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Tarmat Limited (TARMAT)

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

📢 Recent Corporate Announcements

Tarmat Convenes 41st AGM on Sept 30, 2026; Proposes Re-appointment & Remuneration of MD

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Sep 2026, 07:52 PM

Tarmat Limited has issued the notice for its 41st Annual General Meeting (AGM) scheduled for September 30, 2026, via video conferencing. Key resolutions include the adoption of FY26 financial statements, the re-appointment of Statutory Auditors M/s. Hegde & Associates for a second 5-year term, and the re-appointment of Managing Director Mr. Dilip Varghese for a 3-year term with a proposed basic salary revision to Rs 4.00-6.00 lakh per month (up from past remuneration of Rs 2.50 lakh per month). The meeting will also consider remuneration approval for Non-Executive Director Mr. Jerry Varghese.

41st Annual General Meeting scheduled for September 30, 2026 at 02:00 PM IST via VC/OAVM
Re-appointment of statutory auditor M/s Hegde & Associates for a second term of 5 years
Re-appointment of Mr. Dilip Varghese as MD for 3 years effective August 14, 2026, with basic salary revision to Rs 4.00 lakh - Rs 6.00 lakh per month
FY26 standalone gross turnover reported at Rs 11,737.37 lakh (Rs 117.37 Cr) and Net Profit at Rs 655.62 lakh (Rs 6.56 Cr)

💡 Shareholders may review the Annual Report and exercise their voting rights through remote e-voting prior to the AGM on September 30, 2026.

Tarmat Schedules 41st AGM for September 30, 2026; Shares FY26 Annual Report Link

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 07:48 PM

Tarmat Limited has published the web link to its 41st Annual Report for the financial year ended March 31, 2026 (FY26), pursuant to Regulation 36(1) of SEBI LODR Regulations. The company announced that its 41st Annual General Meeting (AGM) will be held on Wednesday, September 30, 2026, at 2:00 PM IST via Video Conference (VC) / Other Audio Visual Means (OAVM). The disclosure also provides shareholders with instructions for updating KYC, PAN, and email details with its RTA, Bigshare Services Pvt. Ltd.

41st Annual General Meeting scheduled for September 30, 2026, at 2:00 PM IST
AGM to be conducted via Video Conferencing (VC) / Other Audio Visual Means (OAVM)
Published web link to access the full FY26 Annual Report under Regulation 36(1)
Instructions provided for shareholder KYC and email updates with RTA Bigshare Services Pvt. Ltd.

💡 Investors should review the FY26 Annual Report for details on order book execution and track the proceedings and voting outcomes of the AGM on September 30, 2026.

Tarmat Clarifies Price Movement is Purely Market Driven, Confirms No Undisclosed Material Events

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Aug 2026, 02:27 PM

Tarmat Limited responded to an NSE surveillance inquiry dated August 14, 2026, regarding significant movement in its share price. The company confirmed on August 15, 2026, that all required disclosures under Regulation 30 of SEBI LODR have been made. Tarmat clarified that there are no pending undisclosed price-sensitive announcements or events, stating that the price movement is purely market-driven.

Response submitted on August 15, 2026, to NSE query Ref. No. NSE/CM/Surveillance/17361 dated August 14, 2026
Confirmed full compliance with Regulation 30 disclosure requirements of SEBI LODR Regulations, 2015
Stated that there are zero pending undisclosed price-sensitive events or operational announcements
Clarified that recent trading volatility and price behavior are purely market driven

💡 Track subsequent quarterly financial earnings and formal contract award notifications rather than market-driven price volatility.

Tarmat Limited Schedules 41st AGM for September 30, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 04:52 PM

Tarmat Limited has announced its 41st Annual General Meeting (AGM) to be held on September 30, 2026, via video conferencing. The company has fixed September 24, 2026, as the cut-off date for determining shareholder eligibility for e-voting. The register of members and share transfer books will remain closed from September 23 to September 30, 2026. This is a standard administrative procedure for the company to conduct its annual business and seek shareholder approvals.

