Tarmat Ltd.

•

tarmatlimited.comBSE: 532869NSE: TARMAT

Market Cap₹ 148 Cr.

Current Price

High / Low₹ 74 / 46

Stock P/E21.0

Book Value₹ 75

Price to Book0.78

Dividend Yield0.00 %

ROCE1.8 %

ROE1.3 %

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

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (58.3% of PBT)
Receivables are growing faster than sales - a possible quality concern
Company has a low return on capital employed of 2.4%
Company has a low return on equity of 2.5% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.36x)

* 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	3915.00	32.47	538651.57	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.00	47.52	42742.91	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1435.05	21.56	24506.71	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.64	24.86	23721.19	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1244.10	35.53	21372.09	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	269.20	19.30	15130.18	1.86	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	972.50	26.24	11310.13	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.75	35.45	10834.34	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	406.45	19.54	10819.70	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	113.20	20.33	10646.64	1.68	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	253.95	64.55	9339.89	0.79	30.30	-77.95	2671.00	-20.75	12.88	9.42
12.	TARMAT	59.20	20.95	148.38	0.00	1.53	120.89	35.81	43.58	1.85	6.87

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
	21	25	23	21	22	16	26	38	25	23	27	42	36
	20	24	22	20	21	15	26	37	24	22	26	40	34
Operating Profit	1	1	0	0	1	1	1	1	1	1	2	3	2
OPM %	5.45%	2.67%	1.72%	1.02%	4.27%	3.60%	2.14%	1.93%	4.49%	4.98%	6.37%	6.81%	5.13%
	0	0	0	-2	0	0	0	1	0	1	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	1	0	0	0	0	0
Profit before Tax	1	0	0	-2	1	0	0	1	1	1	1	3	2
Tax %	-3.90%	-12.00%	-33.33%	1.27%	-5.77%	-7.89%	-17.24%	8.06%	-9.38%	-5.80%	-6.60%	-11.28%	19.32%
Net Profit	0	0	0	0	1	0	0	1	1	1	1	3	2
	0.37	0.13	0.05	1.06	0.27	0.19	0.16	0.19	0.30	0.61	0.46	1.18	0.62

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	92	80	185	129	264	198	170	155	85	105	128
	92	79	193	148	253	191	163	152	83	102	121
Operating Profit	0	1	-9	-19	11	7	7	2	2	3	8
OPM %	0.46%	1.28%	-4.78%	-14.53%	4.22%	3.63%	4.14%	1.40%	2.91%	3.11%	5.92%
	1	1	12	22	1	1	1	7	-2	1	1
Interest	5	0	2	1	2	3	2	1	1	1	1
Depreciation	2	2	1	1	1	1	1	1	1	1	1
Profit before Tax	-6	0	0	1	9	4	5	7	-1	2	7
Tax %	112.26%	83.77%	-1116.49%	18.54%	22.21%	-28.16%	1.80%	-1.72%	10.30%	-3.44%	-1.19%
Net Profit	1	0	1	1	7	5	5	7	-1	2	7
EPS	0.00	0.00	0.00	0.00	0.00	3.86	2.15	2.37	-0.53	0.78	—
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:: 2%
5 Years:: -17%
3 Years:: -15%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: -23%
3 Years:: -26%

STOCK PRICE CAGR

10 Years:: 3%
5 Years:: -1%
3 Years:: -4%
1 Year:: 15%

RETURN ON EQUITY

10 Years:: 4%
5 Years:: 4%
3 Years:: 2%
Last Year:: 1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	11	11	11	13	13	16	21	21	24
	27	27	28	29	43	48	68	109	108	134
	119	118	145	97	110	3	3	6	10	8
Trade Payables	23	28	67	43	75	60	66	62	50	31
	6	7	8	13	28	108	67	14	8	39
Total Liabilities	185	191	259	193	270	233	220	213	198	236
	15	14	13	12	17	18	17	17	16	21
	19	19	22	19	19	19	1	1	1	1
	27	26	54	57	76	69	80	68	72	69
	0	0	0	0	0	0	0	0	13	22
Cash & Bank	5	5	8	9	28	15	4	5	4	5
	119	126	163	96	130	111	117	122	92	117
Total Assets	185	191	259	193	270	233	220	213	198	236

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-6	1	-22	45	-11	25	-7	18	-3	-9
Cash from Investing	0	0	-2	3	-5	-2	18	-1	0	-27
Cash from Financing	-0	-0	26	-49	20	-24	-21	-8	4	40
	0	-1	3	-1	2	1	-10	1	1	4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	33.24	29.83	30.15	29.83	29.83	30.13	29.05	29.05
	2.84	2.53	2.96	2.94	2.92	1.87	1.80	1.80
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	63.91	67.64	66.89	67.23	67.25	68.00	69.15	69.15

Documents

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

2026-09-05

Copy of Newspaper Publication

2026-09-05 - Tarmat Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-03

Shareholders meeting

2026-09-03 - Tarmat Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026

2026-09-03

Updates

2026-09-03 - Tarmat Limited has informed the Exchange regarding 'Intimation under Regulation 36(1)(b)'.

