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Niraj Cement Struct. Overview

1. Business Overview

Niraj Cement Structurals Ltd. is an Indian engineering and construction company. Its core business involves undertaking various infrastructure projects as an Engineering, Procurement, and Construction (EPC) contractor. The company specializes in structural work, likely including civil construction, building projects, and potentially pre-cast concrete elements. It primarily operates by bidding for and executing contracts awarded by government bodies, public sector undertakings, and private clients. The company makes money by completing these projects on time and within budget, recognizing revenue based on project milestones or completion, and earning a profit margin on the total contract value.

2. Key Segments / Revenue Mix

Niraj Cement Structurals Ltd. operates primarily within the construction and infrastructure development segment. While specific revenue contributions from distinct sub-segments (e.g., roads, buildings, water infrastructure, power transmission) are not publicly detailed without financial statements, the company's activities broadly fall under civil engineering and structural construction services. It generally provides comprehensive solutions ranging from design and engineering to procurement, construction, and project management.

3. Industry & Positioning

The company operates in the highly competitive and fragmented Indian engineering and construction sector. This industry is largely driven by government capital expenditure on infrastructure (roads, railways, urban development, water management) and private sector investments. Niraj Cement Structurals Ltd. likely positions itself as a regional or mid-tier player, competing with both larger established conglomerates and numerous smaller local contractors. Its ability to secure projects depends on its technical capabilities, track record, financial strength, and competitive bidding. The sector is project-based and cyclical, heavily influenced by economic conditions and government policy.

4. Competitive Advantage (Moat)

Niraj Cement Structurals Ltd., like many companies in the EPC sector, primarily relies on its operational efficiency, project execution capabilities, and client relationships rather than deep moats like proprietary technology or strong brand recognition with end-consumers. Potential advantages may include:

Execution Capability: A proven track record of timely and quality project delivery.

Local Expertise: Understanding of local regulations, labor, and supply chains.

Cost Efficiency: Ability to manage project costs effectively to bid competitively.

Specialized Expertise: Potential specialization in certain structural elements or construction techniques, as suggested by its name.

5. Growth Drivers

Key factors that can drive growth for Niraj Cement Structurals Ltd. over the next 3-5 years include:

Increased Government Spending: Continued focus and allocation of funds by the Indian government towards infrastructure development (e.g., National Infrastructure Pipeline, Gati Shakti).

Urbanization & Industrial Growth: Rising demand for residential, commercial, and industrial infrastructure.

Order Book Expansion: Successful bidding and securing new, larger, and more complex projects.

Geographical Expansion/Diversification: Expanding its operational footprint or project types.

Technological Adoption: Implementation of modern construction techniques and project management tools to improve efficiency.

6. Risks

Key business risks for Niraj Cement Structurals Ltd. include:

Project Execution Risks: Delays, cost overruns, inability to procure materials or labor, and quality issues.

Intense Competition: Pressure on profit margins due to aggressive bidding from numerous competitors.

Economic Slowdown: Reduced government or private sector spending on infrastructure, impacting order inflow.

Working Capital Management: High working capital requirements due to long project cycles and potential payment delays from clients.

Regulatory & Environmental Risks: Challenges in obtaining timely clearances, land acquisition issues, and changes in environmental norms.

Interest Rate Fluctuations: Impact on borrowing costs for projects and working capital.

7. Management & Ownership

Niraj Cement Structurals Ltd. is typically driven by its promoters, who often hold a significant stake in the company and play an active role in strategic decision-making and day-to-day operations. Like many Indian listed companies, ownership is generally concentrated among the promoter group, which influences the company's long-term vision and capital allocation. The quality of management is often assessed by their ability to secure new projects, execute existing ones efficiently, manage finances prudently, and navigate the competitive landscape.

8. Outlook

Niraj Cement Structurals Ltd. operates in a sector with significant long-term growth potential due to India's ongoing infrastructure deficit and the government's strong push for development. The company's performance will largely depend on its ability to consistently win new projects, execute them efficiently, and manage its working capital effectively. The bull case hinges on a sustained increase in infrastructure spending, successful diversification into high-margin projects, and robust order book growth. Conversely, the bear case involves risks such as intensified competition leading to margin erosion, project delays, unforeseen cost escalations, and potential downturns in the economic cycle affecting government outlays. The company's outlook remains tied to its operational prowess within a competitive yet growth-oriented industry.

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Niraj Cement Struct. Key Financials

Market Cap ₹172 Cr.

Stock P/E 11.4

P/B 0.7

Current Price ₹28.8

Book Value ₹ 43.6

Face Value 10

52W High ₹63.3

Dividend Yield 0%

52W Low ₹ 20.6

Niraj Cement Struct. Share Price

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Volume
Price

Niraj Cement Struct. Quarterly Price

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Niraj Cement Struct. Peer Comparison