41st Annual General Meeting scheduled for September 30, 2026, at 02:00 p.m.
E-voting cut-off date fixed as September 24, 2026, to determine member eligibility.
Remote e-voting period starts on September 26, 2026, and ends on September 29, 2026.
Book closure period set from September 23, 2026, to September 30, 2026 (8 days inclusive).

💡 Investors should monitor the release of the full Annual Report for updates on the execution of the INR 250 Cr Chennai airport project and margin improvement strategies.

Tarmat Limited Sets September 24, 2026, as Record Date for 41st AGM E-voting

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 04:48 PM

Tarmat Limited has announced its 41st Annual General Meeting (AGM) will be held on September 30, 2026, via video conferencing. The company has fixed September 24, 2026, as the cut-off date (record date) to determine shareholder eligibility for remote e-voting. The e-voting period is scheduled to run from September 26 to September 29, 2026. This is a standard regulatory procedure for the company to conduct its annual business and shareholder voting.

41st Annual General Meeting scheduled for September 30, 2026, at 02:00 PM
Record date for e-voting eligibility fixed as September 24, 2026
Remote e-voting window open from September 26 (9:00 AM) to September 29 (5:00 PM), 2026
Register of Members and Share Transfer Books closed from September 23 to September 30, 2026
Bigshare Services Pvt. Ltd. appointed as the e-voting platform provider

💡 Investors should monitor for the full AGM notice to review specific resolutions being put to vote. Ensure shares are held in demat by the September 24 cut-off to participate in the voting process.

Tarmat Limited to Convene 41st AGM on September 30, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 04:42 PM

Tarmat Limited has announced its 41st Annual General Meeting (AGM) scheduled for September 30, 2026, via video conferencing. The company has fixed September 24, 2026, as the cut-off date to determine shareholder eligibility for e-voting. The register of members and share transfer books will be closed from September 23 to September 30, 2026. This is a standard regulatory procedure for the company to conduct annual business and seek shareholder approvals.

41st Annual General Meeting scheduled for September 30, 2026, at 02:00 PM
E-voting cut-off date fixed for September 24, 2026
Remote e-voting period starts September 26, 2026, and ends September 29, 2026
Book closure period set from September 23, 2026, to September 30, 2026
Bigshare Services Pvt. Ltd. appointed as the e-voting platform provider

💡 Investors should monitor the release of the Annual Report for detailed updates on the execution of the INR 250 Cr Chennai airport project and management's outlook on the 12% projected industry growth.

Tarmat Re-appoints MD Dilip Varghese and Key Directors for 3-5 Year Terms

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 14 Aug 2026, 04:36 PM

Tarmat Limited has approved the re-appointment of its core leadership team, including Managing Director Dilip Varghese and Executive Director Amit Shah, for three-year terms. Additionally, the board has re-appointed an Independent Director and the Statutory Auditors for five-year terms. These moves, announced on August 14, 2026, ensure management continuity for the small-cap firm (Market Cap ₹147 Cr) as it pursues a projected 12% industry growth rate. All appointments are subject to shareholder approval at the upcoming Annual General Meeting.

Mr. Dilip Varghese re-appointed as Managing Director for a 3-year term effective August 14, 2026.
Mr. Amit Shah re-appointed as Executive Director for a 3-year term effective October 1, 2026.
Mr. Krishan Kumar Kinra re-appointed as Independent Director for a second 5-year term.
M/s. Hegde & Associates re-appointed as Statutory Auditors for a second 5-year term.
Internal and Cost Auditors re-appointed for the Financial Year 2026-27.

💡 Investors should look for the upcoming Annual General Meeting (AGM) notice to confirm shareholder ratification of these appointments and check for any updates on the ₹250 Cr Chennai airport project execution.

Tarmat Q1 FY27 Standalone EPS at ₹0.23; MD Dilip Varghese Re-Appointed for 3 Years

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 14 Aug 2026, 04:12 PM

Tarmat Limited reported its Q1 FY27 (quarter ended June 30, 2026) standalone financial results with a Profit Before Tax (PBT) of ₹63.85 Lakhs and basic EPS of ₹0.23 per share. The Board approved the re-appointment of Managing Director Mr. Dilip Varghese and Executive Director Mr. Amit Shah for 3-year terms, subject to shareholder approval. The company also announced plans to proceed with the development of its residential and commercial properties. Additionally, statutory auditors highlighted an emphasis of matter regarding the inability to determine fair value for a ₹783.02 Lakh JV investment due to lack of financial information.

