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About
Tarmat Ltd (TARMAT)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532869 NSE: TARMAT Engineering - Construction | Small Cap | Tarmat Share Price
₹55.64 -0.67 (-1.19%)
As on 07-Oct'26 13:52
Tarmat Ltd (TARMAT)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532869 NSE: TARMAT Engineering - Construction | Small Cap | Tarmat Share Price
₹55.64 -0.67 (-1.19%)
As on 07-Oct'26 13:52
Key Metrics
Valuation Multiples
Market Cap
₹141 Cr.
Current Price
₹55.6
52-Week Low / High
₹46 / 74
TTM EPS
₹2.8
TTM Sales
₹128 Cr.
Book Value per Share
₹75.1
P/E Ratio
19.93
In line with its 5-year historical median
Industry PE
23.7
Price to Book (P/B)
0.75
Lower than its 5-year historical median
Price to Sales (P/S)
1.10
Lower than its 5-year historical median
EV/EBITDA
14.32
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
3.63%
Underperforms industry median
Return on Capital Employed (ROCE)
3.78%
Underperforms industry median
Return on Assets (ROA)
2.51%
Operating Profit Margin
6.2%
Net Profit Margin
5.28%
Gross Profit Margin
5.9%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
12.69%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
123.01%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
233.69%
Asset Quality
Promoter Holding
29.05%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹163 Cr.
Equity
₹25.1 Cr.
Face Value
₹10
All Time Low / High
₹6.57 / 376.25
Check Before You Invest
Quality
Not GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Tarmat Ltd a good quality company?
Tarmat Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Tarmat Ltd performance compare with that of its Peers?
Revenue growth of Tarmat Ltd vs industry peers?
Tarmat Ltd revenue CAGR is -9.81%, compared to the industry median CAGR of 0%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of Tarmat Ltd?
Promoters hold 29.05% of the Tarmat Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Tarmat Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 3% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Tarmat Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 0.2% | 0.9% | 1.4% | 7.4% | 4.5% | 4.9% | 5.7% | -0.4% | 1.9% | 3.9% | - |
| Value Creation Index ⓘ | -1.0 | -0.9 | -0.9 | -0.5 | -0.7 | -0.7 | -0.6 | -1.0 | -0.9 | -0.7 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 61 | 60.4 | 92.9 | 221 | 173 | 151 | 155 | 85.4 | 105 | 118 | 122 |
| Sales YoY Gr. | - | -1% | 53.9% | 137.3% | -21.6% | -12.7% | 2.3% | -44.8% | 22.9% | 12.7% | - |
| Adj EPS ⓘ | -0 | -3.7 | -12.8 | 5.2 | 3.8 | 2.7 | 2.7 | 0.3 | 0.6 | 2.4 | 2.6 |
| YoY Gr. | - | NA | NA | NA | -26.2% | -28.2% | -2.9% | -87.6% | 93.9% | 276.6% | - |
| BVPS (₹) ⓘ | 34.6 | 35.7 | 36.2 | 42.1 | 45.9 | 52.9 | 61.3 | 60.8 | 65.5 | 74.6 | 74.8 |
| Adj Net Profit ⓘ | -0 | -4.1 | -14 | 6.9 | 5.1 | 4.3 | 5.7 | 0.7 | 1.5 | 6 | 6 |
| Cash Flow from Ops. ⓘ | -0.9 | 14.4 | 17.3 | -13.6 | 26.4 | 2.3 | 9.5 | -3.2 | -9.2 | 7.5 | - |
| Debt/CF from Ops. ⓘ | -131 | 7.8 | 5.6 | -8.1 | 3.4 | 18.6 | 0.6 | -3.3 | -1 | 2 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 7.6% | -7.3% | -8.6% | 12.7% | ||||
| Adj EPS ⓘ | NA | -8.7% | -3.1% | 276.6% | ||||
| BVPSⓘ | 8.9% | 10.2% | 6.8% | 14% | ||||
| Share Price | 2.7% | -4.2% | -15.3% | 6.8% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -0.1 | -10.6 | -35.4 | 14.3 | 8.6 | 5.6 | 5 | 0.5 | 1 | 3.4 | 3.4 |
