Tarmat Ltd

TARMAT

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Market Cap

₹ 133 Cr

P/E

43.39

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

Tarmat Ltd is a construction company based in Mumbai, India, specializing in infrastructure development including airfields and highways.

The company has expanded its geographical footprint, executing projects across states like Maharashtra, Tamil Nadu, Karnataka, and others.

Tarmat Ltd completed resurfacing projects at Mumbai and Delhi International Airports in 2022-23, showcasing its industry proficiency.

As of its initial public offering in 2007, Tarmat raised substantial capital indicating strong market interest.

The company has equipped itself with advanced construction equipment to enhance operational efficiency.

Sector

Infrastructure Developers & Operators

Industry

Construction - Civil / Turnkey - Medium / Small

Market Cap

133 Cr

Volatility

Low Risk

P/E Ratio

43.4

Industry P/E

20.9

PEG Ratio

0.2

P/B Ratio

0.8

52W High

86.40

52W Low

45.03

Sales CAGR

13.35%

-14.48%

-15.36%

10Y

7.47%

Profit CAGR

265.49%

-25.81%

-23.04%

10Y

9.64%

ROE

TTM

1.75%

1.88%

3.04%

10Y

3.42%

ROCE

TTM

2.04%

2.10%

3.78%

10Y

3.13%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MODULEX	21.73	150 Cr	—	0.49	0.00	-3.63	-3.02	-3.50
MAYASHEEL	66.50	147 Cr	12.62	2.61	0.00	24.91	29.32	12.05
RKEC	53.89	139 Cr	8.66	0.67	0.00	7.70	11.09	2.77
TARMAT	53.35	133 Cr	43.39	0.83	0.00	1.75	2.04	1.30
USK	23.45	130 Cr	—	0.80	0.00	-7.22	-2.15	-3.59
SADBHIN	3.67	129 Cr	7.81	0.00	0.00	-3.19	18.50	-0.27
KRRAIL	33.08	126 Cr	—	1.22	0.00	-1.96	-1.89	-0.90

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	21	25	23	21	22	16	26	38	25	23
Expenses	20	24	22	20	21	15	26	37	24	22
Operating Profit	1.16	0.66	0.38	0.20	0.93	0.56	0.56	0.72	1.12	1.13
OPM %	5.45	2.67	1.67	0.97	4.27	3.60	2.14	1.91	4.49	4.98
Other Income	0.01	0.02	0.00	-2.20	0.00	0.04	0.23	0.78	0.06	0.75
Interest	0.19	0.22	0.08	0.16	0.23	0.04	0.11	0.32	0.25	0.21
Depreciation	0.21	0.21	0.21	0.21	0.18	0.18	0.40	0.57	0.29	0.29
Profit Before Tax	0.77	0.25	0.09	-2.37	0.52	0.38	0.29	0.62	0.64	1.39
Tax %	-3.90	-12.00	-33.33	1.27	-5.77	-7.89	-17.24	8.06	-9.38	-5.76
Net Profit	0.80	0.28	0.12	-2.34	0.55	0.41	0.34	0.57	0.69	1.46
EPS in Rs	0.31	0.11	0.04	-0.90	0.23	0.16	0.15	0.18	0.29	0.59

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	79	205	132	276	196	181	144	89	101	104
Expenses	78	214	150	265	189	174	142	87	98	101
Operating Profit	1.02	-8.83	-19	11	7.13	6.66	2.03	2.42	2.78	2.96
OPM %	1.29	-4.30	-14.25	4.03	3.64	3.68	1.41	2.70	2.75	2.83
Other Income	0.76	12	22	0.88	1.33	1.06	6.68	-2.17	1.05	1.11
Interest	0.02	1.55	1.45	2.37	3.06	1.99	0.38	0.66	0.70	0.72
Depreciation	1.56	1.03	0.90	0.82	1.38	1.06	1.04	0.84	1.33	1.44
Profit Before Tax	0.21	0.10	0.71	8.83	4.02	4.66	7.29	-1.26	1.81	1.93
Tax %	83.77	-1,116.49	18.54	22.21	-28.16	1.80	-1.72	10.30	-3.44	-4.15
Net Profit	0.03	1.24	0.58	6.87	5.15	4.58	7.42	-1.13	1.87	2.01
EPS in Rs	—	—	—	2.60	2.05	1.62	2.67	-0.43	0.72	1.21
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	11	11	11	13	13	16	21	21	24
Reserves	27	27	28	29	43	48	78	109	108	149
Borrowings	118	118	145	97	110	89	43	5.95	10	9.54
Other Liabilities	31	36	76	57	103	82	83	76	58	53
Total Liabilities	187	192	260	194	270	233	220	213	198	236
Fixed Assets	15	14	13	12	17	18	17	17	16	21
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	19	19	22	19	19	19	1.05	1.05	1.05	1.05
Other Assets	152	159	226	163	234	195	201	195	181	214
Total Assets	187	192	260	194	270	233	220	213	198	236

