As of 6 Nov 2026, Tarmat trades at 19.8× trailing earnings, above the industry P/E of 16.4×, and the shares are 23% below their 52-week high. Sales and net profit fell 6.5% and 5.6% a year over 3 years, with ROCE of 3.7% and ROE of 3.5%. It carries very little debt. It is a small-cap company with a market cap of ₹143 Cr, ranked 107th of 156 Engineering & Construction companies by market cap; the shares rose 7.9% over the past year.
- ₹57.99
- ₹57.99
- ₹56.00
- ₹56.37
- 11.9K
Health check
- ReturnsIn line
+7.9% over a year, better than 4 of 7 peers.
- Price tagPricier
P/E 19.8 vs industry 16.4.
- GrowthShrinking
Sales −6.5%, profit −5.6% a year over 3 years.
- ProfitabilityWeak
ROCE 3.7% vs peer median 19.9%.
- Balance sheetFair
Debt 0.08× equity, interest covered 4.8×.
- Red flags1 to check
Return on equity is low at 3.5%.
Small cap
Defensive
Key metrics
- Market cap
- ₹143 Cr
- Small cap
- P/E
- 19.8
- Industry 16.4
- Price to book
- 0.76
- Peers 4.92
- Dividend yield
- 0.00%
- ROE
- 3.5%
- Peers 17.9%
- ROCE
- 3.7%
- Peers 19.9%
- Debt to equity
- 0.08
- Debt ₹15 Cr
- EPS (TTM)
- ₹2.87
- Face value ₹10
- OPM (TTM)
- 6.4%
- Net margin 5.5%
- Sales growth
- +43.6%
- Latest quarter vs a year ago
- Profit growth
- +121.0%
- Latest quarter vs a year ago
- Price to sales
- 1.11
- EV/EBITDA 16.4
Strengths and risks
Strengths
- Practically debt-free.
- Quarterly profit up 121.0% on a year ago.
- Quarterly sales up 43.6% on a year ago.
Risks to check
- Return on equity is low at 3.5%.
About Tarmat
Tarmat Limited engages in the construction of airfield, and national and state highways in India. The company undertakes various construction works, including airport runways, highways, and railways; and develops infrastructure projects, such as ports, industrial area developments, refineries, etc., as well as parking bays and taxi track related work. It also develops real estate properties; and provides engineering, procurement, and construction services…
- Headquarters
- Mumbai
- Employees
- 112
- Sector
- Industrials
- ISIN
- INE924H01018
- Website
- tarmat.in
Price range
- Avg volume (3M)
- 57.3K
- 1-year return
- plus 7.9%
- From 52-week high
- minus 23.0%
Peers · Engineering & Construction
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LTLarsen & Toubro | 4,117.70 | plus 1.67% | 5,66,549 | 31.7 | 19.6 | 14.6% | 9.6% | 1.05 | 16.1% | plus 3.2% |
| RVNLRail Vikas Nigam | 193.34 | minus 0.18% | 40,312 | 44.9 | 56.9 | 11.0% | 4.3% | 0.49 | 0.2% | minus 40.5% |
| CEMPROCemindia Projects | 1,323.30 | plus 2.79% | 24,405 | 36.4 | 24.2 | 37.1% | 10.4% | 0.35 | 25.5% | plus 49.2% |
