NSE: TARMAT · BSE: 532869
TARMAT LIMITED
Builds civil infrastructure across airports, highways, railways, and real estate projects in India. FY26 revenue of Rs 117.37 crore was booked against total assets of Rs 260.97 crore, with materials at 38.7% of revenue and other operating expenses at 45.1% making up the bulk of the cost base. Employee costs account for 10.3% of revenue and capex was reported at 0.0% of revenue. The business runs a joint venture called Backbone Tarmat Alfaraa in which it holds a Rs 7.83 crore investment; the JV partner has gone into liquidation, leading to a qualified auditor opinion that has recurred since FY 2022-23. Net profit for FY26 was Rs 6.24 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Airports, Highways, Railways, Real estate. Cyclical, contract-driven civil construction with multi-segment project execution
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 181 | 144 | 89 | 101 | 117 |
| EBITDA (ex other income) | 7 | 5 | (0) | 3 | 7 |
| margin % | 3.7 | 3.2 | (0.2) | 2.7 | 5.9 |
| Owners' profit | 0 | 7 | 0 | 0 | 0 |
| EPS, as reported (₹) | 2.90 | 3.57 | (0.51) | 0.63 | 2.51 |
| ROE % · ROCE % | 7.5 · 4.4 | 5.7 · 5.8 | (0.9) · (0.5) | 1.1 · 1.4 | 3.3 · 3.5 |
| Debt / equity (x) | 1.46 | 0.05 | 0.08 | 0.06 | 0.08 |
| Cash from operations | 2 | 9 | (3) | (9) | 8 |
| Capex | (0) | (1) | (0) | (6) | 0 |
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 | 16 | 26 | 38 | 25 | 23 | 27 | 42 | 36 |
| Profit before tax | 0 | 0 | 1 | 1 | 1 | 1 | 3 | 2 |
| Net profit | 0 | 0 | 1 | 1 | 1 | 1 | 3 | 2 |
| EPS (₹) | 0.19 | 0.16 | 0.19 | 0.30 | 0.61 | 0.46 | 1.18 | 0.62 |
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) | 19.3 | 13.5 | 64 of 101 | 37% |
| P/B | 0.7 | 1.3 | 20 of 85 | 77% |
| ROCE | 2.9 | 10.0 | 75 of 107 | 30% |
| ROE | 3.3 | 9.1 | 62 of 87 | 29% |
| Debt / Equity | 0.1 | 0.4 | 18 of 87 | 80% |
| EBITDA margin | 7.0 | 12.4 | 68 of 88 | 23% |
| Revenue growth | 43.6 | 6.2 | 14 of 86 | 85% |
| Profit growth | 121.0 | 2.7 | 10 of 84 | 89% |
| Market cap | 135 | 456 | 69 of 107 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · AGM rejects Amit Shah reappointment with 88.82 percent opposition | compliance | minimal | — | — |
| 13 Oct 2026 · RTA submits quarterly dematerial compliance certificate for Sept 2026 | compliance | minimal | — | — |
| 9 Oct 2026 · AGM approves re-appointment of auditor, MD and independent director | management changes | medium | — | — |
| 30 Sept 2026 · Executive Director Amit Shah voted out by 88.82 percent dissent at AGM | management changes | medium | — | — |
| 30 Sept 2026 · Tarmat AGM: 7 of 8 resolutions passed; one executive re-appointment rejected | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Tarmat Limited 41st AGM held on September 30, 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closure from Oct 1 for Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from 1 October for Q2 results | compliance | minimal | — | — |
| 5 Sept 2026 · Tarmat publishes 41st AGM notice in newspapers | compliance | minimal | — | — |
| 3 Sept 2026 · 41st AGM Notice Sept 30 2026: Director Re-appointments and Remuneration Approvals | board shareholder meetings | medium | — | — |
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.