Pratham EPC Projects Ltd.

•

₹ 120.051.74%

2026-08-21

prathamepc.comBSE: -NSE: PRATHAM

Market Cap₹ 219 Cr.

Current Price₹ 118

High / Low₹ 196 / 100

Stock P/E35.5

Book Value₹ 50

Price to Book3.65

Dividend Yield0.00 %

ROCE26.1 %

ROE20.2 %

Face Value₹ 10

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ABOUT

KEY POINTS

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

EDIT COLUMNS

ConstructionInfrastructureEngineering - Construction

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

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	LT	4030.10	33.42	554487.79	0.94	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	223.10	51.71	46516.80	0.32	1595.20	1087.26	43212.30	1005.52	10.81	4.41
3.	KPIL	1377.05	20.69	23516.23	0.80	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	18.97	24.01	22911.97	0.69	3062.70	1412.58	21372.72	918.25	24.76	53.93
5.	CEMPRO	1263.50	36.08	21705.36	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	236.95	16.98	13317.59	2.11	157.94	141.49	819.84	-5.80	25.84	20.61
7.	TECHNOE	997.70	26.92	11603.21	0.70	93.33	-31.44	630.34	19.84	16.54	15.79
8.	IRCON	122.60	22.02	11530.72	1.55	92.03	-43.92	1955.83	9.49	12.69	9.81
9.	KEC	423.05	20.34	11261.59	1.30	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	AFCONS	277.95	70.65	10222.57	0.72	30.30	-77.95	2671.00	-20.75	12.88	9.42
11.	WAAREERTL	880.80	18.09	9193.72	0.00	118.98	37.72	924.25	53.23	81.92	18.77
12.	PRATHAM	120.00	35.51	218.55	0.00	—	—	—	—	26.10	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

No quarterly results found

We don't have this information yet. Please check back later.

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
Minority Interest	0	0	0	0
Share of Associates	0	0	0	0
Adjusted EPS	3	6	6	8

Mar 2022

: 50
: 44
Operating Profit: 7
OPM %: 14
Other Income: 0
Interest: 0
Depreciation: 1
: 6
Tax %: 25
Net Profit: 4
EPS: 55
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2023

: 50
: 40
Operating Profit: 12
OPM %: 24
Other Income: 1
Interest: 1
Depreciation: 1
: 10
Tax %: 25
Net Profit: 8
EPS: 6
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

Mar 2024

: 70
: 55
Operating Profit: 17
OPM %: 24
Other Income: 2
Interest: 2
Depreciation: 1
: 13
Tax %: 26
Net Profit: 10
EPS: 6
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

Mar 2025

: 119
: 101
Operating Profit: 21
OPM %: 18
Other Income: 4
Interest: 1
Depreciation: 2
: 19
Tax %: 26
Net Profit: 14
EPS: 8
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 8
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 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:: -16%

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
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

Mar 2022

Equity Capital: 1
: 10
: 0
Trade Payables: 12
: 6
Total Liabilities: 29
: 5
Capital Work in Progress: 0
: 4
: 2
: 0
Cash & Bank: 6
: 11
Total Assets: 29
Total Debt: 2
Net Working Capital: 4
Contingent Liabilities: 7
Book Value per Share: 127.64
Face Value: 10.00
Total Debt: 2
Net Working Capital: 4
Contingent Liabilities: 7
Book Value per Share: 127.64
Face Value: 10.00

Mar 2023

Equity Capital: 1
: 17
: 7
Trade Payables: 12
: 12
Total Liabilities: 49
: 8
Capital Work in Progress: 0
: 4
: 8
: 0
Cash & Bank: 0
: 29
Total Assets: 49
Total Debt: 14
Net Working Capital: 5
Contingent Liabilities: 7
Book Value per Share: 222.15
Face Value: 10.00
Total Debt: 14
Net Working Capital: 5
Contingent Liabilities: 7
Book Value per Share: 222.15
Face Value: 10.00

Mar 2024

Equity Capital: 18
: 43
: 0
Trade Payables: 8
: 11
Total Liabilities: 80
: 12
Capital Work in Progress: 0
: 0
: 25
: 16
Cash & Bank: 18
: 8
Total Assets: 80
Total Debt: 4
Net Working Capital: 50
Contingent Liabilities: 19
Book Value per Share: 34.25
Face Value: 10.00
Total Debt: 4
Net Working Capital: 50
Contingent Liabilities: 19
Book Value per Share: 34.25
Face Value: 10.00

