NSE: NIRAJ · BSE: 532986
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Civil construction and infrastructure development. Asset-light civil construction contracting with thin margins and high working capital intensity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 356 | 606 | 471 | 507 | 542 |
| EBITDA (ex other income) | 1 | 5 | 7 | 16 | 19 |
| margin % | 0.2 | 0.8 | 1.5 | 3.2 | 3.6 |
| Owners' profit | 0 | 0 | 0 | 0 | 21 |
| EPS, as reported (₹) | 0.62 | 1.08 | 2.57 | 2.99 | 3.54 |
| ROE % · ROCE % | 1.4 · 1.8 | 2.5 · 4.1 | 6.4 · 8.7 | 6.2 · 8.2 | 8.0 · 11.6 |
| Debt / equity (x) | 0.07 | 0.15 | 0.00 | 0.01 | 0.29 |
| Cash from operations | 37 | (30) | 27 | (78) | (98) |
| Capex | (0) | 0 | (4) | 0 | (5) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 138 | 120 | 167 | 95 | 172 | 140 | 136 | 105 |
| Profit before tax | 5 | 3 | 11 | 1 | 11 | 8 | 8 | 5 |
| Net profit | 4 | 2 | 8 | 1 | 9 | 6 | 6 | 4 |
| EPS (₹) | 0.98 | 0.50 | 1.35 | 0.17 | 1.48 | 0.95 | 0.95 | 0.60 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Sept 2026 · Record date revised to 21-Sep-2026 for AGM e-voting eligibility | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Newspaper notice published for 28th AGM on September 28, 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · Notice of 28th AGM scheduled for 28 September 2026 via video conferencing | board shareholder meetings | low | — | — |
| 4 Sept 2026 · 28th AGM Notice and Annual Report for FY 2025-26 filed | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Newspaper publication of 28th AGM notice | compliance | minimal | — | — |
| 21 Aug 2026 · Incorporates Section 8 company for CSR and social welfare | business updates | low | — | — |
| 20 Aug 2026 · Post offer ad filed for Niraj Cement open offer at Rs 29 per share | compliance | medium | — | — |
| 14 Aug 2026 · Q1 FY27 Results: PAT up 270% YoY at Rs 4.06 cr standalone | results | high | — | — |
| 8 Aug 2026 · Board Meeting Date Revised to 14 August 2026 | results | low | — | — |
| 8 Aug 2026 · Board meeting on 13 Aug to consider Q1 FY27 results | results | low | — | — |
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.