Loading page…

Tarmat Limited (TARMAT) · mywealthgrid

Tarmat Limited

NSE:TARMAT BSE:TARMAT

IndustrialsConstruction

₹57.2

-3.65%1 Oct close

Mkt cap

₹144 Cr

Watch Alert Compare

About

Tarmat Limited operates in civil construction within the Industrials sector. With a market capitalization of ₹140.51 crore and recent quarterly revenues of ₹22–42 crore, it serves the construction market. The company has demonstrated consistent profitability across recent quarters with operating margins averaging 5.86%.

Face value: ₹10

Market cap

₹144 Cr

P/E

20.3×

P/B

0.8×

Dividend yield

ROE

3.5%

ROCE

3.7%

Debt / equity

0.08

OPM

5.9%

EPS (TTM)

₹2.8

Book value

₹74.5

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Thin operating margins (5.86% average, 4.22%–7.56% range) leave limited room for cost shocks typical in construction
Very low ROE of 3.47% indicates poor capital efficiency; verify whether this reflects industry norms or company-specific underperformance
Significant quarter-to-quarter volatility in operating margins and net profit, with OPM ranging 4–7.5%, suggests exposure to project-mix or execution variability
Construction sector cyclicality: verify exposure to infrastructure and real-estate cycles and sensitivity during downturns

Generated analysis · source review pending

Growth drivers

Revenue grew from ₹22.67 Cr (Sep 2025) to ₹42.46 Cr (Mar 2026); verify trajectory continuation and underlying drivers
Low D/E ratio of 0.08 provides financial capacity for project growth and working-capital needs
ROE of 3.47% leaves significant headroom if capital efficiency improves with operational scale
Consistent profitability across recent quarters suggests stable operations to build on

Generated analysis · source review pending

2,527 historical price candles were omitted because the exchange source has not been verified.

₹57.2+0.4%1Y

Quick read

rule-based

Pros

+Profit CAGR of 26.5% over the last 5 years
+Almost debt-free (debt/equity 0.1)

Cons

−Low return on equity of 1.3% (3-yr avg)
−Thin operating margin of 5.9%
−Revenue shrank over the last 5 years (-9.7% a year)

Research score

Structured signal from quality, growth, valuation and momentum.

48/100

Business quality: 27
Growth: 50
Valuation: 68

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

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

Loading peers…

Financials

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

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	196	181	144	89	101	117
COGS	37	57	63	31	39	45
Gross profit	159	124	80	58	62	72
	152	117	78	56	59	65
	7	7	2	2	3	7
OPM %	3.6%	3.7%	1.4%	2.7%	2.7%	5.9%
Depreciation	1	1	1	1	1	1
Interest	3	2	0	1	1	1
	1	1	7	-2	1	1
Profit before tax	4	5	7	-1	2	6
Tax	2	0	-0	-0	-0	-1
Tax %	51.7%	1.7%	-1.8%	-10.3%	-3.3%	-8.7%
	2	5	7	-1	2	6
PAT margin %	1%	2.5%	5.2%	-1.3%	1.9%	5.3%
EPS (₹)	3.9	2.9	3.6	-0.5	0.6	2.5
EPS adjusted (₹)	1.5	2.9	3.5	-0.5	0.8	2.5
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	13	16	21	21	24	25
Reserves	48	78	109	108	149	162
Minority interest	—	—	—	0	0	0
	89	43	6	10	10	15
	82	83	76	58	53	59
Total equity & liabilities	233	220	213	198	236	261
	18	17	17	16	35	27
CWIP	—	—	0	0	0	0
Investments	19	1	1	1	0	1
	195	201	195	181	200	233
Total assets	233	220	213	198	236	261

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	26	2	9	-3	-9	8
	-2	18	-1	0	-27	-7
	-24	-21	-8	4	40	11
Net cash flow	1	-1	1	1	4	12
Free cash flow	24	2	9	-3	-15	8
CFO / Operating profit %	370.6%	31.1%	466%	-132.8%	-329.5%	109.3%

Loading financials…

Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	81.1%	68.4%	55.9%	64.9%	61.4%	61.3%
EBITDA margin %	3.6%	3.7%	1.4%	2.7%	2.7%	5.9%
EBIT margin %	2.9%	3.1%	0.7%	1.8%	1.4%	4.8%
PAT margin %	1%	2.5%	5.2%	-1.3%	1.9%	5.3%
Working capital
Receivable days	24	45	57	52	78	66
Inventory days	683	509	389	834	648	579
Payable days	591	419	360	586	292	301
NWC days	116	135	86	300	434	344
Leverage
Current ratio	1.05	1.53	2.23	2.46	3.3	3.44
Debt to EBITDA	12.55	6.51	2.93	4.27	3.43	2.18
Debt to equity	1.46	0.46	0.05	0.08	0.06	0.08
Interest coverage	2.3	3.3	13.6	3	3.6	6.1
Asset turnover	0.84	0.82	0.67	0.45	0.43	0.45
Return ratios
Return on assets %	0.8%	2.1%	3.5%	-0.6%	0.8%	2.4%
Return on capital employed %	10.8%	8.2%	4.5%	1.5%	1.6%	3.7%
Return on equity %	3.1%	4.9%	5.7%	-0.9%	1.1%	3.3%

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.

