Engineering Consultancy · Founded 1999 · www.tariniinfra.com · BSE 538496 · · ISIN INE849M01017
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Business
Tarini International Ltd. operates in the Engineering Consultancy sector in India. The company's core business involves providing specialized technical and advisory services across various stages of engineering projects. This typically includes feasibility studies, detailed project reports, design and engineering, project management consultancy (PMC), construction supervision, quality control, and testing services. The company generates revenue by charging fees for these professional services, often on a project-specific basis, catering to clients in infrastructure, industrial, and potentially other development sectors.
Revenue Mix
Without specific financial reporting for Tarini International Ltd., the exact revenue mix is not available. However, typical service lines for an engineering consultancy often include:
Infrastructure Consulting: Roads, bridges, railways, ports, urban infrastructure.
Building & Industrial Consulting: Commercial, residential, industrial structures, process plants.
Water & Environment: Water supply, sanitation, environmental impact assessments.
Project Management: Overseeing project execution from inception to completion.
Specific contribution from each segment would depend on the company's specialization and client portfolio.
Industry
The engineering consultancy industry in India is dynamic, driven by significant government spending on infrastructure, industrial growth, and urbanization. It is characterized by a mix of large international players, well-established domestic firms, and numerous smaller, specialized consultancies. Competition is intense, often based on expertise, reputation, project track record, and pricing. Tarini International Ltd. would likely position itself by focusing on specific engineering domains, leveraging its experience, and building client relationships within its operational niche.
MOAT
For an engineering consultancy, durable competitive advantages can stem from:
Specialized Expertise & Reputation: A strong track record in complex projects or niche areas.
Client Relationships: Long-term engagements with repeat clients, especially government bodies or large corporations.
Talent Pool: Ability to attract and retain highly skilled engineers and project managers.
Accreditations & Certifications: Essential for eligibility in large government or public sector projects.
Without specific information, it is challenging to ascertain Tarini International Ltd.'s specific moat. However, building a strong reputation for reliability and specialized knowledge would be crucial for competitive differentiation in this sector.
Growth Drivers
Government Infrastructure Push: Continued investment in roads, railways, ports, airports, and urban development projects under schemes like the National Infrastructure Pipeline.
Industrial Expansion: Growth in manufacturing, energy, and logistics sectors necessitating new facilities and infrastructure.
Urbanization and Real Estate Development: Increasing demand for housing, commercial spaces, and municipal infrastructure in growing cities.
Technological Advancement: Adoption of digital tools like BIM (Building Information Modeling) and GIS (Geographic Information System) in project planning and execution, requiring specialized consulting.
Focus on Sustainability: Growing demand for environment-friendly and sustainable engineering solutions.
Risks
Project-Based Revenue Volatility: Dependence on winning new contracts and the cyclical nature of infrastructure and industrial investment.
Intense Competition: Price pressure from numerous domestic and international players.
Economic Downturn: A slowdown in economic growth can lead to reduced capital expenditure and fewer new projects.
Talent Acquisition and Retention: Difficulty in finding and retaining skilled engineering professionals, leading to higher labor costs.
Regulatory & Policy Changes: Alterations in government policies, environmental regulations, or project approval processes.
Client Concentration: Over-reliance on a few large clients or government contracts, leading to revenue uncertainty.
Execution Risk: Potential for project delays, cost overruns, or reputational damage from unsuccessful project delivery.
Management & Ownership
Information on the specific promoters, management quality, and detailed ownership structure for Tarini International Ltd. is not publicly detailed here. Typically, Indian companies, especially those of a certain size, are promoter-driven with professional management teams handling day-to-day operations. The quality of management in an engineering consultancy is critical, as it dictates expertise, client relationships, and project execution capabilities.
Outlook
Tarini International Ltd. operates in a sector with significant tailwinds, primarily driven by India's robust infrastructure development agenda and industrial growth. The demand for specialized engineering consultancy services is expected to remain strong, offering opportunities for companies with proven expertise and strong client relationships.
However, the competitive landscape is challenging, and profitability is often tied to securing lucrative projects and managing talent effectively. The company's future performance will depend on its ability to differentiate itself through specialized skills, maintain a strong project pipeline, adapt to technological advancements, and navigate the inherent cyclicality and competitive pressures of the engineering consultancy market.
