NSE: TICL · BSE: 532738
TWAMEV CONS AND INFRA LTD
Executes civil and infrastructure construction contracts under an asset-light model that relies on subcontractors and joint ventures. For FY26, revenue was Rs 67.45 crore and net profit Rs 7.65 crore. Materials were 16% of revenue, employees 8.9%, and other operating expenses 83.1%, with depreciation 2.3% and capex 0.1%. In Q4 FY25, revenue was Rs 84 crore, up 60% from Rs 53 crore in the prior quarter. The order book stood at Rs 325-330 crore executable over 24-36 months, split across roads (28%), railways (33-34%), a Rs 175 crore Shillong Ropeway project in JV with KC International and POMA (28-29%), a Shillong water pipeline (6%), and a Tripura project (3.5%). Management is targeting Rs 250-300 crore of fresh orders during the year across NHAI, railways, state PWD, NHIDCL, PHE/water distribution, and transmission-line works. Management's normalized operating EBITDA margin guide is 8-10%; FY25 EBITDA of Rs 207 crore was boosted by Rs 79 crore of other income from a legacy Bihar arbitration now in execution phase at Calcutta HC. The standalone balance sheet has no bank borrowings; consolidated borrowing of Rs 338 crore sits in step-down subsidiary TRPL, collateralised by an NHAI arbitration claim. Promoters hold 90-93%, with an OFS underway to 90% and a graded reduction to 75% over two years, alongside a roughly Rs 200 crore QIP planned. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Civil and infrastructure construction (EPC). Cyclical, asset-light civil construction and EPC contractor with a small order book and a post-NCLT turnaround profile
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 100 | 94 | 53 | 85 | 67 |
| EBITDA (ex other income) | (2) | (11) | (16) | (16) | 9 |
| margin % | (2.0) | (11.8) | (29.4) | (19.1) | 13.0 |
| Owners' profit | (2) | (2) | (22) | 0 | 8 |
| EPS, as reported (₹) | (0.79) | (0.84) | (1.43) | 3.62 | 0.50 |
| ROE % · ROCE % | (0.9) · (0.1) | (0.9) · (0.0) | (9.0) · (5.7) | 18.4 · 17.6 | 2.5 · 2.3 |
| Debt / equity (x) | 1.31 | 0.29 | 1.35 | 1.12 | 1.14 |
| Cash from operations | (4) | 1 | (35) | (4) | (18) |
| Capex | (1) | (2) | (0) | (0) | (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 | 12 | 15 | 50 | 12 | 12 | 21 | 23 | 11 |
| Profit before tax | 0 | 2 | 56 | 1 | 3 | 2 | 2 | 1 |
| Net profit | 0 | 2 | 53 | 1 | 3 | 2 | 2 | 1 |
| EPS (₹) | 0.02 | 0.11 | 3.41 | 0.07 | 0.21 | 0.11 | 0.11 | 0.03 |
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. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 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) | 13.7 | 13.5 | 54 of 101 | 47% |
| P/B | 0.3 | 1.2 | 4 of 85 | 95% |
| ROCE | 2.1 | 10.0 | 84 of 107 | 22% |
| ROE | 2.5 | 9.1 | 66 of 87 | 24% |
| Debt / Equity | 1.1 | 0.4 | 79 of 87 | 9% |
| EBITDA margin | 9.6 | 12.4 | 58 of 88 | 35% |
| Revenue growth | (6.0) | 6.2 | 61 of 86 | 29% |
| Profit growth | (53.6) | 2.7 | 66 of 84 | 22% |
| Market cap | 98 | 465 | 73 of 107 | 32% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Newspaper notice on special window for physical share demat | compliance | minimal | — | — |
| 8 Oct 2026 · Submission of Share Capital Audit Report for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Promoter group entity sells 2.54% stake for Rs 2.61 crore without prior intimation | ownership changes | high | — | — |
| 6 Oct 2026 · RTA compliance filing for Q2 FY27, no demat requests confirmed | compliance | minimal | — | — |
| 1 Oct 2026 · AGM 2026: all 4 resolutions passed with strong majority | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Monet Securities acquires 7.10 percent stake in Twamev Cons and Infra via open market | ownership changes | high | — | — |
| 24 Sept 2026 · Mace Venture and PAC buy 1.1 crore shares (7.10%) of Twamev Cons via open market | ownership changes | high | — | — |
| 23 Sept 2026 · Twamev Construction shares voting results of 61st AGM, all 4 resolutions passed | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Promoter group to sell 1.3 crore shares (8.40%) via open market for MPS compliance | ownership changes | high | — | — |
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.