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Tarmat Ltd.
(TARMAT)
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Rating:63Neutral
Price Target:
₹57.00
▼(-2.41% Downside)
Action:Reiterated
Date:08/27/26
The score is driven primarily by mixed financial performance: improving profitability and a conservative balance sheet are offset by unstable cash conversion and negative free cash flow. Technicals are a key positive with the stock trading above major moving averages and positive momentum, while valuation appears reasonable but not distinctly attractive (P/E ~21.9) and lacks dividend support.
Positive Factors
Improved profitability
The 2026 rebound shows that Tarmat can restore profitability when revenue and operating performance improve. Higher margins provide greater internal funding capacity and a stronger base for future growth, although sustaining this improvement will depend on execution and project economics.
Negative Factors
Negative free cash flow
Negative free cash flow means operating cash did not cover investment or working-capital requirements in the latest period. If this pattern persists, Tarmat may have less internally generated capital available for expansion, debt reduction, or shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved profitability
The 2026 rebound shows that Tarmat can restore profitability when revenue and operating performance improve. Higher margins provide greater internal funding capacity and a stronger base for future growth, although sustaining this improvement will depend on execution and project economics.
Read all positive factors
Tarmat Ltd. (TARMAT) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.36B
Dividend Yield1.92%
Average Volume (3M)2.81K
Price to Earnings (P/E)18.4
Beta (1Y)0.89
Revenue Growth22.80%
EPS Growth233.50%
CountryIN
Employees112
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)2.86
Shares Outstanding25,064,255
10 Day Avg. Volume1,478
30 Day Avg. Volume2,806
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)0.67
Price to Sales (P/S)1.07
P/FCF Ratio-121.01
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Tarmat Ltd. Business Overview & Revenue Model
Company Description
Tarmat Limited is a Mumbai-based Indian infrastructure development firm, founded in 1986. Originally known as Roman Tarmat Limited, the company adopted its current name in September 2012. Its primary focus encompasses a wide array of construction ...
Tarmat Ltd. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
40
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.28B | 1.17B | 1.01B | 893.53M | 1.44B | 1.81B |
| Gross Profit | 163.49M | 119.53M | 69.02M | 134.40M | 72.98M | 118.50M |
| EBITDA | 94.08M | 81.20M | 38.38M | 24.84M | 20.76M | 77.13M |
| Net Income | 70.82M | 62.42M | 18.69M | -11.32M | 74.15M | 45.77M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 2.61B | 2.36B | 1.98B | 2.13B | 2.20B |
| Cash, Cash Equivalents and Short-Term Investments | 214.00M | 214.00M | 98.27M | 57.06M | 50.41M | 44.42M |
| Total Debt | 0.00 | 150.23M | 95.38M | 104.67M | 59.52M | 433.60M |
| Total Liabilities | -1.87B | 742.71M | 625.90M | 684.02M | 823.15M | 1.26B |
| Stockholders Equity | 1.87B | 1.87B | 1.73B | 1.30B | 1.31B | 935.75M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -10.38M | -373.13M | -32.48M | 878.09K | 199.89M |
| Operating Cash Flow | 0.00 | 67.75M | -95.96M | -32.01M | 94.58M | 202.54M |
| Investing Cash Flow | 0.00 | -78.13M | -271.68M | 136.00K | -8.45M | 179.16M |
| Financing Cash Flow | 0.00 | 126.11M | 408.83M | 38.53M | -80.10M | -209.89M |
Tarmat Ltd. Technical Analysis
Neutral
58.41
Price Trends
56.58
Negative
54.09
Positive
53.87
Positive
Market Momentum
-0.79
Negative
47.82
Neutral
67.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TARMAT, the sentiment is Neutral. The current price of 58.41 is above the 20-day moving average (MA) of 54.71, above the 50-day MA of 56.58, and above the 200-day MA of 53.87, indicating a neutral trend. The MACD of -0.79 indicates Negative momentum. The RSI at 47.82 is Neutral, neither overbought nor oversold. The STOCH value of 67.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:TARMAT.
Tarmat Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | ₹1.36B | 18.36 | ― | 1.92% | 22.80% | 233.50% | |
61 Neutral | ₹8.79B | 0.17 | ― | 0.31% | 145.41% | 1411.16% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹2.43B | 66.09 | ― | 0.92% | 5.88% | -62.07% | |
45 Neutral | ₹1.11B | 3.67 | ― | 0.73% | -0.30% | ― | |
44 Neutral | ₹803.07M | 45.60 | ― | 1.02% | 9.00% | ― | |
43 Neutral | ₹466.62M | -0.90 | ― | 1.46% | -70.62% | -400.50% |
* General Sector Average
IN:TARMAT
Tarmat Ltd.
54.35
2.86
5.55%
IN:A2ZINFRA
A2Z Infra Engineering Limited
13.70
-2.99
-17.91%
IN:GAYAPROJ
Gayatri Projects Limited
18.93
7.80
70.08%
IN:RKEC
RKEC Projects Ltd.
19.45
-47.81
-71.08%
IN:SADBHAV
Sadbhav Engineering Limited
6.45
-5.26
-44.92%
IN:SADBHIN
Sadbhav Infrastructure Project Ltd.
2.28
-1.56
-40.63%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.