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.09	-0.95	-21	17	-13	26	-7.12	9.46	-3.20	-9.16
Cash from Investing Activity	0.34	0.42	-2.04	0.52	-5.47	-1.94	18	-0.85	0.01	-27
Cash from Financing Activity	-0.01	-0.02	26	-17	20	-24	-21	-8.01	3.85	40
Net Cash Flow	0.24	-0.54	2.85	1.26	1.58	0.61	-10	0.60	0.67	4.12

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Nov 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Oct 2025
Promoters	33.24%	33.24%	33.24%	33.24%	33.24%	33.24%	29.78%	29.83%	30.15%	29.83%	29.83%	28.64%
FIIs	0.01%	0.00%	0.00%	0.07%	0.07%	2.84%	2.53%	2.53%	2.96%	2.94%	2.92%	1.80%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	66.75%	66.75%	66.76%	66.69%	66.69%	63.91%	67.69%	67.64%	66.89%	67.23%	67.25%	69.55%
Total Shareholders	9,813	11,140	12,523	14,153	14,153	14,628	14,529	14,442	14,358	14,379	14,596	14,485

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 29, 2025	Dilip varghese	Insider - Promoter & Director	Acquisition	52.94	0.10 Cr	19,000	0.07
Nov 25, 2025	Dilip varghese	Insider - Promoter & Director	Acquisition	53.00	0.05 Cr	9,000	0.03
Nov 22, 2025	Dilip varghese	Insider - Promoter & Director	Acquisition	52.68	0.09 Cr	16,922	0.07
Nov 21, 2025	Dilip varghese	Insider - Promoter & Director	Acquisition	52.90	0.08 Cr	16,000	0.06
Oct 20, 2025	Veekay apartments private lim...	Bulk	Sell	54.00	4.05 Cr	7,50,000	3.11
Oct 20, 2025	Arton global	Bulk	Buy	54.00	4.04 Cr	7,47,571	3.10
Oct 09, 2025	Arton global	Bulk	Buy	52.86	2.49 Cr	4,70,767	1.95
Oct 09, 2025	Aegis investment fund	Bulk	Sell	53.00	1.33 Cr	2,51,843	1.04
Oct 09, 2025	Dove soft private limited .	Bulk	Sell	52.70	1.05 Cr	2,00,000	0.83
Oct 01, 2025	Rimpy mittal	Bulk	Buy	55.02	0.71 Cr	1,28,293	0.53

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

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Documents

Presentations

Concalls

Reports

Presentations

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Overall

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Moving Averages

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	21	25	23	21	22	16	26	38	25	23
Expenses	20	24	22	20	21	15	26	37	24	22
Operating Profit	1.16	0.66	0.38	0.20	0.93	0.56	0.56	0.72	1.12	1.13
OPM %	5.45	2.67	1.67	0.97	4.27	3.60	2.14	1.91	4.49	4.98
Other Income	0.01	0.02	0.00	-2.20	0.00	0.04	0.23	0.78	0.06	0.75
Interest	0.19	0.22	0.08	0.16	0.23	0.04	0.11	0.32	0.25	0.21
Depreciation	0.21	0.21	0.21	0.21	0.18	0.18	0.40	0.57	0.29	0.29
Profit Before Tax	0.77	0.25	0.09	-2.37	0.52	0.38	0.29	0.62	0.64	1.39
Tax %	-3.90	-12.00	-33.33	1.27	-5.77	-7.89	-17.24	8.06	-9.38	-5.76
Net Profit	0.80	0.28	0.12	-2.34	0.55	0.41	0.34	0.57	0.69	1.46
EPS in Rs	0.31	0.11	0.04	-0.90	0.23	0.16	0.15	0.18	0.29	0.59

