TARMAT
Tarmat Limited
Infrastructure and construction contractor for airports, highways, railways and real estate
Industrials›Construction›Construction›Civil Construction
tarmatlimited.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹54.61
Market cap
137 Cr
Stock P/E
19.3
P/B
0.73
ROE (FY26)
3.3%
ROCE (FY26)
3.4%
Operating margin (FY26)
4.8%
Debt / equity (FY26)
0.08
OCF / EBITDA (FY26)
109.3%
OCF / EBITDA (3Y)
-40.1%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Tarmat is a Mumbai-based construction company, and its filing letterheads list airports, highways, infrastructure and real estate as its areas of work.
Company snapshot
72ndBy market cap
Ranked among 90 companies in Civil Construction.
What we see
Positives
- ✓Debt-to-equity of 0.08x — the company is largely funded by its own money, not borrowed funds.
Concerns
- ✗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 | 25 Cr | 23 Cr | 21 Cr | 22 Cr | 16 Cr | 26 Cr | 38 Cr | 25 Cr | 23 Cr | 27 Cr | 42 Cr | 36 Cr |
| Operating expenses (approx.) | 24 Cr | 22 Cr | 20 Cr | 21 Cr | 15 Cr | 26 Cr | 37 Cr | 24 Cr | 22 Cr | 26 Cr | 40 Cr | 33 Cr |
| EBITDA | 0.67 Cr | 0.38 Cr | 0.21 Cr | 0.93 Cr | 0.56 Cr | 0.57 Cr | 0.73 Cr | 1 Cr | 1 Cr | 2 Cr | 3 Cr | 2 Cr |
| OPM % | 2.7% | 1.7% | 1.0% | 4.3% | 3.6% | 2.2% | 1.9% | 4.5% | 5.0% | 6.4% | 6.8% | 6.9% |
| Other income | 0.02 Cr | 0.0036 Cr | 0.41 Cr | 0.0048 Cr | 0.04 Cr | 0.23 Cr | 0.78 Cr | 0.06 Cr | 0.75 Cr | 0.04 Cr | 0.39 Cr | 0.06 Cr |
| Interest | 0.22 Cr | 0.08 Cr | 0.16 Cr | 0.23 Cr | 0.04 Cr | 0.11 Cr | 0.32 Cr | 0.25 Cr | 0.21 Cr | 0.41 Cr | 0.26 Cr | 0.31 Cr |
| Depreciation | 0.21 Cr | 0.21 Cr | 0.21 Cr | 0.18 Cr | 0.18 Cr | 0.40 Cr | 0.57 Cr | 0.29 Cr | 0.29 Cr | 0.32 Cr | 0.37 Cr | 0.31 Cr |
| Profit before tax | 0.25 Cr | 0.09 Cr | -2 Cr | 0.52 Cr | 0.38 Cr | 0.29 Cr | 0.62 Cr | 0.64 Cr | 1 Cr | 1 Cr | 3 Cr | 2 Cr |
| Tax % | -12.9% | -35.5% | 1.4% | -5.3% | -7.4% | -18.1% | 7.4% | -8.7% | -5.8% | -6.4% | -11.2% | 19.3% |
| Net profit | 0.28 Cr | 0.12 Cr | -2 Cr | 0.55 Cr | 0.41 Cr | 0.34 Cr | 0.57 Cr | 0.69 Cr | 1 Cr | 1 Cr | 3 Cr | 2 Cr |
| EPS (₹) | ₹0.13 | ₹0.05 | ₹-1.06 | ₹0.27 | ₹0.19 | ₹0.16 | ₹0.19 | ₹0.30 | ₹0.61 | ₹0.46 | ₹1.18 | ₹0.62 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 79 Cr | 205 Cr | 132 Cr | 276 Cr | 196 Cr | 181 Cr | 144 Cr | 89 Cr | 101 Cr | 117 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 78 Cr | 214 Cr | 150 Cr | 265 Cr | 189 Cr | 174 Cr | 142 Cr | 87 Cr | 98 Cr | 110 Cr | Sign in free for the trailing twelve months |
| EBITDA | 1 Cr | -9 Cr | -19 Cr | 11 Cr | 7 Cr | 7 Cr | 2 Cr | 2 Cr | 3 Cr | 7 Cr | Sign in free for the trailing twelve months |
| OPM % | 1.3% | -4.3% | -14.3% | 4.0% | 3.6% | 3.7% | 1.4% | 2.7% | 2.7% | 5.9% | Sign in free for the trailing twelve months |
| Other income | 0.76 Cr | 12 Cr | 22 Cr | 0.88 Cr | 1 Cr | 1 Cr | 4 Cr | 0.44 Cr | 1 Cr | 1 Cr | Sign in free for the trailing twelve months |
| Interest | 0.01 Cr | 2 Cr | 1 Cr | 2 Cr | 3 Cr | 2 Cr | 0.38 Cr | 0.66 Cr | 0.70 Cr | 1 Cr | Sign in free for the trailing twelve months |
| Depreciation | 2 Cr | 1 Cr | 0.90 Cr | 0.81 Cr | 1 Cr | 1 Cr | 1 Cr | 0.84 Cr | 1 Cr | 1 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 0.21 Cr | 0.10 Cr | 0.71 Cr | 9 Cr | 4 Cr | 5 Cr | 7 Cr | -1 Cr | 2 Cr | 6 Cr | Sign in free for the trailing twelve months |
