Niraj Cement Structurals Ltd.

•

niraj.co.inBSE: 532986NSE: NIRAJ

Market Cap₹ 168 Cr.

Current Price

High / Low₹ 52 / 20

Stock P/E7.1

Book Value₹ 45

Price to Book1.33

Dividend Yield0.00 %

ROCE10.1 %

ROE7.6 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company is almost debt free
Company has consistently been profitable over the last 5 years
Company comfortably covers its interest (251.7x coverage)
Attractively priced for its growth - PEG of 0.1
Company converts assets efficiently - asset turnover of 1.6x

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (34.2% of PBT)
Company has a low return on capital employed of 7.1%
Company has a low return on equity of 5.3% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.60x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3966.00	32.89	545668.49	0.96	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	212.00	49.14	44202.43	0.33	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1406.55	21.14	24020.01	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.65	24.87	23733.27	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1296.70	37.03	22275.70	0.23	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	279.45	20.03	15706.27	1.79	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	979.25	26.42	11388.64	0.71	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	813.00	36.82	11253.04	0.37	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	IRCON	119.20	21.41	11210.95	1.59	92.03	-43.92	1955.83	9.49	10.15	9.81
10.	KEC	408.35	19.63	10870.28	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	AFCONS	292.55	74.36	10759.54	0.68	303.00	120.52	26710.00	692.49	12.88	9.42
12.	NIRAJ	28.19	7.10	168.28	0.00	3.57	256.96	104.53	10.57	10.11	1.11

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	99	111	127	134	83	138	120	167	95	172	140	136	105
	100	109	123	126	82	133	117	159	96	162	134	131	107
Operating Profit	-1	2	4	8	0	5	2	8	-1	10	6	4	-2
OPM %	-0.65%	1.81%	2.97%	6.20%	0.39%	3.80%	1.97%	4.92%	-1.04%	5.61%	4.52%	3.24%	-1.93%
	2	-0	-2	2	1	0	1	3	3	2	3	6	7
Interest	0	0	0	0	0	0	0	0	0	0	1	2	3
Depreciation	0	1	0	0	1	1	1	1	1	1	1	1	1
Profit before Tax	1	1	2	10	1	5	3	11	1	11	8	8	5
Tax %	49.30%	27.93%	21.21%	23.54%	23.15%	24.08%	25.68%	21.36%	23.08%	21.46%	28.41%	30.25%	28.21%
Net Profit	0	0	0	0	1	4	2	8	1	9	6	6	4
	0.09	0.20	0.33	1.87	0.21	0.98	0.50	1.35	0.17	1.48	0.95	0.95	0.60

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	175	356	606	471	507	552
	174	351	597	455	491	534
Operating Profit	1	5	9	16	16	18
OPM %	0.51%	1.42%	1.52%	3.36%	3.11%	3.32%
	3	-0	-1	-1	7	19
Interest	0	0	0	0	0	6
Depreciation	1	1	1	2	2	2
Profit before Tax	2	3	7	13	20	32
Tax %	32.78%	24.14%	36.56%	25.35%	24.89%	26.42%
Net Profit	1	2	4	10	15	24
EPS	0.51	0.62	1.08	2.43	2.54	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 12%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 82%

STOCK PRICE CAGR

10 Years:: —
5 Years:: -9%
3 Years:: -8%
1 Year:: -39%

RETURN ON EQUITY

10 Years:: —
5 Years:: 4%
3 Years:: 5%
Last Year:: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	40	40	40	40	60
	134	136	136	112	184
	26	9	26	1	2
Trade Payables	8	30	39	19	36
	69	96	74	84	103
Total Liabilities	277	312	315	256	385
	10	8	7	9	11
Capital Work in Progress	0	0	0	0	1
	14	14	14	15	23
	7	6	3	6	7
	0	0	0	57	69
Cash & Bank	6	37	23	23	41
	241	247	268	145	233
Total Assets	277	312	315	256	385

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-5	39	-30	27	-73
Cash from Investing	-9	-11	15	-5	-19
Cash from Financing	9	-17	5	-26	105
	-5	10	-10	-4	13

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	0.37	0.62	1.08	2.43	2.54
Book Value (₹)	43.31	43.93	43.96	37.97	40.75
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	0.69	0.96	1.42	2.83	2.90
PROFITABILITY
Operating Margin %	2.61%	2.57%	2.19%	3.36%	3.11%
Net Margin %	0.76%	0.68%	0.71%	2.06%	2.97%
ROE %	0.76%	1.39%	2.45%	5.91%	7.62%
ROCE %	1.06%	1.67%	3.69%	7.48%	10.11%
	0.48%	0.82%	1.38%	3.41%	4.71%
EFFICIENCY
Debtor Days	138	74	54	62	45
Inventory Days	14	6	2	3	5
Payable Days	2522	2931	1336	0	-2887
	-2370	-2851	-1280	65	2937
FINANCIAL HEALTH
Debt to Equity (x)	0.17x	0.07x	0.15x	0.00x	0.01x
Interest Coverage (x)	9.92x	24.20x	15.18x	49.47x	251.68x
	2.42x	2.04x	1.90x	1.92x	2.22x
GROWTH
Revenue Growth %	0.00%	103.95%	70.06%	-22.32%	7.71%
Operating Profit Growth %	0.00%	100.71%	44.94%	77.56%	-4.00%
Net Profit Growth %	0.00%	83.57%	78.10%	124.73%	55.12%
	0.00%	0.00%	0.00%	125.35%	4.73%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	15.27x	21.31x
P/B (x)	0.00x	0.00x	0.00x	0.98x	1.33x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	5.37x	12.55x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	24.26	24.26	22.53	24.89	24.89	24.89	24.89	24.89	24.89
	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	0.63	0.63	0.00	0.00	0.13
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	75.72	75.62	77.47	75.11	74.47	74.47	75.02	75.02	74.98

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-05

Revised Record date

2026-09-05 - Niraj Cement Structurals Limited had intimated the 20-Sep-2026 as the record date. The Company has now informed the Exchange that the Record date has been revised to 21-Sep-2026 for the purpose of MT.

2026-09-05

Copy of Newspaper Publication

2026-09-05 - Niraj Cement Structurals Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-04

Shareholders meeting

2026-09-04 - Niraj Cement Structurals Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Niraj Cement Structurals Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-21

General Updates

2026-08-21 - Niraj Cement Structurals Limited has informed the Exchange about General Updates

2026-08-20

Public Announcement-Open Offer

2026-08-20 - Navigant Corporate Advisors Limited has Submitted to the Exchange a copy of post offer advertisement in terms of Regulation 18(12) of SEBI SAST (Regulations), 2011 of Niraj Cement Structurals Limited (Target Company).

2026-08-15

Copy of Newspaper Publication

2026-08-15 - Niraj Cement Structurals Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14

Record Date

2026-08-14 - Niraj Cement Structurals Limited has informed the Exchange that Record date for the purpose of MT is 20-Sep-2026.

2026-08-14

Outcome of Board Meeting

2026-08-14 - Niraj Cement Structurals Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

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