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Tirupati Sarjan Overview

1. Business Overview

Tirupati Sarjan Ltd. is a real estate development company based in India, primarily operating in the state of Gujarat. The company is engaged in the business of constructing and developing residential and commercial properties. Its core business model involves acquiring land, planning and designing real estate projects (such as apartments, housing schemes, and commercial complexes), undertaking construction activities, and then selling these developed properties to individual buyers and businesses. The company generates revenue from the sale of these constructed properties.

2. Key Segments / Revenue Mix

The company's primary business segment is Real Estate Development. While granular breakdowns (e.g., specific percentages for residential vs. commercial projects) are not typically disclosed in general overviews, all significant revenue is derived from the development and sale of land and constructed properties.

3. Industry & Positioning

The Indian real estate sector is highly fragmented, characterized by numerous local, regional, and national players. It is cyclical, influenced by economic growth, interest rates, urbanization trends, and government policies. Tirupati Sarjan Ltd. operates as a regional player, with its focus primarily in Gujarat. This positioning means it competes with other local developers and potentially some larger national developers active in its target markets. Its competitive edge likely stems from local market knowledge, relationships, and understanding of regional demand patterns rather than broad national scale.

4. Competitive Advantage (Moat)

Based on publicly available information, Tirupati Sarjan Ltd. does not exhibit strong, durable competitive advantages typically associated with a "moat." It operates in a highly competitive and fragmented industry. While it may possess local market expertise, a good reputation within its operating region, and efficient execution capabilities, these are generally not considered long-term, structural moats like a dominant brand, significant economies of scale, proprietary technology, or high switching costs.

5. Growth Drivers

Urbanization and Population Growth: Continued migration to urban centers in India drives demand for housing and commercial spaces.

Rising Disposable Incomes: A growing middle class and increasing incomes enhance affordability and demand for quality real estate.

Government Initiatives: Policy support for affordable housing, infrastructure development, and ease of doing business can stimulate the real estate sector.

Favorable Demographics: A young population and increasing nuclearization of families create sustained demand for new housing units.

Regional Economic Growth: Specific economic development and industrialization in Gujarat can boost local real estate demand.

6. Risks

Cyclicality of Real Estate Sector: The industry is highly susceptible to economic downturns, impacting demand, property prices, and project viability.

Interest Rate Fluctuations: Changes in interest rates can affect both borrowing costs for developers and affordability for homebuyers.

Regulatory & Approval Risks: Delays in obtaining government approvals, changes in land acquisition policies, environmental regulations, or tax policies (e.g., RERA impact) can lead to project delays and cost overruns.

Execution Risks: Risks associated with construction delays, cost overruns, labor availability, and quality control.

Funding & Liquidity Risks: Reliance on debt and capital markets for project financing, and potential challenges in timely project sales.

Intense Competition: Fierce competition from a large number of local and national real estate developers can pressure margins and sales.

7. Management & Ownership

Tirupati Sarjan Ltd. is a promoter-driven company, characteristic of many Indian businesses of its size. The founding family or group, primarily the Patel family (e.g., Mr. Ghanshyambhai Nanjibhai Patel, Mr. Shaileshbhai Ghanshyambhai Patel), holds a significant ownership stake and is actively involved in the management and strategic direction of the company. Promoter-led companies often benefit from strong long-term vision and commitment but may also face potential challenges related to corporate governance or succession planning.

8. Outlook

Tirupati Sarjan Ltd. operates in a sector with significant long-term growth potential in India, driven by robust urbanization and demographic tailwinds. Its regional focus in Gujarat provides specific exposure to a potentially dynamic state economy. The company's local market understanding and execution capabilities could enable it to capture growth opportunities within its niche. However, the real estate industry is inherently cyclical and highly sensitive to macroeconomic shifts, interest rate changes, and regulatory uncertainties. Intense competition, potential for project delays, and funding challenges remain pertinent risks. The lack of a strong, unique competitive moat suggests that its performance will largely depend on efficient project execution, prudent financial management, and favorable market conditions within its operating region.

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Tirupati Sarjan Key Financials

Market Cap ₹30 Cr.

