Niraj Cement Structurals Limited (NIRAJ)

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Niraj Cement Structurals Limited (NIRAJ) · mywealthgrid

About

Niraj Cement Structurals Limited operates in civil construction within India's Industrials sector, with a market cap of ₹170.8 Cr and quarterly revenues ranging from ₹104–172 Cr. The company maintains consistent profitability but faces mounting headwinds, evidenced by a 42% one-year price decline and sharp margin compression in recent quarters.

Face value: ₹10

Market cap

₹166 Cr

P/E

7.0×

P/B

0.6×

Dividend yield

ROE

8.3%

ROCE

12.2%

Debt / equity

0.29

OPM

3.6%

EPS (TTM)

₹4.0

Book value

₹44.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins fell 470 basis points from 5.83% (Sep 2025) to 1.13% (Jun 2026) in nine months—verify whether this reflects temporary input-cost inflation, demand-driven pricing pressure, or structural cost issues.
Sequential revenue decline of ₹67 Cr from Sep 2025 to Jun 2026 indicates weakening demand or order inflows; clarify whether this is cyclical or signals loss of market position.
Stock down 42% in 12 months despite PE of 7.21, suggesting the market prices in persistent challenges; verify whether near-term recovery to prior profitability is plausible.
Minimal institutional participation (FII 0%, DII 0.13%) and high public holding (74.98%) may limit analyst coverage and price discovery.

Generated analysis · source review pending

Growth drivers

Low leverage (D/E 0.29) provides balance-sheet capacity for capex or working-capital expansion if the business stabilizes—verify management's capital-deployment plans.
Margins were 5.83% (Sep 2025) and 4.83% (Dec 2025) before declining to 1.13%; recovery to even 3% on current revenues would more than double quarterly profit—verify drivers of margin compression.
Valuation at PE 7.21 is historically low; if margins stabilize near prior 4–5% levels, re-rating potential could be substantial—clarify what would trigger stabilization.

Generated analysis · source review pending

2,224 historical price candles were omitted because the exchange source has not been verified.

₹27.7-2.2%1Y

Quick read

rule-based

Pros

+Profit CAGR of 69.6% over the last 3 years
+Comfortable interest coverage of 10.5×

Cons

−Low return on equity of 7.3% (3-yr avg)
−Thin operating margin of 3.6%
−Revenue shrank over the last 3 years (-3.7% a year)
−Low promoter holding of 24.9%

Research score

Structured signal from quality, growth, valuation and momentum.

65/100

Business quality: 38
Growth: 63
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	356	606	471	507	542
COGS	346	587	443	479	508
Gross profit	11	19	28	28	34
	6	10	12	12	14
	5	9	16	16	19
OPM %	1.4%	1.5%	3.4%	3.2%	3.6%
Depreciation	1	1	2	2	2
Interest	0	0	0	0	3
	-0	-1	-1	6	15
Profit before tax	3	7	13	20	29
Tax	1	2	3	5	7
Tax %	24.1%	36.5%	25.4%	24.9%	25.9%
	2	4	10	15	21
PAT margin %	0.7%	0.7%	2.1%	3%	3.9%
EPS (₹)	0.6	1.1	2.6	3	3.5
EPS adjusted (₹)	0.6	1	2.3	2.5	3.5
Annual report	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	43	43	43	60	60
Reserves	136	133	109	182	206
	13	26	1	2	76
	120	113	72	140	125
Total equity & liabilities	313	315	225	384	467
	8	7	9	12	14
CWIP	—	0	0	0	—
Investments	14	14	15	23	15
	290	294	200	350	438
Total assets	313	315	225	384	467

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	37	-30	27	-78	-98
	-14	14	-5	4	17
	-13	5	-26	75	71
Net cash flow	10	-10	-4	2	-10
Free cash flow	37	-30	23	-78	-103
CFO / Operating profit %	737.5%	-323.4%	169.9%	-477.6%	-505.7%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	3%	3.1%	5.9%	5.6%	6.2%
EBITDA margin %	1.4%	1.5%	3.4%	3.2%	3.6%
EBIT margin %	1%	1.3%	3%	2.8%	3.1%
PAT margin %	0.7%	0.7%	2.1%	3%	3.9%
Working capital
Receivable days	72	61	44	50	49
Inventory days	6	2	5	5	4
Payable days	32	24	16	28	17
NWC days	46	39	34	28	36
Leverage
Current ratio	1.98	1.9	2.38	2.22	2.02
Debt to EBITDA	2.67	2.84	0.05	0.14	3.92
Debt to equity	0.08	0.15	0	0.01	0.29
Interest coverage	55.3	24.8	81.2	255.4	10.5
Asset turnover	1.14	1.92	2.09	1.32	1.16
Return ratios
Return on assets %	0.8%	1.4%	4.3%	3.9%	4.5%
Return on capital employed %	4.2%	6.6%	13.3%	10.3%	12.2%
Return on equity %	1.4%	2.5%	6.4%	6.2%	7.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	24.26%	24.26%	24.26%	24.26%	24.26%	20.09%	24.89%	24.89%	24.89%	24.89%	24.89%	24.89%
	0%	0%	0%	0.03%	0.12%	0.1%	0%	0%	0%	0.09%	0.09%	0%
	0%	0%	0%	0%	0%	0.78%	0%	0.63%	0.63%	0%	0%	0.13%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	75.74%	75.74%	75.74%	75.71%	75.62%	79.03%	75.11%	74.48%	74.48%	75.02%	75.02%	74.98%
No. of shareholders	—	—	—	—	—	—	—	—	12,737	14,219	14,476	14,177

Promoter holding up 0.63 percentage points since Sep 2023.

