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Last Updated: April 2, 2026, 3:46 am
Author: Getaka|Social: XLinkedIn

Tarmat Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹18.08Overvalued by 65.82%vs CMP ₹52.90

P/E (34.4) × ROE (0.9%) × BV (₹70.00) × DY (2.00%)

₹24.21Overvalued by 54.23%vs CMP ₹52.90
MoS: -118.5% (Negative)Confidence: 58/100 (Moderate)Models: 1 Under, 1 Fair, 7 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹16.0323%Over (-69.7%)
Graham NumberEarnings₹50.0416%Fair (-5.4%)
Earnings PowerEarnings₹3.3611%Over (-93.6%)
DCFCash Flow₹11.3114%Over (-78.6%)
Net Asset ValueAssets₹69.617%Under (+31.6%)
EV/EBITDAEnterprise₹11.539%Over (-78.2%)
Earnings YieldEarnings₹15.907%Over (-69.9%)
ROCE CapitalReturns₹28.987%Over (-45.2%)
Revenue MultipleRevenue₹20.095%Over (-62%)
Consensus (9 models)₹24.21100%Overvalued
Key Drivers: ROE 0.9% is below cost of equity. | Wide model spread (₹3–₹70) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -11.3%

*Investments are subject to market risks

Investment Snapshot

46
Tarmat Ltd scores 46/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health46/100 · Moderate
ROCE 1.6% WeakROE 0.9% WeakD/E 1.46 High debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money30/100 · Weak
FII holding down -1.09% (6mo) SellingPromoter holding at 30.1% Stable
Earnings Quality40/100 · Moderate
OPM stable around 3% SteadyWorking capital: 460 days Capital intensive
Quarterly Momentum80/100 · Strong
Revenue (4Q): +34% YoY AcceleratingOPM: 6.4% (up 4.2% YoY) Margin expansion
Industry Rank20/100 · Weak
P/E 34.4 vs industry 32.2 In-lineROCE 1.6% vs industry 6.5% Below peersROE 0.9% vs industry 9.2% Below peers3Y sales CAGR: -15% 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: April 2, 2026, 3:46 am

Market Cap 133 Cr.
Current Price 52.9
Intrinsic Value₹24.21
High / Low 73.9/45.0
Stock P/E34.4
Book Value 70.0
Dividend Yield0.00 %
ROCE1.55 %
ROE0.92 %
Face Value 10.0
PEG Ratio-3.04

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

View Share Price Target for Tarmat Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Tarmat Ltd 133 Cr. 52.9 73.9/45.034.4 70.00.00 %1.55 %0.92 % 10.0
Sadbhav Engineering Ltd 131 Cr. 7.66 18.0/5.87 13.00.00 %9.98 %% 1.00
Prajay Engineers Syndicate Ltd 135 Cr. 19.3 33.9/16.1 68.90.00 %4.18 %5.52 % 10.0
Parsvnath Developers Ltd 265 Cr. 6.09 27.5/5.94 51.80.00 %0.98 %% 5.00
RPP Infra Projects Ltd 310 Cr. 62.5 179/54.88.31 1120.80 %20.1 %13.9 % 10.0
Industry Average5,206.31 Cr157.2632.18102.960.06%6.53%9.16%7.10

All Competitor Stocks of Tarmat Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 32.1641.9621.2724.7022.7020.6821.7815.5726.1437.7924.9422.6727.31
Expenses 33.3741.7320.1124.0422.3220.4820.8515.0125.5737.0623.8221.5425.57
Operating Profit -1.210.231.160.660.380.200.930.560.570.731.121.131.74
OPM % -3.76%0.55%5.45%2.67%1.67%0.97%4.27%3.60%2.18%1.93%4.49%4.98%6.37%
Other Income 6.200.190.010.020.00-2.200.000.040.230.780.060.750.04
Interest 0.030.090.190.220.080.160.230.040.110.320.250.210.41
Depreciation 0.290.290.210.210.210.210.180.180.400.570.290.290.32
Profit before tax 4.670.040.770.250.09-2.370.520.380.290.620.641.381.05
Tax % 0.64%-575.00%-3.90%-12.00%-33.33%-1.27%-5.77%-7.89%-17.24%8.06%-9.38%-5.80%-6.67%
Net Profit 4.640.260.800.280.12-2.340.550.410.340.570.691.461.13
EPS in Rs 2.180.120.380.130.06-1.100.260.170.140.240.290.610.45

