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Last Updated: February 25, 2026, 9:47 pm
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532959 | NSE: AJRINFRA

AJR Infra & Tolling Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹16.78Undervalued by 2,297.14%vs CMP ₹0.70

P/E (15.0) × ROE (15.0%) × BV (₹9.14) × DY (2.00%)

Defaults: P/E=15, ROE=15%

₹80.82Undervalued by 11,445.71%vs CMP ₹0.70
MoS: +99.1% (Strong)Confidence: 45/100 (Moderate)Models: 4 Under, 2 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹31.1123%Under (+4344.3%)
Graham NumberEarnings₹47.7623%Under (+6722.9%)
DCFCash Flow₹271.7718%Under (+38724.3%)
EV/EBITDAEnterprise₹0.1315%Over (-81.4%)
Earnings YieldEarnings₹110.9012%Under (+15742.9%)
Revenue MultipleRevenue₹0.199%Over (-72.9%)
Consensus (6 models)₹80.82100%Undervalued
Key Drivers: EPS CAGR 85.4% lifts DCF — verify sustainability. | Wide model spread (₹0–₹272) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 85.4% · Defaults: P/E=15, ROE=15%

*Investments are subject to market risks

Investment Snapshot

40
AJR Infra & Tolling Ltd scores 40/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health18/100 · Weak
ROCE 0.0% WeakROE 0.0% WeakD/E 2.35 High debtInterest Coverage 0.0x RiskyProfitable 1/5 years Inconsistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 10.7% Stable
Earnings Quality50/100 · Moderate
OPM contracting (16% → -18%) DecliningWorking capital: -22,007 days (improving) Efficient
Quarterly Momentum55/100 · Moderate
Revenue (4Q): -100% YoY DecliningProfit (4Q): +66% YoY Strong
Industry Rank40/100 · Moderate
3Y sales CAGR: -42% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: February 25, 2026, 9:47 pm

Market Cap 65.9 Cr.
Current Price 0.70
Intrinsic Value₹80.82
High / Low /
Stock P/E
Book Value 9.14
Dividend Yield0.00 %
ROCE%
ROE%
Face Value 2.00
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for AJR Infra & Tolling Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Genus Prime Infra Ltd 32.7 Cr. 21.9 35.4/16.354.5 1570.00 %0.06 %0.09 % 2.00
Ekansh Concepts Ltd 254 Cr. 168 308/96.4688 33.30.00 %4.41 %1.88 % 10.0
Dhruv Consultancy Services Ltd 56.1 Cr. 29.6 80.0/22.2 55.90.68 %11.3 %8.19 % 10.0
Crane Infrastructure Ltd 8.33 Cr. 11.5 24.0/9.1414.6 41.70.00 %2.84 %2.21 % 10.0
Brahmaputra Infrastructure Ltd 448 Cr. 154 179/38.56.69 1090.00 %10.8 %11.0 % 10.0
Industry Average1,557.11 Cr105.1560.1390.100.22%9.84%14.41%8.15

All Competitor Stocks of AJR Infra & Tolling Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 16.1550.9912.3913.4017.2118.2415.0719.630.000.000.000.000.00
Expenses 9.3775.675.298.0426.1715.3211.5324.77-7.6038.329.863.822.99
Operating Profit 6.78-24.687.105.36-8.962.923.54-5.147.60-38.32-9.86-3.82-2.99
OPM % 41.98%-48.40%57.30%40.00%-52.06%16.01%23.49%-26.18%
Other Income 1.718.494.835.056.8464.6710.20814.72-7.243.181,112.967.452.70
Interest 71.4973.4475.2878.8580.8043.8776.6474.1336.2923.850.931.020.89
Depreciation 12.7512.4712.6012.7412.750.279.548.600.010.010.010.010.00
Profit before tax -75.75-102.10-75.95-81.18-95.6723.45-72.44726.85-35.94-59.001,102.162.60-1.18
Tax % 1.00%1.61%1.11%0.95%0.82%-4.99%-6.50%2.72%-0.28%2.68%-0.04%0.38%0.00%
Net Profit -76.50-103.75-76.79-81.96-96.4524.61-67.74707.08-35.84-60.571,102.562.58-1.18
EPS in Rs -0.71-0.98-0.71-0.76-0.910.38-0.597.60-0.38-0.6411.710.03-0.01

Last Updated: March 3, 2026, 12:57 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 5:16 pm

