BSE: 531814
TIRUPATI SARJAN LTD.
Operates two divisions: a Tender Division that takes on construction contracts from public sector clients (such as the Indian Oil Corporation LPG bottling plant project), and a Construction Division focused on residential and commercial real estate. In Q3 FY26, the Tender Division generated Rs 6,529.11 lakhs of revenue, sharply higher than Rs 3,742.49 lakhs in Q3 FY25, lifting total Q3 revenue to Rs 6,902.03 lakhs (up about 29% year-on-year). However, for the first nine months of FY26, total operating revenue declined to Rs 13,767.72 lakhs from Rs 14,376.91 lakhs, as both divisions were weaker earlier in the year, and full-year FY26 total income came in at Rs 21,772.86 lakhs against Rs 22,166.95 lakhs in FY25. Materials are by far the largest cost line at 35.2% of revenue, while employee costs (1.1%), other opex (4.0%), depreciation (0.5%) and capex (1.3%) are comparatively small. The business is working-capital heavy: inventories stood at Rs 8,737 lakhs as of September 30, 2025, cash on hand had fallen to Rs 104.79 lakhs from Rs 432.84 lakhs at March-end 2025, and operating cash flow was negative at Rs (103.96) lakhs in H1 FY26. A previously awarded Rs 57.70 crore IOCL LPG bottling plant construction tender was terminated during the year and settled, with IOCL raising a provisional claim of Rs 8.69 crore. The company has also received income tax demands totalling approximately Rs 18.13 crore across assessment years 2016-17, 2017-18, 2018-19 and 2020-21, which it plans to appeal. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Tender Division, Construction Division. Cyclical, working-capital-heavy construction and tendering business.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 91 | 157 | 194 | 222 | 218 |
| EBITDA (ex other income) | 10 | 12 | 13 | 12 | 10 |
| margin % | 11.5 | 7.4 | 6.5 | 5.5 | 4.6 |
| Owners' profit | 2 | 3 | 4 | 5 | 5 |
| EPS, as reported (₹) | 0.51 | 0.92 | 1.20 | 1.56 | 1.44 |
| ROE % · ROCE % | 2.2 · 9.9 | 3.8 · 9.8 | 4.7 · 9.7 | 5.8 · 9.8 | 5.0 · 8.2 |
| Debt / equity (x) | 0.62 | 0.70 | 0.71 | 0.53 | 0.43 |
| Cash from operations | 11 | 8 | 7 | 17 | 8 |
| Capex | (2) | (5) | (2) | (1) | (3) |
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 | 49 | 53 | 78 | 31 | 38 | 69 | 80 | 33 |
| Profit before tax | 2 | 2 | 2 | 2 | 1 | 2 | 2 | 2 |
| Net profit | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| EPS (₹) | 0.33 | 0.46 | 0.41 | 0.32 | 0.31 | 0.43 | 0.37 | 0.41 |
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. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,089 | 82.0 | 12.40 | 67.0 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,460 | 215.4 | 54.28 | 143.3 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 1,015 | — | 27.41 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 954 | 26.6 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 666 | 11.9 | 4.88 | 11.3 | 39.1 | 20.2 | — | 16.1 |
| YOGI LTD. | 656 | 31.5 | 4.61 | 25.6 | 14.9 | 15.6 | — | 5.1 |
| HAZOOR MULTI PROJECTS LTD | 409 | 5.5 | 0.66 | 3.1 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L | 340 | 17.3 | 1.28 | 21.5 | 4.7 | 5.7 | 16.3 | 23.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.3 | 17.4 | 8 of 61 | 88% |
| P/B | 0.3 | 1.1 | 6 of 70 | 93% |
| ROCE | 5.2 | 1.9 | 27 of 88 | 70% |
| ROE | 5.0 | 1.6 | 24 of 73 | 68% |
| Debt / Equity | 0.4 | 0.3 | 47 of 73 | 36% |
| EBITDA margin | 9.7 | 15.3 | 33 of 59 | 45% |
| Revenue growth | 6.7 | (11.0) | 24 of 64 | 64% |
| Profit growth | 27.7 | (48.8) | 22 of 79 | 73% |
| Market cap | 26 | 30 | 49 of 88 | 45% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Reg 74(5) compliance certificate filed for quarter ended September 2026 | compliance | minimal | — | — |
| 2 Oct 2026 · Tirupati Sarjan: Shareholders approve director re-appointment and new independent director | management changes | medium | — | — |
| 2 Oct 2026 · 31st AGM: All 3 resolutions passed including director appointments | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading window closed ahead of Q2 results declaration | compliance | minimal | — | — |
| 30 Sept 2026 · 31st AGM proceedings held via video conferencing on 30 Sept 2026 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · 31st AGM notice and book closure dates announced | compliance | minimal | — | — |
| 7 Sept 2026 · Book Closure for 31st AGM from September 23 to 29, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · 31st AGM on 30 Sept 2026 via video conferencing - FY26 accounts and director changes | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Annual Report FY2025-26 and 31st AGM Notice filed with BSE | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Notice of 31st AGM and email registration published in newspapers | compliance | minimal | — | — |
How to read this document
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|---|---|---|
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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.