WEBSITE BSE:540147 NSE: SHASHIJIT Inc. Year: 2007 Industry: Construction - Real Estate My Bucket: Add Stock
Last updated: 10:39
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1. Business Overview
Shashijit Infraprojects Ltd. is an Indian civil construction company primarily engaged in executing infrastructure projects. Its core business involves constructing roads, bridges, irrigation projects, buildings, and other civil structures. The company operates as a contractor, securing projects mainly through tenders from government bodies and, to a lesser extent, from private clients. It generates revenue by completing these projects within agreed timelines and budgets.
2. Key Segments / Revenue Mix
The company's primary business segment is civil construction. Publicly available information does not typically provide a detailed breakdown of revenue by specific sub-segments (e.g., roads vs. bridges vs. irrigation) or client type (government vs. private). Revenue is predominantly derived from the execution of diverse infrastructure development projects.
3. Industry & Positioning
The Indian construction and real estate sector is highly fragmented, characterized by a large number of local, regional, and national players. Shashijit Infraprojects operates within this competitive landscape, primarily as a regional or mid-tier player. Its positioning is based on its ability to bid for and execute specific types of civil contracts, often focusing on projects within Maharashtra and neighboring regions. It competes with numerous other contractors for government tenders and private projects.
4. Competitive Advantage (Moat)
Shashijit Infraprojects Ltd. does not exhibit strong, durable competitive advantages typically associated with a wide "moat." Its advantages likely stem from its experience in executing specific types of civil projects, regional operational expertise, established relationships with local authorities and clients, and its ability to manage project costs and timelines effectively in a competitive tender environment. However, these are often considered capabilities rather than strong structural moats like proprietary technology, dominant market share, or significant switching costs.
5. Growth Drivers
Government Infrastructure Push: Continued focus and increased budgetary allocation by the Indian government towards infrastructure development (roads, highways, railways, urban infrastructure, irrigation) will drive demand for civil construction services.
Urbanization & Industrialization: Growing urbanization and the development of new industrial corridors and smart cities create ongoing demand for associated civil construction and building projects.
Regional Project Opportunities: The company's established presence and experience in its operating regions may allow it to capitalize on local and state-level infrastructure development initiatives.
Expansion of Project Portfolio: Successful execution of current projects can lead to pre-qualification for larger or more complex future tenders, expanding the potential project pipeline.
6. Risks
Tender-Based Business & Competition: High dependency on winning competitive tenders makes revenue visibility uncertain and exposes the company to intense price-based competition.
Cyclicality & Economic Downturns: The construction sector is highly cyclical and sensitive to economic fluctuations, interest rates, and government spending policies.
Raw Material Price Volatility: Fluctuations in the prices of key raw materials like cement, steel, and fuel can impact project costs and profit margins, especially for fixed-price contracts.
Execution Risks & Project Delays: Risks associated with project execution, land acquisition issues, regulatory clearances, labor availability, and unforeseen technical challenges can lead to cost overruns and delays.
Working Capital Management: Construction projects often require significant working capital, and efficient management of cash flow, receivables, and payables is crucial.
Regulatory & Environmental Risks: Changes in construction norms, environmental regulations, and licensing requirements can impact operations and costs.
7. Management & Ownership
Shashijit Infraprojects Ltd. is typically a promoter-led company, with the founding family or individuals holding a significant stake and guiding strategic decisions. The management team would likely consist of professionals with experience in the civil construction domain. The ownership structure generally involves a majority stake held by the promoter group, with the remaining shares held by the public and potentially institutional investors.
8. Outlook
Shashijit Infraprojects operates in a sector with robust long-term growth potential, driven by India's ongoing infrastructure development needs and government thrust. This provides a favorable backdrop for securing new contracts and expanding its operational footprint. However, the company faces inherent challenges typical of the construction industry, including intense competition, sensitivity to economic cycles, raw material price volatility, and the significant execution risks associated with large projects. Its ability to consistently win profitable tenders, manage working capital efficiently, and execute projects on time and within budget will be key determinants of its future performance and market standing.
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Market Cap ₹20 Cr.
