Tarmat Ltd: Intrinsic Value & Share Price Analysis

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

As of 29 April 2026, Tarmat Ltd's intrinsic value is 24.33, which is 54.86% lower than the current market price of 53.90, suggesting the stock is overvalued. Calculated using the PE ratio method factoring in ROE (0.92 %), book value (70.0), dividend yield (0.00 %), and 5-year EPS CAGR.

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

Tarmat Ltd is trading at 53.90 as of 29 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 135 Cr..

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

Tarmat Ltd has a P/E ratio of 35.1, which is above the industry average of 24.03. The premium over industry average may reflect growth expectations.

Q: Is Tarmat Ltd financially healthy?

Key indicators: ROCE of 1.55 % is on the lower side. Dividend yield is 0.00 %.

Q: 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.

Fair Value

₹18.45Overvalued by 65.77%vs CMP ₹53.90

P/E (35.1) × ROE (0.9%) × BV (₹70.00) × DY (2.00%)

₹24.33Overvalued by 54.86%vs CMP ₹53.90

MoS: -121.5% (Negative)Confidence: 58/100 (Moderate)Models: 1 Under, 1 Fair, 7 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹16.36	23%	Over (-69.6%)
Graham Number	Earnings	₹50.04	16%	Fair (-7.2%)
Earnings Power	Earnings	₹3.37	11%	Over (-93.7%)
DCF	Cash Flow	₹11.36	14%	Over (-78.9%)
Net Asset Value	Assets	₹69.87	7%	Under (+29.6%)
EV/EBITDA	Enterprise	₹11.58	9%	Over (-78.5%)
Earnings Yield	Earnings	₹15.90	7%	Over (-70.5%)
ROCE Capital	Returns	₹29.09	7%	Over (-46%)
Revenue Multiple	Revenue	₹20.16	5%	Over (-62.6%)
Consensus (9 models)		₹24.33	100%	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

Analyst Summary

Tarmat Ltd operates in the Construction & Contracting segment, current market price is ₹53.90, market cap is 135 Cr.. At a glance, stock P/E is 35.1, ROE is 0.92 %, ROCE is 1.55 %, book value is 70.0, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹24.33, around 54.9% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹101 Cr versus the prior period change of 13.5%, while latest net profit is about ₹2 Cr with a prior-period change of 300.0%. The 52-week range shown on this page is 73.9/45.0, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisTarmat 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 L45203MH19…

This summary is generated from the stock page data available for Tarmat Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

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 35.1 vs industry 38.8 In-lineROCE 1.6% vs industry 6.5% Below peersROE 0.9% vs industry 9.1% 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 26, 2026, 12:22 am

Market Cap	135 Cr.
Current Price	53.9
Intrinsic Value	₹24.33
High / Low	73.9/45.0
Stock P/E	35.1
Book Value	70.0
Dividend Yield	0.00 %
ROCE	1.55 %
ROE	0.92 %
Face Value	10.0
PEG Ratio	-3.10

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

Stock P/E Current Price Intrinsic Value

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	135 Cr.	53.9	73.9/45.0	35.1	70.0	0.00 %	1.55 %	0.92 %	10.0
Prajay Engineers Syndicate Ltd	158 Cr.	22.6	33.9/16.1		68.9	0.00 %	4.18 %	5.52 %	10.0
Sadbhav Engineering Ltd	178 Cr.	10.4	18.0/5.87		13.0	0.00 %	9.98 %	%	1.00
Parsvnath Developers Ltd	347 Cr.	7.97	27.5/5.55		51.8	0.00 %	0.98 %	%	5.00
RPP Infra Projects Ltd	396 Cr.	79.8	178/54.8	10.6	112	0.63 %	20.1 %	13.9 %	10.0
Industry Average	6,280.85 Cr	186.79		38.81	102.94	0.05%	6.51%	9.08%	7.10