| Op. Profit Mgn % ⓘ | 1.3 | -27.5 | -20.5 | 5 | 4.2 | 4.8 | 1.4 | 2.9 | 3.1 | 6.4 | 6 |
| Net Profit Mgn % ⓘ | -0.1 | -6.8 | -15.1 | 3.1 | 2.9 | 2.9 | 3.7 | 0.8 | 1.5 | 5.1 | 5.3 |
| Debt to Equity ⓘ | 3.1 | 2.9 | 2.5 | 2 | 1.5 | 0.5 | 0.1 | 0.1 | 0.1 | 0.1 | - |
| Working Cap Days ⓘ | 851 | 831 | 496 | 231 | 325 | 377 | 384 | 671 | 571 | 557 | 271 |
| Cash Conv. Cycle ⓘ | 183 | 202 | 121 | 46 | 43 | 50 | 54 | 91 | 133 | 150 | 215 |
Valuation of Tarmat - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 80 | 185 | 129 | 264 | 198 | 170 | 155 | 85 | 105 | 118 |
| Operating Expenses ⓘ + | 79 | 193 | 148 | 253 | 191 | 163 | 152 | 83 | 102 | 111 |
| Operating Profit ⓘ | 1 | -9 | -19 | 11 | 7 | 7 | 2 | 2 | 3 | 7 |
| Operating Profit Margin (%) | 1.3% | -4.8% | -14.5% | 4.2% | 3.6% | 4.1% | 1.4% | 2.9% | 3.1% | 6.2% |
| Other Income ⓘ + | 1 | 12 | 22 | 1 | 1 | 1 | 4 | 0 | 1 | 1 |
| Interest ⓘ | 0 | 2 | 1 | 2 | 3 | 2 | 1 | 1 | 1 | 2 |
| Depreciation ⓘ | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit Before Tax ⓘ | 0 | 0 | 1 | 9 | 4 | 5 | 7 | -1 | 2 | 6 |
| Tax ⓘ | 0 | -1 | 0 | 2 | -1 | 0 | -0 | -0 | -0 | -1 |
| Profit After Tax | 0 | 1 | 1 | 7 | 5 | 5 | 7 | -1 | 2 | 6 |
| PAT Margin (%) | 0.0% | 0.7% | 0.5% | 2.6% | 2.6% | 2.7% | 4.8% | -1.3% | 1.8% | 5.3% |
| Adjusted EPS (₹) | 0.0 | 1.1 | 0.5 | 5.2 | 3.9 | 2.9 | 3.5 | -0.5 | 0.8 | 2.5 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 38 | 39 | 40 | 56 | 61 | 84 | 131 | 130 | 158 | 187 | |
| Debt + | 118 | 145 | 97 | 110 | 3 | 1 | 5 | 10 | 8 | 13 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 28 | 67 | 43 | 75 | 60 | 66 | 62 | 50 | 31 | 37 | |
| Others Liabilities ⓘ | 7 | 8 | 13 | 28 | 108 | 69 | 15 | 8 | 39 | 23 | |
| Total Liabilities ⓘ | 191 | 259 | 193 | 270 | 233 | 220 | 213 | 198 | 236 | 261 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 14 | 13 | 12 | 17 | 18 | 17 | 17 | 16 | 21 | 27 | |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Investments ⓘ | 19 | 22 | 19 | 19 | 19 | 1 | 1 | 1 | 1 | 1 | |
| Inventories | 26 | 54 | 57 | 76 | 69 | 80 | 68 | 72 | 69 | 72 | |
| Trade Receivables | 23 | 35 | 19 | 23 | 13 | 22 | 22 | 13 | 22 | 21 | |
| Cash Equivalents | 5 | 8 | 9 | 28 | 15 | 4 | 5 | 4 | 10 | 21 | |
| Others Assets ⓘ | 104 | 128 | 77 | 107 | 98 | 95 | 100 | 92 | 113 | 118 | |
| Total Assets ⓘ | 191 | 259 | 193 | 270 | 233 | 220 | 213 | 198 | 236 | 261 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -1 | -21 | 45 | -13 | 26 | -7 | 9 | -3 | -9 | 8 |
| Cash Flow From Investing Activity ⓘ + | 0 | -2 | 3 | -5 | -2 | 18 | -1 | 0 | -27 | -7 |
| Cash Flow From Financing Activity ⓘ + | -0 | 26 | -49 | 20 | -24 | -21 | -8 | 4 | 40 | 11 |
| Net Cash Flow ⓘ | -1 | 3 | -1 | 2 | 1 | -10 | 1 | 1 | 4 | 12 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 0.09 | 3.22 | 1.47 | 14.35 | 8.78 | 6.32 | 6.92 | -0.87 | 1.3 | 3.63 |
| ROCE (%) | 0.15 | 0.97 | 1.34 | 7.38 | 4.51 | 4.9 | 5.71 | -0.39 | 1.85 | 3.78 |
| Asset Turnover Ratio | 0.43 | 0.82 | 0.57 | 1.14 | 0.79 | 0.75 | 0.71 | 0.42 | 0.48 | 0.48 |
| PAT to CFO Conversion(x) | N/A | -21 | 45 | -1.86 | 5.2 | -1.4 | 1.29 | N/A | -4.5 | 1.33 |
| Working Capital Days | ||||||||||
| Receivable Days | 102 | 56.70 | 76.40 | 29.40 | 33.30 | 38 | 53 | 75.30 | 60.10 | 66.50 |
| Inventory Days | 120.50 | 79.40 | 157.30 | 92 | 133.60 | 160 | 174 | 297.70 | 245.50 | 218.40 |
| Payable Days | 419.50 | 355.80 | 468 | 401.80 | 625.40 | 495.20 | 314.90 | 751.10 | 349.20 | 271.20 |
