BSE: 531540
MARUTI INFRASTRUCTURE LTD.
Executes infrastructure and civil construction projects under a single business segment, registered in Gujarat and listed only on BSE. In FY26, revenue from operations stood at Rs 56.4856 crore, up 11.3% year-on-year, while net profit fell about 38% to Rs 1.1936 crore as material costs rose. Raw materials account for the bulk of operating costs at 84.2% of revenue (Rs 47.5505 crore in FY26), with employee costs at 1.1% and other operating expenses at 1.5% of revenue. Capital expenditure was negligible at Rs 0.0071 crore in FY26, indicating an asset-light model where work is likely executed through contracting rather than owned equipment. Debt-to-equity stood at 0.6756 with outstanding borrowings of Rs 2.08 crore as of March 2026, well below SEBI's Large Corporate threshold. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Infrastructure Projects. Single-segment, asset-light civil construction contractor
Exhibit 1: Financial summary, FY23–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 |
|---|---|---|
| Revenue | 35 | 38 |
| EBITDA (ex other income) | 2 | 3 |
| margin % | 7.0 | 8.1 |
| Owners' profit | 1 | 1 |
| EPS, as reported (₹) | 0.81 | 1.16 |
| ROE % · ROCE % | 4.3 · 8.7 | 4.9 · 5.8 |
| Debt / equity (x) | 0.79 | 1.68 |
| Cash from operations | (1) | (25) |
| Capex | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10 | 13 | 7 | 9 | 11 | 12 | 5 | 9 |
| Profit before tax | 0 | 1 | 1 | 1 | 1 | (1) | 1 | (1) |
| Net profit | 0 | 1 | 1 | 1 | 1 | (1) | 0 | (1) |
| EPS (₹) | 0.11 | 0.56 | 0.71 | 0.48 | 0.63 | (0.73) | 0.40 | (0.11) |
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. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 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) | 50.0 | 13.5 | 88 of 101 | 13% |
| P/B | 3.6 | 1.3 | 74 of 85 | 13% |
| ROCE | (0.8) | 10.0 | 102 of 107 | 5% |
| ROE | (2.6) | 9.1 | 82 of 87 | 6% |
| Debt / Equity | 2.1 | 0.4 | 86 of 87 | 1% |
| EBITDA margin | (9.2) | 12.4 | 83 of 88 | 6% |
| Revenue growth | 2.7 | 6.2 | 48 of 86 | 45% |
| Profit growth | (278.2) | 2.7 | 81 of 84 | 4% |
| Market cap | 89 | 456 | 78 of 107 | 27% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Quarterly compliance certificate from registrar filed with BSE | compliance | minimal | — | — |
| 23 Sept 2026 · Trading window closed from October 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 29 Aug 2026 · Maruti Infra: Director redesignated, new Independent Director appointed at AGM | management changes | medium | — | — |
| 29 Aug 2026 · All 4 resolutions passed at 32nd AGM with 100% votes in favor | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Maruti Infrastructure 32nd AGM proceedings filed, key resolutions noted | board shareholder meetings | medium | — | — |
| 7 Aug 2026 · Maruti Infrastructure files newspaper notice for 32nd AGM | compliance | minimal | — | — |
| 5 Aug 2026 · Maruti Infrastructure 32nd AGM Notice - 29 Aug 2026 | board shareholder meetings | low | — | — |
| 5 Aug 2026 · Maruti Infra files 32nd Annual Report for FY2025-26; PAT declines to Rs 119.35 lakh | results | high | — | — |
| 5 Aug 2026 · Maruti Infrastructure files 32nd AGM notice and FY26 annual report | board shareholder meetings | low | — | — |
| 3 Aug 2026 · Newspaper ad for 32nd AGM on 29 Aug 2026 via video conferencing | 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.