Loading ratios…

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
	33.24%	33.24%	33.24%	33.24%	33.24%	29.83%	30.15%	29.83%	29.83%	30.13%	29.05%	29.05%
	0%	0%	0.07%	0.07%	2.84%	2.53%	2.96%	2.94%	2.92%	1.87%	1.8%	1.8%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	66.76%	66.76%	66.69%	66.69%	63.92%	67.64%	66.89%	67.23%	67.25%	68%	69.15%	69.15%
No. of shareholders	—	—	—	—	—	—	—	—	14,596	14,055	13,485	13,251

Promoter holding down 4.19 percentage points since Sep 2023.

103 deals · 6 Aug 2021 – 26 Feb 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
26 Feb 2026	NEEL UMESH PAGARIYA	Bulk	NSE	Buy	1,50,000	₹64.65	₹0.97 Cr
13 Jan 2026	ARTON GLOBAL	Bulk	NSE	Buy	2,46,000	₹52.25	₹1.29 Cr
20 Oct 2025	VEEKAY APARTMENTS PRIVATE LIMITED	Bulk	NSE	Sell	7,50,000	₹54.00	₹4.05 Cr
20 Oct 2025	ARTON GLOBAL	Bulk	NSE	Buy	7,47,571	₹54.00	₹4.04 Cr
9 Oct 2025	ARTON GLOBAL	Bulk	NSE	Buy	4,70,767	₹52.86	₹2.49 Cr
9 Oct 2025	AEGIS INVESTMENT FUND	Bulk	NSE	Sell	2,51,843	₹53.00	₹1.33 Cr
9 Oct 2025	DOVE SOFT PRIVATE LIMITED .	Bulk	NSE	Sell	2,00,000	₹52.70	₹1.05 Cr
1 Oct 2025	RIMPY MITTAL	Bulk	NSE	Sell	1,48,293	₹55.18	₹0.82 Cr
1 Oct 2025	RIMPY MITTAL	Bulk	NSE	Buy	1,28,293	₹55.02	₹0.71 Cr
3 Apr 2025	NIKUNJ BHARATKUMAR THAKKAR	Bulk	NSE	Buy	1,33,451	₹53.60	₹0.72 Cr

1–10 of 103

1 / 11

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. JERRY VARGHESENon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. DILIP VARGHESEExecutive Director-MD
Mr. AMIT SHAHExecutive Director-CEO
Mr. KRISHAN KUMAR KINRANon-Executive - Independent Director-Shareholder Director
Mr. KISHANRAO MARUTIRAO GODBOLENon-Executive - Independent Director-Shareholder Director
Mrs. PRIYANKA BHUSHAN SAHANINon-Executive - Independent Director-Shareholder Director
Shivatosh Nareswar ChakrabortyCompany Secretary, Compliance Officer & Chief Financial Officer

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

Loading shareholding…

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.

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 Tarmat Limited. Portfolios are published monthly by each AMC; coverage is still partial.

Loading fund holders…

Documents

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

Announcements

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

Loading documents…

Events

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

3

Dividend dividend20 Sept 2010 · ex-date₹1
Dividend dividend15 Sept 2009 · ex-date₹1
Dividend dividend1 Sept 2008 · ex-date₹1

1

Board meeting to consider results14 Aug 2026

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

19 announcementsExport CSV

30 Sept 2026, 7:10 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Directorate

Change in Directorate

Loading announcements…

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	81.1%	68.4%	55.9%	64.9%	61.4%	61.3%
EBITDA margin %	3.6%	3.7%	1.4%	2.7%	2.7%	5.9%
EBIT margin %	2.9%	3.1%	0.7%	1.8%	1.4%	4.8%
PAT margin %	1%	2.5%	5.2%	-1.3%	1.9%	5.3%
Working capital
Receivable days	24	45	57	52	78	66
Inventory days	683	509	389	834	648	579
Payable days	591	419	360	586	292	301
NWC days	116	135	86	300	434	344
Leverage
Current ratio	1.05	1.53	2.23	2.46	3.3	3.44
Debt to EBITDA	12.55	6.51	2.93	4.27	3.43	2.18
Debt to equity	1.46	0.46	0.05	0.08	0.06	0.08
Interest coverage	2.3	3.3	13.6	3	3.6	6.1
Asset turnover	0.84	0.82	0.67	0.45	0.43	0.45
Return ratios
Return on assets %	0.8%	2.1%	3.5%	-0.6%	0.8%	2.4%
Return on capital employed %	10.8%	8.2%	4.5%	1.5%	1.6%	3.7%
Return on equity %	3.1%	4.9%	5.7%	-0.9%	1.1%	3.3%

Date	Category	Subject	Filing
30 Sept 2026, 7:10 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
30 Sept 2026, 6:43 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
30 Sept 2026, 3:27 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
5 Sept 2026, 1:22 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
3 Sept 2026, 8:01 pm	AGM/EGM AGM	Notice Of Annual General Meeting	PDF
3 Sept 2026, 6:59 pm	Company Update General	Intimation Under Regulation 30 Of SEBI (LODR)Regulation 2015	PDF
3 Sept 2026, 6:50 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
22 Aug 2026, 2:02 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

Tarmat 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

Events

3

1

Announcements

No fund holdings on record

Announcements

Annual reports

3

1

Compounded sales growth

Compounded profit growth

Return on equity

Tarmat 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

Events

Dividends3

Board meetings1

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

No fund holdings on record

Announcements

Annual reports

Dividends3

Board meetings1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

1

3

1