MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-MH-18-0002569
Tarmat Limited - infrastructure and utilities in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
Active Listed - NSE: TARMAT · BSE: 532869 Public Limited Company infrastructure and utilities MSME · Medium
Market Cap
₹133 Cr
TARMAT · NSE
Share Price
₹51.82
-2.08% 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)
18.7x
P/B 0.7x
Authorised capital
₹32.5 Cr
Registered with MCA
Paid-up capital
₹25.06 Cr
Issued & subscribed
About Tarmat Limited
Data last updated:
Tarmat Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the road and bridge construction segment of the infrastructure and utilities sector. It was incorporated on 03 January 1986 and has been in existence for over 40 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L45203MH1986PLC038535. Its GSTIN is 27AAACT1561G1ZJ (Maharashtra). The company holds 13 GST registrations, of which 7 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 532869 and NSE: TARMAT.
The company has an authorised share capital of ₹32.5 Cr and a paid-up capital of ₹25.06 Cr. It was formerly known as Tarmat Infrastructural & Engineering Private Limited and Roman Tarmat Private Limited. It is led by directors including Dilip Jerry Varghese (Managing Director) and Amit Atmaram Shah (Whole-Time Director).
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at P B No 9042 Goregaon E, Mumbai, Maharashtra, India – 400063.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹117.37 Cr, a growth of 15.9% compared to the previous year. For the same year it recorded a net profit of ₹6.24 Cr (net margin 5.3%) and EBITDA of ₹6.88 Cr (EBITDA margin 5.9%). The net worth stands at ₹186.69 Cr (up 7.7% YoY). Total assets are valued at ₹202.25 Cr (up 10.3% YoY).
The company is associated with 1 brand: Tarmat. As per MCA filings, the company has open charges of ₹46.65 Cr and satisfied charges of ₹80.25 Cr on record. Court records list 268 cases involving the company, including 161 filed by the company and 107 filed against it; 35 cases are pending. The company has 83 deals on record (81 market trades, 1 ipo, 1 funding round), with disclosed funding of ₹51.89 Cr; the latest was in February 2026. Its 4 peer companies in the Infrastructure industry (Construction Services), with the same principal business activity (roads, railways, utility projects) are compared by revenue, 3 larger and 1 smaller; the largest is Dynasoure Concrete Treatment Private Limited with revenue of ₹102.63 Cr. The company has 7 MSME Form 1 returns on record between 2021 and 2024, listing 41 overdue payments to 14 micro and small suppliers.
Tarmat Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-MH-18-0002569). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website tarmatlimited.com.
Company details
CIN L45203MH1986PLC038535
Registration Number 038535
Incorporation Date 03 January 1986
ROC Mumbai
Listing Status Listed - Listed on NSE (TARMAT); Listed on BSE (532869)
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-MH-18-0002569
Name history
Tarmat has undergone 4 name changes throughout its history. The current legal name is Tarmat Limited.
| Company Name | Status |
|---|---|
| Tarmat Limited | Current |
| Tarmat Infrastructural & Engineering Private Limited | Previous |
| Roman Tarmat Private Limited | Previous |
| Roman Tarmat Limited | Previous |
| Jerry Varghese Constructions Private Limited | Previous |
CIN history
Tarmat has one previous CIN (Corporate Identification Number): U45203MH1986PLC038535. The current CIN is L45203MH1986PLC038535, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L45203MH1986PLC038535 | Current |
| U45203MH1986PLC038535 | Previous |
Key People
Dilip Jerry Varghese Managing Director Amit Atmaram Shah Whole-Time Director Krishan Kumar Kinra Director Recognitions & Rankings of Tarmat
Contact details
Tarmat Limited's registered office is in Mumbai, Maharashtra. Its website is tarmatlimited.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressP B No 9042 Goregaon E, Mumbai, Maharashtra, India – 400063
- IndustryInfrastructure and Utilities, Road & Bridge Construction
To see the full contact details of Tarmat Limited, buy the company report.
Comprehensive company report
Tarmat Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Business activity
The main business activity of Tarmat is construction. In detail, this covers roads, railways, utility projects.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| F | Construction | F2 | Roads, railways, Utility projects |
To see the full business activity and turnover split of Tarmat Limited, buy the company report.
