Pratham EPC Projects Ltd.

•

prathamepc.comBSE: -NSE: PRATHAM

Market Cap₹ 217 Cr.

Current Price

High / Low₹ 196 / 100

Stock P/E35.3

Book Value₹ 50

Price to Book3.65

Dividend Yield0.00 %

ROCE26.1 %

ROE20.2 %

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 has a healthy return on capital (ROCE) of 35.7%
Company has a good return on equity (ROE) track record: 3 Years ROE 33.2%
Working capital cycle has improved - days down from 264 to 191
Company comfortably covers its interest (16.2x coverage)
Company maintains a comfortable, low leverage position
Attractively priced for its growth - PEG of 0.8

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.81x)
Total debt has risen sharply - up 181.6% year on year
Free cash flow has been persistently negative

* 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	3990.00	33.09	548970.57	0.95	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	208.35	48.29	43441.39	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1410.05	21.19	24079.78	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.30	24.43	23310.54	1.35	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1245.95	35.58	21403.87	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	280.10	20.08	15742.81	1.79	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	975.70	26.32	11347.35	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	IRCON	119.20	21.41	11210.95	1.59	92.03	-43.92	1955.83	9.49	10.15	9.81
9.	KEC	416.85	20.04	11096.55	1.32	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	AFCONS	285.25	72.50	10491.06	0.70	303.00	120.52	26710.00	692.49	12.88	9.42
11.	WELENT	706.30	31.99	9776.17	0.42	56.36	-44.29	773.72	-8.44	16.44	19.49
12.	PRATHAM	119.35	35.32	217.37	0.00	—	—	—	—	26.10	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

No quarterly results found

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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	50	50	70	119
	44	40	55	101
Operating Profit	7	12	17	21
OPM %	14	24	24	18
Other Income	0	1	2	4
Interest	0	1	2	1
Depreciation	1	1	1	2
	6	10	13	19
Tax %	25	25	26	26
Net Profit	4	8	10	14
EPS	55	6	6	8
Dividend Payout %	0	0	0	0
Minority Interest	0	0	0	0
Share of Associates	0	0	0	0
Adjusted EPS	3	6	6	8

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 33%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 46%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -12%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 33%
Last Year:: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-
Equity Capital	1	1	18	18
	10	17	43	57
	0	7	0	7
Trade Payables	12	12	8	8
	6	12	11	17
Total Liabilities	29	49	80	106
ASSETS	-	-	-	-
	5	8	12	13
Capital Work in Progress	0	0	0	4
	4	4	0	0
	2	8	25	37
	0	0	16	31
Cash & Bank	6	0	18	10
	11	29	8	11
Total Assets	29	49	80	106
Total Debt	2	14	4	12
Net Working Capital	4	5	50	62
Contingent Liabilities	7	7	19	22
Book Value per Share	127.64	222.15	34.25	42.00
Face Value	10.00	10.00	10.00	10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	10	-7	-9	-9
Cash from Investing	-5	-3	-3	-1
Cash from Financing	-0	5	20	6
	5	-5	8	-3
Free Cash Flow	10	-11	-14	-14
OCF / Net Profit	2.36	-0.93	-0.91	-0.67
Cumulative 5-Year FCF	0	0	0	0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	54.51	94.50	5.64	7.75
Book Value (₹)	127.64	222.15	34.25	42.00
Dividend per Share (₹)	0.00	0.00	0.00	0.00
Cash EPS (₹)	3.94	6.61	6.31	8.60
PROFITABILITY
Operating Margin %	14.00%	23.74%	20.82%	14.69%
Net Margin %	8.75%	15.25%	14.34%	11.53%
ROE %	42.70%	54.03%	25.30%	20.24%
ROCE %	49.76%	48.92%	32.15%	26.10%
	15.49%	19.83%	15.55%	14.80%
EFFICIENCY
Debtor Days	45	82	85	72
Inventory Days	15	35	85	95
Payable Days	173	194	188	47
	-113	-78	-18	120
FINANCIAL HEALTH
Debt to Equity (x)	0.24x	0.79x	0.07x	0.16x
Interest Coverage (x)	13.40x	13.43x	7.16x	16.24x
	1.28x	1.21x	4.39x	3.56x
GROWTH
Revenue Growth %	0.00%	-0.52%	38.54%	70.94%
Operating Profit Growth %	0.00%	68.73%	41.47%	26.61%
Net Profit Growth %	0.00%	73.37%	30.26%	37.46%
	0.00%	0.00%	-94.04%	37.49%
VALUATION
P/E (x)	0.00x	0.00x	18.36x	19.78x
P/B (x)	0.00x	0.00x	3.02x	3.65x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	10.08x	12.85x

Shareholding Pattern

Numbers in percentages

	Mar 2024	Sep 2024	Mar 2025	Mar 2026
	72.97	72.97	72.97	71.16
	8.11	1.17	0.04	0.01
	0.14	0.06	0.04	0.00
Government	0.00	0.00	0.00	0.00
	18.77	25.79	26.95	28.83

Documents

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

No announcements filed.

