TARMATIndustrials

Tarmat Limited

Civil Construction · ISIN INE924H01018 · BSE 532869 · NSE EQ · FV ₹10
Last price
₹57
-1.58%today
What this company does

Tarmat Limited operates in Civil Construction, part of the Industrials sector. It booked ₹36 cr of revenue in its latest quarter (Q1 FY27) and kept 4.3% of sales as profit.

In the report:
53out of 100
Equitytale Health Score
Mixed

Healthier than 53% 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)
48

At close. Not part of the score.

Profitability & returns24

How much profit it earns on the money it employs

Balance sheet76

How much it owes, and whether earnings cover the interest

Cash quality62

Whether reported profit actually arrives as cash

Growth & consistency39

Whether sales and profit have grown, and how steadily

Valuation52

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 44% vs last year
Profit up 121% vs last year
No promoter shares pledged
Virtually debt-free
Turns profit into real cash
Watch-outs
! Thin 4.3% net margin
! Low 3.3% return on equity

What if I invest in TARMAT?

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 We do not publish price targets or predict returns.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
₹57 -1.58%
latest close · 2026-09-17
1-year return
-9.9%
52-wk low ₹4152-wk high ₹82
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 ratio22.8Average
LowAverageHigh
P/B ratio0.75Below book
Below bookModerateHigh
EV / EBITDA13.2Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity3.3%Weak
WeakFairStrong ▸15%
Return on capital4.5%Weak
WeakFairStrong
Net margin4.3%Thin
ThinDecentStrong
EBITDA margin7.0%Thin
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.08Comfortable
LowModerateHigh ▸1
Interest cover7.1×Strong
RiskyOkayStrong ▸5×
Current ratio3.44Ample
Tight ◂1HealthyAmple
More figures
Market cap
₹140 cr
Book value
₹75
EPS
₹0.62
latest quarter
Net debt
₹-6 cr
more cash than debt
Enterprise value
₹133 cr
EBITDA
₹10 cr
annualised
EBIT
₹9 cr
annualised
Operating margin
6.2%
Return on assets
2.4%
Earnings yield
4.38%
P/S
0.98
Sales / share
₹57.9
Tax rate
19.3%
Face value
₹0
Shares
2.5 cr
Working capital
₹154 cr
Current assets
₹217 cr
Current liabilities
₹63 cr
Delivery %
50.6%
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 ₹36 vs market price ₹57 — price is 56% above it
Safety cushion-55.7%(target ≥ +20%)
Models span ₹25₹47, midpoint ₹36
Model ₹36
Price ₹57
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₹36 cr
Other Income₹6.3 L
Total Income₹36 cr
Cost of Materials₹14 cr
Purchases of Stock-in-Trade₹0 cr
Employee Benefit Expense₹4 cr
Finance Costs₹31.3 L
Depreciation & Amortisation₹31.1 L
Other Expenses₹16 cr
Total Expenses₹34 cr
Profit before Tax₹2 cr
Tax Expense₹36.7 L
Net Profit₹2 cr
Net margin on total income4.3%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹14 cr39.1%
Employee benefit expense₹4 cr10.6%
Finance costs₹31.3 L0.9%
Depreciation & amortisation₹31.1 L0.9%
Other expenses₹16 cr43.3%
Tax expense₹36.7 L1.0%
Profit for the period₹2 cr4.3%
Total income ₹36 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue27 cr42 cr36 cr
Total income27 cr43 cr36 cr
Expenses26 cr40 cr34 cr
Profit before tax1 cr3 cr2 cr
Tax-6.8 L-29.8 L36.7 L
Net profit (owners' share)1 cr3 cr2 cr
Net margin (owners' share, on revenue)4.1%7.0%4.3%
EPS (₹)0.461.180.62
YoY (latest quarter): total income +43.5% · net profit +121.0%
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹261 cr
Shareholder equity
₹187 cr
parent shareholders
Total debt
₹15 cr
Cash
₹21 cr
Cash flow · H1 FY26
Operating
₹3 cr
Investing
₹-1 cr
Financing
₹1 cr
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
29.1%
FII / Foreign
1.8%
DII / Domestic
Retail / others
69.2%
Promoter stake down 4.2% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtDILIP VARGHESE · Promoters17,000 · ₹9.3 L24 Feb 26
BoughtDILIP VARGHESE · Promoters13,000 · ₹7.1 L23 Feb 26
BoughtDILIP VARGHESE · Promoters861 · ₹45,63320 Feb 26
Bulk / block deals
BoughtNEEL UMESH PAGARIYA · NSE1.50 L @ ₹64.6526 Feb 26
BoughtARTON GLOBAL · NSE2.46 L @ ₹52.2513 Jan 26
SoldVEEKAY APARTMENTS PRIVATE LIMITED · NSE7.50 L @ ₹5420 Oct 25
Stake changes
BoughtDilip Varghese · promoter→ 5.21% · 17,00024 Feb 26
BoughtDilip Varghese · promoter→ 5.26% · 13,00023 Feb 26
BoughtMr. Dilip Varghese · promoter→ 5.14% · 86120 Feb 26
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 · 30 Sep 2025
See the official result
1
To receive, consider and adopt the standalone and consolidated Financial Statements of the company for the financial year ended 31 March, 2025 and the Reports of the Board of Directors and Auditors thereon.
Backed by 100% of shareholders other than promotersneeded 50%
81.85 L votes for, 15 against
2
Appointment of Mr. Jerry Varghese (DIN: 00012905) who retires by rotation
Backed by 100% of shareholders other than promotersneeded 50%
81.85 L votes for, 15 against
3
Appointment of Mr. Amit Atmaram Shah (DIN: 08467309) who retires by rotation
Backed by 100% of shareholders other than promotersneeded 50%
81.85 L votes for, 15 against
4
Appointment of Ms. Priyanka Bhushan Sahani (DIN: 07827966) as a Director in the category of Non – Executive Independent Director
Backed by 100% of shareholders other than promotersneeded 75%
81.85 L votes for, 15 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 — 7 named members
owning 29.0% between them · as of 2026-06-30
JERRY VARGHESE13.24%
TARMAT HOLDINGS PVT. LTD.5.43%
DILIP VARGHESE5.26%
SARAMMA JERRY VARGHESE4.19%
SNEHA VARGHESE0.70%
NEHA DILIP VARGHESE0.22%
TARMAT CONSTRUCTION PVT. LTD.no shares
Business done with them
FY2025 · 2 of the group
The company paid ₹60 L to companies in the promoter group last year — about 0.6% of its ₹101 cr revenue.
Mr. Jerry Varghese
Other payments to them · Remuneration
also owns 13.24% of the company
₹30 L
company paid
Mr. Dilip Varghese
Other payments to them · Remuneration
also owns 5.26% of the company
₹30 L
company paid

The company also transacted with 2 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

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.

Money raised in Oct 2025 by selling shares to selected investors

The company has not broken this money down into purposes in its filing for Dec 2025, so there is nothing to measure it against yet.

The amount this filing states as raised is many times the whole company’s market value, so it is almost certainly entered in the wrong unit. We show the purposes and how far along each one is, and leave the rupee figures out rather than repeat a number that cannot be right.

Money raised in Jan 2025 by selling shares to selected investors

The company has not broken this money down into purposes in its filing for Mar 2025, so there is nothing to measure it against yet.

The amount this filing states as raised is many times the whole company’s market value, so it is almost certainly entered in the wrong unit. We show the purposes and how far along each one is, and leave the rupee figures out rather than repeat a number that cannot be right.

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.