Niraj Cement Structurals Ltd.

•

niraj.co.inBSE: 532986NSE: NIRAJ

Market Cap₹ 171 Cr.

Current Price

High / Low₹ 52 / 20

Stock P/E7.0

Book Value₹ 45

Price to Book1.33

Dividend Yield0.00 %

ROCE10.2 %

ROE7.7 %

Face Value₹ 10

Add ratio to table

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 has delivered good profit growth of 57.4% CAGR over last 5 years
Company is almost debt free
Latest quarter profit grew 268.7% YoY, showing strong momentum
Company has delivered good sales growth of 32.6% CAGR over last 5 years
Company comfortably covers its interest (253.4x coverage)
Attractively priced for its growth - PEG of 0.1

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (35.1% of PBT)
Company has a low return on capital employed of 7.2%
Company has a low return on equity of 5.4% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.89x)

* 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	3965.00	32.88	545530.90	0.96	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	209.50	48.56	43681.17	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1417.50	21.30	24207.01	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.67	24.90	23757.43	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1296.30	37.02	22268.82	0.23	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	281.90	20.21	15843.97	1.77	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	975.45	26.32	11344.44	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	IRCON	118.65	21.31	11159.22	1.60	92.03	-43.92	1955.83	9.49	10.15	9.81
9.	AFCONS	295.00	74.98	10849.65	0.68	303.00	120.52	26710.00	692.49	12.88	9.42
10.	KEC	406.15	19.53	10811.71	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	WELENT	765.35	34.66	10593.50	0.39	56.36	-44.29	773.72	-8.44	16.44	19.49
12.	NIRAJ	28.71	7.23	171.38	0.00	3.57	256.96	104.53	10.57	10.11	1.11

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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	126	134	82	138	120	167	94	172	140	135	104
	99	109	123	126	82	133	117	158	95	162	133	131	106
Operating Profit	-0	2	3	8	0	5	2	8	-1	10	7	4	-2
OPM %	-0.02%	1.95%	2.73%	6.20%	0.36%	3.90%	2.01%	4.95%	-0.93%	5.82%	4.83%	2.79%	-1.54%
	2	-0	-2	2	1	0	1	3	3	2	3	7	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	0
Profit before Tax	1	1	1	10	1	5	3	11	1	12	8	8	5
Tax %	26.52%	26.72%	26.32%	23.54%	23.58%	23.48%	25.25%	25.30%	21.43%	20.79%	26.95%	31.72%	25.68%
Net Profit	1	1	1	7	1	4	2	8	1	9	6	5	4
	0.24	0.21	0.25	1.87	0.20	1.01	0.51	1.36	0.18	1.54	1.02	0.88	0.68

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	106	108	108	109	124	175	356	605	470	507	550
	102	105	109	108	119	174	351	596	454	491	531
Operating Profit	4	3	-2	2	5	1	5	9	16	16	19
OPM %	3.95%	2.43%	-1.58%	1.40%	3.78%	0.51%	1.44%	1.46%	3.49%	3.12%	3.43%
	1	1	8	1	-1	3	-0	-1	-1	7	19
Interest	3	1	1	0	0	0	0	0	0	0	6
Depreciation	2	2	1	1	1	1	1	1	2	2	2
Profit before Tax	1	1	4	1	2	2	3	6	14	20	33
Tax %	33.88%	21.08%	74.54%	-6.93%	18.72%	32.78%	24.16%	37.28%	24.31%	24.72%	25.69%
Net Profit	1	1	1	1	2	1	2	4	10	15	25
EPS	0.00	0.00	0.00	0.00	0.00	0.51	0.64	1.00	2.56	2.55	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 20%
5 Years:: 33%
3 Years:: 12%

COMPOUNDED PROFIT GROWTH

10 Years:: 32%
5 Years:: 58%
3 Years:: 83%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 2%
5 Years:: 4%
3 Years:: 5%
Last Year:: 8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	12	15	19	19	40	40	40	40	60
	127	128	131	135	137	134	136	136	113	184
	87	106	57	20	19	26	9	26	0	1
Trade Payables	35	25	21	27	30	8	30	38	19	36
	29	84	34	18	26	69	96	73	84	103
Total Liabilities	290	355	258	218	230	277	313	314	255	383
	20	17	16	13	11	10	8	7	9	11
Capital Work in Progress	0	0	0	0	0	0	0	0	0	1
	1	1	0	0	0	14	14	14	15	23
	17	20	20	10	8	7	6	3	6	7
	0	0	0	0	0	0	0	0	57	68
Cash & Bank	7	14	7	4	11	6	37	23	23	30
	245	304	216	191	200	241	247	267	145	243
Total Assets	290	355	258	218	230	277	313	314	255	383