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	79	205	132	276	196	181	144	89	101	104
Expenses	78	214	150	265	189	174	142	87	98	101
Operating Profit	1.02	-8.83	-19	11	7.13	6.66	2.03	2.42	2.78	2.96
OPM %	1.29	-4.30	-14.25	4.03	3.64	3.68	1.41	2.70	2.75	2.83
Other Income	0.76	12	22	0.88	1.33	1.06	6.68	-2.17	1.05	1.11
Interest	0.02	1.55	1.45	2.37	3.06	1.99	0.38	0.66	0.70	0.72
Depreciation	1.56	1.03	0.90	0.82	1.38	1.06	1.04	0.84	1.33	1.44
Profit Before Tax	0.21	0.10	0.71	8.83	4.02	4.66	7.29	-1.26	1.81	1.93
Tax %	83.77	-1,116.49	18.54	22.21	-28.16	1.80	-1.72	10.30	-3.44	-4.15
Net Profit	0.03	1.24	0.58	6.87	5.15	4.58	7.42	-1.13	1.87	2.01
EPS in Rs	—	—	—	2.60	2.05	1.62	2.67	-0.43	0.72	1.21
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	11	11	11	13	13	16	21	21	24
Reserves	27	27	28	29	43	48	78	109	108	149
Borrowings	118	118	145	97	110	89	43	5.95	10	9.54
Other Liabilities	31	36	76	57	103	82	83	76	58	53
Total Liabilities	187	192	260	194	270	233	220	213	198	236
Fixed Assets	15	14	13	12	17	18	17	17	16	21
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	19	19	22	19	19	19	1.05	1.05	1.05	1.05
Other Assets	152	159	226	163	234	195	201	195	181	214
Total Assets	187	192	260	194	270	233	220	213	198	236

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.09	-0.95	-21	17	-13	26	-7.12	9.46	-3.20	-9.16
Cash from Investing Activity	0.34	0.42	-2.04	0.52	-5.47	-1.94	18	-0.85	0.01	-27
Cash from Financing Activity	-0.01	-0.02	26	-17	20	-24	-21	-8.01	3.85	40
Net Cash Flow	0.24	-0.54	2.85	1.26	1.58	0.61	-10	0.60	0.67	4.12

Overview

Detailed Summary

Tarmat Ltd is a construction company based in Mumbai, India, specializing in infrastructure development including airfields and highways.

The company has expanded its geographical footprint, executing projects across states like Maharashtra, Tamil Nadu, Karnataka, and others.

Tarmat Ltd completed resurfacing projects at Mumbai and Delhi International Airports in 2022-23, showcasing its industry proficiency.

As of its initial public offering in 2007, Tarmat raised substantial capital indicating strong market interest.

The company has equipped itself with advanced construction equipment to enhance operational efficiency.

Sector

Infrastructure Developers & Operators

Industry

Construction - Civil / Turnkey - Medium / Small

Market Cap

133 Cr

Volatility

Low Risk

P/E Ratio

43.4

Industry P/E

20.9

PEG Ratio

0.2

P/B Ratio

0.8

52W High

86.40

52W Low

45.03

Sales CAGR

13.35%

-14.48%

-15.36%

10Y

7.47%

Profit CAGR

265.49%

-25.81%

-23.04%

10Y

9.64%

ROE

TTM

1.75%

1.88%

3.04%

10Y

3.42%

ROCE

TTM

2.04%

2.10%

3.78%

10Y

3.13%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MODULEX	21.73	150 Cr	—	0.49	0.00	-3.63	-3.02	-3.50
MAYASHEEL	66.50	147 Cr	12.62	2.61	0.00	24.91	29.32	12.05
RKEC	53.89	139 Cr	8.66	0.67	0.00	7.70	11.09	2.77
TARMAT	53.35	133 Cr	43.39	0.83	0.00	1.75	2.04	1.30
USK	23.45	130 Cr	—	0.80	0.00	-7.22	-2.15	-3.59
SADBHIN	3.67	129 Cr	7.81	0.00	0.00	-3.19	18.50	-0.27
KRRAIL	33.08	126 Cr	—	1.22	0.00	-1.96	-1.89	-0.90

Tarmat Ltd

Tarmat Ltd

TARMAT

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Overview

Sector

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Industry P/E

PEG Ratio

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Price Chart Comparison

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

Projection

Actions

Announcements

Documents

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Technicals

Shareholdings

Shareholding History

Market Transactions

Forecasts

Projection

Oscillators

Neutral

Overall

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Moving Averages

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Overall

Bullish

Documents

Financial Statements

AI Powered Summary

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Tarmat Ltd

TARMAT

AI Mode

Overview

Sector

Industry

Market Cap

Volatility

P/E Ratio

Industry P/E

PEG Ratio

P/B Ratio

52W High

52W Low

Peers

Price Chart Comparison

Investment Checklist

Announcements