NIRAJ
Niraj Cement Structurals Limited
Civil construction and infrastructure development company
Industrials›Construction›Construction›Civil Construction
niraj.co.in(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
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What you need to know
Niraj Cement Structurals is a Mumbai-based civil construction company that builds roads, bypasses, bridges and flyovers in India on contract, with orders from highway, railway, metro and municipal projects.
Company snapshot
71stBy market cap
Ranked among 90 companies in Civil Construction.
What we see
- ✓Debt-to-equity of 0.29x — the company is largely funded by its own money, not borrowed funds.
- ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 111 Cr | 127 Cr | 134 Cr | 83 Cr | 138 Cr | 120 Cr | 167 Cr | 95 Cr | 172 Cr | 140 Cr | 136 Cr | 105 Cr |
| Operating expenses (approx.) | 109 Cr | 123 Cr | 126 Cr | 82 Cr | 133 Cr | 117 Cr | 159 Cr | 96 Cr | 162 Cr | 134 Cr | 131 Cr | 103 Cr |
| EBITDA | 2 Cr | 4 Cr | 8 Cr | 0.32 Cr | 5 Cr | 2 Cr | 8 Cr | -0.98 Cr | 10 Cr | 6 Cr | 4 Cr | 1 Cr |
| OPM % | 1.8% | 3.0% | 6.0% | 0.4% | 3.8% | 2.0% | 4.9% | -1.0% | 5.6% | 4.5% | 3.2% | 1.1% |
| Other income | 2 Cr | 2 Cr | 2 Cr | 2 Cr | 0.99 Cr | 1 Cr | 2 Cr | 3 Cr | 2 Cr | 3 Cr | 6 Cr | 7 Cr |
| Interest | 0.03 Cr | 0.02 Cr | 0.02 Cr | 0.02 Cr | 0.02 Cr | 0.02 Cr | 0.02 Cr | 0.04 Cr | 0.06 Cr | 0.91 Cr | 2 Cr | 3 Cr |
| Depreciation | 0.63 Cr | 0.43 Cr | 0.25 Cr | 0.51 Cr | 0.56 Cr | 0.53 Cr | 0.61 Cr | 0.57 Cr | 0.63 Cr | 0.58 Cr | 0.67 Cr | 0.55 Cr |
| Profit before tax | 1 Cr | 2 Cr | 10 Cr | 1 Cr | 5 Cr | 3 Cr | 11 Cr | 1 Cr | 11 Cr | 8 Cr | 8 Cr | 5 Cr |
| Tax % | 27.8% | 20.9% | 24.1% | 23.1% | 24.0% | 25.7% | 21.4% | 23.1% | 21.5% | 28.4% | 30.2% | 28.2% |
| Net profit | 0.80 Cr | 1 Cr | 7 Cr | 0.83 Cr | 4 Cr | 2 Cr | 8 Cr | 1.00 Cr | 9 Cr | 6 Cr | 6 Cr | 4 Cr |
| EPS (₹) | ₹0.20 | ₹0.33 | ₹1.81 | ₹0.21 | ₹0.98 | ₹0.50 | ₹1.35 | ₹0.17 | ₹1.48 | ₹0.95 | ₹0.95 | ₹0.60 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| Sales | 356 Cr | 606 Cr | 471 Cr | 507 Cr | 542 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 351 Cr | 597 Cr | 455 Cr | 491 Cr | 523 Cr | Sign in free for the trailing twelve months |
| EBITDA | 5 Cr | 9 Cr | 16 Cr | 16 Cr | 19 Cr | Sign in free for the trailing twelve months |
| OPM % | 1.4% | 1.5% | 3.4% | 3.2% | 3.6% | Sign in free for the trailing twelve months |
| Other income | 4 Cr | 4 Cr | 8 Cr | 6 Cr | 15 Cr | Sign in free for the trailing twelve months |
| Interest | 0.14 Cr | 0.48 Cr | 0.27 Cr | 0.08 Cr | 3 Cr | Sign in free for the trailing twelve months |
| Depreciation | 1 Cr | 1 Cr | 2 Cr | 2 Cr | 2 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 3 Cr | 7 Cr | 13 Cr | 20 Cr | 29 Cr | Sign in free for the trailing twelve months |
| Tax % | 24.1% | 36.6% | 25.4% | 24.9% | 25.9% | Sign in free for the trailing twelve months |
| Net profit | 2 Cr | 4 Cr | 10 Cr | 15 Cr | 21 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹0.62 | ₹1.08 | ₹2.57 | ₹2.99 | ₹3.54 | Sign in free for the trailing twelve months |
| Dividend payout % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | Sign in free for the trailing twelve months |
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity capital | 43 Cr | 43 Cr | 43 Cr | 60 Cr | 60 Cr |
| Reserves | 136 Cr | 133 Cr | 109 Cr | 182 Cr | 206 Cr |
| Borrowings | 13 Cr | 26 Cr | 0.72 Cr | 2 Cr | 76 Cr |
| Other liabilities | 120 Cr | 113 Cr | 72 Cr | 140 Cr | 125 Cr |
| Total liabilities | 313 Cr | 315 Cr | 225 Cr | 384 Cr | 467 Cr |
| Fixed assets (net) | 8 Cr | 7 Cr | 9 Cr | 12 Cr | 14 Cr |
| CWIP | — | 0 Cr | 0 Cr | 0 Cr | — |
| Investments | 14 Cr | 14 Cr | 15 Cr | 23 Cr | 15 Cr |
| Loans & advances | 140 Cr | 135 Cr | 80 Cr | 160 Cr | 277 Cr |
| Inventories | 6 Cr | 3 Cr | 6 Cr | 7 Cr | 6 Cr |
| Trade receivables | 70 Cr | 102 Cr | 57 Cr | 69 Cr | 73 Cr |
| Cash & bank | 37 Cr | 23 Cr | 23 Cr | 41 Cr | 32 Cr |
| Other assets | 38 Cr | 31 Cr | 34 Cr | 72 Cr | 51 Cr |
| Total assets | 313 Cr | 315 Cr | 225 Cr | 384 Cr | 467 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash from operating activity | 37 Cr | -30 Cr | 27 Cr | -78 Cr | -98 Cr |
| Cash from investing | -14 Cr | 14 Cr | -5 Cr | 4 Cr | 17 Cr |
| Cash from financing | -13 Cr | 5 Cr | -26 Cr | 75 Cr | 71 Cr |
| Net cash flow | 10 Cr | -10 Cr | -4 Cr | 2 Cr | -10 Cr |
| Free cash flow (OCF − Capex) | 37 Cr | -30 Cr | 23 Cr | -78 Cr | -103 Cr |
Ratios
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| ROCE % | 1.7% | 3.6% | 8.7% | 8.3% | 9.2% |
| ROE % | 1.4% | 2.5% | 6.4% | 6.2% | 8.0% |
| Debtor days | 72 | 61 | 44 | 50 | 49 |
| Inventory days | 6 | 2 | 5 | 5 | 4 |
| Days payable | 32 | 24 | 16 | 27 | 17 |
| Cash conversion cycle | 45 | 39 | 34 | 28 | 36 |
| OCF / EBITDA % | n.m. | n.m. | 169.9% | -477.7% | -505.6% |
| OCF / EBITDA % (3 years) | — | — | n.m. | n.m. | -289.2% |
| Debt / equity | 0.08 | 0.15 | 0.0047 | 0.0092 | 0.29 |
| Current ratio | 1.98 | 1.90 | 2.38 | 2.22 | 2.02 |
| Net debt / EBITDA | -4.70 | 0.36 | -1.40 | -2.40 | 2.28 |