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-8	-59	50	9	-18	-5	39	-30	28	-83
Cash from Investing	1	2	1	25	9	-9	-11	15	-6	-19
Cash from Financing	8	63	-55	-36	18	9	-17	5	-26	104
	0	6	-5	-1	9	-5	10	-11	-4	2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	0.61	0.67	0.71	0.67	0.84	0.33	0.62	1.00	2.56	2.55
Book Value (₹)	127.64	118.89	98.38	82.28	83.21	43.31	43.95	43.90	38.04	40.82
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	2.07	1.98	1.70	1.43	1.61	0.69	0.97	1.34	2.97	2.92
PROFITABILITY
Operating Margin %	5.03%	3.68%	5.74%	2.29%	4.09%	2.61%	2.59%	2.13%	3.49%	3.12%
Net Margin %	0.62%	0.74%	0.98%	1.14%	1.27%	0.76%	0.70%	0.66%	2.19%	3.00%
ROE %	0.48%	0.57%	0.73%	0.83%	1.02%	0.80%	1.42%	2.28%	6.25%	7.68%
ROCE %	1.58%	0.92%	1.96%	0.73%	1.15%	1.09%	1.71%	3.49%	7.80%	10.22%
	0.23%	0.25%	0.34%	0.52%	0.70%	0.52%	0.84%	1.28%	3.61%	4.77%
EFFICIENCY
Debtor Days	216	360	414	302	222	136	74	54	62	45
Inventory Days	52	62	67	50	26	15	6	2	3	5
Payable Days	0	0	0	0	3923	6083	2930	1330	0	-2860
	267	422	481	352	-3675	-5933	-2850	-1274	65	2910
FINANCIAL HEALTH
Debt to Equity (x)	0.77x	0.95x	0.39x	0.13x	0.12x	0.17x	0.07x	0.15x	0.00x	0.00x
Interest Coverage (x)	1.36x	1.71x	6.44x	5.46x	10.37x	9.92x	24.78x	14.35x	51.56x	253.44x
	2.22x	2.57x	3.33x	3.51x	4.60x	2.42x	2.04x	1.91x	1.92x	2.21x
GROWTH
Revenue Growth %	26.14%	1.82%	-0.25%	1.52%	13.07%	41.36%	103.94%	69.84%	-22.32%	7.76%
Operating Profit Growth %	-64.54%	-25.61%	55.68%	-59.52%	102.31%	-9.80%	102.45%	39.22%	87.62%	-5.22%
Net Profit Growth %	-30.58%	20.46%	32.23%	18.07%	26.89%	-15.97%	88.07%	61.45%	155.88%	48.05%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	155.88%	-0.41%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	14.47x	21.23x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.97x	1.33x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	5.22x	12.82x

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

2026-09-04

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.

2026-08-05

Bagging/Receiving of orders/contracts

2026-08-05 - Niraj Cement Structurals Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-07-30

Updates

2026-07-30 - Niraj Cement Structurals Limited has informed the Exchange regarding 'Update on Open Offer'.

News

Recent coverage and analyst commentary for NIRAJ

Loading news…

🤖

AI Stock Analyst

Niraj Cement Structurals Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account

