BSE: 544561
Chiraharit Limited
Supplies and installs piped water and pneumatic systems — primarily HDPE pipes, fittings, pumps and module cleaning systems — for solar, wind, irrigation and drinking water projects in India and overseas. Order activity in the year centres on solar module cleaning systems (MCS) and pipe-and-fitting supply for renewable energy developers including Tata Power Renewable, Sterling and Wilson, Amara Raja Infra, Greenko, Mahindra Susten, SAEL, Zetwerk, VSL Green Power, Solarworld and TP Vardhaman Surya (Tata Group). It also delivers balance-of-plant equipment such as SVG units and filters for wind projects, electromechanical works for potable water systems for clients such as Newzone India (Torrent Group), and an international order for a center-pivot irrigation system in Tanzania from Eagle Agrotech. Through its 72%-owned subsidiary Malaxmi Polymers, it manufactures HDPE and PVC pipes, which recorded a turnover of Rs 7.36 crore in FY25-26. Materials — chiefly HDPE — are the dominant cost at 83.1% of revenue, with employee cost at 11.6%; the company reported that HDPE raw material prices rose over 60% in FY26 and it could not pass this on under short-term contracts, which compressed profitability. The company raised Rs 3,107.16 lakh through an IPO on 8 October 2025 and is listed on the BSE SME platform. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar energy infrastructure (MCS, pipes, fittings, pumps, installation), Wind power balance-of-plant (SVG, filters, services), Water systems and irrigation (electromechanical works, borewell, center-pivot), Pipe manufacturing (subsidiary Malaxmi Polymers). Small-cap, order-driven EPC and supply-and-install services for renewable energy and water infrastructure, with HDPE-sensitive input costs.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 55 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 0.00 |
| ROE % · ROCE % | — · 3.4 |
| Debt / equity (x) | — |
| Cash from operations | 2 |
| Capex | (1) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 20 | 35 |
| Profit before tax | (1) | 1 |
| Net profit | — | — |
| EPS (₹) | 0.33 | 0.25 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 4,98,723 | 30.1 | 3.88 | 18.2 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 39,032 | 43.4 | 3.98 | 28.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 23,895 | 21.0 | 3.09 | 10.8 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 21,100 | 16.2 | 1.01 | 9.8 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,980 | 27.0 | 6.21 | 16.4 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 19,499 | 32.4 | 8.13 | 16.6 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,254 | 20.7 | 5.17 | 18.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 10,966 | 25.4 | 2.64 | 18.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.8 | 14.6 | 58 of 101 | 43% |
| ROCE | 0.9 | 10.0 | 91 of 107 | 15% |
| Market cap | 56 | 468 | 85 of 107 | 21% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Non-applicability of Reg 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for half-yearly results | compliance | minimal | — | — |
| 25 Sept 2026 · Chiraharit 20th AGM: All 3 resolutions passed with 100 percent approval | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Chiraharit gets Rs 77.17 lakh order from L&T for solar supplies | business updates | high | — | — |
| 19 Sept 2026 · Chiraharit gets Rs 59.6 lakh govt order for irrigation systems | business updates | high | — | — |
| 12 Sept 2026 · Malaxmi Climate acquires 52.56 percent in Chiraharit from promoter | ownership changes | high | — | — |
| 12 Sept 2026 · Chiraharit: Promoter Group Entity Acquires 52.56% Stake from Existing Promoter | ownership changes | high | — | — |
| 12 Sept 2026 · Promoter transfers 52.56% stake to promoter group entity via inter-se transfer | ownership changes | high | — | — |
| 11 Sept 2026 · Inter-se transfer: Promoter Tejaswini sells 52.56 percent stake to promoter group entity | ownership changes | medium | — | — |
| 2 Sept 2026 · Chiraharit publishes 20th AGM notice with e-voting details in newspapers | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.