Tarmat

India Founded: 1986 • Age: 40 yrs Listed
Infrastructure construction for airports, highways, and railways is provided.

About Tarmat

Tarmat is a publicly listed company based in India founded in 1986. Infrastructure construction for airports, highways, and railways is provided. The company has 61 employees. Its Indian entity Tarmat Limited reported revenue of ₹119 Cr. Tarmat offers products and services including Highway Construction and Airport Runways. Its focus areas include Real Estate and Construction and Construction Contractors.

Company details

Infrastructure construction services focused on airports and highways are delivered by Tarmat, based in India. Airport runways and highway projects for national and state development are handled, alongside railway infrastructure works. Expansion into real estate development is underway, with additional involvement in ports, industrial areas, and refineries. Operations remain centered on key transportation and industrial sectors across the country.

Key Metrics
  • Market Cap
    ₹141 Cr

    TARMAT · NSE

  • Share Price
    ₹56.93

    +0.99% today

  • Revenue
    ₹117 Cr

    FY 2025-26 · +15.9% YoY

  • EBITDA
    ₹6.88 Cr

    Margin 5.9%

  • Net Profit
    ₹6.24 Cr

    FY 2025-26 · +348.9% YoY

  • P/E (TTM)
    20.2x

    P/B 0.8x

  • Employee Count
    61

Products & Services of Tarmat

Tarmat offers a comprehensive portfolio of products and services, including Highway Construction and Airport Runways.

Highway Construction
Infrastructure Services

Construction of national and state highways is carried out by Tarmat as part of infrastructure development.

Airport Runways
Infrastructure Services

Runway construction for domestic and international airports is performed by Tarmat.

Board of directors of Tarmat Limited (Tarmat)

Tarmat Limited is the primary company behind Tarmat. The board of Tarmat Limited currently have 6 directors; the longest-serving is Amit Atmaram Shah, appointed in 2019. 13 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Amit Atmaram Shah
DIN 08467309
Whole-time director30 May 20197 yrs 5 moTarmat Limited
Krishan Kumar Kinra
DIN 03412973
Director17 Oct 20197 yrsTarmat Limited
Jerry Eapen Varghese
DIN 00012905
Director04 Aug 20233 yrs 3 moTarmat Limited
Dilip Jerry Varghese
DIN 01424196
Managing Director04 Aug 20233 yrs 3 moTarmat Limited
Kishanrao Marutirao Godbole
DIN 10769888
Director05 Sep 20242 yrs 2 moTarmat Limited
Priyanka Bhushan Sahani
DIN 07827966
Director07 May 20251 yr 6 moTarmat Limited

People of Tarmat

7 people are tracked at Tarmat (1 in leadership, 6 in board & advisors); the tracked headcount is 61.

NameRoleGroup
Managing DirectorLeadership
Executive DirectorBoard & advisors
Regina Manish Sinha
ChairpersonBoard & advisors
Krishn Kumar Kinra
Non-Executive, Independent Director, Shareholder, DirectorBoard & advisors
Ramesh Chander Gupta
Non-Executive, Independent DirectorBoard & advisors
Shivatosh Chakraborty
SecretaryBoard & advisors
Krishen Kumar Kinra
Non-Executive Independent DirectorBoard & advisors
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Complete people profiles for Tarmat

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IPO & Listings of Tarmat

Tarmat is a publicly listed company on the NSE with ticker symbol TARMAT in India, operating in the Industrial services sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date09 Jul 2007
  • Listed onNSE: TARMAT
  • Listed entityTarmat Ltd.
  • Exchange sectorIndustrial services
  • ISININE924H01018
  • Share price₹54.90 (-1.67% on the day) · 2026-10-14
  • Market capitalisation₹138 Cr
  • Price to earnings19.2
  • EPS (diluted, trailing year)₹2.87
  • Volume (last session)7,005