16 deals · 10 Aug 2023 – 9 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
9 Oct 2025	ANUJ SHANTILAL BADJATE	Bulk	NSE	Sell	4,96,100	₹37.26	₹1.85 Cr
11 Sept 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	4,27,999	₹71.21	₹3.05 Cr
11 Sept 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	4,27,999	₹71.12	₹3.04 Cr
11 Sept 2024	MUDUPULAVEMULA SURENDRANADHA REDDY	Bulk	NSE	Sell	2,45,169	₹70.99	₹1.74 Cr
11 Sept 2024	MUDUPULAVEMULA SURENDRANADHA REDDY	Bulk	NSE	Buy	2,45,169	₹70.81	₹1.74 Cr
11 Sept 2024	IRAGE BROKING SERVICES LLP	Bulk	BSE	Buy	2,33,014	₹70.61	₹1.65 Cr
11 Sept 2024	IRAGE BROKING SERVICES LLP	Bulk	NSE	Sell	2,30,108	₹70.72	₹1.63 Cr
11 Sept 2024	QE SECURITIES LLP	Bulk	NSE	Sell	2,05,514	₹71.25	₹1.46 Cr
11 Sept 2024	QE SECURITIES LLP	Bulk	NSE	Buy	2,02,446	₹71.26	₹1.44 Cr
11 Sept 2024	IRAGE BROKING SERVICES LLP	Bulk	BSE	Sell	1,08,431	₹71.67	₹0.78 Cr

1–10 of 16

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Mr. Vishram Pandurang RudreExecutive Director-Chairperson-MD
Mr. Sudhakar Balu TandaleExecutive Director
Mr. Partha Sarathi RautNon-Executive - Independent Director
Mr. Ratan Umesh SanilNon-Executive - Independent Director
Mrs. Kavita Suresh HindiaNon-Executive - Independent Director
Mrs. Dimple Deepak GerujaNon-Executive - Independent Director
Mr. Vinaykumar Rajkumar GhuwalewalaChief Financial Officer
Mr. Anil Anant JhaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Niraj Cement Structurals Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Intimation regarding Credit Rating under Regulation 30 of SEBI LODR 201512 Jun 2026

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

3

Final dividend22 Sept 2011 · ex-date₹0.5
Dividend dividend23 Sept 2010 · ex-date₹0.5
Dividend dividend17 Sept 2009 · ex-date₹1

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

22 announcementsExport CSV

29 Sept 2026, 11:41 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

28 Sept 2026, 7:26 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

28 Sept 2026, 7:24 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

5 Sept 2026, 9:46 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

4 Sept 2026, 6:43 pmAGM/EGM

Notice Of 28Th Annual General Meeting

AGM PDF

4 Sept 2026, 6:33 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

3 Sept 2026, 5:13 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

21 Aug 2026, 12:12 pmCompany Update

Incorporation Of 'Niraj Group Foundation' For Undertaking CSR Activities Of The Company

General PDF

Date	Category	Subject	Filing
29 Sept 2026, 11:41 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 7:26 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

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Ratio	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	3%	3.1%	5.9%	5.6%	6.2%
EBITDA margin %	1.4%	1.5%	3.4%	3.2%	3.6%
EBIT margin %	1%	1.3%	3%	2.8%	3.1%
PAT margin %	0.7%	0.7%	2.1%	3%	3.9%
Working capital
Receivable days	72	61	44	50	49
Inventory days	6	2	5	5	4
Payable days	32	24	16	28	17
NWC days	46	39	34	28	36
Leverage
Current ratio	1.98	1.9	2.38	2.22	2.02
Debt to EBITDA	2.67	2.84	0.05	0.14	3.92
Debt to equity	0.08	0.15	0	0.01	0.29
Interest coverage	55.3	24.8	81.2	255.4	10.5
Asset turnover	1.14	1.92	2.09	1.32	1.16
Return ratios
Return on assets %	0.8%	1.4%	4.3%	3.9%	4.5%
Return on capital employed %	4.2%	6.6%	13.3%	10.3%	12.2%
Return on equity %	1.4%	2.5%	6.4%	6.2%	7.9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

Niraj Cement Structurals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

3

1

Announcements

3

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Return on equity

Niraj Cement Structurals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

Dividends3

Board meetings1

Announcements

Dividends3

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

1

3

1