TARMAT LTDTarmat Ltd. is a mid-cap infrastructure development company specializing in engineering, procurement, and construction (EPC) of roads, highways, bridges, and airports. Operating across multiple Indian states, it works with government agencies and defense sector clients. The stock is currently trading at ₹62.28, showing signs of base formation with volume expansion and a well-defined Fibonacci breakout structure.
Tarmat Ltd. – FY22–FY25 Snapshot
Sales – ₹150 Cr → ₹178 Cr → ₹195 Cr → ₹215 Cr – Gradual revenue growth with stable order execution
Net Profit – ₹6.2 Cr → ₹7.5 Cr → ₹9.0 Cr → ₹10.6 Cr – Margin visibility improving with better project mix Company Order Book – Moderate → Moderate → Strong → Strong – Increasing inflow from central and state contracts Dividend Yield (%) – 0.00% → 0.00% → 0.00% → 0.00% – No payouts, reinvestment-focused approach
Operating Performance – Weak → Moderate → Moderate → Moderate – Cost efficiency gains visible
Equity Capital – ₹15.52 Cr (constant) – Stable ownership structure
Total Debt – ₹42 Cr → ₹40 Cr → ₹37 Cr → ₹34 Cr – Deleveraging in progress Total Liabilities – ₹89 Cr → ₹96 Cr → ₹103 Cr → ₹109 Cr – Aligned with order book expansion
Fixed Assets – ₹33 Cr → ₹35 Cr → ₹38 Cr → ₹41 Cr – Controlled capex, capacity-based investments
Latest Highlights FY25 net profit rose 17.7% YoY to ₹10.6 Cr; revenue increased 10.3% to ₹215 Cr EPS: ₹6.83 | EBITDA Margin: 14.6% | Net Margin: 4.93% Return on Equity: 13.52% | Return on Assets: 7.64% Promoter holding: 55.18% | Dividend Yield: 0.00% Recent order wins in Maharashtra, Karnataka, and airport runway expansion projects Improved cost controls and execution pace supporting profit momentum
Institutional Interest & Ownership Trends Promoter holding has remained stable at 55.18%, showing confidence in long-term strategy. Institutional interest is picking up post Q4 FY25 results, with DIIs adding 0.8% stake in April 2025. No signs of dilution or pledging activity observed. Overall ownership structure remains lean, and recent delivery volumes suggest selective accumulation by mid-cap trackers.
Business Growth Verdict Yes, Tarmat is showing promising signs of infrastructure-driven growth Margins and asset turnover improving steadily Debt profile is conservative and manageable Capex strategy is paced with execution capabilities
Company Guidance Management expects moderate revenue growth in FY26 with stable margins, supported by a healthy project pipeline. No major capex planned beyond routine equipment upgrades.
Final Investment Verdict Tarmat Ltd. offers a value-focused opportunity in India’s infra build-out cycle. The company’s small but stable base, growing order book, and improving margins suggest credible bottom-line visibility. While topline growth remains moderate and dividend payouts are absent, the low equity dilution, rising contract inflow, and renewed institutional interest make it an attractive candidate for staggered accumulation by investors seeking infra exposure in the mid-cap segment.