Financials of Tarmat

Exchange-reported figures of Tarmat Limited, the listed company behind Tarmat (NSE: TARMAT).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹117 Cr
+15.9% YoY
EBITDA
₹6.88 Cr
+111.7% YoY
Profit After Tax
₹6.24 Cr
+348.9% YoY
Net Worth
₹187 Cr
+7.7% YoY
Total Assets
₹202 Cr
+10.3% YoY
Total Debt
₹15.02 Cr
+57.6% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue11710189.35144181196276
Revenue growth+15.9%+13.4%-37.8%-20.6%-7.6%-29.1%-
EBITDA6.883.25(0.14)2.157.047.1311.12
EBITDA margin+5.9%+3.2%-0.2%+1.5%+3.9%+3.6%+4.0%
Profit before tax5.741.80(1.27)7.284.664.028.81
Net profit6.241.391.474.894.585.156.84
Net profit margin+5.3%+1.4%+1.7%+3.4%+2.5%+2.6%+2.5%
EPS (₹)2.510.78(0.53)3.482.903.865.15
Balance sheet
Total assets202183141138138152167
Net worth18717313013193.5861.2956.15
Total debt15.029.5310.465.9643.3689.47110
Cash & bank20.529.835.715.044.4614.7027.85
Net working capital15814710910410894.5298.83
Cash flow
Cash from operations7.52(9.16)(3.20)9.46(7.12)26.42(13.04)
Cash from investing(7.44)(26.90)0.01(0.85)17.92(1.94)(5.47)
Cash from financing11.4940.193.85(8.01)(20.99)(23.87)20.09
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue35.8142.4627.3122.6724.9437.7926.1415.57
Revenue growth (YoY)+43.6%+12.4%+4.5%+45.6%+14.5%---
Other income0.060.390.040.750.060.780.230.04
EBITDA2.462.891.741.131.120.730.570.56
EBITDA margin+6.9%+6.8%+6.4%+5.0%+4.5%+1.9%+2.2%+3.6%
Depreciation0.310.370.320.290.290.570.400.18
Interest0.310.260.410.210.250.320.110.04
Profit before tax1.902.651.051.380.640.620.290.38
Tax0.37(0.30)(0.07)(0.08)(0.06)0.05(0.05)(0.03)
Net profit1.532.951.121.460.700.570.340.41
EPS (₹)0.621.180.460.610.300.190.160.19
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue11710189.35144162171233
Revenue growth+15.9%+13.4%-37.8%-11.3%-5.1%-26.8%-
EBITDA7.183.25(0.14)2.156.977.1910.97
EBITDA margin+6.1%+3.2%-0.2%+1.5%+4.3%+4.2%+4.7%
Profit before tax6.051.80(1.27)7.284.664.008.84
Net profit6.551.391.474.894.005.046.93
Net profit margin+5.6%+1.4%+1.7%+3.4%+2.5%+3.0%+3.0%
EPS (₹)2.640.78(0.53)3.482.903.825.19
Balance sheet
Total assets203183141138138152168
Net worth18717313013193.5861.2956.20
Total debt15.029.5310.465.9643.3689.47110
Cash & bank20.399.833.625.044.4614.6527.77
Net working capital15014099.2696.4310190.60101
Cash flow
Cash from operations7.48(9.16)(3.20)9.46(7.12)26.41(13.55)
Cash from investing(7.51)(26.90)0.01(0.85)17.92(1.94)(4.99)
Cash from financing11.4940.193.85(8.01)(20.99)(23.87)20.09
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue29.5942.4627.3122.6724.9437.7926.1415.57
Revenue growth (YoY)+18.6%+12.4%+4.5%+45.6%+14.5%---
Other income0.060.390.040.750.060.780.230.04
Total expenses28.3339.2625.5721.5423.8237.0625.5715.01
EBITDA1.263.201.741.131.120.730.570.56
EBITDA margin+4.3%+7.5%+6.4%+5.0%+4.5%+1.9%+2.2%+3.6%
Depreciation0.300.360.320.290.290.570.400.18
Interest0.310.260.410.210.250.320.110.04
Profit before tax0.712.971.051.380.640.620.290.38
Tax0.15(0.30)(0.07)(0.08)(0.06)0.05(0.05)(0.03)