Stock P/E -6.3
P/B 1.3
Current Price ₹2.7
Book Value ₹ 2.1
Face Value 2
52W High ₹7.5
Dividend Yield 0%
52W Low ₹ 2.2
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 | 6 | 6 | 7 | 8 | 5 | 5 | 5 | 7 | 6 | 4 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 6 | 6 | 7 | 8 | 5 | 5 | 6 | 7 | 6 | 4 |
| Total Expenditure | 5 | 6 | 7 | 7 | 5 | 6 | 8 | 6 | 5 | 4 |
| Operating Profit | 1 | 1 | 0 | 1 | -0 | -0 | -3 | 0 | 1 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 | 0 | 0 | -0 | 1 | -0 | -1 | -3 | 0 | 0 | 0 |
| Provision for Tax | 0 | 0 | -0 | 1 | 0 | -0 | -1 | -0 | 0 | 0 |
| Profit After Tax | 0 | 0 | -0 | 0 | -1 | -1 | -2 | 0 | -0 | -0 |
| Adjustments | 0 | 0 | -1 | 0 | 0 | 0 | -0 | 0 | 0 | -0 |
| Profit After Adjustments | 0 | 0 | -1 | 0 | -1 | -1 | -2 | 0 | -0 | -0 |
| Adjusted Earnings Per Share | 0 | 0 | -0 | 0 | -0.1 | -0.2 | -0.2 | 0.1 | -0 | -0 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 29 | 24 | 25 | 46 | 26 | 29 | 17 | 28 | 35 | 27 | 23 | 22 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 29 | 24 | 26 | 46 | 26 | 29 | 17 | 29 | 35 | 27 | 23 | 23 |
| Total Expenditure | 27 | 22 | 23 | 43 | 25 | 28 | 16 | 26 | 33 | 25 | 25 | 23 |
| Operating Profit | 2 | 2 | 2 | 3 | 2 | 1 | 1 | 2 | 3 | 2 | -2 | -1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 1 | 2 | 0 | -1 | -0 | 0 | 1 | 0 | -4 | -3 |
| Provision for Tax | 0 | 0 | 1 | 0 | 0 | -0 | -0 | 0 | 0 | -0 | -1 | -1 |
| Profit After Tax | 1 | 1 | 1 | 1 | 0 | -1 | -0 | 0 | 0 | 0 | -3 | -2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -0 | 0 |
| Profit After Adjustments | 1 | 1 | 1 | 1 | 0 | -1 | -0 | 0 | 0 | -1 | -3 | -2 |
| Adjusted Earnings Per Share | 0.2 | 0.2 | 0.2 | 0.2 | 0 | -0.1 | -0 | 0 | 0.1 | 0.1 | -0.4 | -0.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -15% | -6% | -5% | -2% |
| Operating Profit CAGR | -200% | NAN% | NAN% | NAN% |
| PAT CAGR | 0% | 0% | 0% | NAN% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -62% | -25% | -16% | NA% |
| ROE Average | -24% | -6% | -3% | 2% |
| ROCE Average | -12% | 1% | 2% | 7% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 6 | 7 | 11 | 12 | 12 | 11 | 11 | 11 | 12 | 11 | 15 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 3 | 3 | 2 | 1 |
| Other Non-Current Liabilities | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | 1 | -0 | -1 |
| Total Current Liabilities | 9 | 8 | 11 | 14 | 13 | 16 | 15 | 18 | 22 | 22 | 17 |
| Total Liabilities | 15 | 15 | 22 | 26 | 25 | 28 | 28 | 34 | 38 | 35 | 33 |
| Fixed Assets | 3 | 2 | 3 | 3 | 4 | 5 | 5 | 7 | 10 | 8 | 8 |
| Other Non-Current Assets | 2 | 1 | 0 | 2 | 2 | 2 | 3 | 1 | 1 | 1 | 0 |
| Total Current Assets | 10 | 11 | 18 | 21 | 20 | 21 | 21 | 25 | 26 | 26 | 24 |
| Total Assets | 15 | 15 | 22 | 26 | 25 | 28 | 28 | 34 | 38 | 35 | 33 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 2 | 2 | -2 | -1 | 1 | 2 | 1 | 0 | 3 | 1 | -3 |
| Cash Flow from Investing Activities | -1 | -1 | -3 | 2 | -1 | -3 | -2 | -2 | -4 | 0 | -0 |
| Cash Flow from Financing Activities | -1 | -1 | 4 | -1 | -0 | 1 | 1 | 2 | 1 | -2 | 3 |
| Net Cash Inflow / Outflow | 0 | 0 | -0 | -0 | 0 | 0 | -1 | 0 | -0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.18 | 0.23 | 0.18 | 0.21 | 0.04 | -0.12 | -0.03 | 0.02 | 0.09 | 0.06 | -0.43 |
| CEPS(Rs) | 0.33 | 0.38 | 0.28 | 0.37 | 0.2 | 0.05 | 0.14 | 0.27 | 0.24 | 0.25 | -0.32 |
