Tarmat Limited
NSE: TARMAT · Civil Construction · sector
₹52.50NSE close 2026-10-26
Key numbers
Market cap₹132 cr
Price₹52.50
52w high / low₹74 / ₹46
P/E18.3xSector median 12.2x
P/B0.7xSector median 1.3x
Book value₹74.5
Dividend yield–Sector median 0.76%
ROE3.9%Sector median 10.2%
ROCE4.1%Sector median 12.9%
OPM6.4%Sector median 10.7%
Debt / equity0.08xSector median 0.36x
EV/EBITDA15.2xSector median 8.8x
Interest cover6.9x
Current ratio3.44x
Sales growth 3y-6.5%Sector median +6.7%
Profit growth 3y-5.6%Sector median +5.8%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 119 companies in Civil Construction (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹21 cr vs borrowings ₹15 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 6.9x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding fell by 0.72 percentage points in a year, to 29.11% (2026-09-30).
- Operating cash flow was below net profit in 3 of the last 5 years (FY25, FY24, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 18% of net profit in the last 12 months.
- Debtor days went from 52 (FY24) to 66 (FY26).
- No dividend in the last 5 financial years.
- Price ₹52.50 on 2026-10-26: -29.0% from the 52-week high, +13.5% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹87.90 · low ₹47.86
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16 | 26 | 38 | 25 | 23 | 27 | 42 | 36 |
| EBITDA | 1 | 1 | 1 | 1 | 1 | 2 | 3 | 2 |
| OPM % | 3.6% | 2.2% | 1.9% | 4.5% | 5.0% | 6.4% | 6.8% | 6.9% |
| Other income | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 1 | 1 | 1 | 1 | 3 | 2 |
| EPS (₹) | 0.19 | 0.16 | 0.19 | 0.30 | 0.61 | 0.46 | 1.18 | 0.62 |
| Revenue YoY | +45.6% | +4.5% | +12.4% | +43.6% | ||||
| Profit YoY | +256.1% | +232.4% | +419.3% | +121.7% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 181 | 144 | 89 | 101 | 117 | 128 |
| EBITDA | 7 | 5 | -0 | 3 | 7 | 8 |
| Net profit | 5 | 7 | -1 | 2 | 6 | 7 |
| EPS (₹) | 2.90 | 3.57 | -0.51 | 0.63 | 2.51 | 2.87 |
| Revenue growth | -20.6% | -37.8% | +13.4% | +15.9% | +22.8% | |
| Profit growth | +62.0% | -115.2% | – | +233.7% | +252.3% | |
| Dividend / share (₹) | – | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -6.5% | -9.7% | +22.8% |
| Net profit | -5.6% | +26.4% | +252.3% |
| EPS | -11.1% | -8.2% | – |
| Share price | – | -17.1% (2y) | -3.7% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 131 | 130 | 173 | 187 |
| Borrowings | – | 6 | 10 | 10 | 15 |
| Cash & equivalents | – | 5 | 6 | 10 | 21 |
| Total assets | – | 213 | 198 | 236 | 261 |
| Fixed assets | – | 17 | 16 | 21 | 27 |
| Capital work in progress | – | 0 | 0 | 0 | 0 |
| Investments | – | 1 | 1 | 0 | 1 |
| Receivables | – | 22 | 13 | 22 | 21 |
| Inventory | – | 68 | 72 | 69 | 72 |
| Payables | – | 62 | 50 | 31 | 37 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 2 | 9 | -3 | -9 | 8 |
| Cash from investing | 18 | -1 | 0 | -27 | -7 |
| Cash from financing | -21 | -8 | 4 | 40 | 11 |
| Capex | 0 | 1 | 0 | 6 | 0 |
| Free cash flow | 2 | 9 | -3 | -15 | 8 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 5.7% | -0.9% | 1.1% | 3.3% |
| ROCE % | – | 5.6% | -0.4% | 1.4% | 3.4% |
| Debtor days | – | 57 | 52 | 78 | 66 |
| Inventory days | – | 389 | 834 | 648 | 579 |
| Payable days | – | 360 | 586 | 292 | 301 |