All Competitor Stocks of Tarmat Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	32.16	41.96	21.27	24.70	22.70	20.68	21.78	15.57	26.14	37.79	24.94	22.67	27.31
Expenses	33.37	41.73	20.11	24.04	22.32	20.48	20.85	15.01	25.57	37.06	23.82	21.54	25.57
Operating Profit	-1.21	0.23	1.16	0.66	0.38	0.20	0.93	0.56	0.57	0.73	1.12	1.13	1.74
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	6.20	0.19	0.01	0.02	0.00	-2.20	0.00	0.04	0.23	0.78	0.06	0.75	0.04
Interest	0.03	0.09	0.19	0.22	0.08	0.16	0.23	0.04	0.11	0.32	0.25	0.21	0.41
Depreciation	0.29	0.29	0.21	0.21	0.21	0.21	0.18	0.18	0.40	0.57	0.29	0.29	0.32
Profit before tax	4.67	0.04	0.77	0.25	0.09	-2.37	0.52	0.38	0.29	0.62	0.64	1.38	1.05
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	4.64	0.26	0.80	0.28	0.12	-2.34	0.55	0.41	0.34	0.57	0.69	1.46	1.13
EPS in Rs	2.18	0.12	0.38	0.13	0.06	-1.10	0.26	0.17	0.14	0.24	0.29	0.61	0.45

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

Quarterly Chart

Profit & Loss - Annual Report

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

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	103	64	51	59	61	95	233	171	162	144	89	101	113
Expenses	107	67	51	58	77	114	222	163	155	142	87	98	108
Operating Profit	-5	-4	-0	1	-17	-19	11	7	7	2	2	3	5
OPM %	-5%	-6%	-0%	1%	-27%	-20%	5%	4%	4%	2%	3%	3%	4%
Other Income	2	1	1	1	19	22	1	1	1	7	-2	1	2
Interest	16	16	5	0	1	1	2	3	2	1	1	1	1
Depreciation	4	4	2	1	1	1	1	1	1	1	1	1	1
Profit before tax	-23	-21	-6	0	0	1	9	4	5	7	-1	2	4
Tax %	-2%	-2%	-114%	86%	-1,150%	20%	22%	-27%	2%	-2%	-10%	-3%
Net Profit	-22	-21	1	0	1	1	7	5	5	7	-1	2	4
EPS in Rs	-20.45	-19.11	0.75	0.03	1.14	0.52	5.19	3.82	2.90	3.48	-0.53	0.78	1.59
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
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

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	11	11	11	11	11	11	13	13	16	21	21	24	24
Reserves	47	26	27	27	28	29	43	48	78	109	108	149	151
Borrowings	110	117	119	122	113	97	110	89	43	6	10	10	11
Other Liabilities	24	27	24	22	25	31	63	58	56	57	39	34	30
Total Liabilities	192	182	181	181	177	168	229	209	192	194	179	217	216
Fixed Assets	21	17	14	13	12	11	16	17	16	16	15	20	21
CWIP	0	0	0	0	0	0	0	0	0	0	0	0	0
Investments	24	19	19	19	27	27	27	27	9	10	10	10	0
Other Assets	147	146	147	149	138	131	186	164	167	168	154	187	196
Total Assets	192	182	181	181	177	168	229	209	192	194	179	217	216

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	7	2	-0	-1	14	17	-14	26	-7	9	-3	-9
Cash from Investing Activity +	-24	6	0	0	-7	1	-5	-2	18	-1	0	-27
Cash from Financing Activity +	17	-8	-0	-0	-7	-17	20	-24	-21	-8	4	40
Net Cash Flow	-0	-0	0	-1	0	1	2	1	-10	1	1	4
Free Cash Flow	7	2	-0	-1	14	18	-19	24	-7	9	-3	-15
CFO/OP	-339%	-65%	4,717%	123%	-80%	-91%	-109%	344%	-102%	812%	-105%	-327%

Free Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 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

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	56	118	149	141	127	74	27	28	36	57	52	78
Inventory Days	1,585	1,675	3,475	476	232			421	340	236	525	400
Days Payable	888	1,265	2,254	321	148			374	253	251	366	115
Cash Conversion Cycle	753	528	1,370	296	211	74	27	75	122	42	212	363
Working Capital Days	-13	-127	14	36	108	247	114	-22	122	219	390	460
ROCE %	-5%	-4%	-1%	0%	1%	-13%	7%	4%	4%	4%	2%	2%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 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	9,909	9,813	11,140	12,523	14,153	14,153	14,628	14,442	14,358	14,379	14,596	14,055