Stock P/E 5.8

P/B 0.3

Current Price ₹9.1

Book Value ₹ 28.2

Face Value 5

52W High ₹16

Dividend Yield 0%

52W Low ₹ 6.5

Tirupati Sarjan Share Price

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Volume
Price

Tirupati Sarjan Quarterly Price

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Tirupati Sarjan Peer Comparison

Tirupati Sarjan 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 42 55 72 41 49 53 78 31 38 69
Other Income 0 0 1 0 1 0 0 0 0 0
Total Income 42 55 73 41 50 54 78 31 38 69
Total Expenditure 38 52 69 38 46 50 75 28 35 66
Operating Profit 4 3 4 3 4 4 3 3 3 3
Interest 2 1 2 1 2 2 1 1 1 1
Depreciation 0 0 1 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1 2 2 2 2 2 2 2 1 2
Provision for Tax 0 0 1 0 1 0 1 0 0 1
Profit After Tax 1 1 1 1 1 2 1 1 1 1
Adjustments 0 0 -0 -0 0 0 0 0 0 0
Profit After Adjustments 1 1 1 1 1 2 1 1 1 1
Adjusted Earnings Per Share 0.3 0.4 0.3 0.4 0.3 0.5 0.4 0.3 0.3 0.4

Tirupati Sarjan Profit & Loss

#(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 162 118 131 165 140 119 66 91 157 194 222 216
Other Income 3 5 5 2 2 2 1 2 1 2 2 0
Total Income 165 123 135 167 142 122 67 93 158 195 223 216
Total Expenditure 150 108 118 150 126 108 56 81 145 181 209 204
Operating Profit 15 15 17 16 16 14 11 12 13 14 14 12
Interest 5 6 7 7 8 8 9 9 8 7 5 4
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 10 8 9 9 7 5 2 2 4 6 7 7
Provision for Tax 3 2 3 3 2 2 1 1 1 2 2 2
Profit After Tax 7 6 6 6 5 3 1 2 3 4 5 4
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 7 6 6 6 5 3 1 2 3 4 5 4
Adjusted Earnings Per Share 2.5 1.9 1.8 1.7 1.6 0.9 0.3 0.5 0.9 1.2 1.6 1.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 14% 35% 13% 3%
Operating Profit CAGR 0% 5% 0% -1%
PAT CAGR 25% 36% 11% -3%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -39% 2% 10% -10%
ROE Average 6% 5% 4% 7%
ROCE Average 9% 9% 9% 12%

Tirupati Sarjan Balance Sheet

#(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 44 50 60 66 71 74 75 77 80 84 89
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 14 18 7 10 21 27 33 36 39 39 31
Other Non-Current Liabilities 2 1 2 2 3 3 3 3 3 11 9
Total Current Liabilities 91 104 100 91 85 83 66 56 86 86 68
Total Liabilities 151 174 169 168 180 187 177 172 208 220 198
Fixed Assets 6 5 5 4 5 5 4 5 8 9 9
Other Non-Current Assets 18 23 56 68 89 87 87 82 80 80 79
Total Current Assets 127 146 109 96 86 95 85 85 120 132 109
Total Assets 151 174 169 168 180 187 177 172 208 220 198

Tirupati Sarjan Cash Flow

#(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 4 13 2 1 3 5 8 7 2 2 3
Cash Flow from Operating Activities 4 -11 4 2 -5 12 -3 10 8 6 17
Cash Flow from Investing Activities 3 4 1 1 0 -1 1 -1 -6 -3 2
Cash Flow from Financing Activities 2 -3 -5 -1 6 -8 0 -14 -1 -2 -17
Net Cash Inflow / Outflow 9 -11 -1 2 2 3 -2 -5 1 1 1
Closing Cash & Cash Equivalent 13 2 1 3 5 8 7 2 2 3 4

