ₹ 68.0 / 20.2
Stock P/E 7.09
Book Value ₹ 42.8
Dividend Yield 0.00 %
ROCE 10.6 %
ROE 7.96 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 0.68 times its book value
Company has delivered good profit growth of 41.5% CAGR over last 5 years

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Promoter holding is low: 24.9%
Company has a low return on equity of 7.21% over last 3 years.
Earnings include an other income of Rs.11.6 Cr.

* 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

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	105.00	313.46	99.07	110.98	126.18	133.99	82.39	138.02	119.70	166.61	94.44	171.62	139.75
	104.20	307.43	99.10	108.82	122.74	125.68	82.09	132.64	117.29	158.36	95.32	161.63	133.00
Operating Profit	0.80	6.03	-0.03	2.16	3.44	8.31	0.30	5.38	2.41	8.25	-0.88	9.99	6.75
OPM %	0.76%	1.92%	-0.03%	1.95%	2.73%	6.20%	0.36%	3.90%	2.01%	4.95%	-0.93%	5.82%	4.83%
	0.70	-1.85	1.89	-0.34	-1.66	1.73	1.29	0.49	1.11	3.29	2.88	2.29	3.10
Interest	0.19	0.23	0.20	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.04	0.06	0.91
Depreciation	0.36	0.31	0.34	0.63	0.43	0.25	0.51	0.56	0.53	0.61	0.57	0.63	0.58
Profit before tax	0.95	3.64	1.32	1.16	1.33	9.77	1.06	5.29	2.97	10.91	1.39	11.59	8.36
Tax %	26.32%	46.70%	26.52%	26.72%	26.32%	23.54%	23.58%	23.44%	25.25%	25.30%	21.58%	20.79%	26.91%
	0.71	1.94	0.97	0.85	0.99	7.47	0.81	4.05	2.22	8.14	1.10	9.18	6.10
EPS in Rs	0.18	0.48	0.24	0.21	0.25	1.86	0.20	1.01	0.51	1.36	0.18	1.54	1.02
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
	48	84	106	108	108	109	124	175	356	605	470	507	572
	47	68	102	105	109	108	118	174	351	596	454	490	548
Operating Profit	0	16	4	3	-2	2	5	1	5	9	16	16	24
OPM %	0%	19%	4%	2%	-2%	1%	4%	1%	1%	1%	3%	3%	4%
	3	-1	1	1	8	1	-1	3	-0	-1	-1	6	12
Interest	6	12	3	1	1	0	0	0	0	0	0	0	1
Depreciation	2	2	2	2	1	1	2	1	1	1	2	2	2
Profit before tax	-5	1	1	1	4	1	2	2	3	6	14	20	32
Tax %	2%	2%	34%	22%	75%	-7%	19%	33%	24%	37%	24%	25%
	-5	1	1	1	1	1	2	1	2	4	10	15	25
EPS in Rs	-5.02	0.83	0.61	0.68	0.71	0.66	0.84	0.33	0.62	1.00	2.56	2.55	4.10
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	20%
5 Years:	33%
3 Years:	12%
TTM:	21%

Compounded Profit Growth
10 Years:	21%
5 Years:	42%
3 Years:	41%
TTM:	55%

Stock Price CAGR
10 Years:	7%
5 Years:	-7%
3 Years:	1%
1 Year:	-51%

Return on Equity
10 Years:	3%
5 Years:	5%
3 Years:	7%
Last Year:	8%

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	Sep 2025
Equity Capital	11	11	11	12	15	22	22	43	43	43	40	60	60
Reserves	125	126	127	142	140	135	154	134	136	133	113	184	196
	83	95	106	133	57	20	19	30	13	26	0	1	2
	54	45	46	69	47	41	35	70	120	112	103	140	132
Total Liabilities	273	277	290	355	258	218	230	277	313	314	256	384	389
	25	22	20	17	16	13	11	10	8	7	9	11	12
CWIP	0	0	0	0	0	0	0	0	0	0	0	1	0
Investments	1	1	1	1	0	0	0	14	14	14	15	23	17
	247	254	268	337	243	205	219	253	290	293	231	349	360
Total Assets	273	277	290	355	258	218	230	277	313	314	256	384	389

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
	-2	16	-8	-59	50	9	-18	-5	39	-30	28	-83
	1	-2	1	2	1	25	9	-9	-11	15	-6	-19
	1	-14	8	63	-55	-36	18	9	-17	5	-26	104
Net Cash Flow	1	-0	0	6	-5	-1	9	-5	10	-11	-4	2
Free Cash Flow	-2	16	-8	-57	50	10	-18	-5	39	-30	24	-87
CFO/OP	-1,473%	97%	-184%	-2,242%	-2,980%	611%	-339%	-508%	768%	-345%	191%	-477%

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	447	269	218	507	319	289	188	138	79	62	44	49
Inventory Days	509
Days Payable	1,204
Cash Conversion Cycle	-248	269	218	507	319	289	188	138	79	62	44	49
Working Capital Days	411	332	314	470	400	375	388	254	98	62	56	100
ROCE %	1%	7%	2%	1%	2%	1%	2%	2%	4%	6%	12%	11%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Inventories (Work-in-Progress)
Rs. Crore

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Pending Claims under Arbitration
Rs. Crore

Sub-contracting Charges (Operational Outsourcing)
Rs. Crore

Bidding Success Rate
percentage

Geographical Presence (Number of States)
States

Number of Ongoing Projects
Projects

Revenue Concentration (Maharashtra and Manipur)
percentage

Unexecuted Order Book
Rs. Crore

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	24.26%	24.26%	24.26%	24.26%	24.26%	24.26%	22.53%	24.89%	24.89%	24.89%	24.89%	24.89%
	0.00%	0.00%	0.00%	0.00%	0.03%	0.12%	0.00%	0.00%	0.00%	0.00%	0.09%	0.09%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.63%	0.63%	0.00%	0.00%
	75.74%	75.74%	75.74%	75.75%	75.71%	75.61%	77.47%	75.11%	74.47%	74.47%	75.01%	75.02%
No. of Shareholders	7,172	10,662	12,103	13,194	13,782	14,248	13,156	13,370	12,933	12,737	14,219	14,476

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	27.48%	21.82%	17.37%	17.37%	24.26%	24.26%	24.26%	24.26%	24.89%	24.89%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%
	72.52%	78.18%	82.63%	82.63%	75.74%	75.74%	75.74%	75.75%	75.11%	75.02%
No. of Shareholders	4,632	4,014	3,826	3,659	3,522	6,769	7,106	13,194	13,370	14,476

* 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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Rating update
11 Mar 2025 from infomerics