| DPS(Rs) | 0.65 | 0 | 0.02 | 0.03 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 1.61 | 1.87 | 2.12 | 2.31 | 2.31 | 2.18 | 2.16 | 2.19 | 2.28 | 2.17 | 2.06 |
| Core EBITDA Margin(%) | 5.17 | 9.16 | 7.86 | 5.6 | 5.66 | 1.86 | 6.22 | 7.23 | 7.01 | 8.39 | -9.24 |
| EBIT Margin(%) | 4.76 | 6.89 | 7.12 | 4.29 | 2.87 | -0.86 | 2.62 | 3.15 | 5.15 | 5.25 | -11.84 |
| Pre Tax Margin(%) | 3.51 | 5.39 | 5.65 | 3.44 | 1.17 | -2.85 | -1.05 | 0.54 | 1.92 | 0.79 | -16.14 |
| PAT Margin (%) | 2.37 | 3.51 | 3.57 | 2.42 | 0.73 | -2.13 | -0.87 | 0.45 | 1.28 | 1.2 | -13.58 |
| Cash Profit Margin (%) | 4.24 | 5.99 | 5.59 | 4.23 | 3.98 | 0.82 | 4.28 | 4.88 | 3.58 | 4.72 | -10.12 |
| ROA(%) | 4.55 | 5.72 | 4.97 | 4.59 | 0.74 | -2.27 | -0.52 | 0.42 | 1.26 | 0.9 | -9.16 |
| ROE(%) | 11.93 | 12.94 | 10.09 | 9.66 | 1.61 | -5.26 | -1.31 | 1.14 | 3.9 | 2.85 | -23.76 |
| ROCE(%) | 15.73 | 16.9 | 14.29 | 12.37 | 4.56 | -1.45 | 2.43 | 4.4 | 8 | 6.21 | -11.73 |
| Receivable days | 88.38 | 86.96 | 102.26 | 80.77 | 144.72 | 111.27 | 152.73 | 92.06 | 81.72 | 108.24 | 120.66 |
| Inventory Days | 7.45 | 16.36 | 32.85 | 31.31 | 72.62 | 90.43 | 167.84 | 114.27 | 115.28 | 161.21 | 194.6 |
| Payable days | 137.6 | 134.88 | 146.95 | 107.01 | 213.37 | 214.25 | 375.25 | 234.09 | 226.72 | 348.58 | 269.95 |
| PER(x) | 0 | 0 | 19.03 | 26.22 | 155.5 | 0 | 0 | 197.98 | 78.97 | 96.52 | 0 |
| Price/Book(x) | 0 | 0 | 1.58 | 2.43 | 2.51 | 3.03 | 2.88 | 2.24 | 3.02 | 2.82 | 3.27 |
| Dividend Yield(%) | 0 | 0 | 0.62 | 0.59 | 0.17 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.12 | 0.1 | 0.84 | 0.73 | 1.32 | 1.35 | 2.37 | 1.24 | 1.34 | 1.57 | 2.51 |
| EV/Core EBITDA(x) | 1.75 | 1.07 | 9.2 | 11.91 | 21.53 | 64.65 | 30.5 | 16.43 | 18.01 | 17.85 | -29.94 |
| Net Sales Growth(%) | -38.88 | -16.4 | 5.27 | 79.5 | -42.43 | 8.93 | -41.35 | 69.3 | 23.99 | -22.52 | -16.37 |
| EBIT Growth(%) | -50.17 | 21.19 | 8.71 | 8.13 | -61.47 | -132.67 | 278.71 | 102.98 | 103.01 | -21.05 | -288.61 |
| PAT Growth(%) | -60.32 | 23.76 | 6.99 | 21.73 | -82.61 | -416.81 | 75.92 | 187.39 | 250.93 | -27.33 | -1048.14 |
| EPS Growth(%) | -60.32 | 23.76 | -21.89 | 21.7 | -82.59 | -416.35 | 75.93 | 187.32 | 251.61 | -27.41 | -775.2 |
| Debt/Equity(x) | 0.61 | 0.41 | 0.4 | 0.36 | 0.41 | 0.53 | 0.7 | 0.91 | 1.02 | 1.01 | 0.59 |
| Current Ratio(x) | 1.21 | 1.47 | 1.7 | 1.46 | 1.47 | 1.34 | 1.35 | 1.39 | 1.19 | 1.18 | 1.39 |
| Quick Ratio(x) | 1.11 | 1.29 | 1.4 | 1.14 | 1.04 | 0.82 | 0.89 | 0.8 | 0.66 | 0.61 | 0.71 |
| Interest Cover(x) | 3.83 | 4.59 | 4.84 | 5.05 | 1.69 | -0.43 | 0.71 | 1.21 | 1.6 | 1.18 | -2.76 |
| Total Debt/Mcap(x) | 0 | 0 | 0.26 | 0.15 | 0.16 | 0.18 | 0.24 | 0.41 | 0.34 | 0.36 | 0.18 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.16 | 51.16 | 51.16 | 47.3 | 47.3 | 47.3 | 37.79 | 37.79 | 37.79 | 37.79 |
| FII | 0 | 0 | 0.91 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 48.84 | 48.84 | 47.93 | 52.7 | 52.7 | 52.7 | 62.21 | 62.21 | 62.21 | 62.21 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.65 | 2.65 | 2.65 | 2.45 | 2.45 | 2.45 | 2.75 | 2.75 | 2.75 | 2.75 |
| FII | 0 | 0 | 0.05 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.53 | 2.53 | 2.48 | 2.73 | 2.73 | 2.73 | 4.52 | 4.52 | 4.52 | 4.52 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.17 | 5.17 | 5.17 | 5.17 | 5.17 | 5.17 | 7.27 | 7.27 | 7.27 | 7.27 |
* The pros and cons are machine generated.
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