| Cash conversion cycle (days) | – | 86 | 300 | 434 | 344 |
| Working capital days | – | 251 | 403 | 501 | 479 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 29.11% |
| FIIs | 1.81% |
| Public (non-institutions) | 69.08% |
| Quarter | Mar 2025 | Jun 2025 | Sep 2025 | Oct 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 30.15% | 29.83% | 29.83% | 28.64% | 30.13% | 29.05% | 29.05% | 29.11% |
| Promoter group | % |
|---|---|
| Jerry Varghese | 13.24% |
| Tarmat Holdings PVT. Ltd. | 5.43% |
| Dilip Varghese | 5.26% |
| Late Saramma Jerry Varghese | 4.19% |
| Sneha Varghese | 0.70% |
| Neha Dilip Varghese | 0.28% |
| Tarmat Construction PVT. Ltd. | 0.00% |
| Public holders above 1% | % |
|---|---|
| Yash Jayesh Mehta | 7.71% |
| Ferstar Trade Private Limited | 4.99% |
| Faithful Vanijya Private Limited | 4.99% |
| Kingston Vincom Private Limited | 4.15% |
| Amit Atmaram Shah HUF | 3.99% |
| Somani Estates PVT Ltd | 3.93% |
| YMS Finance Private Limited | 3.93% |
| Amit Atmaram Shah | 2.55% |
| Ambika Vincom Private Limited | 2.39% |
| Gajmurti Agency Private Limited | 1.72% |
| Pine Tree Capital Market PVT.LTD. | 1.51% |
| Minerva Ventures Fund | 1.00% |
| Tuhina Agrawal | 1.00% |
13,283 shareholders. Pledged: 0.00% of promoter shares.
Peers in Civil Construction
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| LT | ₹5,06,276 cr | 30.5x | 4.6x | 16.7% | 12.8% | 9.4% | +22.2% | 0.92% |
| RVNL | ₹38,083 cr | 42.4x | 3.9x | 9.3% | 10.5% | 4.3% | +0.2% | 1.51% |
| KPIL | ₹22,134 cr | 19.5x | 2.8x | 15.9% | 17.7% | 8.4% | +18.4% | 0.69% |
| IRB | ₹19,639 cr | 20.6x | 0.9x | 4.7% | 7.6% | 53.9% | +6.1% | 0.65% |
| CEMPRO | ₹19,444 cr | 32.3x | 8.1x | 28.4% | 32.3% | 10.4% | +25.5% | 0.18% |
| NBCC | ₹18,536 cr | 25.1x | 6.1x | 27.0% | 33.9% | 5.8% | +13.8% | 1.08% |
| ENGINERSIN | ₹13,725 cr | 17.5x | 4.4x | 27.0% | 28.8% | 19.4% | +5.7% | 1.84% |
| TECHNOE | ₹9,612 cr | 22.3x | 2.3x | 10.9% | 13.7% | 14.0% | +57.7% | 1.09% |
| IRCON | ₹9,177 cr | 17.5x | 1.4x | 8.1% | 8.2% | 8.3% | -4.4% | 2.25% |
| TARMAT | ₹132 cr | 18.3x | 0.7x | 3.9% | 4.1% | 6.4% | -6.5% | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2024-09-20 | Other | Annual General Meeting |
| 2023-09-22 | Other | Annual General Meeting |
| 2022-09-22 | Other | Annual General Meeting |
| 2021-09-20 | Other | Annual General Meeting |
| 2020-09-22 | Other | Annual General Meeting |
| 2019-09-20 | Other | Annual General Meeting |
| 2018-09-19 | Other | Annual General Meeting |
| 2017-09-21 | Other | Annual General Meeting |
| 2016-09-21 | Other | Annual General Meeting |
| 2015-09-10 | Other | Annual General Meeting |
| 2014-09-23 | Other | Annual General Meeting |
| 2013-09-23 | Other | Annual General Meeting |
| 2012-09-18 | Other | Annual General Meeting (Bc End Date Revised) |
| 2011-09-21 | Other | Annual General Meeting |
| 2010-09-20 | Dividend | Annual General Meeting And Dividend Re.1/- Per Share |
| 2009-09-15 | Other | Agm/Div-Re.1/- Per Share |
| 2008-09-01 | Dividend | Agm/Dividend - 10% |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Industrials |
| Industry | Civil Construction |
| Sub-industry | Civil Construction |
| Symbol | TARMAT |
| BSE code | 532869 |
| ISIN | INE924H01018 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.