Tarmat Ltd

₹ 74.1 -2.05%

22 Nov - close price

About

Incorporated in 1986, Tarmat Ltd does construction of Airfield and National /
state highways^[1]

Key Points

Business Overview:^[1]^[2]
TL is an ISO 9001:2008 Quality Mgmt System certified company which is in the business of construction of Highways, Runways, airfields, parking bays, aprons, taxiways, etc. It has worked on projects sponsored by Govt agencies, including Central Govt, State Governments and Municipalities. Company provides engineering, procurement and construction services for infrastructure projects - EPC

Website BSE NSE

Market Cap ₹ 158 Cr.
Current Price ₹ 74.1
High / Low ₹ 154 / 70.8
Stock P/E 117
Book Value ₹ 72.4
Dividend Yield 0.00 %
ROCE 1.50 %
ROE 1.14 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Stock is trading at 1.02 times its book value

Cons

The company has delivered a poor sales growth of -7.43% over past five years.
Promoter holding is low: 33.2%
Tax rate seems low
Company has a low return on equity of 3.54% over last 3 years.
Company's cost of borrowing seems high
Promoter holding has decreased over last 3 years: -6.66%
Working capital days have increased from 294 days to 422 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Infrastructure Developers & Operators Industry: Construction

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	34.52	33.68	60.17	40.60	28.93	32.16	41.96	21.27	24.70	22.70	20.68	21.78	15.57
	32.73	32.17	58.89	38.64	27.88	33.37	41.73	20.11	24.04	22.32	20.48	20.85	15.01
Operating Profit	1.79	1.51	1.28	1.96	1.05	-1.21	0.23	1.16	0.66	0.38	0.20	0.93	0.56
OPM %	5.19%	4.48%	2.13%	4.83%	3.63%	-3.76%	0.55%	5.45%	2.67%	1.67%	0.97%	4.27%	3.60%
	0.04	0.10	0.82	0.04	0.25	6.20	0.19	0.01	0.02	0.00	-2.20	0.00	0.04
Interest	0.61	0.47	0.36	0.07	0.19	0.03	0.09	0.19	0.22	0.08	0.16	0.23	0.04
Depreciation	0.26	0.22	0.32	0.23	0.23	0.29	0.29	0.21	0.21	0.21	0.21	0.18	0.18
Profit before tax	0.96	0.92	1.42	1.70	0.88	4.67	0.04	0.77	0.25	0.09	-2.37	0.52	0.38
Tax %	4.17%	5.43%	2.11%	2.35%	4.55%	0.64%	-575.00%	-3.90%	-12.00%	-33.33%	-1.27%	-5.77%	-7.89%
	0.92	0.86	1.39	1.66	0.85	4.64	0.26	0.80	0.28	0.12	-2.34	0.55	0.41
EPS in Rs	0.69	0.65	0.88	0.84	0.40	2.18	0.12	0.38	0.13	0.06	-1.10	0.26	0.19
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	79.59	89.57	77.80	203.69	131.43	276.25	195.76	181.01	143.66	89.35	80.73
	82.86	89.15	76.77	212.52	150.19	265.11	188.63	173.97	141.50	86.87	78.66
Operating Profit	-3.27	0.42	1.03	-8.83	-18.76	11.14	7.13	7.04	2.16	2.48	2.07
OPM %	-4.11%	0.47%	1.32%	-4.34%	-14.27%	4.03%	3.64%	3.89%	1.50%	2.78%	2.56%
	1.48	0.87	0.76	11.51	21.82	0.88	1.33	1.06	6.68	-2.17	-2.16
Interest	15.52	4.59	0.02	1.55	1.45	2.37	3.06	2.38	0.51	0.73	0.51
Depreciation	3.78	2.49	1.56	1.03	0.90	0.82	1.38	1.06	1.04	0.84	0.78
Profit before tax	-21.09	-5.79	0.21	0.10	0.71	8.83	4.02	4.66	7.29	-1.26	-1.38
Tax %	-2.04%	-112.44%	85.71%	-1,140.00%	18.31%	22.31%	-28.11%	1.72%	-1.78%	-10.32%
	-20.66	0.71	0.03	1.24	0.58	6.87	5.15	4.58	7.42	-1.13	-1.26
EPS in Rs	-18.85	0.65	0.03	1.13	0.53	5.15	3.86	2.90	3.48	-0.53	-0.59
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	%
5 Years:	-7%
3 Years:	-23%
TTM:	-33%