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 08 Nov 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue35.8142.4627.3122.6724.9437.7926.1415.57
Revenue growth (YoY)+43.6%+12.4%+4.5%+45.6%+14.5%---
Other income0.060.390.040.750.060.780.230.04
EBITDA2.462.891.741.131.120.730.570.56
EBITDA margin+6.9%+6.8%+6.4%+5.0%+4.5%+1.9%+2.2%+3.6%
Depreciation0.310.370.320.290.290.570.400.18
Interest0.310.260.410.210.250.320.110.04
Profit before tax1.902.651.051.380.640.620.290.38
Tax0.37(0.30)(0.07)(0.08)(0.06)0.05(0.05)(0.03)
Net profit1.532.951.121.460.700.570.340.41
EPS (₹)0.621.180.460.610.300.190.160.19
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue11710189.35144181196276
Revenue growth+15.9%+13.4%-37.8%-20.6%-7.6%-29.1%-
Other income1.241.050.446.681.061.330.88
Total expenses11098.0389.49142174189265
Employee cost0.009.247.149.378.565.915.44
EBITDA6.883.25(0.14)2.157.047.1311.12
EBITDA margin+5.9%+3.2%-0.2%+1.5%+3.9%+3.6%+4.0%
Depreciation1.261.330.841.041.061.380.82
Interest1.121.170.730.512.383.062.37
Profit before tax5.741.80(1.27)7.284.664.028.81
Tax(0.50)(0.06)(0.13)(0.13)0.08(1.13)1.97
Net profit6.241.391.474.894.585.156.84
Net profit margin+5.3%+1.4%+1.7%+3.4%+2.5%+2.6%+2.5%
EPS (₹)2.510.78(0.53)3.482.903.865.15
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital25.0624.0621.3121.3115.8013.3313.33
Reserves & surplus16213410810967.8547.9642.82
Shareholders' funds (net worth)18717313013193.5861.2956.15
Minority interest0.000.000.000.000.000.000.00
Secured loans12.326.836.261.953.304.894.23
Unsecured loans2.702.704.204.0140.0684.58106
Total debt15.029.5310.465.9643.3689.47110
Total liabilities202183141138138152167
Assets
Gross block86.4878.6873.4273.3872.6072.3469.75
Net block27.3820.8416.3017.1117.3618.1616.95
Capital work in progress0.020.000.000.000.000.000.00
Investments1.051.051.051.051.0519.2319.23
Inventories72.0769.3871.7467.5579.8769.3075.77
Sundry debtors21.3321.7212.8322.4022.4812.9423.17
Cash & bank balances20.529.835.715.044.4614.7027.85
Loans & advances10398.5075.8984.2182.8777.8574.33
Total current assets216199166179190175201
Total current liabilities58.7352.3157.2275.1781.6980.27102
Net working capital15814710910410894.5298.83
Total assets202183141138138152167
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash9.835.715.044.4414.633.872.29
Net cash from operating activities7.52(9.16)(3.20)9.46(7.12)26.42(13.04)
Net cash from investing activities(7.44)(26.90)0.01(0.85)17.92(1.94)(5.47)
Net cash from financing activities11.4940.193.85(8.01)(20.99)(23.87)20.09
Net change in cash11.574.120.670.60(10.19)0.611.58
Closing cash20.529.835.715.044.4614.7027.85
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+15.9%+13.4%-37.8%-20.6%-7.6%-29.1%-
EBITDA growth+111.7%+2421.4%-106.5%-69.5%-1.3%-35.9%-
PBT growth+218.9%+9998.0%-+56.2%+15.9%-54.4%+1158.6%
Net income growth+348.9%-5.4%-69.9%+6.8%-11.1%-24.7%-
Revenue CAGR (3Y)-6.5%-17.6%-23.0%-19.6%+11.2%-1.6%+51.6%
EBITDA CAGR (3Y)+47.4%-22.7%--42.2%--+121.7%
Profitability & leverage
Net income margin+5.3%+1.8%-1.3%+5.2%+2.5%+2.6%+2.5%
Return on capital employed-+1.5%0.0%+3.4%+4.2%+3.8%+6.0%
Return on net worth-+0.9%0.0%+3.8%+4.5%+5.9%+8.3%
Debt / equity-0.070.060.220.861.702.17
Long-term debt / equity-0.060.000.010.030.972.17
Interest cover19.9360.94-74.4945.9539.8053.2223.01
Efficiency & per share
Fixed asset turnover-1.331.221.972.502.764.15
Inventory turnover-1.441.281.952.432.704.16
Debtors turnover-5.865.076.4010.2210.8512.99
EPS (₹)2.510.78(0.53)3.482.903.865.15
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)0.0065.4560.7861.2952.8945.9142.05
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue29.5942.4627.3122.6724.9437.7926.1415.57
Revenue growth (YoY)+18.6%+12.4%+4.5%+45.6%+14.5%---
Other income0.060.390.040.750.060.780.230.04
Total expenses28.3339.2625.5721.5423.8237.0625.5715.01
EBITDA1.263.201.741.131.120.730.570.56
EBITDA margin+4.3%+7.5%+6.4%+5.0%+4.5%+1.9%+2.2%+3.6%
Depreciation0.300.360.320.290.290.570.400.18
Interest0.310.260.410.210.250.320.110.04
Profit before tax0.712.971.051.380.640.620.290.38
Tax0.15(0.30)(0.07)(0.08)(0.06)0.05(0.05)(0.03)
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue11710189.35144162171233
