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Consolidated Standalone

Tarmat

₹82.4 2.3 | 2.9%

Market Cap ₹176 Cr.

Stock P/E 119.5

P/B 1.3

Current Price ₹82.4

Book Value ₹ 61.8

Face Value 10

52W High ₹152.9

Dividend Yield 0%

52W Low ₹ 58

Edit Ratio

Tarmat Research see more...

Overview Inc. Year: 1986Industry: Engineering - Construction

Tarmat Limited is a public infrastructure company that provides engineering, procurement, and construction services for highways and runways. It was established in 1986 by Mr. Jerry Varghese who is current director and is based out of Mumbai, Maharashtra. Their portfolio includes domestic and international airports, military air-bases, naval airports, ports, industrial areas, refineries, and railways. Vision is to be a leader in infra engineering and deliver quality projects. The company promoters are Jerry Eapen Varghese, Dilip Varghese, Saramma Jerry Varghese, Sneha Varghese, Neha Dilip Varghese, and Tarmat Holdings Pvt Ltd, who collectively hold 33.24% of the shares. Their Current challenges include operating in a highly competitive and regulated sector, managing the availability and cost of raw materials, equipment, and labour, complying with environmental and safety norms, and facing the risks of litigation and arbitration.

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Tarmat Share Price

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Peer Comparison

Tarmat Quarterly Results

#(Fig in Cr.) Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Net Sales 35 34 60 41 29 32 42 21 25 23
Other Income 0 0 1 0 0 4 0 0 0 0
Total Income 35 34 61 41 29 36 42 21 25 23
Total Expenditure 33 32 59 39 28 33 42 20 24 22
Operating Profit 2 2 2 2 1 2 0 1 1 0
Interest 1 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 3 0 0 0 0
Profit Before Tax 1 1 1 2 1 5 0 1 0 0
Provision for Tax 0 0 0 0 0 0 -0 -0 -0 -0
Profit After Tax 1 1 1 2 1 5 0 1 0 0
Adjustments 0 0 0 -0 -0 0 0 0 -0 -0
Profit After Adjustments 1 1 1 2 1 5 0 1 0 0
Adjusted Earnings Per Share 0.7 0.6 0.9 0.8 0.4 2.2 0.1 0.4 0.1 0.1

Tarmat Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 85 92 80 185 129 264 198 170 155 111
Other Income 1 1 1 12 22 1 1 1 4 0
Total Income 87 93 81 196 151 265 199 171 159 111
Total Expenditure 88 92 79 193 148 253 191 163 152 108
Operating Profit -2 1 2 3 3 12 9 8 6 2
Interest 16 5 0 2 1 2 3 2 1 0
Depreciation 4 2 2 1 1 1 1 1 1 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 3 0
Profit Before Tax -21 -6 0 0 1 9 4 5 7 1
Provision for Tax -0 -7 0 -1 0 2 -1 0 -0 0
Profit After Tax -21 1 0 1 1 7 5 5 7 1
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -21 1 0 1 1 7 5 5 7 1
Adjusted Earnings Per Share -18.8 0.6 0 1.1 0.5 5.2 3.9 2.9 3.5 0.7

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -9% -16% -3% 0%
Operating Profit CAGR -25% -21% 15% 0%
PAT CAGR 40% 0% 48% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 4% 18% 17% 27%
ROE Average 7% 7% 8% -1%
ROCE Average 6% 5% 5% 2%

Tarmat Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 37 38 38 39 40 56 61 94 131
Minority's Interest 0 0 0 0 0 0 0 0 0
Borrowings 19 42 42 70 97 110 3 1 1
Other Non-Current Liabilities 0 -1 -0 0 0 1 2 1 1
Total Current Liabilities 133 106 111 150 56 102 167 124 80
Total Liabilities 190 185 191 259 193 270 233 220 213
Fixed Assets 18 15 14 13 12 17 18 17 17
Other Non-Current Assets 58 60 56 55 49 52 47 20 17
Total Current Assets 114 110 121 191 133 201 167 182 179
Total Assets 190 185 191 259 193 270 233 220 213