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| #(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 | 3 | 1 | 1 | 2 | 1 | 0 | 1 | 1 | 2 | 2 | 2 | |
| Other Income | 0 | 2 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 0 | 0 | |
| Total Income | 3 | 3 | 2 | 3 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | |
| Total Expenditure | 2 | 1 | 1 | 2 | 2 | 1 | 1 | 2 | 2 | 2 | 2 | |
| Operating Profit | 1 | 2 | 1 | 1 | 1 | 0 | 1 | 0 | 0 | 1 | 1 | |
| Interest | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | 0 | |
| Profit Before Tax | 0 | 1 | 1 | -0 | -1 | -0 | 0 | -0 | -0 | -1 | 0 | |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Tax | 0 | 1 | 0 | -0 | -1 | -0 | -0 | -0 | -0 | -2 | 0 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 2 | 1 | |
| Profit After Adjustments | 0 | 1 | 0 | -0 | -1 | 1 | 1 | 1 | 1 | 0 | 2 | |
| Adjusted Earnings Per Share | 0.1 | 0.4 | 0.3 | -0.1 | -0.5 | 0.5 | 1 | 1.1 | 1 | 0 | 1.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 26% | 0% | -4% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -29% | 2% | -12% | 1% |
| ROE Average | 1% | -2% | -1% | -1% |
| ROCE Average | 1% | -1% | -0% | 1% |
| #(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 | 28 | 29 | 31 | 29 | 28 | 29 | 29 | 29 | 28 | 27 | 27 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 3 | 6 | 4 | 4 | 3 | 2 | 1 | 1 | 1 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 6 | 5 | 6 | 6 | 10 | 9 | 9 | 10 | 11 | 13 | 15 |
| Total Liabilities | 38 | 42 | 41 | 39 | 41 | 40 | 40 | 40 | 41 | 40 | 42 |
| Fixed Assets | 7 | 7 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 5 | 5 |
| Other Non-Current Assets | 14 | 15 | 16 | 14 | 14 | 14 | 14 | 14 | 14 | 13 | 13 |
| Total Current Assets | 17 | 18 | 17 | 17 | 19 | 18 | 18 | 18 | 19 | 20 | 22 |
| Total Assets | 38 | 42 | 41 | 39 | 41 | 40 | 40 | 40 | 41 | 40 | 42 |
| #(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 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 0 |
| Cash Flow from Operating Activities | -15 | -1 | 0 | -0 | 1 | -1 | -1 | 1 | -1 | -1 | -1 |
| Cash Flow from Investing Activities | -1 | -1 | 1 | 1 | 1 | 2 | 1 | 0 | 0 | 2 | 0 |
| Cash Flow from Financing Activities | 16 | 3 | -1 | -1 | -2 | -1 | 0 | -2 | 1 | -1 | 0 |
| Net Cash Inflow / Outflow | -0 | 1 | -0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 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) | 0.15 | 0.42 | 0.3 | -0.12 | -0.54 | 0.5 | 0.97 | 1.14 | 1.03 | 0.03 | 1.26 |
| CEPS(Rs) | 0.29 | 0.58 | 0.45 | 0.03 | -0.41 | -0.17 | 0.19 | 0.08 | -0.07 | -0.92 | 0.35 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 21.16 | 21.15 | 21.79 | 20.48 | 19.88 | 20.54 | 20.5 | 20.37 | 20.06 | 18.88 | 19.06 |
| Core EBITDA Margin(%) | 24 | -26.11 | -7.93 | -4.23 | -87.89 | -285.43 | 4.72 | -1.91 | -25.86 | 17.62 | 14.04 |
| EBIT Margin(%) | 26.52 | 119.24 | 126.13 | 68.29 | 62.04 | 60.43 | 31.99 | 6.24 | -13.1 | -50.44 | 20.93 |
