Tarmat Ltd.

•

tarmatlimited.comBSE: 532869NSE: TARMAT

Market Cap₹ 161 Cr.

Current Price

High / Low₹ 74 / 46

Stock P/E25.0

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	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	30.30	-77.95	2671.00	-20.75	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.	TARMAT	64.14	22.70	160.76	0.00	1.53	120.89	35.81	43.58	1.85	6.87

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
	21	25	23	21	22	16	26	38	25	23	27	42	30
	20	24	22	20	21	15	26	37	24	22	26	39	29
Operating Profit	1	1	0	0	1	1	1	1	1	1	2	3	1
OPM %	5.45%	2.67%	1.72%	1.02%	4.27%	3.60%	2.14%	1.93%	4.49%	4.98%	6.37%	7.54%	2.17%
	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	1
Tax %	-3.90%	-12.00%	-33.33%	1.27%	-5.77%	-7.89%	-17.24%	8.06%	-9.38%	-5.80%	-6.60%	-10.10%	20.82%
Net Profit	1	0	0	-2	1	0	0	1	1	1	1	3	1
	0.37	0.13	0.05	-1.06	0.27	0.19	0.16	0.19	0.30	0.61	0.46	1.31	0.23

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
	54	61	60	93	220	173	151	155	85	105	122
	54	60	77	112	210	166	144	152	83	102	115
Operating Profit	-0	1	-17	-19	11	7	7	2	2	3	7
OPM %	-0.21%	1.28%	-27.52%	-20.54%	4.97%	4.16%	4.61%	1.40%	2.91%	3.11%	5.50%
	1	1	19	22	1	1	1	7	-2	1	1
Interest	5	0	1	1	2	3	2	1	1	1	1
Depreciation	2	1	1	1	1	1	1	1	1	1	1
Profit before Tax	-6	0	0	1	9	4	5	7	-1	2	6
Tax %	114.36%	83.77%	-1123.95%	19.61%	21.63%	-26.87%	1.80%	-1.72%	10.30%	-3.44%	-4.95%
Net Profit	1	0	1	1	7	5	5	7	-1	2	6
EPS	0.00	0.00	0.00	0.00	0.00	3.82	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:: 4%
5 Years:: -14%
3 Years:: -11%

COMPOUNDED PROFIT GROWTH

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

STOCK PRICE CAGR

10 Years:: 2%
5 Years:: -1%
3 Years:: -6%
1 Year:: 16%

RETURN ON EQUITY

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

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	11	11	11	13	13	16	21	21	24
	27	27	28	29	43	48	68	109	108	134
	119	118	113	97	110	3	3	6	10	8
Trade Payables	17	18	17	18	39	38	40	44	31	12
	6	7	7	13	23	106	66	14	8	39
Total Liabilities	180	181	176	168	229	209	192	194	179	217
	14	13	12	11	16	17	16	16	15	20
	19	19	27	27	27	27	9	10	10	10
	27	26	27	31	49	43	53	41	45	43
	0	0	0	0	0	0	0	0	13	22
Cash & Bank	5	5	6	9	28	15	4	5	4	5
	114	117	104	90	109	107	109	122	92	117
Total Assets	180	181	176	168	229	209	192	194	179	217

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
	-6	1	13	17	-12	25	2	18	-3	-9
Cash from Investing	0	0	-7	1	-5	-2	18	-1	0	-27
Cash from Financing	-0	-0	-7	-17	20	-24	-21	-8	4	40
	0	-1	0	1	2	1	-1	1	1	4

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 (₹)	0.75	0.03	1.14	0.52	5.19	3.82	2.90	3.48	-0.53	0.78
Book Value (₹)	34.54	34.57	35.71	36.23	42.09	45.91	52.89	61.29	60.78	65.45
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 (₹)	2.87	1.33	2.02	1.15	5.74	4.81	3.57	3.96	-0.14	1.33
PROFITABILITY
Operating Margin %	2.30%	2.70%	4.02%	2.98%	5.41%	4.89%	5.36%	4.09%	2.91%	3.11%
Net Margin %	1.52%	0.06%	2.07%	0.61%	3.14%	2.95%	3.03%	4.80%	-1.33%	1.78%
ROE %	2.18%	0.09%	3.24%	1.45%	14.45%	8.69%	6.32%	6.92%	-0.87%	1.30%
ROCE %	-0.70%	0.15%	0.94%	1.44%	7.38%	4.51%	4.90%	5.71%	-0.39%	1.85%
	0.45%	0.02%	0.70%	0.33%	3.49%	2.33%	2.28%	3.84%	-0.61%	0.94%
EFFICIENCY
Debtor Days	141	130	133	80	30	32	35	45	75	60
Inventory Days	185	158	162	114	66	97	116	111	184	153
Payable Days	1962	306	154	160	195	357	306	204	499	187
	-1636	-17	141	34	-98	-228	-155	-48	-240	26
FINANCIAL HEALTH
Debt to Equity (x)	3.14x	3.13x	2.87x	2.45x	1.97x	1.46x	0.52x	0.05x	0.08x	0.06x
Interest Coverage (x)	-0.24x	15.27x	1.08x	1.52x	4.74x	2.28x	2.96x	15.24x	-0.73x	2.54x
	1.07x	1.11x	1.29x	3.42x	2.64x	0.98x	1.61x	2.49x	3.58x	4.76x
GROWTH
Revenue Growth %	-22.28%	13.52%	-1.03%	53.86%	137.33%	-21.55%	-12.68%	2.34%	-44.76%	22.86%
Operating Profit Growth %	159.26%	33.39%	47.27%	13.96%	331.40%	-29.06%	-4.31%	-21.98%	-53.72%	47.46%
Net Profit Growth %	103.90%	-95.78%	3515.07%	-54.26%	1113.62%	-26.42%	-10.17%	62.01%	-115.27%	265.11%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-115.27%	246.24%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	65.52x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.49x	0.78x
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	68.56x	29.36x

