Overview

Detailed Summary

Niraj Cement Structurals Ltd (NCSL) specializes in infrastructure projects, focusing on construction of highways, roads, bridges, and tunnels. The company executes projects through subcontracting, often via competitive bidding processes.
NCSL grew from a modest pre-casting outfit in the 1970s to a modern civil construction company, handling complex projects like the Bandra-Worli Sea Link and sections of the Mumbai-Pune Expressway.
Joint ventures are a key strategy for NCSL, with successful collaborations on major infrastructure projects across India, including partnerships with Prakash Construction and ARSS Infrastructure.
In 2020, NCSL listed its equity shares on the NSE and made a strategic equity issue through preferential allotment, enhancing its financial base.
The company aims to broaden its services and project reach through the incorporation of Niraj Consulting Group Limited, a newly established subsidiary.

Sector: Construction
Industry: Civil Construction
Market Cap: 180 Cr
Volatility: High Risk
P/E Ratio: 6.0
Industry P/E: 25.0
PEG Ratio: 0.1
P/B Ratio: 0.7
52W High: 67.80
52W Low: 20.59

Sales CAGR

1Y: 7.71%
3Y: 12.45%
5Y: 32.60%
10Y: 18.98%

Profit CAGR

1Y: 55.14%
3Y: 82.88%
5Y: 57.41%
10Y: 41.72%

ROE

TTM: 8.03%
3Y: 5.15%
5Y: 3.59%
10Y: 2.27%

ROCE

TTM: 10.21%
3Y: 7.15%
5Y: 4.93%
10Y: 3.09%

Technicals

‌

Forecasts

Peers

Industrials Construction Construction Civil Construction

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DESTINY		123.45	181 Cr	73.48	5.79	0.00	9.67	11.61	6.08
NIRAJ		23.11	180 Cr	6.04	0.71	0.00	8.03	10.21	6.14
SADBHAV		8.33	180 Cr	-0.68	0.00	0.00	51.72	15.29	-2.89
SILKFLEX		146.55	179 Cr	23.41	4.57	0.00	22.97	15.60	6.87
DESCO		143.20	177 Cr	8.92	3.00	0.00	19.52	25.52	15.02
BRNL		21.50	176 Cr	4.15	0.43	0.00	43.51	19.93	2.71
DHARARAIL		105.00	174 Cr	17.86	2.76	0.00	0.00	0.00	11.44
Median: 7 Co.	—	105.00	179 Cr	8.92	2.76	0.00	19.52	15.29	6.14

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	111	127	134	83	138	120	167	95	172	140
Expenses	109	123	126	82	133	117	159	96	162	134
Operating Profit	2.10	3.76	8.10	0.32	5.25	2.36	8.22	-0.97	9.63	6.32
OPM %	1.89	2.97	6.04	0.39	3.80	1.97	4.92	-1.03	5.61	4.52
Other Income	-0.34	-1.66	1.73	1.29	0.49	1.11	3.17	2.88	2.28	3.08
Interest	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.04	0.06	0.91
Depreciation	0.63	0.43	0.25	0.51	0.56	0.53	0.61	0.57	0.63	0.58
Profit Before Tax	1.10	1.65	9.56	1.08	5.15	2.92	11	1.30	11	7.92
Tax %	28.18	21.21	24.06	23.15	24.08	25.68	21.36	23.08	21.46	28.41
Net Profit	0.80	1.31	7.26	0.83	3.92	2.17	8.47	1.00	8.81	5.67
EPS in Rs	0.13	0.22	1.22	0.14	0.66	0.36	1.23	0.17	1.48	0.95

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	175	356	606	471	507	508
Expenses	174	351	597	455	491	491
Operating Profit	0.88	5.05	9.24	16	16	16
OPM %	0.51	1.42	1.52	3.36	3.22	3.18
Other Income	2.74	-0.28	-0.56	-0.89	6.06	6.06
Interest	0.22	0.14	0.48	0.27	0.08	0.08
Depreciation	1.43	1.42	1.37	1.66	2.22	2.21
Profit Before Tax	1.97	3.20	6.82	13	20	20
Tax %	32.78	24.14	36.56	25.35	24.89	22.74
Net Profit	1.32	2.43	4.33	9.72	15	15
EPS in Rs	—	0.29	0.73	1.63	2.39	3.83
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	43	43	40	40	60
Reserves	134	136	136	112	184
Borrowings	30	13	26	0.72	2.22
Other Liabilities	70	120	113	72	140
Total Liabilities	277	313	315	225	385
Fixed Assets	9.85	8.47	7.10	9.35	11
CWIP	0.00	0.00	0.00	0.00	0.87
Investments	14	14	14	15	23
Other Assets	253	290	293	200	351
Total Assets	277	313	315	225	385

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-5.17	39	-30	27	-73
Cash from Investing Activity	-9.32	-11	15	-4.86	-19
Cash from Financing Activity	9.34	-17	4.82	-26	105
Net Cash Flow	-5.15	10	-10	-3.66	13

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Jan 2025	Feb 2025	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	24.26%	24.26%	24.26%	24.26%	22.53%	20.09%	24.10%	22.64%	24.89%	24.89%	24.89%	24.89%
FIIs	0.00%	0.00%	0.03%	0.12%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.09%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.78%	0.74%	0.69%	0.63%	0.63%	0.00%	0.00%
Public	75.74%	75.74%	75.72%	75.62%	77.36%	79.13%	75.16%	76.67%	74.47%	74.47%	75.02%	75.02%
Total Shareholders	12,103	13,194	13,782	14,248	14,293	13,202	13,202	13,204	12,933	12,737	14,219	14,476

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