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

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	0.63	-0.51	3.57	2.90	3.86
Diluted EPS (Rs.)	0.63	-0.51	2.37	2.15	3.86
Cash EPS (Rs.)	1.33	-0.13	3.96	3.57	4.90
Book Value[Excl.RevalReserv]/Share (Rs.)	71.97	60.78	61.29	59.17	45.91
Book Value[Incl.RevalReserv]/Share (Rs.)	72.00	60.82	61.33	59.22	45.98
Revenue From Operations / Share (Rs.)	42.09	41.92	67.40	114.56	146.90
PBDIT / Share (Rs.)	1.59	1.34	2.90	4.88	6.35
PBIT / Share (Rs.)	1.04	0.94	2.42	4.21	5.31
PBT / Share (Rs.)	0.75	-0.59	3.42	2.95	3.01
Net Profit / Share (Rs.)	0.77	-0.53	3.48	2.90	3.86
NP After MI And SOA / Share (Rs.)	0.77	-0.53	3.48	2.90	3.86
PBDIT Margin (%)	3.78	3.19	4.30	4.26	4.32
PBIT Margin (%)	2.47	2.25	3.58	3.67	3.61
PBT Margin (%)	1.78	-1.41	5.07	2.57	2.05
Net Profit Margin (%)	1.84	-1.26	5.16	2.52	2.62
NP After MI And SOA Margin (%)	1.84	-1.26	5.16	2.52	2.62
Return on Networth / Equity (%)	1.07	-0.87	5.67	4.89	8.40
Return on Capital Employeed (%)	1.37	1.54	3.88	6.92	4.70
Return On Assets (%)	0.79	-0.57	3.48	2.08	2.21
Long Term Debt / Equity (X)	0.04	0.00	0.01	0.01	1.43
Total Debt / Equity (X)	0.05	0.08	0.04	0.46	1.46
Asset Turnover Ratio (%)	0.46	0.43	0.69	0.76	0.71
Current Ratio (X)	3.59	2.46	2.23	1.53	2.13
Quick Ratio (X)	2.31	1.40	1.39	0.88	1.28
Inventory Turnover Ratio (X)	1.44	1.28	1.05	0.93	0.62
Interest Coverage Ratio (X)	5.50	4.32	16.29	3.87	2.76
Interest Coverage Ratio (Post Tax) (X)	3.68	3.24	13.90	3.30	2.68
Enterprise Value (Cr.)	126.61	198.40	161.88	133.70	132.10
EV / Net Operating Revenue (X)	1.25	2.22	1.13	0.73	0.67
EV / EBITDA (X)	32.99	69.46	26.17	17.33	15.61
MarketCap / Net Operating Revenue (X)	1.21	2.17	1.12	0.52	0.29
Price / BV (X)	0.70	1.49	1.23	1.01	0.93
Price / Net Operating Revenue (X)	1.21	2.17	1.12	0.52	0.29
EarningsYield	0.01	-0.01	0.04	0.04	0.08

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.

INDUSTRY	ADDRESS	CONTACT
Construction, Contracting & Engineering	Gen A.K.Vaidya Marg, Mumbai Maharashtra 400097	Contact not found

Management
Name	Position Held
Mr. Jerry Varghese	Chairman
Mr. Dilip Varghese	Managing Director
Mr. Amit Atmaram Shah	Executive Director
Mr. Krishan Kumar Kinra	Independent Director
Dr. Kishanrao Marutirao Godbole	Independent Director
Mrs. Priyanka Bhushan Sahani	Independent Director

FAQ

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

As of 29 April 2026, Tarmat Ltd's intrinsic value is ₹24.33, which is 54.86% lower than the current market price of ₹53.90, 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 ₹53.90 as of 29 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 ₹135 Cr..

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

Tarmat Ltd has a P/E ratio of 35.1, which is below the industry average of 38.81. This is broadly in line with or below the industry average.

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 6.51%; ROE of 0.92 % is below ideal levels (industry average: 9.08%). 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 ₹53.90. The company is currently not paying meaningful dividends.