Tarmat Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 1 1 1 1 4 2 4 15 4
Cash Flow from Operating Activities 2 -0 -1 -21 45 -13 26 -7 10
Cash Flow from Investing Activities 6 0 0 -2 3 -5 -2 18 -1
Cash Flow from Financing Activities -8 -0 -0 26 -49 20 -24 -21 -8
Net Cash Inflow / Outflow -0 0 -1 3 -1 2 1 -10 1
Closing Cash & Cash Equivalent 1 1 1 4 2 4 4 4 5

Tarmat Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) -18.85 0.65 0.03 1.13 0.53 5.15 3.86 2.9 3.48
CEPS(Rs) -15.4 2.92 1.45 2.07 1.35 5.77 4.9 3.57 3.96
DPS(Rs) 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 33.89 34.54 34.57 35.7 36.23 42.05 45.91 52.89 61.29
Core EBITDA Margin(%) -3.83 0.46 1.28 -4.78 -14.53 4.22 3.63 4.14 1.4
EBIT Margin(%) -6.53 -1.31 0.28 0.9 1.67 4.25 3.61 4.14 5.05
Pre Tax Margin(%) -24.75 -6.3 0.27 0.06 0.55 3.35 2.03 2.74 4.72
PAT Margin (%) -24.25 0.77 0.04 0.67 0.45 2.61 2.6 2.69 4.8
Cash Profit Margin (%) -19.81 3.48 1.99 1.23 1.14 2.91 3.3 3.31 5.47
ROA(%) -10.89 0.38 0.02 0.55 0.26 2.97 2.05 2.02 3.43
ROE(%) -55.61 1.89 0.09 3.22 1.47 14.35 8.78 6.32 6.92
ROCE(%) -3.6 -0.77 0.15 0.97 1.34 7.38 4.51 4.9 5.71
Receivable days 93.69 87.28 101.95 56.67 76.37 29.44 33.26 38 52.98
Inventory Days 119.37 108.18 120.51 79.44 157.29 92.04 133.62 160.03 174.03
Payable days 719.27 636.6 419.54 355.76 468.02 401.79 625.4 495.2 314.87
PER(x) 0 32.48 1431.25 34.66 72.62 5.54 11.14 20.71 21.71
Price/Book(x) 0.83 0.61 1.3 1.1 1.06 0.68 0.94 1.13 1.23
Dividend Yield(%) 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 1.68 1.48 2.03 0.97 1.01 0.46 0.67 0.79 1.05
EV/Core EBITDA(x) -80.12 105.86 91.13 67.01 42.54 10.03 15.49 16.51 25.62
Net Sales Growth(%) 0 7.97 -12.86 130.32 -30.03 104.19 -24.87 -14.14 -9.13
EBIT Growth(%) 0 78.41 118.94 627.33 30.51 418.38 -36.19 -1.52 10.85
PAT Growth(%) 0 103.44 -95.14 3493.04 -53.36 1088.7 -25.11 -11.07 62.01
EPS Growth(%) 0 103.44 -95.14 3492.89 -53.36 877.42 -25.11 -24.97 20.1
Debt/Equity(x) 3.16 3.14 3.13 3.71 2.45 1.97 1.46 0.52 0.05
Current Ratio(x) 0.86 1.04 1.09 1.27 2.38 1.97 1 1.47 2.23
Quick Ratio(x) 0.65 0.79 0.86 0.91 1.36 1.23 0.59 0.83 1.39
Interest Cover(x) -0.36 -0.26 15.17 1.07 1.49 4.73 2.28 2.96 15.24
Total Debt/Mcap(x) 3.82 5.15 2.4 3.38 2.32 2.9 1.56 0.46 0.04

Tarmat Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 39.9 39.9 33.67 36.15 35.84 33.24 33.24 33.24 33.24 33.24
FII 0.01 0 0 0 0 0.02 0.01 0 0 0.07
DII 0 0 0 0 0 0 0 0 0 0
Public 60.08 60.1 66.33 63.85 64.16 66.73 66.75 66.75 66.76 66.69
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 47% CAGR over last 5 years
  • Debtor days have improved from 495.2 to 314.87days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 33.24%.
  • Company has a low return on equity of 7% over the last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Tarmat News

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