Last Updated: March 3, 2026, 2:22 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 2:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 103645159619523317116214489101113
Expenses 107675158771142221631551428798108
Operating Profit -5-4-01-17-1911772235
OPM % -5%-6%-0%1%-27%-20%5%4%4%2%3%3%4%
Other Income 211119221117-212
Interest 161650112321111
Depreciation 4421111111111
Profit before tax -23-21-60019457-124
Tax % -2%-2%-114%86%-1,150%20%22%-27%2%-2%-10%-3%
Net Profit -22-2110117557-124
EPS in Rs -20.45-19.110.750.031.140.525.193.822.903.48-0.530.781.59
Dividend Payout % 0%0%0%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)4.55%104.76%-100.00%0.00%600.00%-28.57%0.00%40.00%-114.29%300.00%
Change in YoY Net Profit Growth (%)0.00%100.22%-204.76%100.00%600.00%-628.57%28.57%40.00%-154.29%414.29%

Tarmat Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:5%
5 Years:-15%
3 Years:-14%
TTM:16%
Compounded Profit Growth
10 Years:8%
5 Years:-23%
3 Years:-22%
TTM:65%
Stock Price CAGR
10 Years:8%
5 Years:8%
3 Years:-6%
1 Year:-36%
Return on Equity
10 Years:1%
5 Years:3%
3 Years:2%
Last Year:1%

Last Updated: September 5, 2025, 1:41 pm

Balance Sheet

Last Updated: December 4, 2025, 2:04 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 11111111111113131621212424
Reserves 472627272829434878109108149151
Borrowings 1101171191221139711089436101011
Other Liabilities 24272422253163585657393430
Total Liabilities 192182181181177168229209192194179217216
Fixed Assets 21171413121116171616152021
CWIP 0000000000000
Investments 241919192727272791010100
Other Assets 147146147149138131186164167168154187196
Total Assets 192182181181177168229209192194179217216

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 72-0-11417-1426-79-3-9
Cash from Investing Activity + -24600-71-5-218-10-27
Cash from Financing Activity + 17-8-0-0-7-1720-24-21-8440
Net Cash Flow -0-00-10121-10114
Free Cash Flow 72-0-11418-1924-79-3-15
CFO/OP -339%-65%4,717%123%-80%-91%-109%344%-102%812%-105%-327%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-115.00-121.00-119.00-121.00-130.00-116.00-99.00-82.00-36.00-4.00-8.00-7.00

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

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 5611814914112774272836575278
Inventory Days 1,5851,6753,475476232421340236525400
Days Payable 8881,2652,254321148374253251366115
Cash Conversion Cycle 7535281,37029621174277512242212363
Working Capital Days -13-1271436108247114-22122219390460
ROCE %-5%-4%-1%0%1%-13%7%4%4%4%2%2%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 33.25%33.25%33.25%33.25%33.25%33.25%33.25%29.84%30.15%29.84%29.84%30.13%
FIIs 0.02%0.01%0.00%0.00%0.07%0.07%2.84%2.53%2.96%2.94%2.92%1.87%
Public 66.74%66.75%66.75%66.76%66.69%66.69%63.92%67.64%66.88%67.21%67.24%68.00%
No. of Shareholders 9,9099,81311,14012,52314,15314,15314,62814,44214,35814,37914,59614,055

