Tarmat Ltd (TARMAT)
🎯 Key Takeaways
- Tarmat Ltd appears to be in a consolidation and governance phase, with management focusing on leadership continuity and shareholder engagement rather than growth initiatives. The company maintains a low-debt profile and stable margins, but profitability remains thin and volatile, with ROE and ROCE near single digits.
- Revenue declined 15.7% QoQ to ₹36 in Q1FY27.
- ⚠️ Persistent low profitability with volatile net income and thin margins despite stable revenue levels.
- Market Cap
- ₹143
- P/E Ratio
- 19.9
- P/B Ratio
- 0.77
- ROE
- 3.8%
- ROCE
- 4.1%
- Debt/Equity
- 0.08
- Promoter
- 29.1%
📖 The Story
Tarmat Ltd appears to be in a consolidation and governance phase, with management focusing on leadership continuity and shareholder engagement rather than growth initiatives. The company maintains a low-debt profile and stable margins, but profitability remains thin and volatile, with ROE and ROCE near single digits. There is no indication of active expansion or new revenue streams, suggesting a mature or transitional lifecycle stage.
📰 What's Happening
In the last quarter, Tarmat held its 41st Annual General Meeting on September 30, 2026, via video conference, where it re-appointed key leadership including Managing Director Dilip Varghese and Executive Director Amit Shah for three-year terms, pending shareholder approval. The company also re-appointed Hegde & Associates as auditors and Yagnesh Gandhi & Co. as internal auditor for FY2026-27, with remuneration to be ratified at the AGM. Additionally, the trading window closed on July 1, 2026, following a board meeting to consider Q1FY27 financial results, in compliance with SEBI regulations.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 25 | 23 | 27 | 42 | 36 |
| Operating Profit | 1 | 1 | 1 | 3 | 2 |
| OPM % | 3.3% | 3.7% | 5.2% | 6.0% | 6.0% |
| Net Profit | 1 | 1 | 1 | 3 | 2 |
| EPS | ₹0.30 | ₹0.61 | ₹0.46 | ₹1.18 | ₹0.62 |
Revenue has shown mixed movement, with a peak of ₹42 crore in Q4FY26 followed by a decline to ₹36 crore in Q1FY27, despite stable operating margins of ~6%. Net profit and EPS have also fluctuated, with a high of ₹3 crore in Q4FY26 and a drop to ₹2 crore in the latest quarter. The financial trend reflects inconsistency in top-line growth, with no clear upward trajectory despite stable margins, suggesting operational headwinds or project-based volatility.
🔮 Management Outlook & What's Next
Management has not provided forward-looking guidance on revenue, margins, or capital allocation in the available filings. The focus remains on governance, shareholder approval of appointments, and compliance with regulatory timelines. There is no public commentary on future business expansion, order pipeline, or performance expectations beyond routine disclosures.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 24 | 24 | 25 | 24 |
| Reserves | 134 | 131 | 162 | 136 |
| Borrowings | 10 | 3 | 15 | 11 |
| Total Liabilities | 236 | 234 | 261 | 235 |
| Fixed Assets | 21 | 16 | 27 | 21 |
| Investments | 0 | 0 | 1 | 0 |
| Total Assets | 236 | 234 | 261 | 235 |
The balance sheet shows a stable capital structure with negligible debt (D/E of 0.06) and growing equity and reserves over the past two years. Total assets have modestly increased, indicating limited reinvestment or acquisition activity. This suggests conservative capital allocation, with no evidence of aggressive investment or deleveraging, and a reliance on internal accruals given the absence of significant financing.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | -9 | +8 |
| Investing | -27 | -7 |
| Financing | +40 | +11 |
| Net Cash Flow | +4 | +12 |
👥 Shareholding Pattern
| Category | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoters | 30.1% | 29.1% | 29.1% |
| FII | 1.9% | 1.8% | 1.8% |
| DII | 0.0% | 0.0% | 0.0% |
| Public | 33.1% | 32.1% | 31.4% |
| # Shareholders | 14,055 | 13,485 | 13,251 |
Promoter holding has remained steady at 29.05% over the last three quarters, while institutional investor (FII) ownership is minimal at 1.8%, and DII remains at 0%. Public shareholding has slightly increased, and the number of shareholders has grown, indicating broader retail participation. There are no signs of institutional accumulation or exit, and no changes in pledge status or share buybacks are reported.
⚖️ Peer Comparison — Infrastructure Developers & Operators
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Persistent low profitability with volatile net income and thin margins despite stable revenue levels. 2. Heavy reliance on a small number of large shareholders, with promoter stake concentrated and no disclosed institutional interest. 3. Governance risks tied to shareholder approval of key appointments and auditor remuneration, which could lead to leadership instability if votes are contested. 4. Absence of growth-oriented disclosures or strategic roadmap, raising concerns about long-term viability in a competitive infrastructure sector.
📋 Recent Filings
- Announcement2026-09-26Tarmat Ltd announced the closure of its insider trading window effective 1st October 2026, triggered by the upcoming board meeting to approve unaudite…
- 🟡 Board Meeting2026-09-03Tarmat Ltd announced its 41st AGM on 30 September 2026 via video conferencing, where shareholders will vote on adopting FY25-26 financial statements, …
- 🔴 annual report2026-09-03Tarmat Limited announced its 41st Annual General Meeting on September 30, 2026, via video conference, and provided the web link to its FY2025-26 Annua…
- 🔴 annual report2026-09-03Tarmat Ltd reported a significant profit surge to ₹655.62 lakhs (up from ₹186.90 lakhs) on revenue of ₹11,861.25 lakhs, driven by infrastructure proje…
- Announcement2026-08-15Tarmat Limited clarified that recent price movement in its shares is purely market-driven with no pending price-sensitive announcements or events requ…
- 🟡 Board Meeting2026-08-14Tarmat Limited announced its 41st Annual General Meeting will be held via video conference on September 30, 2026, at 2:00 p.m., with the registered of…
- 🔴 Corporate Action2026-08-14Tarmat Limited announced its 41st Annual General Meeting will be held via video conference on September 30, 2026, at 2:00 p.m., with the registered of…
- 🟡 Board Meeting2026-08-14Tarmat Limited announced the outcome of its August 14, 2026 board meeting, approving un-audited standalone and consolidated financial results for the …
- 🟡 Board Meeting2026-08-14Tarmat Limited announced its 41st Annual General Meeting will be held via video conference on September 30, 2026, at 2:00 p.m., with the registered of…
- 🟡 Board Meeting2026-08-14Tarmat Limited announced on August 14, 2026, the re-appointment of Mr. Dilip Varghese as Managing Director for three years effective August 14, 2026, …
🧠 Analyst's Read
Tarmat operates with a stable but stagnant financial profile and governance-focused priorities, lacking clear catalysts for earnings expansion. Investors should monitor the outcome of the upcoming AGM decisions on leadership and auditor remuneration, as well as any future signals on business strategy or capital allocation, to assess whether the company is transitioning toward active growth or remaining in a passive operational mode.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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