Company Overview

Tarmat Limited, incorporated in 1986 and based in Mumbai, India, is a prominent infrastructure company. Previously known as Roman Tarmat Limited, its name was officially changed to Tarmat Limited in September 2012. The company is led by Chairman Jerry Varghese and Managing Director Dilip Varghese. Tarmat specializes in a wide range of construction works, including airport runways, highways, and railways. It also undertakes infrastructure development projects such as ports, industrial area developments, refineries, and associated parking bays and taxi track works. Additionally, the company is involved in real estate development and provides comprehensive engineering, procurement, and construction (EPC) services for infrastructure projects.

Business Operations and Market Presence

Headquartered in Mumbai, Tarmat Limited boasts a broad operational network spanning across multiple Indian states, including Maharashtra, Tamil Nadu, Karnataka, Kerala, Mizoram, Gujarat, and Delhi. The company holds an ISO 9001:2008 Quality Management System certification for its construction of highways, runways, airfields, parking bays, aprons, and taxiways. Tarmat has a proven track record of executing projects sponsored by various government agencies, such as Central Government, State Governments, and Municipalities.

The company has firmly established itself as a specialized contractor in airport infrastructure. Tarmat (formerly Roman Tarmat) has successfully executed projects for domestic and international airports, as well as military and naval air bases, earning a reputation as a reliable runway contractor for clients like AAI (Airport Authority of India), MES (Military Engineer Services), NAVY, and MIDC (Maharashtra Industrial Development Corporation). Notable projects include work on the MES Vishakapatnam Naval Airport (one of India's longest runways), Jamnagar Airport, AAI Mumbai International Airport, and Delhi IGI International Airport. The company notably completed the prestigious resurfacing of runways at Mumbai International Airport Limited and Delhi International Airport during the 2022-23 financial year.

Infrastructure and Capabilities

Tarmat Limited possesses diverse capabilities in civil engineering and construction, having undertaken numerous projects encompassing road building, bituminous flexible pavement construction, casting of heavy RCC sleepers, development of container yards, compound walls, site levelling, and laying of tank foundations.

In terms of machinery and equipment, Tarmat is equipped with modern facilities including a 30 cubic meter/hour Ready Mix Concrete (RMC) plant, four automatic stone crushing units, mechanical paver finishers, transit mixers, hydraulic excavators, concrete batching plants, mobile crushers, and dumpers. The company's commitment to quality is underscored by its ISO 9001:2000 quality management system certification for building highways and airports.

Financial Performance and Market Position

Tarmat Limited is classified as a Small Cap company according to Value Research. As of July 11, 2025, its market capitalization stood at ₹130.57 Crore, with earlier data showing ₹128 Crore as of June 6, 2025.

Latest Financial Results

Quarterly Performance (Q4 FY2024-2025 vs. Q4 FY2023-2024):

- Net Profit: Jumped significantly by 124.36% to ₹0.57 Crore in Q4 FY2025, compared to a net loss of ₹2.34 Crore in the corresponding quarter of the previous year.

- Sales: Increased by 82.74% to ₹37.79 Crore in Q4 FY2025, up from ₹20.68 Crore in Q4 FY2024.

Annual Performance (FY2024-2025 vs. FY2023-2024):

- Net Profit: Reported ₹1.87 Crore for the year ended March 2025, a turnaround from a net loss of ₹1.13 Crore in the previous fiscal year.

- Sales: Grew by 13.35% to ₹101.28 Crore in FY2025, from ₹89.35 Crore in FY2024.

Key Financial Ratios

The company's valuation metrics indicate elevated ratios.

- PE Ratio: As of July 11, 2025, the latest PE ratio is 69.64. On June 6, 2025, it was recorded at 68.68 times, which represents a 182% premium compared to its peers' median P/E of 24.39 times.

- PB Ratio: As of July 11, 2025, the latest PB ratio is 1.21.

Stock Performance Metrics

- 52-Week High: ₹104.11

- 52-Week Low: ₹45.03

- Recent Performance: The stock has experienced a mixed trend. Over the past 6 months, the share price has decreased by 9.59%, and over the last year, it has declined by 24.97%.

Shareholding Pattern

- Promoter Holding: Decreased to 30.15% as of March 2025, down from 33.24% as of September 2024.

- Promoter Pledging: There is no promoter pledging in Tarmat Ltd.

Corporate Structure and Governance

Tarmat Limited has undergone several name changes since its inception. It was originally incorporated in 1986 as Jerry Varghese Constructions Private Limited. The company's name was changed to Tarmat Infrastructural & Engineering Private Limited on September 12, 1994, and subsequently to Roman Tarmat Private Limited on October 17, 2005.

During the financial year 2007-08, the company successfully completed its Initial Public Offering (IPO), raising additional capital by issuing 2,901,507 equity shares of ₹10 each at a premium of ₹165, totaling ₹50,77,63,725.

Recent Corporate Actions

Recent corporate developments include scheduled board meetings to consider financial results. Tarmat Ltd informed BSE about a Board of Directors' meeting on May 30, 2025, to review and approve the Audited Financial Results (Standalone and Consolidated) for the fourth quarter and the fiscal year ended March 31, 2025.

The company has demonstrated strong debt management practices, having significantly reduced its debt and is now considered almost debt-free. However, some operational metrics require attention, such as the increase in debtor days from 40.1 to 56.9 days.