News

Recent coverage and analyst commentary for PRATHAM

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Pratham EPC Projects Ltd.

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Free 5nance Account

Name

3990.00

33.09

548970.57

0.95

4988.03

15.51

67941.74

6.69

15.98

12.00

RVNL

208.35

48.29

43441.39

0.34

159.52

18.73

4321.23

10.55

10.81

4.41

KPIL

1410.05

21.19

24079.78

0.78

311.53

45.85

6407.97

3.84

18.95

8.77

IRB

19.30

24.43

23310.54

1.35

3062.70

1412.58

21372.72

918.25

7.72

53.93

CEMPRO

1245.95

35.58

21403.87

0.24

140.83

2.64

2720.92

7.02

33.53

10.09

ENGINERSIN

280.10

20.08

15742.81

1.79

157.94

141.49

819.84

-5.80

30.94

20.61

TECHNOE

975.70

26.32

11347.35

0.72

93.33

-31.44

630.34

19.84

14.86

15.79

IRCON

119.20

21.41

11210.95

1.59

92.03

-43.92

1955.83

9.49

10.15

9.81

KEC

416.85

20.04

11096.55

1.32

72.62

-41.72

5023.54

0.01

16.35

5.79

AFCONS

285.25

72.50

10491.06

0.70

303.00

120.52

26710.00

692.49

12.88

9.42

WELENT

706.30

31.99

9776.17

0.42

56.36

-44.29

773.72

-8.44

16.44

19.49

PRATHAM

119.35

35.32

217.37

0.00

—

26.10

—

Mar 2022

Mar 2023

Mar 2024

Mar 2025

119

101

Operating Profit

OPM %

Other Income

Interest

Depreciation

Tax %

Net Profit

EPS

Dividend Payout %

Minority Interest

Share of Associates

Adjusted EPS

Mar 2022

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

Equity Capital

Trade Payables

Total Liabilities

106

ASSETS

Capital Work in Progress

Cash & Bank

Total Assets

106

Total Debt

Net Working Capital

Contingent Liabilities

Book Value per Share

127.64

222.15

34.25

42.00

Face Value

10.00

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-7

-9

Cash from Investing

-5

-3

-1

Cash from Financing

-0

-5

-3

Free Cash Flow

-11

-14

OCF / Net Profit

2.36

-0.93

-0.91

-0.67

Cumulative 5-Year FCF

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

54.51

94.50

5.64

7.75

Book Value (₹)

127.64

222.15

34.25

42.00

Dividend per Share (₹)

0.00

Cash EPS (₹)

3.94

6.61

6.31

8.60

PROFITABILITY

Operating Margin %

14.00%

23.74%

20.82%

14.69%

Net Margin %

8.75%

15.25%

14.34%

11.53%

ROE %

42.70%

54.03%

25.30%

20.24%

ROCE %

49.76%

48.92%

32.15%

26.10%

15.49%

19.83%

15.55%

14.80%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

173

194

188

-113

-78

-18

120

FINANCIAL HEALTH

Debt to Equity (x)

0.24x

0.79x

0.07x

0.16x

Interest Coverage (x)

13.40x

13.43x

7.16x

16.24x

1.28x

1.21x

4.39x

3.56x

GROWTH

Revenue Growth %

0.00%

-0.52%

38.54%

70.94%

Operating Profit Growth %

0.00%

68.73%

41.47%

26.61%

Net Profit Growth %

0.00%

73.37%

30.26%

37.46%

0.00%

-94.04%

37.49%

VALUATION

P/E (x)

0.00x

18.36x

19.78x

P/B (x)

0.00x

3.02x

3.65x

Dividend Yield %

0.00%

0.00x

10.08x

12.85x

Mar 2024

Sep 2024

Mar 2025

Mar 2026

72.97

71.16

8.11

1.17

0.04

0.01

0.14

0.06

0.04

0.00

Government

0.00

18.77

25.79

26.95

28.83

Pratham EPC Projects 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

Pratham EPC Projects 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