Standalone Profit Before Tax stood at ₹63.85 Lakhs for the quarter ended June 30, 2026, with EPS of ₹0.23 per share.
MD Dilip Varghese re-appointed for a 3-year term starting August 14, 2026; Executive Director Amit Shah re-appointed for 3 years starting October 1, 2026.
Auditor flagged an emphasis of matter on unverified fair value of ₹783.02 Lakhs (₹7.83 Cr) investment in Backbone-Tarmat-Al bawa'a JV.
41st Annual General Meeting scheduled for September 30, 2026, with e-voting running from September 26 to September 29, 2026.
Board approved plans to pursue development of residential and commercial real estate properties.

💡 Track shareholder approvals at the September 30, 2026 AGM regarding key directorships and statutory auditor re-appointment, as well as concrete development updates on the newly approved real estate ventures.

4.19% Stake Reclassification Following Demise of Promoter Group Member

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 04 Aug 2026, 06:12 PM

Tarmat Limited has informed the exchanges of the demise of Mrs. Saramma Varghese, a member of the Promoter Group, on August 3, 2026. She held 1,051,161 equity shares, which accounts for 4.19% of the company's total share capital. Following SEBI regulations, she will cease to be included in the promoter group, and the company has initiated the process for the transmission of her shares. This stake represents approximately 14.4% of the total promoter holding of 29.05%.

Mrs. Saramma Varghese, a Promoter Group member, passed away on August 3, 2026.
The deceased held 1,051,161 equity shares in the company.
The holding represents 4.19% of the total equity share capital.
The company received official intimation of the demise on August 4, 2026.
Procedural formalities for the transmission of shares to legal heirs have been initiated.

💡 Monitor future shareholding patterns to see if the transmitted shares remain within the promoter group or are reclassified as public holding.

June 30, 2026: Tarmat Limited Submits Quarterly SEBI Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jul 2026, 03:24 PM

Tarmat Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Bigshare Services Pvt. Ltd., confirms that all securities received for dematerialization during the quarter ended June 30, 2026, were processed correctly. The Registrar confirmed that physical certificates were mutilated and cancelled, and the depository's name was updated in the register of members within the mandated 15-day period. This is a standard administrative filing with no impact on the company's financial or operational status.

Compliance certificate issued for the quarter ended June 30, 2026
Dematerialization requests processed and confirmed within 15 days of receipt
Registrar and Share Transfer Agent (RTA) confirmed mutilation and cancellation of physical certificates
Filing dated July 06, 2026, as per regulatory timelines

💡 This is a routine regulatory filing. Investors should focus on upcoming quarterly earnings reports for updates on the company's infrastructure projects and financial performance.

Tarmat Limited Announces Trading Window Closure from July 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Jun 2026, 05:49 PM

Tarmat Limited has informed the exchanges that its trading window will be closed starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is in anticipation of the board meeting to consider and approve the unaudited standalone and consolidated financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are declared. The specific date for the board meeting has not yet been announced and will be communicated separately.

Trading window closure begins on Wednesday, July 1, 2026.
Closure is related to the review of Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026.
The window will reopen 48 hours after the official announcement of the financial results.
The restriction applies to all designated persons and their immediate relatives as per the Company's Code of Fair Disclosure.

💡 This is a routine regulatory filing and does not impact the company's fundamentals. Investors should monitor for the upcoming announcement of the board meeting date to review the Q1 financial performance.

Tarmat Promoters Declare Zero Encumbered Shares for FY Ended March 31, 2026

🟢 POSITIVE ⭐ 5/10

REGULATORY 📅 15 Jun 2026, 12:52 PM

Tarmat Limited has submitted a formal disclosure under SEBI (SAST) Regulations from its promoter, Mr. Jerry Varghese. The declaration confirms that the promoter and promoter group have not made any encumbrance (pledge) of their shares, directly or indirectly, during the financial year ended March 31, 2026. This annual filing provides transparency regarding the status of promoter-held equity and confirms the absence of debt-related liens on their holdings.