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

2026-09-03

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.

2026-08-14

General Updates

2026-08-14 - Tarmat Limited has informed the Exchange about General Updates

News

Recent coverage and analyst commentary for TARMAT

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Tarmat Ltd.

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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

30.30

-77.95

2671.00

-20.75

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

TARMAT

64.14

22.70

160.76

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%

7.54%

2.17%

-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%

-10.10%

20.82%

Net Profit

-2

0.37

0.13

0.05

-1.06

0.27

0.19

0.16

0.19

0.30

0.61

0.46

1.31

0.23

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

220

173

151

155

105

122

112

210

166

144

152

102

115

Operating Profit

-0

-17

-19

OPM %

-0.21%

1.28%

-27.52%

-20.54%

4.97%

4.16%

4.61%

1.40%

2.91%

3.11%

5.50%

-2

Interest

Depreciation

Profit before Tax

-6

-1

Tax %

114.36%

83.77%

-1123.95%

19.61%

21.63%

-26.87%

1.80%

-1.72%

10.30%

-3.44%

-4.95%

Net Profit

-1

EPS

0.00

3.82

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

113

110

Trade Payables

106

Total Liabilities

180

181

176

168

229

209

192

194

179

217

Cash & Bank

114

117

104

109

107

109

122

117

Total Assets

180

181

176

168

229

209

192

194

179

217

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-6

-12

-3

-9

Cash from Investing

-7

-5

-2

-1

-27

Cash from Financing

-0

-7

-17

-24

-21

-8

-1

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

0.75

0.03

1.14

0.52

5.19

3.82

2.90

3.48

-0.53

0.78

Book Value (₹)

34.54

34.57

35.71

36.23

42.09

45.91

52.89

61.29

60.78

65.45

Dividend per Share (₹)

0.00

Cash EPS (₹)

2.87

1.33

2.02

1.15

5.74

4.81

3.57

3.96

-0.14

1.33

PROFITABILITY

Operating Margin %

2.30%

2.70%

4.02%

2.98%

5.41%

4.89%

5.36%

4.09%

2.91%

3.11%

Net Margin %

1.52%

0.06%

2.07%

0.61%

3.14%

2.95%

3.03%

4.80%

-1.33%

1.78%

ROE %

2.18%

0.09%

3.24%

1.45%

14.45%

8.69%

6.32%

6.92%

-0.87%

1.30%

ROCE %

-0.70%

0.15%

0.94%

1.44%

7.38%

4.51%

4.90%

5.71%

-0.39%

1.85%

0.45%

0.02%

0.70%

0.33%

3.49%

2.33%

2.28%

3.84%

-0.61%

0.94%

EFFICIENCY

Debtor Days

141

130

133

Inventory Days

185

158

162

114

116

111

184

153

Payable Days

1962

306

154

160

195

357

306

204

499

187

-1636

-17

141

-98

-228

-155

-48

-240

FINANCIAL HEALTH

Debt to Equity (x)

3.14x

3.13x

2.87x

2.45x

1.97x

1.46x

0.52x

0.05x

0.08x

0.06x

Interest Coverage (x)

-0.24x

15.27x

1.08x

1.52x

4.74x

2.28x

2.96x

15.24x

-0.73x

2.54x

1.07x

1.11x

1.29x

3.42x

2.64x

0.98x

1.61x

2.49x

3.58x

4.76x

GROWTH

Revenue Growth %

-22.28%

13.52%

-1.03%

53.86%

137.33%

-21.55%

-12.68%

2.34%

-44.76%

22.86%

Operating Profit Growth %

159.26%

33.39%

47.27%

13.96%

331.40%

-29.06%

-4.31%

-21.98%

-53.72%

47.46%

Net Profit Growth %

103.90%

-95.78%

3515.07%

-54.26%

1113.62%

-26.42%

-10.17%

62.01%

-115.27%

265.11%

0.00%

-115.27%

246.24%

VALUATION

P/E (x)

0.00x

65.52x

P/B (x)

0.00x

1.49x

0.78x

Dividend Yield %

0.00%

0.00x

68.56x

29.36x

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.

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Quarterly Results

Profit & Loss

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Tarmat Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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