Tirupati Sarjan Ratios

# 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) 2.55 1.94 1.83 1.7 1.59 0.92 0.34 0.51 0.92 1.2 1.56
CEPS(Rs) 2.94 2.22 2.04 1.93 1.8 1.17 0.63 0.78 1.23 1.59 1.9
DPS(Rs) 0.35 0.55 0.3 0.3 0 0 0 0 0 0 0
Book NAV/Share(Rs) 16.05 16.72 18.21 19.9 21.49 22.41 22.76 23.37 24.28 25.48 27.04
Core EBITDA Margin(%) 7.63 8.35 9.37 8.91 10.26 9.57 14.85 11.48 7.38 6.53 5.53
EBIT Margin(%) 8.82 12.04 12.32 9.41 10.9 10.92 15.43 12.54 7.59 6.63 5.74
Pre Tax Margin(%) 5.93 6.79 7.01 5.2 5.32 3.84 2.56 2.54 2.65 3.12 3.36
PAT Margin (%) 4.15 4.79 4.62 3.39 3.75 2.54 1.72 1.85 1.92 2.04 2.33
Cash Profit Margin (%) 4.78 5.49 5.17 3.86 4.25 3.23 3.13 2.83 2.59 2.71 2.83
ROA(%) 4.71 3.49 3.51 3.32 3.02 1.65 0.62 0.97 1.59 1.84 2.47
ROE(%) 17.58 12.41 11.06 8.9 7.69 4.18 1.53 2.22 3.84 4.81 5.95
ROCE(%) 18.67 16.46 17.46 15.98 13.86 10.78 8 8.83 9.04 9.17 9.07
Receivable days 11.04 35.18 35.32 27.32 40.54 61.56 100.7 40.43 60.39 77.8 58.28
Inventory Days 188.76 290.01 282.35 193.52 186.11 194.15 348.53 268.87 161.91 144.16 124.68
Payable days 101.91 163.02 138.17 120.24 240.88 367.61 685.5 270.63 161.84 124.04 107.09
PER(x) 7.3 13.33 12.95 10.68 8.42 4.52 19.99 14.2 9.92 10.31 8.77
Price/Book(x) 1.16 1.54 1.3 0.91 0.62 0.19 0.3 0.31 0.37 0.48 0.51
Dividend Yield(%) 1.88 2.13 1.27 1.66 0 0 0 0 0 0 0
EV/Net Sales(x) 0.34 0.81 0.85 0.56 0.63 0.46 1.1 0.79 0.53 0.5 0.4
EV/Core EBITDA(x) 3.56 6.35 6.59 5.63 5.5 3.92 6.54 5.87 6.46 6.9 6.37
Net Sales Growth(%) 27.32 -27.18 10.48 26.54 -15.25 -14.63 -44.75 38.2 72.16 23.36 14.41
EBIT Growth(%) 7.92 -0.63 13.1 -3.33 -1.9 -14.43 -21.93 12.27 4.16 7.87 -0.97
PAT Growth(%) 8.9 -15.82 6.47 -7.2 -6.17 -42.28 -62.47 48.42 79.1 30.64 30.56
EPS Growth(%) -0.9 -24.07 -5.63 -7.2 -6.17 -42.28 -62.47 48.4 79.1 30.65 30.56
Debt/Equity(x) 0.9 0.83 0.56 0.53 0.68 0.66 0.75 0.65 0.7 0.71 0.53
Current Ratio(x) 1.4 1.39 1.08 1.05 1.01 1.14 1.3 1.52 1.4 1.53 1.6
Quick Ratio(x) 0.48 0.4 0.11 0.21 0.24 0.4 0.32 0.27 0.59 0.56 0.61
Interest Cover(x) 3.05 2.3 2.32 2.24 1.95 1.54 1.2 1.25 1.54 1.89 2.41
Total Debt/Mcap(x) 0.78 0.54 0.43 0.59 1.1 3.59 2.5 2.1 1.88 1.48 1.05

Tirupati Sarjan Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 40.38 40.38 40.38 40.38 40.38 40.38 40.1 40.1 40.04 39.8
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 59.62 59.62 59.62 59.62 59.62 59.62 59.9 59.9 59.96 60.2
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Tirupati Sarjan News

Tirupati Sarjan Pros & Cons

Pros

  • Stock is trading at 0.3 times its book value
  • Debtor days have improved from 124.04 to 107.09days.
  • Company has reduced debt.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend.
  • Promoter holding is low: 39.8%.
  • Company has a low return on equity of 5% over the last 3 years.
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