MetricDec 2013n n 9mSep 2014n n 9mMar 2016n n 18mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 4545421,5776636254973682421789161350
Expenses 175199996423380298179155102101555155
Operating Profit 2793435812402451991898776-106-16-55
OPM % 62%63%37%36%39%40%51%36%43%-11%11%-46%
Other Income 4-30-72513634712-695-1,260818021,126
Interest 21920764430934036138325526128127921127
Depreciation 120168100508710912689715138180
Profit before tax -55-61-170-94-170-26527-245-951-1,601-2295571,045
Tax % 2%-35%24%29%9%-21%46%13%1%0%1%3%
Net Profit -56-40-204-122-186-21015-277-957-1,605-2315411,043
EPS in Rs -0.77-0.43-2.18-1.10-1.55-1.650.71-2.48-9.80-16.62-2.005.9611.09
Dividend Payout % 0%0%0%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-52.46%-12.90%107.14%-1946.67%-245.49%-67.71%85.61%334.20%
Change in YoY Net Profit Growth (%)0.00%39.56%120.05%-2053.81%1701.18%177.78%153.32%248.59%

AJR Infra & Tolling Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 8 years from 2017-2018 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:-24%
5 Years:-38%
3 Years:-42%
TTM:-43%
Compounded Profit Growth
10 Years:%
5 Years:2%
3 Years:2%
TTM:7%
Stock Price CAGR
10 Years:-23%
5 Years:0%
3 Years:-27%
1 Year:%
Return on Equity
10 Years:%
5 Years:%
3 Years:%
Last Year:%

Last Updated: September 5, 2025, 2:11 pm

Balance Sheet

Last Updated: March 3, 2026, 12:25 am

MonthDec 2013Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 148188189189189189189189189189189189189
Reserves 523763568464319165232-1-924-2,528-2,716-2,155-1,050
Borrowings 4,1273,9072,5132,6753,1421,6365186152017420764
Other Liabilities 7074,6971,4531,5541,9642,8522,9362,9693,1983,4703,3562,1751,032
Total Liabilities 5,5059,5554,7244,8835,6144,8433,8753,7722,4831,3051,037215176
Fixed Assets 2,4956,2292,2422,1972,8692,0761,1511,0677225654892020
CWIP 2,4572,6535858091,0091,0251,0771,075159676700
Investments 24348618445454904906023191144586
Other Assets 5286391,8111,6931,6901,6971,1571,1401,00035436615170
Total Assets 5,5059,5554,7244,8835,6144,8433,8753,7722,4831,3051,037215176

Reserves and Borrowings Chart

Cash Flow

MonthDec 2013Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 408416256416374278363100537928-78
Cash from Investing Activity + -409-382118-441-48-60-20818-26-25116
Cash from Financing Activity + 20-71-349-21-306-257-347-97-87-51-6-39
Net Cash Flow 18-3725-4620-39-411-162-2-1
Free Cash Flow 564161913321225135995548027-78
CFO/OP 153%123%47%175%160%146%196%118%71%-820%468%494%

Free Cash Flow

MonthDec 2013n n 9mMar 2016n n 18mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2014n n 9m
Free Cash Flow279.00581.00238.00242.00198.00-329.00-528.0056.00-184.00-201.00-22.00343.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthDec 2013Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 141315197108192628297182220217
Inventory Days 1127360
Days Payable 4,0956,010951
Cash Conversion Cycle 14131519710819262-3,901-5,905-409220217
Working Capital Days -579-479-8732-514-1,483-2,463-4,054-6,477-14,211-21,341-22,007
ROCE %4%13%6%5%4%6%1%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 20.60%20.60%20.60%20.60%20.60%10.72%10.72%10.72%10.72%10.72%10.72%10.72%
FIIs 10.21%10.21%10.21%10.21%10.21%10.21%10.21%1.09%1.09%1.09%1.09%1.09%
DIIs 17.96%7.18%7.18%7.18%7.18%17.05%17.05%17.05%17.05%17.05%17.05%17.05%
Public 51.24%62.01%62.01%62.01%62.01%62.02%62.02%71.14%71.14%71.14%71.13%71.14%
No. of Shareholders 1,20,8731,20,1761,19,2471,19,1301,19,1171,19,0941,19,0891,19,0791,19,0401,19,0211,19,0151,19,010

