Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹39 Cr.
Stock P/E
5.3
P/B
—
Current Price
₹53.9
Book Value
₹ 0
Face Value
10
52W High
₹70
52W Low
₹ 49.7
Dividend Yield
0%

Artefact Projects Overview

Business

Artefact Projects Ltd. is an Indian engineering consultancy firm primarily engaged in providing comprehensive infrastructure development services. Its core business involves offering a range of services from project conceptualization to completion, including feasibility studies, detailed engineering design, project preparation, construction supervision, quality assurance and control, traffic and transportation studies, environmental impact assessments, and urban and regional planning. The company primarily makes money by charging fees for these professional services, typically on a project-by-project basis for various government agencies, public sector undertakings, and private developers.

Revenue Mix

While specific revenue percentages are not readily available, Artefact Projects Ltd. is primarily focused on infrastructure sectors. Its key service areas and revenue drivers include:

Highways, Roads & Bridges: A significant portion of revenue is derived from projects related to national highways, state roads, and bridges, encompassing design, supervision, and project management.

Urban Infrastructure: Consultancy for urban development projects, including smart cities, city planning, and municipal infrastructure.

Water Resources & Environmental Engineering: Projects related to water supply, sewerage, drainage, and environmental studies.

Other Infrastructure: Includes services for ports, airports, and railway projects, though these might be a smaller contribution.

Industry

Artefact Projects operates within the highly competitive Indian engineering consultancy sector, which is largely driven by government infrastructure spending. The industry is characterized by a mix of large integrated players, mid-sized specialists like Artefact, and smaller regional firms. The company positions itself as an experienced Indian consultant with strong local expertise and a proven track record, particularly in road and highway projects. It competes with other domestic engineering consultants and, on larger projects, potentially with international firms. Its client base heavily includes government bodies such as the National Highways Authority of India (NHAI) and various state public works departments.

MOAT

Artefact Projects' competitive advantages primarily stem from:

Specialized Expertise & Track Record: A long operational history and a demonstrated ability to execute complex infrastructure projects across various terrains and conditions in India. This builds a reputation for reliability.

Client Relationships: Established relationships with key government clients (e.g., NHAI, state PWDs) developed over years, which can lead to repeat business and a better understanding of client needs.

Qualified Personnel: Access to a pool of experienced engineers, project managers, and technical specialists with local knowledge, which is crucial for project execution and compliance with local regulations.

Pre-qualification & Credibility: Successful completion of past projects helps the company meet pre-qualification criteria for larger and more complex tenders.

Growth Drivers

Key factors that can drive Artefact Projects' growth over the next 3-5 years include:

Government Infrastructure Push: Continued high levels of government spending on infrastructure development (e.g., National Infrastructure Pipeline, Bharatmala Pariyojana, Sagarmala, Jal Jeevan Mission) will fuel demand for consultancy services.

Urbanization & Smart City Initiatives: Growing urbanization will necessitate new urban infrastructure projects and upgrades, creating opportunities for consultancy firms.

Focus on Connectivity: The government's emphasis on improving road, rail, and port connectivity across the country will generate a steady pipeline of projects.

Renewed Private Sector Participation: Potential increase in private sector investment in infrastructure through various models (e.g., BOT, HAM) could open new avenues for consultancy.

Risks

Dependency on Government Spending: A significant portion of revenue is tied to government-funded projects. Any slowdown in public infrastructure spending or policy changes can severely impact the business.

Project-Based Revenue Volatility: The project-based nature of the business leads to lumpiness in revenue, as project awards and completions are not always predictable.

Intense Competition: The engineering consultancy market in India is highly fragmented and competitive, leading to potential margin pressures during bidding processes.

Execution Risks: Delays in project approvals, land acquisition issues, and unforeseen technical challenges can impact project timelines and profitability.

Manpower Retention: Ability to attract and retain highly skilled engineers and technical personnel is crucial for project delivery and is a constant challenge.

Regulatory & Environmental Clearances: Projects are subject to numerous regulatory and environmental clearances, delays in which can stall projects.

Management & Ownership

Artefact Projects Ltd. is a promoter-driven company. The promoters and their families typically hold a significant stake in the company, demonstrating a strong alignment of interest with the company's long-term performance. Management generally comprises experienced professionals with a deep understanding of the Indian infrastructure sector. The presence of founders/promoters at the helm often provides stability and a clear strategic vision, leveraging their extensive industry contacts and knowledge.

Outlook

Artefact Projects operates in a sector with secular growth tailwinds, driven by India's significant infrastructure deficit and the government's sustained focus on bridging it. The company's established track record and relationships with government clients position it to benefit from the ongoing infrastructure boom. However, the business faces inherent cyclicality and concentration risks due to its heavy reliance on government tenders and project-based revenue. Intense competition can exert pressure on margins, and successful execution of projects remains paramount. While the pipeline of projects appears robust, the company's ability to consistently win new contracts, manage execution risks effectively, and maintain profitability will be crucial for sustained growth.