Compounded Profit Growth
10 Years:	%
5 Years:	16%
3 Years:	-34%
TTM:	-61%

Stock Price CAGR
10 Years:	11%
5 Years:	24%
3 Years:	7%
1 Year:	-9%

Return on Equity
10 Years:	%
5 Years:	6%
3 Years:	4%
Last Year:	1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	10.96	10.96	10.96	10.96	10.96	13.33	13.33	15.80	21.31	21.31	23.81
Reserves	26.27	26.98	27.02	28.26	28.83	42.82	47.96	67.85	109.41	108.32	130.56
	117.36	118.81	121.50	145.18	97.30	110.28	89.47	43.36	5.96	10.46	2.99
	35.36	29.85	32.19	75.54	56.78	103.35	81.79	92.81	76.36	57.95	77.12
Total Liabilities	189.95	186.60	191.67	259.94	193.87	269.78	232.55	219.82	213.04	198.04	234.48
	17.83	15.34	13.79	12.76	11.61	16.96	18.16	17.36	17.10	16.31	15.97
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	19.25	19.25	19.25	21.58	19.23	19.23	19.23	1.05	1.05	1.05	0.00
	152.87	152.01	158.63	225.60	163.03	233.59	195.16	201.41	194.89	180.68	218.51
Total Assets	189.95	186.60	191.67	259.94	193.87	269.78	232.55	219.82	213.04	198.04	234.48

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	2.32	-0.09	-0.95	-20.82	45.11	-13.04	26.42	-7.12	9.46	-3.20
	5.56	0.34	0.42	-2.04	2.95	-5.47	-1.94	17.92	-0.85	0.01
	-8.06	-0.01	-0.02	25.71	-49.32	20.09	-23.87	-20.99	-8.01	3.85
Net Cash Flow	-0.18	0.24	-0.54	2.85	-1.26	1.58	0.61	-10.19	0.60	0.67

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	100.30	90.14	106.31	62.13	53.82	30.61	24.13	45.33	56.91	52.41
Inventory Days	873.62	697.06	444.57	257.47			682.71	509.30	388.83	833.92
Days Payable	901.52	591.16	471.83	320.68			591.19	419.27	359.70	586.32
Cash Conversion Cycle	72.39	196.03	79.05	-1.09	53.82	30.61	115.65	135.37	86.04	300.01
Working Capital Days	322.21	303.83	379.78	194.08	189.29	93.78	148.83	208.76	251.48	421.70
ROCE %		-0.77%	0.15%	0.96%	-11.56%	7.38%	4.46%	5.07%	4.00%	1.50%

Shareholding Pattern

Numbers in percentages

2 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	39.90%	39.90%	33.67%	36.15%	35.84%	33.25%	33.25%	33.25%	33.25%	33.25%	33.25%	33.25%
	0.01%	0.00%	0.00%	0.00%	0.00%	0.02%	0.01%	0.00%	0.00%	0.07%	0.07%	2.84%
	60.08%	60.10%	66.33%	63.85%	64.17%	66.74%	66.75%	66.75%	66.76%	66.69%	66.69%	63.92%
No. of Shareholders	10,529	10,698	10,536	10,454	10,422	9,909	9,813	11,140	12,523	14,153	14,153	14,628

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	63.24%	60.33%	53.94%	50.58%	39.90%	39.90%	33.25%	33.25%	33.25%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.07%	2.84%
	36.76%	39.67%	46.06%	49.42%	60.10%	60.10%	66.74%	66.69%	63.92%
No. of Shareholders	7,857	9,905	9,441	8,665	8,868	10,698	9,909	14,153	14,628

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Tarmat Ltd

Tarmat Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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