Tarmat Ltd.

Tarmat Ltd.

52.92
INR
+0.13
(+0.25%)
2.88EPS
17.48P/E
1.26BMarket Cap
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
2026 Y
TTM
Revenue per Share
96.09
75.04
83.22
72.44
187.35
120.09
207.21
146.58
11.46
6.74
4.19
4.21
4.68
52.19
Basic EPS, GAAP
-20.46
-18.85
0.65
0.03
1.13
0.53
5.15
3.85
0.29
0.35
-0.05
0.08
0.25
2.88
Free Cash Flow per Basic Share
5.96
2.12
-0.08
-0.87
-19
41.15
-14.4
17.84
-0.47
0.41
-0.15
-0.63
-0.01
- -
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
52.99
33.97
34.62
34.65
35.78
36.31
42.12
45.98
59.22
61.33
60.82
72.76
74.49
- -
Tangible Book Value per Share
52.86
33.83
34.48
34.51
35.65
36.17
42.01
45.87
59.13
61.26
60.75
72.7
74.43
- -
Basic Weighted Avg Shares
11
11
11
11
11
11
13
13
158
213
213
241
251
25
Sales/Revenue/Turnover
1,053
822
912
794
2,054
1,316
2,764
1,958
1,810
1,437
894
1,013
1,174
1,282
Operating Margin (%)
-7.23
-7.19
-1.76
-0.56
-4.8
-14.64
3.74
2.97
3.41
0.94
1.85
1.43
4.79
5.42
Depreciation Expense
44
38
25
16
10
9
8
14
11
10
8
13
13
13
Net Income, GAAP
-224
-207
7
- -
12
6
69
51
46
74
-11
19
62
71
Effective Tax Rate (%)
- -
- -
- -
83.77
- -
18.54
22.21
- -
1.8
- -
- -
- -
- -
- -
Profit Margin (%)
-21.29
-25.12
0.78
0.04
0.6
0.44
2.49
2.63
2.53
5.16
-1.27
1.85
5.32
5.52
Working Capital
14
-191
38
101
411
773
988
81
659
988
1,067
1,407
1,541
- -
LT Debt
261
192
419
419
697
973
1,103
30
12
7
103
75
105
- -
Total Equity
581
372
379
380
392
398
561
613
936
1,307
1,296
1,733
1,867
- -
Return on Invested Capital (%)
- -
- -
- -
0.02
- -
0.74
5.29
- -
4.2
- -
- -
- -
- -
- -
Return on Capital (%)
- -
- -
- -
0.02
- -
1.09
5.73
- -
4.8
- -
- -
- -
- -
- -
Return on Common Equity (%)
-32.36
-43.35
1.89
0.09
3.21
1.46
14.33
8.76
5.91
6.61
-0.87
1.23
3.47
- -

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
45
- -
LT Borrowings
- -
105
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
25
25
25
Market Capitalization
1,273
1,265
1,262

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
2,173
- -
Cash, Cash Equivalents & STI
- -
214
- -
Accounts Receivable, Net
- -
213
- -
Inventories
- -
721
- -
Total Current Liabilities
- -
632
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
45
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
18.8%
26.59%
7.75%
Free Cash Flow
211.49%
-43.78%
-98.08%
Net Income, GAAP
431.27%
-19.08%
234%
Sales/Revenue/Turnover
15.38%
-7.35%
15.89%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
218
156
261
378
1,013
2026
249
227
273
425
1,174
2027
358
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
0.27
0.19
0.16
0.19
0.08
2026
0.3
0.61
0.46
1.18
0.25
2027
0.62
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
2027
- -
- -
- -
- -
- -

Company Description

CEO
Dilip Jerry Varghese
Full Time Employees
112
Sector
Industrial services
Industry
Engineering & construction
Address
General A K Vaidya Marg Mumbai MA India 400097
IPO Date
Jun 12, 2007
Website
tarmat.in
Business
Tarmat Limited (NSE: TARMAT) is an India-based infrastructure company primarily engaged in the construction of airport runways, highways, airfields, railways, and related civil engineering projects. The company offers engineering, procurement, and construction (EPC) services for infrastructure developments including ports, industrial areas, refineries, parking bays, taxi tracks, aprons, and real estate properties; its core offerings encompass runway resurfacing, extension and strengthening, taxiway construction and upgradation, apron development, and highway construction works sponsored by government agencies such as Airports Authority of India, Military Engineering Services, and state public works departments. Tarmat operates across key business segments of airports, highways, infrastructure, railways, and real estate, serving domestic and international airports, military air bases, naval airports, and national/state highways primarily in India with geographic presence in states including Maharashtra, Tamil Nadu, Karnataka, Kerala, Mizoram, Gujarat, and Delhi. Founded in 1986 by Promoter Director Mr. Jerry Varghese and headquartered at Gen. A. K. Vaidya Marg, Near Wagheshwari Mandir, Off Film City Road, Malad (East), Mumbai 400 097, India, the company was originally incorporated as Jerry Varghese Constructions Private Limited, later renamed Roman Tarmat Limited, and changed to its current name in September 2012. Tarmat holds ISO 9001:2008 Quality Management System certification and focuses on government-backed projects, including notable executions such as resurfacing of runways at Air Force Stations Maharajpur and Awantipur, apron construction at Bangalore International Airport, taxi track works at Chennai Airport, and runway extensions at Trichy and Trivandrum Airports. In recent developments, Tarmat received INR 222.19 million in funding from a group of investors in April 2024 to support its operations. The company published its Q3 2025 financial results in late 2025, reflecting ongoing performance in its infrastructure segments, and appointed Dr. Kishanrao Marutirao Godbole as an Independent Non-Executive Director effective September 2024 during its 39th Annual General Meeting. Additionally, Tarmat continues to expand its real estate foray with a 500,000 sq ft development project in Goregaon near Oberoi Mall, Mumbai, while maintaining its focus on airport and highway EPC contracts amid active order books for military and civilian aviation infrastructure.