Niraj Cement Struct. Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 111 127 134 83 138 120 167 95 172 140
Other Income 2 2 2 2 1 1 2 3 2 3
Total Income 113 129 136 84 139 121 169 97 174 143
Total Expenditure 109 123 126 82 133 117 159 96 162 134
Operating Profit 4 6 10 2 6 4 10 2 12 9
Interest 0 0 0 0 0 0 0 0 0 1
Depreciation 1 0 0 1 1 1 1 1 1 1
Exceptional Income / Expenses -3 -4 0 -0 -1 -0 1 0 0 0
Profit Before Tax 1 2 10 1 5 3 11 1 11 8
Provision for Tax 0 0 2 0 1 1 2 0 2 2
Profit After Tax 1 1 7 1 4 2 8 1 9 6
Adjustments -0 0 0 0 0 0 -0 0 0 0
Profit After Adjustments 1 1 7 1 4 2 8 1 9 6
Adjusted Earnings Per Share 0.2 0.3 1.9 0.2 1 0.5 1.4 0.2 1.5 0.9

Niraj Cement Struct. Profit & Loss

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 175 356 606 471 507 574
Other Income 4 4 4 8 7 10
Total Income 178 361 610 479 514 583
Total Expenditure 174 351 597 455 491 551
Operating Profit 5 9 13 24 23 33
Interest 0 0 0 0 0 1
Depreciation 1 1 1 2 2 4
Exceptional Income / Expenses -1 -4 -5 -9 -0 1
Profit Before Tax 2 3 7 13 20 31
Provision for Tax 1 1 2 3 5 6
Profit After Tax 1 2 4 10 15 24
Adjustments 0 0 -0 0 0 0
Profit After Adjustments 1 2 4 10 15 24
Adjusted Earnings Per Share 0.4 0.6 1.1 2.4 2.5 4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 8% 13% 0% 0%
Operating Profit CAGR -4% 37% 0% 0%
PAT CAGR 50% 96% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -52% 1% -7% 7%
ROE Average 8% 5% 4% 4%
ROCE Average 10% 7% 5% 5%

Niraj Cement Struct. Balance Sheet

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 177 179 177 152 243
Minority's Interest 0 0 0 0 0
Borrowings 10 5 0 1 2
Other Non-Current Liabilities 0 0 -0 -0 -0
Total Current Liabilities 89 128 138 103 139
Total Liabilities 277 312 315 256 385
Fixed Assets 10 8 7 9 11
Other Non-Current Assets 50 44 45 48 64
Total Current Assets 217 260 263 199 310
Total Assets 277 312 315 256 385

Niraj Cement Struct. Cash Flow

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 10 5 16 5 1
Cash Flow from Operating Activities -5 39 -30 27 -73
Cash Flow from Investing Activities -9 -11 15 -5 -19
Cash Flow from Financing Activities 9 -17 5 -26 105
Net Cash Inflow / Outflow -5 10 -10 -4 13
Closing Cash & Cash Equivalent 5 16 5 1 15

Niraj Cement Struct. Ratios

# Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.37 0.62 1.08 2.43 2.54
CEPS(Rs) 0.69 0.96 1.42 2.83 2.9
DPS(Rs) 0 0 0 0 0
Book NAV/Share(Rs) 43.31 43.93 43.96 37.97 40.75
Core EBITDA Margin(%) 0.51 1.42 1.52 3.36 3.11
EBIT Margin(%) 1.25 0.94 1.2 2.82 3.98
Pre Tax Margin(%) 1.13 0.9 1.13 2.77 3.96
PAT Margin (%) 0.76 0.68 0.71 2.06 2.97
Cash Profit Margin (%) 1.58 1.08 0.94 2.42 3.41
ROA(%) 0.48 0.82 1.38 3.41 4.71
ROE(%) 0.76 1.39 2.45 5.91 7.62
ROCE(%) 1.06 1.67 3.69 7.48 10.11
Receivable days 138.08 73.56 54.08 61.72 45.4
Inventory Days 13.63 6.19 2.48 3.49 4.75
Payable days 2521.97 2931.18 1336.32 0 -2886.9
PER(x) 115.03 47.87 23.9 15.27 21.31
Price/Book(x) 0.98 0.68 0.59 0.98 1.33
Dividend Yield(%) 0 0 0 0 0
EV/Net Sales(x) 1.12 0.27 0.18 0.27 0.56
EV/Core EBITDA(x) 42.81 10.47 8.01 5.37 12.55
Net Sales Growth(%) 0 103.95 70.06 -22.32 7.71
EBIT Growth(%) 0 52.54 118.59 82.07 51.65
PAT Growth(%) 0 83.57 78.1 124.73 55.12
EPS Growth(%) 0 68.29 72.93 125.35 4.73
Debt/Equity(x) 0.17 0.08 0.15 0 0.01
Current Ratio(x) 2.42 2.04 1.9 1.92 2.22
Quick Ratio(x) 2.35 2 1.88 1.86 2.17
Interest Cover(x) 9.92 24.2 15.18 49.47 251.68
Total Debt/Mcap(x) 0.18 0.11 0.25 0 0.01

Niraj Cement Struct. Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 24.26 24.26 24.26 24.26 22.53 24.89 24.89 24.89 24.89 24.89
FII 0 0 0.03 0.12 0 0 0 0 0.09 0.09
DII 0 0 0 0 0 0 0.63 0.63 0 0
Public 75.74 75.74 75.72 75.62 77.47 75.11 74.47 74.47 75.02 75.02
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Niraj Cement Struct. News

Niraj Cement Struct. Pros & Cons

Pros

  • Stock is trading at 0.7 times its book value
  • Debtor days have improved from 0 to -2886.9days.
  • Company is almost debt free.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend.
  • Promoter holding is low: 24.89%.
  • Company has a low return on equity of 5% over the last 3 years.
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