| Tax % | 83.8% | -1116.5% | 18.5% | 22.2% | 51.9% | 1.8% | -1.7% | 10.3% | -3.4% | -8.7% | Sign in free for the trailing twelve months |
| Net profit | 0.03 Cr | 1 Cr | 0.58 Cr | 7 Cr | 2 Cr | 5 Cr | 7 Cr | -1 Cr | 2 Cr | 6 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹0.03 | ₹1.13 | ₹0.53 | ₹5.15 | ₹3.86 | ₹2.90 | ₹3.57 | ₹-0.51 | ₹0.63 | ₹2.51 | 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 |
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 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 11 Cr | 11 Cr | 11 Cr | 13 Cr | 13 Cr | 13 Cr | 21 Cr | 21 Cr | 24 Cr | 25 Cr |
| Reserves | 27 Cr | 28 Cr | 29 Cr | 43 Cr | 48 Cr | 48 Cr | 109 Cr | 108 Cr | 149 Cr | 162 Cr |
| Borrowings | 118 Cr | 145 Cr | 97 Cr | 110 Cr | 89 Cr | 89 Cr | 6 Cr | 10 Cr | 10 Cr | 15 Cr |
| Other liabilities | 36 Cr | 76 Cr | 57 Cr | 103 Cr | 82 Cr | 82 Cr | 76 Cr | 58 Cr | 53 Cr | 59 Cr |
| Total liabilities | 192 Cr | 260 Cr | 194 Cr | 270 Cr | 233 Cr | 233 Cr | 213 Cr | 198 Cr | 236 Cr | 261 Cr |
| Fixed assets (net) | 14 Cr | 13 Cr | 11 Cr | 17 Cr | 18 Cr | 18 Cr | 17 Cr | 16 Cr | 21 Cr | 27 Cr |
| CWIP | — | — | — | — | — | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0.02 Cr |
| Investments | 19 Cr | 22 Cr | 19 Cr | 19 Cr | 19 Cr | 0 Cr | 1 Cr | 1 Cr | 0 Cr | 1 Cr |
| Loans & advances | — | — | — | — | 78 Cr | 78 Cr | 84 Cr | 0 Cr | 98 Cr | 102 Cr |
| Inventories | 26 Cr | 54 Cr | 57 Cr | 76 Cr | 69 Cr | 69 Cr | 68 Cr | 72 Cr | 69 Cr | 72 Cr |
| Trade receivables | 23 Cr | 35 Cr | 19 Cr | 23 Cr | 13 Cr | 13 Cr | 22 Cr | 13 Cr | 22 Cr | 21 Cr |
| Cash & bank | 5 Cr | 8 Cr | 9 Cr | 28 Cr | 15 Cr | 15 Cr | 5 Cr | 6 Cr | 10 Cr | 21 Cr |
| Other assets | 105 Cr | 129 Cr | 77 Cr | 107 Cr | 21 Cr | 40 Cr | 16 Cr | 91 Cr | 16 Cr | 16 Cr |
| Total assets | 192 Cr | 260 Cr | 194 Cr | 270 Cr | 233 Cr | 233 Cr | 213 Cr | 198 Cr | 236 Cr | 261 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | -0.95 Cr | -21 Cr | 45 Cr | -13 Cr | 26 Cr | 2 Cr | 9 Cr | -3 Cr | -9 Cr | 8 Cr |
| Cash from investing | 0.42 Cr | -2 Cr | 3 Cr | -5 Cr | -2 Cr | 18 Cr | -0.85 Cr | 0.01 Cr | -27 Cr | -7 Cr |
| Cash from financing | -0.01 Cr | 26 Cr | -49 Cr | 20 Cr | -24 Cr | -21 Cr | -8 Cr | 4 Cr | 40 Cr | 11 Cr |
| Net cash flow | -0.54 Cr | 3 Cr | -1 Cr | 2 Cr | 0.61 Cr | -0.79 Cr | 0.60 Cr | 0.67 Cr | 4 Cr | 12 Cr |
| Free cash flow (OCF − Capex) | -0.95 Cr | -21 Cr | 45 Cr | -19 Cr | 24 Cr | 2 Cr | 9 Cr | -3 Cr | -15 Cr | 8 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 0.1% | 0.9% | 1.6% | 6.7% | 4.7% | 4.4% | 5.6% | -0.4% | 1.4% | 3.4% |
| ROE % | 0.1% | 3.2% | 1.5% | 12.2% | 3.2% | 7.5% | 5.7% | -0.9% | 1.1% | 3.3% |
| Debtor days | 104 | 61 | 54 | 31 | 24 | 26 | 57 | 52 | 78 | 66 |
| Inventory days | 451 | 283 | 456 | 417 | 681 | 441 | 388 | 834 | 646 | 578 |
| Days payable | 478 | 352 | 346 | 412 | 590 | 382 | 359 | 586 | 291 | 300 |
| Cash conversion cycle | 76 | -8 | 163 | 36 | 115 | 85 | 86 | 300 | 433 | 343 |
| OCF / EBITDA % | n.m. | — | — | -117.1% | 370.4% | 31.1% | n.m. | n.m. | n.m. | 109.3% |
| OCF / EBITDA % (3 years) | — | — | — | — | — | 62.0% | 240.0% | n.m. | n.m. | -40.1% |
| Debt / equity | 3.10 | 3.70 | 2.45 | 1.96 | 1.46 | 1.46 | 0.05 | 0.08 | 0.06 | 0.08 |
| Current ratio | 1.09 | 1.27 | 2.38 | 1.97 | 2.17 | 2.43 | 2.23 | 2.46 | 3.30 | 3.44 |
| Net debt / EBITDA | 109.98 | — | — | 7.40 | 10.48 | 11.23 | 0.45 | 1.90 | -0.10 | -0.93 |