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Swing Capital

Tarmat Ltd

NSE: TARMAT BSE: 532869Infra

Tarmat Ltd (TARMAT) is a Infra company listed on NSE: TARMAT | BSE: 532869. With a market cap of ₹128 Cr and ROCE of 1.55%, ROE of 0.92%, it operates in the Indian Infra sector.

₹51
52W: ₹46.3 — ₹73.9
PE 33.2 · Book ₹70 · -27% vs book
Market Cap₹128 Cr
Stock P/E33.2Price to Earnings
ROCE1.55%Return on Capital
ROE0.92%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Stock is trading at 0.74 times its book value

Weaknesses

  • −Promoter holding has decreased over last quarter: -1.08%
  • −The company has delivered a poor sales growth of -15.4% over past five years.
  • −Promoter holding is low: 29.0%
  • −Tax rate seems low
  • −Company has a low return on equity of 1.98% over last 3 years.
  • −Earnings include an other income of Rs.1.63 Cr.
  • −Debtor days have increased from 62.5 to 78.3 days.

Shareholding Pattern

Promoters29.05%
FIIs1.8%
DIIs0%
Public69.15%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters33.25%33.25%29.84%▼3.430.15%▲0.329.84%▼0.329.84%30.13%▲0.329.05%▼1.1
FIIs0.07%2.84%▲2.82.53%▼0.32.96%▲0.42.94%▼0.02.92%▼0.01.87%▼1.01.8%▼0.1
DIIs0%0%0%0%0%0%0%0%
Public66.69%63.92%▼2.867.64%▲3.766.88%▼0.867.21%▲0.367.24%▲0.068%▲0.869.15%▲1.2

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales24.722.720.6821.7815.5726.1437.7924.9422.6727.31
Expenses24.0422.3220.4820.8515.0125.5737.0623.8221.5425.57
Operating Profit0.660.380.20.930.560.570.731.121.131.74
OPM %2.67%1.67%0.97%4.27%3.6%2.18%1.93%4.49%4.98%6.37%
Net Profit0.280.12-2.340.550.410.340.570.691.461.13
EPS ₹0.130.06-1.10.260.170.140.240.290.610.45

AI Insights

Revenue Trend

TTM revenue at ₹113Cr, up 11.9% YoY. OPM at 4%.

Debt Position

Borrowings at ₹11Cr. Debt-to-equity ratio: 0.07x. Healthy balance sheet.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 1.8% (+1.79pp change). Promoters hold 29.05%.

Margin & Efficiency

ROCE improving from -5% (Mar 2014) to 2% (Mar 2025). Working capital days: 460.

Valuation

PE 33.2x with 1.55% ROCE. Price is -27% above book value of ₹70. Dividend yield: 0%.

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