| KPILKalpataru Projects International | 1,370.80 | minus 0.04% | 23,410 | 19.7 | 10.1 | 19.9% | 8.3% | 0.46 | 18.4% | plus 4.3% |
| NBCCNBCC (India) | 78.00 | minus 2.90% | 21,060 | 26.5 | 19.8 | 34.3% | 6.1% | 0.00 | 12.9% | minus 29.5% |
| ENGINERSINEngineers India | 292.70 | minus 1.94% | 16,451 | 18.3 | 21.5 | 28.1% | 21.2% | 0.00 | 5.7% | plus 51.1% |
| WABAGVA Tech Wabag | 1,988.20 | plus 6.57% | 12,434 | 29.4 | 20.8 | 16.3% | 10.9% | 0.09 | 9.9% | plus 33.2% |
| TARMATTarmat | 56.93 | plus 0.99% | 143 | 19.8 | – | – | 6.4% | 0.08 | – | plus 7.9% |
| Median of 7 peers | – | −0.04% | 23,410 | 29.4 | 20.8 | 19.9% | 9.6% | 0.35 | 12.9% | 4.3% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 24.9 | 22.7 | 27.3 | 42.5 | 35.8 | |
| 23.8 | 21.5 | 25.6 | 39.6 | 33.3 | |
| 1.1 | 1.1 | 1.7 | 2.9 | 2.5 | |
| 4.5% | 5.0% | 6.4% | 6.8% | 6.9% | |
| 0.1 | 0.8 | 0 | 0.4 | 0.1 | |
| 0.2 | 0.2 | 0.4 | 0.3 | 0.3 | |
| 0.3 | 0.3 | 0.3 | 0.4 | 0.3 | |
| 0.6 | 1.4 | 1.1 | 2.7 | 1.9 | |
| −8.7% | −5.8% | −6.4% | −11.2% | 19.3% | |
| 0.7 | 1.5 | 1.1 | 3 | 1.5 | |
| 0.30 | 0.61 | 0.46 | 1.18 | 0.62 |
Profit & loss
- Sales CAGR 3Y
- −6.5%
- Profit CAGR 3Y
- −5.6%
- EPS CAGR 3Y
- +1.9%
- ROE
- 3.5%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 144 | 89.4 | 101 | 117 | |
| – | minus 37.8% | +13.4% | +15.9% | |
| 141 | 89 | 97.8 | 110 | |
| 2.4 | 0.3 | 3.4 | 7.3 | |
| 1.7% | 0.3% | 3.4% | 6.2% | |
| 4 | 2.6 | 0.7 | 1.2 | |
| 0.5 | 0.7 | 1.2 | 1.5 | |
| 1 | 0.8 | 1.3 | 1.3 | |
| 2.5 | −2.6 | 0.2 | – | |
| 7.3 | −1.3 | 1.8 | 5.7 | |
| −1.7% | 10.3% | −3.4% | −8.7% | |
| 7.4 | −1.1 | 1.9 | 6.2 | |
| – | minus 115.3% | – | +234.0% | |
| 2.37 | -0.51 | 0.63 | 2.51 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 21.3 | 21.3 | 24.1 | 25.1 | |
| 109 | 108 | 149 | 162 | |
| 6 | 10.5 | 9.5 | 15 | |
| 76.4 | 57.9 | 53.1 | 59.2 | |
| 213 | 198 | 236 | 261 | |
| 17 | 16.2 | 20.7 | 27.2 | |
| – | – | – | 0 | |
| 1 | 1 | 1 | 1.9 | |
| 5 | 3.6 | 5.4 | 15.2 | |
| 190 | 177 | 209 | 217 | |
| 213 | 198 | 236 | 261 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 9.5 | −3.2 | −9.2 | 7.5 | |
| −0.8 | 0 | −26.9 | −7.4 | |
| −8 | 3.9 | 40.2 | 11.5 | |
| 0.6 | 0.7 | 4.1 | 11.6 | |
| −0.8 | −0 | −5.9 | −7.8 | |
| 8.7 | −3.2 | −15.1 | −0.3 |
Shareholding pattern
- Promoters29.11%
- Public70.89%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 29.11% | 70.89% | plus 0.06 | |
| 30 Jun 2026 | 29.05% | 70.95% | 0.00 | |
| 31 Mar 2026 | 29.05% | 70.95% | minus 1.08 | |
| 31 Dec 2025 | 30.13% | 69.87% | plus 1.49 | |
| 23 Oct 2025 | 28.64% | 71.36% | – |
Major shareholders
Filings & events
News
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