Shareholding Pattern Chart

No. of Shareholders

AJR Infra & Tolling Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 5.96-2.00-16.62-9.80-2.48
Diluted EPS (Rs.) 5.96-2.00-16.62-9.80-2.48
Cash EPS (Rs.) 5.81-2.10-16.87-9.39-1.99
Book Value[Excl.RevalReserv]/Share (Rs.) -20.78-26.71-26.64-9.271.09
Book Value[Incl.RevalReserv]/Share (Rs.) -20.78-26.71-26.64-9.271.09
Revenue From Operations / Share (Rs.) 0.360.640.961.882.56
PBDIT / Share (Rs.) -0.250.230.330.871.04
PBIT / Share (Rs.) -0.45-0.17-0.190.110.10
PBT / Share (Rs.) 5.79-2.49-17.36-10.09-2.60
Net Profit / Share (Rs.) 5.62-2.51-17.40-10.15-2.93
NP After MI And SOA / Share (Rs.) 5.93-1.99-16.55-9.76-2.47
PBDIT Margin (%) -70.5835.7434.9246.2840.72
PBIT Margin (%) -122.92-26.91-20.576.203.97
PBT Margin (%) 1578.78-385.30-1802.11-535.24-101.60
Net Profit Margin (%) 1531.14-387.29-1806.21-538.60-114.52
NP After MI And SOA Margin (%) 1617.02-306.89-1717.91-518.00-96.42
Return on Networth / Equity (%) -28.540.000.000.00-124.00
Return on Capital Employeed (%) 2.220.620.78-1.420.98
Return On Assets (%) 260.74-18.12-119.94-37.18-6.18
Long Term Debt / Equity (X) 0.00-0.01-0.020.001.99
Total Debt / Equity (X) 0.00-0.08-0.07-0.142.35
Asset Turnover Ratio (%) 0.050.050.040.000.00
Current Ratio (X) 0.010.050.060.050.07
Quick Ratio (X) 0.010.040.040.030.07
Inventory Turnover Ratio (X) 1.130.000.000.000.00
Interest Coverage Ratio (X) -0.110.070.110.310.38
Interest Coverage Ratio (Post Tax) (X) -0.28-0.06-0.080.01-0.08
Enterprise Value (Cr.) 0.000.0042.34113.38378.59
EV / Net Operating Revenue (X) 0.000.000.460.631.56
EV / EBITDA (X) 0.000.001.331.373.84
MarketCap / Net Operating Revenue (X) 0.000.001.010.970.26
Price / BV (X) 0.000.00-0.03-0.230.34
Price / Net Operating Revenue (X) 0.000.001.010.970.26
EarningsYield 0.000.00-17.06-5.31-3.63

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company

AJR Infra and Tolling Ltd. is a Public Limited Listed company incorporated on 23/04/2001 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L45203MH2001PLC131728 and registration number is 131728. Currently Company is involved in the business activities of Construction and maintenance of motorways, streets, roads, other vehicular and pedestrian ways, highways, bridges, tunnels and subways. Company’s Total Operating Revenue is Rs. 0.00 Cr. and Equity Capital is Rs. 189.18 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Infrastructure - General3rd Floor, 3/8, Hamilton House, J. N. Heredia Marg, Mumbai Maharashtra 400038compliances@gammoninfra.com
https://www.ajrinfra.in
Management
NamePosition Held
Mr. Mineel MaliWhole Time Director
Ms. Homai A DaruwallaIndependent Director
Mr. Mahendra Kumar AgrawalaIndependent Director
Mr. Vinod SahaiIndependent Director
Mr. Sunilbhai ChhabariaIndependent Director
Mr. Subhrarabinda BirabarNon Executive Director

AJR Infra and Tolling Ltd. Share Price Update

Share PriceValue
Today₹0.69
Previous Day₹0.69

FAQ

What is the intrinsic value of AJR Infra & Tolling Ltd and is it undervalued?

As of 14 April 2026, AJR Infra & Tolling Ltd's intrinsic value is ₹80.82, which is 11445.71% higher than the current market price of ₹0.70, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (%), book value (₹9.14), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of AJR Infra & Tolling Ltd?

AJR Infra & Tolling Ltd is trading at ₹0.70 as of 14 April 2026, with a FY2026-2027 high of ₹ and low of ₹. Market cap stands at ₹65.9 Cr..

How does AJR Infra & Tolling Ltd's P/E ratio compare to its industry?

AJR Infra & Tolling Ltd has a P/E ratio of , which is below the industry average of 60.13. This is broadly in line with or below the industry average.

Is AJR Infra & Tolling Ltd financially healthy?

Key indicators for AJR Infra & Tolling Ltd: ROCE of % is on the lower side compared to the industry average of 9.84%; ROE of % is below ideal levels (industry average: 14.41%). Dividend yield is 0.00 %.

Is AJR Infra & Tolling Ltd profitable and how is the profit trend?

AJR Infra & Tolling Ltd reported a net profit of ₹541 Cr in Mar 2025 on revenue of ₹35 Cr. Compared to ₹-957 Cr in Mar 2022, the net profit shows an improving trend.

Does AJR Infra & Tolling Ltd pay dividends?

AJR Infra & Tolling Ltd has a dividend yield of 0.00 % at the current price of ₹0.70. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in AJR Infra & Tolling Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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