2026-08-22

Copy of Newspaper Publication

2026-08-22 - Tarmat Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-15

Copy of Newspaper Publication

2026-08-15 - Tarmat Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-15

Price movement

2026-08-15 - Significant movement in price has been observed in Tarmat Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Tarmat Limited has submitted their response.

2026-08-14

Price movement

2026-08-14 - Significant movement in price has been observed in Tarmat Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.

2026-08-14

Updates

2026-08-14 - Tarmat Limited has informed the Exchange regarding 'AGM Related'.

2026-08-14

Record Date

2026-08-14 - Tarmat Limited has informed the Exchange that Record date for the purpose of remote e-voting facility is 24-Sep-2026.

News

Recent coverage and analyst commentary for TARMAT

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Tarmat Ltd.

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Name

3915.00

32.47

538651.57

0.97

4988.03

15.51

67941.74

6.69

15.98

12.00

RVNL

205.00

47.52

42742.91

0.35

159.52

18.73

4321.23

10.55

10.81

4.41

KPIL

1435.05

21.56

24506.71

0.77

311.53

45.85

6407.97

3.84

18.95

8.77

IRB

19.64

24.86

23721.19

1.32

3062.70

1412.58

21372.72

918.25

7.72

53.93

CEMPRO

1244.10

35.53

21372.09

0.24

140.83

2.64

2720.92

7.02

33.53

10.09

ENGINERSIN

269.20

19.30

15130.18

1.86

157.94

141.49

819.84

-5.80

30.94

20.61

TECHNOE

972.50

26.24

11310.13

0.72

93.33

-31.44

630.34

19.84

14.86

15.79

WELENT

782.75

35.45

10834.34

0.38

56.36

-44.29

773.72

-8.44

16.44

19.49

KEC

406.45

19.54

10819.70

1.35

72.62

-41.72

5023.54

0.01

16.35

5.79

IRCON

113.20

20.33

10646.64

1.68

92.03

-43.92

1955.83

9.49

10.15

9.81

AFCONS

253.95

64.55

9339.89

0.79

30.30

-77.95

2671.00

-20.75

12.88

9.42

TARMAT

59.20

20.95

148.38

0.00

1.53

120.89

35.81

43.58

1.85

6.87

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

Operating Profit

OPM %

5.45%

2.67%

1.72%

1.02%

4.27%

3.60%

2.14%

1.93%

4.49%

4.98%

6.37%

6.81%

5.13%

-2

Interest

Depreciation

Profit before Tax

-2

Tax %

-3.90%

-12.00%

-33.33%

1.27%

-5.77%

-7.89%

-17.24%

8.06%

-9.38%

-5.80%

-6.60%

-11.28%

19.32%

Net Profit

0.37

0.13

0.05

1.06

0.27

0.19

0.16

0.19

0.30

0.61

0.46

1.18

0.62

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

185

129

264

198

170

155

105

128

193

148

253

191

163

152

102

121

Operating Profit

-9

-19

OPM %

0.46%

1.28%

-4.78%

-14.53%

4.22%

3.63%

4.14%

1.40%

2.91%

3.11%

5.92%

-2

Interest

Depreciation

Profit before Tax

-6

-1

Tax %

112.26%

83.77%

-1116.49%

18.54%

22.21%

-28.16%

1.80%

-1.72%

10.30%

-3.44%

-1.19%

Net Profit

-1

EPS

0.00

3.86

2.15

2.37

-0.53

0.78

—

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

109

108

134

119

118

145

110

Trade Payables

108

Total Liabilities

185

191

259

193

270

233

220

213

198

236

Cash & Bank

119

126

163

130

111

117

122

117

Total Assets

185

191

259

193

270

233

220

213

198

236

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-6

-22

-11

-7

-3

-9

Cash from Investing

-2

-5

-2

-1

-27

Cash from Financing

-0

-49

-24

-21

-8

-1

-10

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

33.24

29.83

30.15

29.83

30.13

29.05

2.84

2.53

2.96

2.94

2.92

1.87

1.80

DIIs

0.00

Government

0.00

63.91

67.64

66.89

67.23

67.25

68.00

69.15

Tarmat 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

Tarmat 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