Shareholding Pattern Chart

No. of Shareholders

Tarmat 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 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 0.63-0.513.572.903.86
Diluted EPS (Rs.) 0.63-0.512.372.153.86
Cash EPS (Rs.) 1.33-0.133.963.574.90
Book Value[Excl.RevalReserv]/Share (Rs.) 71.9760.7861.2959.1745.91
Book Value[Incl.RevalReserv]/Share (Rs.) 72.0060.8261.3359.2245.98
Revenue From Operations / Share (Rs.) 42.0941.9267.40114.56146.90
PBDIT / Share (Rs.) 1.591.342.904.886.35
PBIT / Share (Rs.) 1.040.942.424.215.31
PBT / Share (Rs.) 0.75-0.593.422.953.01
Net Profit / Share (Rs.) 0.77-0.533.482.903.86
NP After MI And SOA / Share (Rs.) 0.77-0.533.482.903.86
PBDIT Margin (%) 3.783.194.304.264.32
PBIT Margin (%) 2.472.253.583.673.61
PBT Margin (%) 1.78-1.415.072.572.05
Net Profit Margin (%) 1.84-1.265.162.522.62
NP After MI And SOA Margin (%) 1.84-1.265.162.522.62
Return on Networth / Equity (%) 1.07-0.875.674.898.40
Return on Capital Employeed (%) 1.371.543.886.924.70
Return On Assets (%) 0.79-0.573.482.082.21
Long Term Debt / Equity (X) 0.040.000.010.011.43
Total Debt / Equity (X) 0.050.080.040.461.46
Asset Turnover Ratio (%) 0.460.430.690.760.71
Current Ratio (X) 3.592.462.231.532.13
Quick Ratio (X) 2.311.401.390.881.28
Inventory Turnover Ratio (X) 1.441.281.050.930.62
Interest Coverage Ratio (X) 5.504.3216.293.872.76
Interest Coverage Ratio (Post Tax) (X) 3.683.2413.903.302.68
Enterprise Value (Cr.) 126.61198.40161.88133.70132.10
EV / Net Operating Revenue (X) 1.252.221.130.730.67
EV / EBITDA (X) 32.9969.4626.1717.3315.61
MarketCap / Net Operating Revenue (X) 1.212.171.120.520.29
Price / BV (X) 0.701.491.231.010.93
Price / Net Operating Revenue (X) 1.212.171.120.520.29
EarningsYield 0.01-0.010.040.040.08

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Tarmat Ltd. is a Public Limited Listed company incorporated on 03/01/1986 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L45203MH1986PLC038535 and registration number is 038535. Currently Company is involved in the business activities of Construction roads and railways. Company's Total Operating Revenue is Rs. 101.28 Cr. and Equity Capital is Rs. 24.06 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Construction, Contracting & EngineeringGen A.K.Vaidya Marg, Mumbai Maharashtra 400097Contact not found
Management
NamePosition Held
Mr. Jerry VargheseChairman
Mr. Dilip VargheseManaging Director
Mr. Amit Atmaram ShahExecutive Director
Mr. Krishan Kumar KinraIndependent Director
Dr. Kishanrao Marutirao GodboleIndependent Director
Mrs. Priyanka Bhushan SahaniIndependent Director

FAQ

What is the intrinsic value of Tarmat Ltd and is it undervalued?

As of 09 April 2026, Tarmat Ltd's intrinsic value is ₹24.21, which is 54.23% lower than the current market price of ₹52.90, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (0.92 %), book value (₹70.0), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Tarmat Ltd?

Tarmat Ltd is trading at ₹52.90 as of 09 April 2026, with a FY2026-2027 high of ₹73.9 and low of ₹45.0. The stock is currently in the middle of its 52-week range. Market cap stands at ₹133 Cr..

How does Tarmat Ltd's P/E ratio compare to its industry?

Tarmat Ltd has a P/E ratio of 34.4, which is above the industry average of 32.18. The premium over industry average may reflect growth expectations or speculative interest.

Is Tarmat Ltd financially healthy?

Key indicators for Tarmat Ltd: ROCE of 1.55 % is on the lower side compared to the industry average of 6.53%; ROE of 0.92 % is below ideal levels (industry average: 9.16%). Dividend yield is 0.00 %.

Is Tarmat Ltd profitable and how is the profit trend?

Tarmat Ltd reported a net profit of ₹2 Cr in Mar 2025 on revenue of ₹101 Cr. Compared to ₹5 Cr in Mar 2022, the net profit shows a declining trend.

Does Tarmat Ltd pay dividends?

Tarmat Ltd has a dividend yield of 0.00 % at the current price of ₹52.90. 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 Tarmat 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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