Financials of Tarmat Limited
FY 2025-26 filings availableTarmat Limited reported revenue of ₹117.37 Cr (up 15.9% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹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
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 117 | 101 | 89.35 | 144 | 181 | 196 | 276 |
| Revenue growth | +15.9% | +13.4% | -37.8% | -20.6% | -7.6% | -29.1% | - |
| EBITDA | 6.88 | 3.25 | (0.14) | 2.15 | 7.04 | 7.13 | 11.12 |
| EBITDA margin | +5.9% | +3.2% | -0.2% | +1.5% | +3.9% | +3.6% | +4.0% |
| Profit before tax | 5.74 | 1.80 | (1.27) | 7.28 | 4.66 | 4.02 | 8.81 |
| Net profit | 6.24 | 1.39 | 1.47 | 4.89 | 4.58 | 5.15 | 6.84 |
| Net profit margin | +5.3% | +1.4% | +1.7% | +3.4% | +2.5% | +2.6% | +2.5% |
| EPS (₹) | 2.51 | 0.78 | (0.53) | 3.48 | 2.90 | 3.86 | 5.15 |
| Balance sheet | |||||||
| Total assets | 202 | 183 | 141 | 138 | 138 | 152 | 167 |
| Net worth | 187 | 173 | 130 | 131 | 93.58 | 61.29 | 56.15 |
| Total debt | 15.02 | 9.53 | 10.46 | 5.96 | 43.36 | 89.47 | 110 |
| Cash & bank | 20.52 | 9.83 | 5.71 | 5.04 | 4.46 | 14.70 | 27.85 |
| Net working capital | 158 | 147 | 109 | 104 | 108 | 94.52 | 98.83 |
| Cash flow | |||||||
| Cash from operations | 7.52 | (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 financing | 11.49 | 40.19 | 3.85 | (8.01) | (20.99) | (23.87) | 20.09 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 35.81 | 42.46 | 27.31 | 22.67 | 24.94 | 37.79 | 26.14 | 15.57 |
| Revenue growth (YoY) | +43.6% | +12.4% | +4.5% | +45.6% | +14.5% | - | - | - |
| Other income | 0.06 | 0.39 | 0.04 | 0.75 | 0.06 | 0.78 | 0.23 | 0.04 |
| EBITDA | 2.46 | 2.89 | 1.74 | 1.13 | 1.12 | 0.73 | 0.57 | 0.56 |
| EBITDA margin | +6.9% | +6.8% | +6.4% | +5.0% | +4.5% | +1.9% | +2.2% | +3.6% |
| Depreciation | 0.31 | 0.37 | 0.32 | 0.29 | 0.29 | 0.57 | 0.40 | 0.18 |
| Interest | 0.31 | 0.26 | 0.41 | 0.21 | 0.25 | 0.32 | 0.11 | 0.04 |
| Profit before tax | 1.90 | 2.65 | 1.05 | 1.38 | 0.64 | 0.62 | 0.29 | 0.38 |
| Tax | 0.37 | (0.30) | (0.07) | (0.08) | (0.06) | 0.05 | (0.05) | (0.03) |
| Net profit | 1.53 | 2.95 | 1.12 | 1.46 | 0.70 | 0.57 | 0.34 | 0.41 |
| EPS (₹) | 0.62 | 1.18 | 0.46 | 0.61 | 0.30 | 0.19 | 0.16 | 0.19 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 117 | 101 | 89.35 | 144 | 162 | 171 | 233 |
| Revenue growth | +15.9% | +13.4% | -37.8% | -11.3% | -5.1% | -26.8% | - |
| EBITDA | 7.18 | 3.25 | (0.14) | 2.15 | 6.97 | 7.19 | 10.97 |
| EBITDA margin | +6.1% | +3.2% | -0.2% | +1.5% | +4.3% | +4.2% | +4.7% |
| Profit before tax | 6.05 | 1.80 | (1.27) | 7.28 | 4.66 | 4.00 | 8.84 |
| Net profit | 6.55 | 1.39 | 1.47 | 4.89 | 4.00 | 5.04 | 6.93 |
| Net profit margin | +5.6% | +1.4% | +1.7% | +3.4% | +2.5% | +3.0% | +3.0% |
| EPS (₹) | 2.64 | 0.78 | (0.53) | 3.48 | 2.90 | 3.82 | 5.19 |
| Balance sheet | |||||||
| Total assets | 203 | 183 | 141 | 138 | 138 | 152 | 168 |
| Net worth | 187 | 173 | 130 | 131 | 93.58 | 61.29 | 56.20 |
| Total debt | 15.02 | 9.53 | 10.46 | 5.96 | 43.36 | 89.47 | 110 |
| Cash & bank | 20.39 | 9.83 | 3.62 | 5.04 | 4.46 | 14.65 | 27.77 |
| Net working capital | 150 | 140 | 99.26 | 96.43 | 101 | 90.60 | 101 |