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Announcements
Tarmat Ltd FAQs
The current trading price of Tarmat on 07-Oct-2026 13:52 is ₹55.64.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 06-Oct-2026 the market cap of Tarmat stood at ₹141.1 Cr
The latest P/E ratio of Tarmat as of 06-Oct-2026 is 21.98.
The latest P/B ratio of Tarmat as of 06-Oct-2026 is 0.75.
The 52-week high of Tarmat is ₹73.99 and the 52-week low is ₹46.31.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Tarmat is ₹122 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Tarmat Ltd is a below average quality company.
The key valuation ratios of Tarmat Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Tarmat Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Tarmat Ltd
Roman Tarmat was established in the year 1986 by its Promoter Director Jerry Varghese is an infrastructure construction company engaged in the business of construction of Highways and Runways. Their Company is headquartered at Mumbai with operations spread across the states of Maharashtra, Tamilnadu, Karnataka, Kerala, Mizoram, Gujarat and Delhi.
Their Company started its operations by taking up road works for Government Departments like Public Works Department (PWD), Maharashtra Industrial Development Corporation (MIDC) and BrihanMumbai Municipal Corporation (BMC). In the year 1988, they bagged their first major contract for construction of roads/ bituminous flexible pavement for the entire Nhava Sheva port and construction of rigid concrete pavement base with RCC beams and columns in container yard and completed the project within the stipulated period of 24 months.They provide engineering, procurement and construction services for infrastructure projects.
They constructed runways by taking up the work of strengthening of secondary runway 09/27 at Indira Gandhi International airport, New Delhi. They have also completed bituminous overlay of the runway at Vadodara Airport and upgradation of the main runway 09/27 at the Mumbai International Airport.
The Company has been accredited with “ISO 9001:2000†Quality Management System Certificate for construction of Highways and Airports. They have mainly worked on projects sponsored by Government or Government agencies, including the Central Government, State Governments and Municipalities.
Roman Tarmat has catered to the domestic and international airports, military air base and naval airports and established itself as a reputed & reliable runway contractor among its clients viz; AAI, MES, NAVY, MIDC etc. Some of the creditworthy projects handled by Roman Tarmat are the MES Vishakapatnam Naval airport – one of the longest runway in India, Jamnagar Airport, AAI Mumbai International Airport, Delhi IGI International Airport.
Roman Tarmat was the first to make a revolutionary change in the BMC for using Ready Mix Concrete in their road projects.
Current projects of the company:
- Karnataka State Highways Improvement Project-Upgradation of road from Sankeshwar to Yaragatti Total Length of 73Km
- Construction of integrated roads at north lake village , Amby valley city, Lonavala
- Bus Rapid Transportation System From RTO-Pirana.
- Concretization of Existing Roads (Part- I)
- Construction of Additional Concrete Parking bays for aircrafts at Cochin International Airport. And many more
Achievements/ recognition
- The company holds ISO 9000:2008 certification
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