Revenue growth+15.9%+13.4%-37.8%-11.3%-5.1%-26.8%-
Other income1.241.050.446.681.131.260.96
Total expenses11098.0389.49142155163222
Employee cost0.009.247.149.378.565.845.44
EBITDA7.183.25(0.14)2.156.977.1910.97
EBITDA margin+6.1%+3.2%-0.2%+1.5%+4.3%+4.2%+4.7%
Depreciation1.251.330.841.041.061.320.73
Interest1.121.170.730.512.383.132.36
Profit before tax6.051.80(1.27)7.284.664.008.84
Tax(0.50)(0.06)(0.13)(0.13)0.08(1.08)1.91
Net profit6.551.391.474.894.005.046.93
Net profit margin+5.6%+1.4%+1.7%+3.4%+2.5%+3.0%+3.0%
EPS (₹)2.640.78(0.53)3.482.903.825.19
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital25.0624.0621.3121.3115.8013.3313.33
Reserves & surplus16213410810967.8547.9642.87
Shareholders' funds (net worth)18717313013193.5861.2956.20
Secured loans12.326.836.261.953.304.894.23
Unsecured loans2.702.704.204.0140.0684.58106
Total debt15.029.5310.465.9643.3689.47110
Total liabilities203183141138138152168
Assets
Gross block84.7677.0471.7971.7470.9670.7068.12
Net block26.3919.9215.3916.1816.4417.2415.97
Capital work in progress0.000.000.000.000.000.000.00
Investments9.739.569.569.569.4327.0226.95
Inventories43.1042.8445.1941.0053.3242.7649.23
Sundry debtors21.3321.7212.8322.4015.7912.9417.41
Cash & bank balances20.399.833.625.044.4614.6527.77
Loans & advances10398.5075.8984.2181.3176.5167.90
Total current assets188173138153155147162
Total current liabilities37.8333.3638.2756.2254.3556.2661.45
Net working capital15014099.2696.4310190.60101
Total assets203183141138138152168
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash9.835.715.044.4414.633.832.28
Net cash from operating activities7.48(9.16)(3.20)9.46(7.12)26.41(13.55)
Net cash from investing activities(7.51)(26.90)0.01(0.85)17.92(1.94)(4.99)
Net cash from financing activities11.4940.193.85(8.01)(20.99)(23.87)20.09
Net change in cash11.464.120.670.60(10.19)0.601.55
Closing cash20.399.833.625.044.4614.6527.77
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+15.9%+13.4%-37.8%-11.3%-5.1%-26.8%-
EBITDA growth+120.9%+2421.4%-106.5%-69.2%-3.1%-34.5%-
PBT growth+236.1%+9998.0%-+56.2%+16.5%-54.8%+1127.8%
Net income growth+371.2%-5.4%-69.9%+22.3%-20.6%-27.3%-
Revenue CAGR (3Y)-6.5%-14.5%-19.4%-14.9%+19.2%+40.4%+57.0%
EBITDA CAGR (3Y)+49.5%-22.5%--41.9%--+141.4%
Profitability & leverage
Net income margin+5.6%+1.8%-1.3%+5.2%+2.8%+3.0%+3.0%
Return on capital employed-+1.5%0.0%+3.4%+3.8%+3.8%+6.0%
Return on net worth-+0.9%0.0%+3.8%+3.9%+5.8%+8.3%
Debt / equity-0.070.060.220.861.702.17
Long-term debt / equity-0.060.040.010.030.972.17
Interest cover18.8960.94-74.4945.9540.2753.3223.05
Efficiency & per share
Fixed asset turnover-1.361.252.022.292.463.57
Inventory turnover-2.302.073.053.373.715.83
Debtors turnover-5.865.077.5211.2711.2512.67
EPS (₹)2.640.78(0.53)3.482.903.825.19
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)0.0065.4560.7861.2952.8945.9142.09

Web traffic of Tarmat

The website of Tarmat (tarmat.in) receives about 3.6K visits a month.

  • Monthly visits
    3.6K

    ▼ 64.4% vs previous month

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Frequently Asked Questions about Tarmat

Tarmat was founded in 1986.

Tarmat is headquartered in India.

Tarmat has 61 employees.

The primary company behind Tarmat, Tarmat Limited, reported revenue of ₹119 Cr for FY 2026, up 16% year on year.

Infrastructure construction services focused on airports and highways are delivered by Tarmat, based in India. Airport runways and highway projects for national and state development are handled, alongside railway infrastructure works. Expansion into real estate development is underway, with additional involvement in ports, industrial areas, and refineries. Operations remain centered on key transportation and industrial sectors across the country.

Tarmat offers Highway Construction and Airport Runways.

Yes, Tarmat is publicly traded on NSE under the ticker symbol TARMAT.

Tarmat operates through Tarmat Limited.

The legal entities of Tarmat currently have 7 directors, including Amit Atmaram Shah, Krishan Kumar Kinra, Jerry Eapen Varghese and others.

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