| Cash flow | |||||||
| Cash from operations | 7.48 | (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 financing | 11.49 | 40.19 | 3.85 | (8.01) | (20.99) | (23.87) | 20.09 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 29.59 | 42.46 | 27.31 | 22.67 | 24.94 | 37.79 | 26.14 | 15.57 |
| Revenue growth (YoY) | +18.6% | +12.4% | +4.5% | +45.6% | +14.5% | - | - | - |
| Other income | 0.06 | 0.39 | 0.04 | 0.75 | 0.06 | 0.78 | 0.23 | 0.04 |
| Total expenses | 28.33 | 39.26 | 25.57 | 21.54 | 23.82 | 37.06 | 25.57 | 15.01 |
| EBITDA | 1.26 | 3.20 | 1.74 | 1.13 | 1.12 | 0.73 | 0.57 | 0.56 |
| EBITDA margin | +4.3% | +7.5% | +6.4% | +5.0% | +4.5% | +1.9% | +2.2% | +3.6% |
| Depreciation | 0.30 | 0.36 | 0.32 | 0.29 | 0.29 | 0.57 | 0.40 | 0.18 |
| Interest | 0.31 | 0.26 | 0.41 | 0.21 | 0.25 | 0.32 | 0.11 | 0.04 |
| Profit before tax | 0.71 | 2.97 | 1.05 | 1.38 | 0.64 | 0.62 | 0.29 | 0.38 |
| Tax | 0.15 | (0.30) | (0.07) | (0.08) | (0.06) | 0.05 | (0.05) | (0.03) |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 23 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 35.81 | 42.46 | 27.31 | 22.67 | 24.94 | 37.79 | 26.14 | 15.57 |
| Revenue growth (YoY) | +43.6% | +12.4% | +4.5% | +45.6% | +14.5% | - | - | - |
| Other income | 0.06 | 0.39 | 0.04 | 0.75 | 0.06 | 0.78 | 0.23 | 0.04 |
| EBITDA | 2.46 | 2.89 | 1.74 | 1.13 | 1.12 | 0.73 | 0.57 | 0.56 |
| EBITDA margin | +6.9% | +6.8% | +6.4% | +5.0% | +4.5% | +1.9% | +2.2% | +3.6% |
| Depreciation | 0.31 | 0.37 | 0.32 | 0.29 | 0.29 | 0.57 | 0.40 | 0.18 |
| Interest | 0.31 | 0.26 | 0.41 | 0.21 | 0.25 | 0.32 | 0.11 | 0.04 |
| Profit before tax | 1.90 | 2.65 | 1.05 | 1.38 | 0.64 | 0.62 | 0.29 | 0.38 |
| Tax | 0.37 | (0.30) | (0.07) | (0.08) | (0.06) | 0.05 | (0.05) | (0.03) |
| Net profit | 1.53 | 2.95 | 1.12 | 1.46 | 0.70 | 0.57 | 0.34 | 0.41 |
| EPS (₹) | 0.62 | 1.18 | 0.46 | 0.61 | 0.30 | 0.19 | 0.16 | 0.19 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 117 | 101 | 89.35 | 144 | 181 | 196 | 276 |
| Revenue growth | +15.9% | +13.4% | -37.8% | -20.6% | -7.6% | -29.1% | - |
| Other income | 1.24 | 1.05 | 0.44 | 6.68 | 1.06 | 1.33 | 0.88 |
| Total expenses | 110 | 98.03 | 89.49 | 142 | 174 | 189 | 265 |
| Employee cost | 0.00 | 9.24 | 7.14 | 9.37 | 8.56 | 5.91 | 5.44 |
| EBITDA | 6.88 | 3.25 | (0.14) | 2.15 | 7.04 | 7.13 | 11.12 |
| EBITDA margin | +5.9% | +3.2% | -0.2% | +1.5% | +3.9% | +3.6% | +4.0% |
| Depreciation | 1.26 | 1.33 | 0.84 | 1.04 | 1.06 | 1.38 | 0.82 |
| Interest | 1.12 | 1.17 | 0.73 | 0.51 | 2.38 | 3.06 | 2.37 |
| Profit before tax | 5.74 | 1.80 | (1.27) | 7.28 | 4.66 | 4.02 | 8.81 |
| Tax | (0.50) | (0.06) | (0.13) | (0.13) | 0.08 | (1.13) | 1.97 |
| Net profit | 6.24 | 1.39 | 1.47 | 4.89 | 4.58 | 5.15 | 6.84 |
| Net profit margin | +5.3% | +1.4% | +1.7% | +3.4% | +2.5% | +2.6% | +2.5% |
| EPS (₹) | 2.51 | 0.78 | (0.53) | 3.48 | 2.90 | 3.86 | 5.15 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 25.06 | 24.06 | 21.31 | 21.31 | 15.80 | 13.33 | 13.33 |
| Reserves & surplus | 162 | 134 | 108 | 109 | 67.85 | 47.96 | 42.82 |