Mar 2025

Equity Capital: 18
: 57
: 7
Trade Payables: 8
: 17
Total Liabilities: 106
: 13
Capital Work in Progress: 4
: 0
: 37
: 31
Cash & Bank: 10
: 11
Total Assets: 106
Total Debt: 12
Net Working Capital: 62
Contingent Liabilities: 22
Book Value per Share: 42.00
Face Value: 10.00
Total Debt: 12
Net Working Capital: 62
Contingent Liabilities: 22
Book Value per Share: 42.00
Face Value: 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
OCF / Net Profit	2.36	-0.93	-0.91	-0.67
Cumulative 5-Year FCF	0	0	0	0

Mar 2022

: 10
Cash from Investing: -5
Cash from Financing: -0
: 5
Free Cash Flow: 10
OCF / Net Profit: 2.36
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.36
Cumulative 5-Year FCF: 0

Mar 2023

: -7
Cash from Investing: -3
Cash from Financing: 5
: -5
Free Cash Flow: -11
OCF / Net Profit: -0.93
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.93
Cumulative 5-Year FCF: 0

Mar 2024

: -9
Cash from Investing: -3
Cash from Financing: 20
: 8
Free Cash Flow: -14
OCF / Net Profit: -0.91
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.91
Cumulative 5-Year FCF: 0

Mar 2025

: -9
Cash from Investing: -1
Cash from Financing: 6
: -3
Free Cash Flow: -14
OCF / Net Profit: -0.67
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.67
Cumulative 5-Year FCF: 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

Mar 2022

EPS (₹): 54.51
Book Value (₹): 127.64
Dividend per Share (₹): 0.00
Cash EPS (₹): 3.94
Operating Margin %: 14.00%
Net Margin %: 8.75%
ROE %: 42.70%
ROCE %: 49.76%
: 15.49%
Debtor Days: 45
Inventory Days: 15
Payable Days: 173
: -113
Debt to Equity (x): 0.24x
Interest Coverage (x): 13.40x
: 1.28x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 94.50
Book Value (₹): 222.15
Dividend per Share (₹): 0.00
Cash EPS (₹): 6.61
Operating Margin %: 23.74%
Net Margin %: 15.25%
ROE %: 54.03%
ROCE %: 48.92%
: 19.83%
Debtor Days: 82
Inventory Days: 35
Payable Days: 194
: -78
Debt to Equity (x): 0.79x
Interest Coverage (x): 13.43x
: 1.21x
Revenue Growth %: -0.52%
Operating Profit Growth %: 68.73%
Net Profit Growth %: 73.37%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 5.64
Book Value (₹): 34.25
Dividend per Share (₹): 0.00
Cash EPS (₹): 6.31
Operating Margin %: 20.82%
Net Margin %: 14.34%
ROE %: 25.30%
ROCE %: 32.15%
: 15.55%
Debtor Days: 85
Inventory Days: 85
Payable Days: 188
: -18
Debt to Equity (x): 0.07x
Interest Coverage (x): 7.16x
: 4.39x
Revenue Growth %: 38.54%
Operating Profit Growth %: 41.47%
Net Profit Growth %: 30.26%
: -94.04%
P/E (x): 18.36x
P/B (x): 3.02x
Dividend Yield %: 0.00%
: 10.08x

Mar 2025

EPS (₹): 7.75
Book Value (₹): 42.00
Dividend per Share (₹): 0.00
Cash EPS (₹): 8.60
Operating Margin %: 14.69%
Net Margin %: 11.53%
ROE %: 20.24%
ROCE %: 26.10%
: 14.80%
Debtor Days: 72
Inventory Days: 95
Payable Days: 47
: 120
Debt to Equity (x): 0.16x
Interest Coverage (x): 16.24x
: 3.56x
Revenue Growth %: 70.94%
Operating Profit Growth %: 26.61%
Net Profit Growth %: 37.46%
: 37.49%
P/E (x): 19.78x
P/B (x): 3.65x
Dividend Yield %: 0.00%
: 12.85x

Shareholding Pattern

Numbers in percentages

TRADES

	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

Mar 2024

: 72.97
: 8.11
: 0.14
Government: 0.00
: 18.77

Sep 2024

: 72.97
: 1.17
: 0.06
Government: 0.00
: 25.79

Mar 2025

: 72.97
: 0.04
: 0.04
Government: 0.00
: 26.95

Mar 2026

: 71.16
: 0.01
: 0.00
Government: 0.00
: 28.83

Documents

Announcements

Nothing filed yet.

Annual Reports

Annual Report FY2025
2025
Annual Report FY2024
2024

Credit Ratings

Nothing filed yet.

Concalls

Nothing filed yet.