| Pre Tax Margin(%) | 10.29 | 70.94 | 60.05 | -1.14 | -78.44 | -55.53 | 10.84 | -5.71 | -19.35 | -53.88 | 19.42 |
| PAT Margin (%) | 7.62 | 48.98 | 43.14 | -8.98 | -81.21 | -110.86 | -3.64 | -11.82 | -22.35 | -64.78 | 10.73 |
| Cash Profit Margin (%) | 14.76 | 67.56 | 65.44 | 2.2 | -62.48 | -63.14 | 20.86 | 7.02 | -5.01 | -50.67 | 20.88 |
| ROA(%) | 0.51 | 1.37 | 0.94 | -0.38 | -1.74 | -0.99 | -0.11 | -0.44 | -0.99 | -3.77 | 0.57 |
| ROE(%) | 0.7 | 1.99 | 1.39 | -0.56 | -2.66 | -1.52 | -0.16 | -0.66 | -1.52 | -6.07 | 0.95 |
| ROCE(%) | 1.99 | 3.78 | 3.15 | 3.44 | 1.6 | 0.64 | 1.08 | 0.27 | -0.65 | -3.21 | 1.21 |
| Receivable days | 27.6 | 240.64 | 717.68 | 660.14 | 1887.96 | 4832.88 | 1467.64 | 994.93 | 605 | 382.59 | 347.18 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 102.01 | 28.07 | 67.63 | 0 | 0 | 8.79 | 15.97 | 5.32 | 4.28 | 382.37 | 14.23 |
| Price/Book(x) | 0.72 | 0.56 | 0.93 | 1.07 | 0.52 | 0.21 | 0.76 | 0.3 | 0.22 | 0.63 | 0.94 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 10.23 | 21.78 | 36.95 | 20.07 | 24.49 | 34.67 | 24.17 | 10.59 | 9.25 | 11.57 | 16.76 |
| EV/Core EBITDA(x) | 30.39 | 15.8 | 24.9 | 25.26 | 30.32 | 32.05 | 42.79 | 42.23 | 218.33 | 39.42 | 53.93 |
| Net Sales Growth(%) | 0 | -56.08 | -19.32 | 90.51 | -49.87 | -58.12 | 220.83 | 29 | 19.8 | 32.77 | -8.31 |
| EBIT Growth(%) | 0 | 97.5 | -14.65 | 3.14 | -54.45 | -59.21 | 69.85 | -74.83 | -351.51 | -411.07 | 138.05 |
| PAT Growth(%) | 0 | 182.16 | -28.95 | -139.68 | -353.15 | 42.83 | 89.48 | -319.29 | -126.52 | -284.86 | 115.19 |
| EPS Growth(%) | 0 | 182.15 | -28.95 | -139.68 | -353.15 | 193.41 | 94.1 | 17.14 | -9.8 | -96.97 | 3938.46 |
| Debt/Equity(x) | 0.23 | 0.33 | 0.25 | 0.23 | 0.31 | 0.26 | 0.3 | 0.32 | 0.44 | 0.5 | 0.55 |
| Current Ratio(x) | 2.75 | 3.27 | 2.68 | 3.01 | 2.01 | 2.05 | 1.96 | 1.83 | 1.66 | 1.54 | 1.5 |
| Quick Ratio(x) | 2.75 | 3.27 | 2.68 | 3.01 | 2.01 | 2.05 | 1.96 | 1.83 | 1.66 | 1.54 | 1.5 |
| Interest Cover(x) | 1.63 | 2.47 | 1.91 | 0.98 | 0.44 | 0.52 | 1.51 | 0.52 | -2.1 | -14.65 | 13.78 |
| Total Debt/Mcap(x) | 0.32 | 0.59 | 0.27 | 0.21 | 0.6 | 1.22 | 0.4 | 1.08 | 2 | 0.79 | 0.58 |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.39 | 69.39 | 69.39 | 69.39 | 69.39 | 69.39 | 69.39 | 69.39 | 69.39 | 69.39 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 30.61 | 30.61 | 30.61 | 30.61 | 30.61 | 30.61 | 30.61 | 30.61 | 30.61 | 30.61 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | +26% | — | -4% |
| Operating Profit CAGR | 0% | — | — | 0% |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | -29% | +2% | -12% | +1% |
| ROE Average | +1% | -2% | -1% | -1% |
| ROCE Average | +1% | -1% | 0% | +1% |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.39 | 69.39 | 69.39 | 69.39 | 69.39 | 69.39 | 69.39 | 69.39 | 69.39 | 69.39 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 30.61 | 30.61 | 30.61 | 30.61 | 30.61 | 30.61 | 30.61 | 30.61 | 30.61 | 30.61 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 |
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