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    Oilfield services/Equipment
Pratham EPC Projects Ltd.

Pratham EPC Projects Ltd.

NNSE:PRATHAM
102.00
INR
-5.35
(-4.98%)
1.89BMarket Cap
Pratham EPC Projects Ltd.
NSE:PRATHAM
(National Stock Exchange of India)

Recent

price

102.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2021
2022
2023
2024
2025
2026
TTM
INR
17.22
28.42
28.27
52.53
66.95
76.99
- -
Revenue per Share
0.64
2.49
4.31
7.56
7.75
3.38
- -
Basic EPS, GAAP
1.23
4.89
-6.27
-9.93
-9.16
-23.75
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
3.34
5.82
10.13
34.25
42
49.94
49.94
Book Value per Share
3.28
5.78
10.06
34.02
41.78
49.75
49.75
Tangible Book Value per Share
18
18
18
13
18
18
18
Basic Weighted Avg Shares
306
505
502
696
1,189
1,402
- -
Sales/Revenue/Turnover
6.25
12.31
19.83
19.3
13.56
6.63
- -
Operating Margin (%)
6
7
9
12
16
28
- -
Depreciation Expense
11
44
77
100
138
62
- -
Net Income, GAAP
25.52
25.11
24.83
25.84
26.15
15.7
- -
Effective Tax Rate (%)
3.69
8.75
15.25
14.39
11.57
4.39
- -
Profit Margin (%)
13
44
54
502
621
254
254
Working Capital
11
20
41
32
42
129
129
LT Debt
59
103
180
609
746
909
909
Total Equity
- -
44.07
30.55
19.59
15.42
6.63
- -
Return on Invested Capital (%)
- -
43.81
36.13
23.17
18.93
8.14
- -
Return on Capital (%)
- -
54.3
54.03
25.4
20.32
7.44
- -
Return on Common Equity (%)

Capital Structure

INR

•

in mil. unless spec.
Mar'25
Sep'26
Mar'26
ST Debt
77
32
387
LT Borrowings
42
345
129
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
18
18
18
Market Capitalization
2,722
2,496
1,894

Working Capital

INR

•

in mil. unless spec.
Mar'25
Sep'26
Mar'26
Total Current Assets
863
1,451
1,207
Cash, Cash Equivalents & STI
52
80
83
Accounts Receivable, Net
307
474
392
Inventories
370
408
542
Total Current Liabilities
242
526
953
Payables & Accruals
- -
- -
- -
ST Debt
77
32
387
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
86.28%
21.93%
Free Cash Flow
- -
55.4%
165.99%
Net Income, GAAP
- -
75.52%
-55.27%
Sales/Revenue/Turnover
- -
38.38%
17.94%
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

INR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
696
2025
- -
- -
1,189
2026
- -
- -
1,402

Semi-annual Earnings Per Share

INR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
7.56
2025
- -
- -
7.75
2026
- -
- -
3.38

Semi-annual Dividends Per Share

INR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
- -
2025
- -
- -
- -
2026
- -
- -
- -
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Business
Pratham EPC Projects Ltd operates as an integrated engineering, procurement, construction, and commissioning company primarily focused on pipeline infrastructure in India. The company executes gas pipeline projects encompassing mainline welding, tie-in, coating, hydro testing, and pipeline commissioning; offshore and cross-country pipeline projects; design, supply, laying, jointing, testing, and commissioning of pipeline networks using materials such as mild steel, ductile iron, high-density polyethylene, polyvinyl chloride, reinforced concrete cement, and bar-wrapped steel cylinder pipes for domestic and industrial water supply; as well as operations and maintenance services for oil, gas, and water pipelines. It serves sectors including oil and gas pipelines, irrigation, power, industrial, water, and environment, with major clients such as Indian Oil, Gujarat Gas, GAIL India, GSPL, BPCL, Sabarmati Gas, and Sun Petro Chemicals. Founded in 2014 and headquartered in Ahmedabad, Gujarat, the company maintains operations across India. In recent developments, Pratham EPC Projects listed on the NSE SME platform in March 2024 following its initial public offering. The company secured a significant Rs 497 crore EPC contract from Sun Petro Chemicals in April 2024 for onshore and offshore crude oil pipelines in the Gulf of Khambhat and other Gujarat fields. Additionally, it increased its stake in Pipeflow Integrity India Private Limited to 52% in May 2023, establishing it as a subsidiary to broaden service capabilities. In October 2025, the board approved an extraordinary general meeting scheduled for November 8, 2025, to raise authorized share capital from Rs 20 crore to Rs 25 crore by creating 5 million equity shares of Rs 10 each. These moves reflect ongoing expansion in order books and capital base amid robust financial performance, with revenue reaching Rs 119 crore and profit at Rs 14 crore for the fiscal year ended March 2025.