Annual declaration submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Promoter Jerry Varghese confirmed zero share pledges for the entire financial year ending March 31, 2026.
The disclosure covers all members of the Promoter and Promoter Group including Persons Acting in Concert (PAC).
Confirms that no direct or indirect encumbrances were created on the promoter's equity stake during the period.

💡 Investors can take this as a positive sign of financial stability within the promoter group, as the absence of pledged shares mitigates the risk of margin-call-driven sell-offs.

Tarmat Limited Submits Newspaper Clippings of FY26 Audited Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Jun 2026, 12:35 PM

Tarmat Limited has submitted newspaper clippings of its audited financial results for the quarter and year ended March 31, 2026, as required by SEBI regulations. The results were published in 'Active Times' (English) and 'Mumbai Lakshdeep' (Marathi) on May 31, 2026. This filing is a standard regulatory procedure following the board's approval of the annual financial statements. The document itself does not contain the financial figures but confirms their public dissemination.

Compliance with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Submission of newspaper clippings for the quarter and year ended March 31, 2026
Results published in English and Marathi language newspapers on May 31, 2026
Covers both Standalone and Consolidated Audited Financial Results

💡 This is a routine administrative filing. Investors should refer to the company's full financial statement disclosure for detailed performance analysis of the fiscal year 2026.

Tarmat Limited FY26 Net Profit Surges 293% to ₹6.56 Cr; Revenue Up 13.6% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 May 2026, 05:29 PM

Tarmat Limited reported a strong financial performance for the fiscal year ended March 31, 2026, with standalone revenue growing 13.6% YoY to ₹117.37 crore. Net profit for the full year saw a massive jump to ₹6.56 crore compared to ₹1.67 crore in FY25, driven by improved operational efficiencies. The fourth quarter was particularly strong, with Q4 FY26 net profit reaching ₹3.27 crore, a significant increase from ₹0.57 crore in Q4 FY25. However, the auditors have maintained a qualified opinion regarding an investment of ₹7.83 crore in a Joint Venture currently in liquidation.

Annual revenue from operations increased to ₹117.37 crore in FY26 from ₹103.28 crore in FY25.
Net profit for FY26 stood at ₹6.56 crore, representing a 293% growth over the previous year's ₹1.67 crore.
Q4 FY26 revenue grew 55% sequentially to ₹42.46 crore compared to ₹27.31 crore in Q3 FY26.
Net cash from operating activities turned positive at ₹7.48 crore in FY26, compared to a negative ₹7.10 crore in FY25.
Auditors issued a qualified opinion on the recoverability of a ₹7.83 crore investment in the Backbone Tarmat Alfaraa JV, which is currently in liquidation.

💡 Investors should focus on the strong operational turnaround and significant profit growth, but remain cautious regarding the audit qualification involving the ₹7.83 crore JV investment. The stock may react positively to the earnings growth, though the liquidation of the JV partner remains a key risk to monitor.

Tarmat Limited Complies with SEBI Dematerialization Regulations for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Apr 2026, 01:20 PM

Tarmat Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Bigshare Services Pvt. Ltd., confirms that all share certificates received for dematerialization during the quarter ended March 31, 2026, were processed correctly. It verifies that security certificates were mutilated and cancelled after due verification and the names of depositories were substituted in the register of members. This is a standard procedural filing required by all listed companies in India to ensure the integrity of electronic shareholding records.

Compliance certificate submitted for the quarter ended March 31, 2026.
Issued by Registrar and Share Transfer Agent (RTA), Bigshare Services Pvt. Ltd.
Confirms dematerialization requests were processed and confirmed to depositories within 15 days.
Verifies that security certificates were mutilated and cancelled as per SEBI guidelines.
Confirms that securities are listed on the relevant stock exchanges (NSE and BSE).

💡 No action is required from investors as this is a routine regulatory disclosure. Investors should continue to monitor the company's upcoming financial performance for the full fiscal year.

View All TARMAT Announcements on Live Market Tracking →

💰 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.

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

Operational analysis data not yet available for this company.

📈 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.

Market Expansion

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

🌍 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 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.

⚖️ 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.

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.