Name

3965.00

32.88

545530.90

0.96

4988.03

15.51

67941.74

6.69

15.98

12.00

RVNL

209.50

48.56

43681.17

0.34

159.52

18.73

4321.23

10.55

10.81

4.41

KPIL

1417.50

21.30

24207.01

0.78

311.53

45.85

6407.97

3.84

18.95

8.77

IRB

19.67

24.90

23757.43

1.32

3062.70

1412.58

21372.72

918.25

7.72

53.93

CEMPRO

1296.30

37.02

22268.82

0.23

140.83

2.64

2720.92

7.02

33.53

10.09

ENGINERSIN

281.90

20.21

15843.97

1.77

157.94

141.49

819.84

-5.80

30.94

20.61

TECHNOE

975.45

26.32

11344.44

0.72

93.33

-31.44

630.34

19.84

14.86

15.79

IRCON

118.65

21.31

11159.22

1.60

92.03

-43.92

1955.83

9.49

10.15

9.81

AFCONS

295.00

74.98

10849.65

0.68

303.00

120.52

26710.00

692.49

12.88

9.42

KEC

406.15

19.53

10811.71

1.35

72.62

-41.72

5023.54

0.01

16.35

5.79

WELENT

765.35

34.66

10593.50

0.39

56.36

-44.29

773.72

-8.44

16.44

19.49

NIRAJ

28.71

7.23

171.38

0.00

3.57

256.96

104.53

10.57

10.11

1.11

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

111

126

134

138

120

167

172

140

135

104

109

123

126

133

117

158

162

133

131

106

Operating Profit

-0

-1

-2

OPM %

-0.02%

1.95%

2.73%

6.20%

0.36%

3.90%

2.01%

4.95%

-0.93%

5.82%

4.83%

2.79%

-1.54%

-0

-2

Interest

Depreciation

Profit before Tax

Tax %

26.52%

26.72%

26.32%

23.54%

23.58%

23.48%

25.25%

25.30%

21.43%

20.79%

26.95%

31.72%

25.68%

Net Profit

0.24

0.21

0.25

1.87

0.20

1.01

0.51

1.36

0.18

1.54

1.02

0.88

0.68

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

106

108

109

124

175

356

605

470

507

550

102

105

109

108

119

174

351

596

454

491

531

Operating Profit

-2

OPM %

3.95%

2.43%

-1.58%

1.40%

3.78%

0.51%

1.44%

1.46%

3.49%

3.12%

3.43%

-1

-0

-1

Interest

Depreciation

Profit before Tax

Tax %

33.88%

21.08%

74.54%

-6.93%

18.72%

32.78%

24.16%

37.28%

24.31%

24.72%

25.69%

Net Profit

EPS

0.00

0.51

0.64

1.00

2.56

2.55

—

Dividend Payout %

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

127

128

131

135

137

134

136

113

184

106

Trade Payables

103

Total Liabilities

290

355

258

218

230

277

313

314

255

383

Capital Work in Progress

Cash & Bank

245

304

216

191

200

241

247

267

145

243

Total Assets

290

355

258

218

230

277

313

314

255

383

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-8

-59

-18

-5

-30

-83

Cash from Investing

-9

-11

-6

-19

Cash from Financing

-55

-36

-17

-26

104

-5

-1

-5

-11

-4

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

0.61

0.67

0.71

0.67

0.84

0.33

0.62

1.00

2.56

2.55

Book Value (₹)

127.64

118.89

98.38

82.28

83.21

43.31

43.95

43.90

38.04

40.82

Dividend per Share (₹)

0.00

Cash EPS (₹)

2.07

1.98

1.70

1.43

1.61

0.69

0.97

1.34

2.97

2.92

PROFITABILITY

Operating Margin %

5.03%

3.68%

5.74%

2.29%

4.09%

2.61%

2.59%

2.13%

3.49%

3.12%

Net Margin %

0.62%

0.74%

0.98%

1.14%

1.27%

0.76%

0.70%

0.66%

2.19%

3.00%

ROE %

0.48%

0.57%

0.73%

0.83%

1.02%

0.80%

1.42%

2.28%

6.25%

7.68%

ROCE %

1.58%

0.92%

1.96%

0.73%

1.15%

1.09%

1.71%

3.49%

7.80%

10.22%

0.23%

0.25%

0.34%

0.52%

0.70%

0.52%

0.84%

1.28%

3.61%

4.77%

EFFICIENCY

Debtor Days

216

360

414

302

222

136

Inventory Days

Payable Days

3923

6083

2930

1330

-2860

267

422

481

352

-3675

-5933

-2850

-1274

2910

FINANCIAL HEALTH

Debt to Equity (x)

0.77x

0.95x

0.39x

0.13x

0.12x

0.17x

0.07x

0.15x

0.00x

Interest Coverage (x)

1.36x

1.71x

6.44x

5.46x

10.37x

9.92x

24.78x

14.35x

51.56x

253.44x

2.22x

2.57x

3.33x

3.51x

4.60x

2.42x

2.04x

1.91x

1.92x

2.21x

GROWTH

Revenue Growth %

26.14%

1.82%

-0.25%

1.52%

13.07%

41.36%

103.94%

69.84%

-22.32%

7.76%

Operating Profit Growth %

-64.54%

-25.61%

55.68%

-59.52%

102.31%

-9.80%

102.45%

39.22%

87.62%

-5.22%

Net Profit Growth %

-30.58%

20.46%

32.23%

18.07%

26.89%

-15.97%

88.07%

61.45%

155.88%

48.05%

0.00%

155.88%

-0.41%

VALUATION

P/E (x)

0.00x

14.47x

21.23x

P/B (x)

0.00x

0.97x

1.33x

Dividend Yield %

0.00%

0.00x

5.22x

12.82x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

24.26

22.53

24.89

0.03

0.12

0.00

0.09

0.00

0.63

0.00

0.13

Government

0.00

75.72

75.62

77.47

75.11

74.47

75.02

74.98

Niraj Cement Structurals Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Niraj Cement Structurals Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI