TARMAT - Tarmat

📊 NSE: TARMAT 🏢 Construction 📅 Last Updated: 12/14/2025 14:08

💰 Financial Performance

Revenue Growth by Segment

Not disclosed in percentage terms, but operations span Airports, Highways, Infrastructure, Railways, and Real Estate.

Geographic Revenue Split

Projects are located in Chennai (INR 250 Cr), Mumbai, and Jammu, representing a focus on major Indian infrastructure hubs.

Profitability Margins

Operating Profit Margin is 0.46% (down 18.72% YoY) and Net Profit Margin is 1.85% (up 245.30% YoY), with the latter heavily influenced by exceptional items of 261.37.

EBITDA Margin

Not disclosed, but Interest Coverage Ratio improved by 27.27% to 5.50, indicating better earnings relative to interest obligations.

Capital Expenditure

Not disclosed in available documents.

Credit Rating & Borrowing

No credit rating obtained during the year; Debt-Equity ratio improved by 33.93% to 0.25 following a preferential share issue.

⚙️ Operational Drivers

Raw Materials

Not disclosed in available documents.

Import Sources

Not disclosed in available documents.

Key Suppliers

Not disclosed in available documents.

Capacity Expansion

Not disclosed in available documents.

Raw Material Costs

Not disclosed in available documents.

Manufacturing Efficiency

Not disclosed in available documents.

Logistics & Distribution

Not disclosed in available documents.

📈 Strategic Growth

Expected Growth Rate

12%

Growth Strategy

Growth will be driven by securing large-scale infrastructure projects, such as the INR 250 Cr Chennai airport project, and leveraging pioneer status in airport runway works. The company also benefits from the US$ 1.4 trillion government infrastructure plan and a projected 12% increase in total sector investment by 2025-26.

Products & Services

Airport runways, air side works, roads, bridges, and railway infrastructure.

Brand Portfolio

TARMAT.

New Products/Services

Not disclosed in available documents.

Market Expansion

Market expansion is focused on securing new projects in Chennai (INR 250 Cr) while maintaining ongoing projects in Mumbai and Jammu.

Market Share & Ranking

Not disclosed in available documents.

Strategic Alliances

Not disclosed in available documents.

🌍 External Factors

Industry Trends

The infrastructure sector is projected to grow by 12% (from INR 10 lakh crore to INR 11.2 lakh crore) by 2025-26, driven by government investments of US$ 1.4 trillion in energy, roads, and railways.

Competitive Landscape

Not disclosed in available documents.

Competitive Moat

The company holds a pioneer position in specialized airport runway and air side works, which requires high intellectual human capital and technical expertise, creating a barrier for general infrastructure firms.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and interest rates; a projected 12% increase in sector investment directly impacts the company's order book potential.

Consumer Behavior

Not applicable to the B2B/B2G infrastructure sector.

Geopolitical Risks

Not disclosed in available documents.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to land acquisition laws, regulatory clearances, and infrastructure policy frameworks which impact the speed of project implementation.

Environmental Compliance

Health, Safety, and Environment (HSE) risks are monitored by the Board, but specific compliance costs are not disclosed.

Taxation Policy Impact

Not disclosed in available documents.

Legal Contingencies

Not disclosed in available documents (excluding SEBI/capital market matters).

⚠️ Risk Analysis

Key Uncertainties

Key risks include cost inflation, land acquisition delays, and working capital challenges. The company faces counterparty risks and liquidity risks, though the Current Ratio improved by 72.54% to 4.97 due to higher trade receivables.