NIRAJIndustrials

Niraj Cement Structurals Limited

Civil Construction · ISIN INE368I01016 · BSE 532986 · NSE EQ · FV ₹10
Last price
₹28
+1.12%today
What this company does

Niraj Cement Structurals Limited operates in Civil Construction, part of the Industrials sector. It booked ₹105 cr of revenue in its latest quarter (Q1 FY27) and kept 3.4% of sales as profit.

In the report:
52out of 100
Equitytale Health Score
Mixed

Healthier than 52% of companies in Industrials, on all six measures of filed financials. Each measure is ranked against the 51–290 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
45

At close. Not part of the score.

Profitability & returns35

How much profit it earns on the money it employs

Balance sheet48

How much it owes, and whether earnings cover the interest

Cash quality22

Whether reported profit actually arrives as cash

Growth & consistency67

Whether sales and profit have grown, and how steadily

Valuation76

What today's price implies, against our models or its peers

Governance & risk86

How much of the promoters' stake is pledged, and how much they hold

Is this company doing well?
not investment advice
Strengths
Makes a profit
Sales up 11% vs last year
Profit up 257% vs last year
No promoter shares pledged
Watch-outs
! Thin 3.4% net margin
! Low 5.4% return on equity
! Operating cash flow is negative

What if I invest in NIRAJ?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹28 +1.12%
latest close · 2026-09-17
1-year return
-38.6%
52-wk low ₹2652-wk high ₹48
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio11.6Low
LowAverageHigh
P/B ratio0.63Below book
Below bookModerateHigh
EV / EBITDA6.5Low
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity5.4%Weak
WeakFairStrong ▸15%
Return on capital11.2%Fair
WeakFairStrong
Net margin3.4%Thin
ThinDecentStrong
EBITDA margin7.8%Thin
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.29Comfortable
LowModerateHigh ▸1
Interest cover2.9×Okay
RiskyOkayStrong ▸5×
Current ratio2.02Ample
Tight ◂1HealthyAmple
More figures
Market cap
₹167 cr
Book value
₹45
EPS
₹0.60
latest quarter
Net debt
₹44 cr
owes more than its cash
Enterprise value
₹211 cr
EBITDA
₹33 cr
annualised
EBIT
₹30 cr
annualised
Operating margin
7.3%
Return on assets
3.1%
Earnings yield
8.60%
P/S
0.40
Sales / share
₹70.0
Tax rate
28.2%
Face value
₹10
Shares
6.0 cr
Working capital
₹200 cr
Current assets
₹396 cr
Current liabilities
₹196 cr
Delivery %
76.8%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Looks overpricedMedium confidence
Median of 2 models ₹22 vs market price ₹28 — price is 25% above it
Safety cushion-25.2%(target ≥ +20%)
Models span ₹13₹32, midpoint ₹22
Model ₹22
Price ₹28
Cheap sideExpensive side

