NIRAJ CEMENT STRUC LTD

Engages in civil construction and infrastructure development contracts. FY26 standalone revenue from operations was Rs 540.44 crore, up 6.7% from Rs 506.72 crore in FY25, with consolidated net profit of Rs 21.14 crore, up 41.9% YoY. Materials are the dominant cost at 93.5% of revenue, and employee costs are a minimal 0.4%, consistent with a contracting model that passes through construction inputs. EBITDA margin expanded from 4.4% in FY25 to 6.27% in FY26. Operations extend through subsidiary Niraj Build India Limited, which recorded losses of Rs 107.32 lakh in FY26. The auditors flagged an ongoing DGGI GST matter from a January 2021 search and Rs 2,769.36 lakh in ECL provisions against disputed contract receivables, while short-term borrowings surged from Rs 58 lakh to Rs 6,804 lakh.