Artefact Projects Share Price

Live · BSE · Inception: 1987
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Artefact Projects Quarterly Results

#(Fig in Cr.) Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014
Net Sales 4 16 14 5 7 12 11 8 7 11
Other Income 0 0 0 0 0 0 0 0 0 0
Total Income 5 16 14 5 7 13 11 8 7 11
Total Expenditure 4 13 13 4 7 8 9 7 6 9
Operating Profit 0 4 2 1 -0 5 2 2 1 2
Interest 1 1 1 1 1 1 1 1 1 1
Depreciation 0 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -1 3 0 0 -1 3 1 0 -0 1
Provision for Tax 0 0 0 0 -0 1 1 -0 0 1
Profit After Tax -1 2 0 0 -1 3 0 1 -1 1
Adjustments 0 1 -0 0 2 -2 -0 -0 -0 -0
Profit After Adjustments -0 3 0 0 0 1 0 0 -1 1
Adjusted Earnings Per Share -0.8 6.3 0.5 0.2 0.9 1.2 0.8 0.9 -1 1.1

Artefact Projects Profit & Loss

#(Fig in Cr.) Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 TTM
Net Sales 21 32 40 38 47 30 37
Other Income 1 0 0 2 2 2 0
Total Income 22 32 41 40 48 31 37
Total Expenditure 17 25 33 32 40 30 31
Operating Profit 5 7 7 8 8 1 7
Interest 2 3 3 4 4 5 4
Depreciation 1 1 1 1 1 1 0
Exceptional Income / Expenses 0 0 0 0 0 0 0
Profit Before Tax 2 3 3 3 3 -5 2
Provision for Tax 1 1 1 1 1 0 2
Profit After Tax 2 2 2 1 2 -5 1
Adjustments -0 2 -0 -0 -0 0 0
Profit After Adjustments 2 4 2 1 2 -5 0
Adjusted Earnings Per Share 3.2 6.5 2.8 1.8 3.4 -9.3 1.8

Artefact Projects Balance Sheet

#(Fig in Cr.) Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016
Shareholder's Funds 29 36 37 38 40 35
Minority's Interest 1 0 0 0 0 0
Borrowings 8 11 16 11 3 19
Other Non-Current Liabilities 0 1 2 2 2 2
Total Current Liabilities 18 22 27 41 47 37
Total Liabilities 56 71 82 92 93 93
Fixed Assets 27 28 27 28 27 26
Other Non-Current Assets 0 2 15 15 9 13
Total Current Assets 29 40 39 49 57 54
Total Assets 56 71 82 92 93 93

Artefact Projects Cash Flow

#(Fig in Cr.) Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016
Opening Cash & Cash Equivalents 0 0 1 1 2 3
Cash Flow from Operating Activities 2 2 3 2 14 -5
Cash Flow from Investing Activities -6 -6 -7 2 4 3
Cash Flow from Financing Activities 3 4 4 -4 -17 -1
Net Cash Inflow / Outflow -0 1 0 1 0 -2
Closing Cash & Cash Equivalent 0 1 1 2 3 0

Artefact Projects Ratios

# Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016
Earnings Per Share (Rs) 3.22 6.51 2.8 1.77 3.4 -9.26
CEPS(Rs) 4.79 5.42 5.36 3.92 5.18 -7.61
DPS(Rs) 0.75 0.75 0.75 0.75 0 0
Book NAV/Share(Rs) 52.09 64.97 66.94 68.71 72.76 63.88
Core EBITDA Margin(%) 20.4 19.95 16.98 16.39 13.41 -2.02
EBIT Margin(%) 19.86 17.64 15.19 18.1 15 0.35
Pre Tax Margin(%) 10.68 8.16 6.63 6.67 6.26 -15.74
PAT Margin (%) 7.84 5.8 4.53 3.14 4.07 -17.19
Cash Profit Margin (%) 11.25 9.47 7.35 5.7 6.13 -14.12
ROA(%) 2.98 2.9 2.39 1.37 2.06 -5.51
ROE(%) 6.42 5.93 5.01 3.19 4.86 -13.57
ROCE(%) 9.15 10.41 9.58 10.2 10.53 0.15
Receivable days 230.74 196.06 202.57 262.73 260.88 399.08
Inventory Days 0 0 0 43.15 39.47 61.33
Payable days 0 0 1527.29 -1066.02 9822.1 2557.79
PER(x) 10.87 4.22 7.35 10.18 10.8 0
Price/Book(x) 0.67 0.42 0.31 0.26 0.51 0.5
Dividend Yield(%) 2.14 2.73 3.64 4.17 0 0
EV/Net Sales(x) 1.57 1.09 0.94 0.95 0.87 1.67
EV/Core EBITDA(x) 6.74 5.13 5.24 4.61 5.11 48.92
Net Sales Growth(%) 0 49.05 27.32 -5.5 22.62 -36.12
EBIT Growth(%) 0 32.33 9.65 12.59 1.63 -98.53
PAT Growth(%) 0 10.18 -0.42 -34.51 58.86 -369.78
EPS Growth(%) 0 102.19 -56.93 -36.97 92.41 -372.35
Debt/Equity(x) 0.68 0.7 0.8 0.8 0.6 0.95
Current Ratio(x) 1.59 1.8 1.46 1.19 1.21 1.46
Quick Ratio(x) 1.59 1.8 1.46 1.08 1.09 1.34
Interest Cover(x) 2.16 1.86 1.78 1.58 1.72 0.02
Total Debt/Mcap(x) 1.01 1.66 2.6 3.06 1.19 1.88

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -36% -9% +7% —
Operating Profit CAGR -88% -48% -28% —
PAT CAGR -350% 0% 0% —
Share Price CAGR -21% -3% +7% +7%
ROE Average -14% -2% +1% +2%
ROCE Average 0% +7% +8% +8%

Artefact Projects Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 39.09 %
FII 0 %
DII (MF + Insurance) 0 %
Public (retail) 60.91 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 39.0939.0939.0939.0939.0939.0939.0939.0939.0939.09
FII 0.690.690.340000000
DII 0000000000
Public 60.2360.2360.5760.9160.9160.9160.9160.9160.9160.91
Others 0000000000
Total 100100100100100100100100100100

Artefact Projects Peer Comparison

Engineering Consultancy Edit Columns

Artefact Projects Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Artefact Projects Pros & Cons

Pros

  • Debtor days have improved from 9822.1 to 2557.79days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 39.09%.
  • Company has a low return on equity of -2% over the last 3 years.
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