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹105 cr
Other Income₹7 cr
Total Income₹112 cr
Cost of Materials₹102 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹-1 cr
Employee Benefit Expense₹58.8 L
Finance Costs₹3 cr
Depreciation & Amortisation₹54.5 L
Other Expenses₹2 cr
Total Expenses₹107 cr
Profit before Tax₹5 cr
Tax Expense₹1 cr
Net Profit₹4 cr
Net margin on total income3.2%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹100 cr90.0%
Employee benefit expense₹58.8 L0.5%
Finance costs₹3 cr2.4%
Depreciation & amortisation₹54.5 L0.5%
Other expenses₹2 cr2.1%
Tax expense₹1 cr1.3%
Profit for the period₹4 cr3.2%
Total income ₹112 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue140 cr136 cr105 cr
Total income143 cr142 cr112 cr
Expenses135 cr134 cr107 cr
Profit before tax8 cr8 cr5 cr
Tax2 cr2 cr1 cr
Net profit (owners' share)6 cr6 cr4 cr
Net margin (owners' share, on revenue)4.1%4.2%3.4%
EPS (₹)0.950.950.60
YoY (latest quarter): total income +14.5% · net profit +257.1%
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹467 cr
Shareholder equity
₹266 cr
parent shareholders
Total debt
₹76 cr
Cash
₹32 cr
Cash flow · H1 FY26
Operating
₹-25 cr
Investing
₹12 cr
Financing
₹98.9 L
Peer comparison
Civil Construction · by market value
CompanyPriceMarket capP/E
Larsen & Toubro Limited₹3,836₹5.28 L cr32.0
Rail Vikas Nigam Limited₹202₹42,055 cr66.3
Kalpataru Projects International Limited₹1,399₹23,900 cr19.3
IRB Infrastructure Developers Limited₹19₹22,767 cr18.9
NBCC (India) Limited₹82₹22,175 cr36.0
Cemindia Projects Limited₹1,255₹21,563 cr38.3
Engineers India Limited₹264₹14,824 cr23.5
Techno Electric & Engineering Company Limited₹985₹11,452 cr30.7
KEC International Limited₹402₹10,700 cr36.8
Same industry · latest reported numbers · not a recommendation.
Who owns it · 2026-06-30
No pledge
Promoter
24.9%
FII / Foreign
DII / Domestic
0.1%
Retail / others
75.0%
Promoter stake up 2.4% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtSiddhant Gulshan Chopra · Promoters12.80 L · ₹6.8 cr1 Jan 25
BoughtAishwarya Gulshan Chopra · Promoters12.80 L · ₹6.8 cr1 Jan 25
BoughtPooja Gulshan Chopra · Promoters12.80 L · ₹6.8 cr1 Jan 25
Bulk / block deals
SoldANUJ SHANTILAL BADJATE · NSE4.96 L @ ₹37.269 Oct 25
SoldQE SECURITIES LLP · NSE2.06 L @ ₹71.2511 Sep 24
BoughtQE SECURITIES LLP · NSE2.02 L @ ₹71.2611 Sep 24
Stake changes
BoughtAsha Chopra · promoter→ 2.18% · 6.87 L30 Dec 25
BoughtBylan-Niraj Infra Projects Private Limited→ 21.44% · 14.00 L21 Mar 25
BoughtChem Logistics & Infra Private Ltd · promoter→ 19.60% · 14.00 L21 Mar 25
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 29 Sep 2025
See the official result
1
Adoption of Audited Standalone & Consolidated Financial Statements and Auditor's Reports thereon for the Financial Year ended on 31st March, 2025.
Backed by 100% of shareholders other than promotersneeded 50%
2.70 cr votes for, 60 against
2
Re-Appointment of Mr. Vishram Pandurang Rudre (DIN: 08564350) as a Director, liable to retire by rotation, who has offered himself for re-appointment.
Backed by 100% of shareholders other than promotersneeded 50%
2.70 cr votes for, 60 against
3
Ratification of the remuneration of the Cost Auditors of the Company for the Financial Year 2025-26.
Backed by 100% of shareholders other than promotersneeded 50%
2.70 cr votes for, 260 against
4
Appointment of Secretarial Auditors of the Company and fixing their remuneration.
Backed by 100% of shareholders other than promotersneeded 50%
2.70 cr votes for, 60 against

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 5 named members
owning 24.9% between them · as of 2026-06-30
Gulshan Vijaykumar Chopra8.75%
Aishwarya Gulshan Chopra4.66%
Pooja Gulshankumar Chopra4.66%
Siddhant Gulshan Chopra4.66%
Asha Vijay Chopra2.18%

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹1 cr raised in Oct 2024 by selling shares to selected investors

As of Sep 2025, the company says it has spent 78% of what it set aside. CARE Ratings Limited watches the spending on the exchange’s behalf.

Working Capital Requirements
78%
of what was set aside
To meet investment in subsidiary to mitigate any business prospects
78%
of what was set aside
General Corporate Purposes
78%
of what was set aside

The rupee amounts in this company’s own breakdown don’t add up to the amount it says it raised — a common filing slip, where a table meant to be read in lakhs is entered as whole rupees. Rather than guess which is right, we show only the percentages, which are unaffected.

₹28 cr raised in Mar 2025 by selling shares to selected investors

As of Mar 2025, the company says it has spent 71% of what it set aside. CARE Ratings Limited watches the spending on the exchange’s behalf.

Working Capital Requirements
budget changed
91%
of what was set aside
To meet investment in subsidiary to mitigate any business prospects
78%
of what was set aside
General Corporate Purposes
budget changed
30%
of what was set aside

The rupee amounts in this company’s own breakdown don’t add up to the amount it says it raised — a common filing slip, where a table meant to be read in lakhs is entered as whole rupees. Rather than guess which is right, we show only the percentages, which are unaffected.

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.