NSE: SRM · BSE: 544158
SRM CONTRACTORS LIMITED
Executes civil construction contracts for roads, bridges, tunnels, retaining walls, and oil and gas facility services, primarily for government and public-sector clients in India. Recent domestic contract wins include Rs 210.99 crore from MSIDC for Kumbhmela infrastructure at Trimbakeshwar, Rs 60.43 crore from MoRT&H for landslide treatment on NH-107 in Uttarakhand, and Rs 229.57 crore from NF Railway for a Dimapur-Kohima new broad-gauge line project. The company operates as a single segment under Ind AS and has expanded its capability set by acquiring a 51% stake in Maccaferri Infrastructure Pvt. Ltd., adding geotechnical solutions and PAN-India reach. It is also converting its Abu Dhabi branch into a wholly owned UAE subsidiary (SRM Contractors LLC) for overseas work. FY26 revenue stood at Rs 1,025.57 crore against an order book of Rs 1,843.87 crore and a bid pipeline of Rs 4,271.85 crore, with FY26 capex of Rs 152 crore. Materials are the dominant cost at 62.3% of revenue, followed by other operating expenses at 17.2%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Civil construction contracts (100%), Geotechnical solutions (post Maccaferri acquisition), Subsidiary income (SRM Rajinder Projects). Cyclical, asset-heavy civil construction contractor
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 342 | 528 | 1,026 |
| EBITDA (ex other income) | 42 | 81 | 168 |
| margin % | 12.2 | 15.4 | 16.4 |
| Owners' profit | 27 | 0 | 0 |
| EPS, as reported (₹) | 16.10 | 23.97 | 48.39 |
| ROE % · ROCE % | 20.8 · 25.9 | 20.0 · 28.2 | 26.9 · 29.6 |
| Debt / equity (x) | 0.37 | 0.15 | 0.32 |
| Cash from operations | 14 | 1 | 92 |
| Capex | (9) | (46) | (159) |
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 | 95 | 150 | 228 | 142 | 206 | 231 | 446 | 196 |
| Profit before tax | 14 | 21 | 33 | 18 | 26 | 37 | 70 | 24 |
| Net profit | 10 | 16 | 24 | 13 | 20 | 24 | 54 | 20 |
| EPS (₹) | 18.04 | 6.97 | 10.49 | 5.56 | 8.75 | 10.50 | 23.58 | 8.59 |
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) | 7.9 | 14.6 | 24 of 101 | 77% |
| P/B | 2.3 | 1.4 | 56 of 85 | 35% |
| ROCE | 27.9 | 10.0 | 12 of 107 | 90% |
| ROE | 26.9 | 9.1 | 6 of 87 | 94% |
| Debt / Equity | 0.3 | 0.4 | 41 of 87 | 54% |
| EBITDA margin | 19.9 | 12.4 | 20 of 88 | 78% |
| Revenue growth | 37.8 | 6.2 | 16 of 86 | 82% |
| Profit growth | 54.6 | 2.7 | 18 of 84 | 80% |
| Market cap | 929 | 468 | 45 of 107 | 59% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · SRM Contractors 18th AGM: All 16 resolutions passed, QIP and warrant issue approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Promoter Ashley Mehta moves to Executive Director; new auditor appointed | management changes | medium | — | — |
| 30 Sept 2026 · Trading Window Closure from Oct 1 for Q2 FY26 Results | compliance | minimal | — | — |
| 30 Sept 2026 · 18th AGM held on 30 Sep 2026; key items include QIP, promoter warrants and higher borrowing limit | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Abu Dhabi branch now wholly owned subsidiary SRM Contractors LLC | compliance | minimal | — | — |
| 16 Sept 2026 · SRM Contractors 18th AGM notice, e-voting and book closure details | compliance | minimal | — | — |
| 8 Sept 2026 · Notice of 18th AGM on September 30, 2026 via video conferencing | compliance | minimal | — | — |
| 7 Sept 2026 · 18th AGM notice with QIP, preferential warrants, and higher borrowing limit | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Annual Report FY25-26 with AGM proposals on fundraise and warrants | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · SRM Contractors plans QIP of Rs 150 Cr and Rs 100 Cr preferential warrants to promoters | board shareholder meetings | 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.