| Shareholders' funds (net worth) | 187 | 173 | 130 | 131 | 93.58 | 61.29 | 56.15 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Secured loans | 12.32 | 6.83 | 6.26 | 1.95 | 3.30 | 4.89 | 4.23 |
| Unsecured loans | 2.70 | 2.70 | 4.20 | 4.01 | 40.06 | 84.58 | 106 |
| Total debt | 15.02 | 9.53 | 10.46 | 5.96 | 43.36 | 89.47 | 110 |
| Total liabilities | 202 | 183 | 141 | 138 | 138 | 152 | 167 |
| Assets | |||||||
| Gross block | 86.48 | 78.68 | 73.42 | 73.38 | 72.60 | 72.34 | 69.75 |
| Net block | 27.38 | 20.84 | 16.30 | 17.11 | 17.36 | 18.16 | 16.95 |
| Capital work in progress | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 1.05 | 1.05 | 1.05 | 1.05 | 1.05 | 19.23 | 19.23 |
| Inventories | 72.07 | 69.38 | 71.74 | 67.55 | 79.87 | 69.30 | 75.77 |
| Sundry debtors | 21.33 | 21.72 | 12.83 | 22.40 | 22.48 | 12.94 | 23.17 |
| Cash & bank balances | 20.52 | 9.83 | 5.71 | 5.04 | 4.46 | 14.70 | 27.85 |
| Loans & advances | 103 | 98.50 | 75.89 | 84.21 | 82.87 | 77.85 | 74.33 |
| Total current assets | 216 | 199 | 166 | 179 | 190 | 175 | 201 |
| Total current liabilities | 58.73 | 52.31 | 57.22 | 75.17 | 81.69 | 80.27 | 102 |
| Net working capital | 158 | 147 | 109 | 104 | 108 | 94.52 | 98.83 |
| Total assets | 202 | 183 | 141 | 138 | 138 | 152 | 167 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 9.83 | 5.71 | 5.04 | 4.44 | 14.63 | 3.87 | 2.29 |
| Net cash from operating activities | 7.52 | (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 activities | 11.49 | 40.19 | 3.85 | (8.01) | (20.99) | (23.87) | 20.09 |
| Net change in cash | 11.57 | 4.12 | 0.67 | 0.60 | (10.19) | 0.61 | 1.58 |
| Closing cash | 20.52 | 9.83 | 5.71 | 5.04 | 4.46 | 14.70 | 27.85 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 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 | - | 0.07 | 0.06 | 0.22 | 0.86 | 1.70 | 2.17 |
| Long-term debt / equity | - | 0.06 | 0.00 | 0.01 | 0.03 | 0.97 | 2.17 |
| Interest cover | 19.93 | 60.94 | -74.49 | 45.95 | 39.80 | 53.22 | 23.01 |
| Efficiency & per share | |||||||
| Fixed asset turnover | - | 1.33 | 1.22 | 1.97 | 2.50 | 2.76 | 4.15 |
| Inventory turnover | - | 1.44 | 1.28 | 1.95 | 2.43 | 2.70 | 4.16 |
| Debtors turnover | - | 5.86 | 5.07 | 6.40 | 10.22 | 10.85 | 12.99 |
| EPS (₹) | 2.51 | 0.78 | (0.53) | 3.48 | 2.90 | 3.86 | 5.15 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 0.00 | 65.45 | 60.78 | 61.29 | 52.89 | 45.91 | 42.05 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 29.59 | 42.46 | 27.31 | 22.67 | 24.94 | 37.79 | 26.14 | 15.57 |
| Revenue growth (YoY) | +18.6% | +12.4% | +4.5% | +45.6% | +14.5% | - | - | - |
| Other income | 0.06 | 0.39 | 0.04 | 0.75 | 0.06 | 0.78 | 0.23 | 0.04 |
| Total expenses | 28.33 | 39.26 | 25.57 | 21.54 | 23.82 | 37.06 | 25.57 | 15.01 |
| EBITDA | 1.26 | 3.20 | 1.74 | 1.13 | 1.12 | 0.73 | 0.57 | 0.56 |
| EBITDA margin | +4.3% | +7.5% | +6.4% | +5.0% | +4.5% | +1.9% | +2.2% | +3.6% |
| Depreciation | 0.30 | 0.36 | 0.32 | 0.29 | 0.29 | 0.57 | 0.40 | 0.18 |
| Interest | 0.31 | 0.26 | 0.41 | 0.21 | 0.25 | 0.32 | 0.11 | 0.04 |
| Profit before tax | 0.71 | 2.97 | 1.05 | 1.38 | 0.64 | 0.62 | 0.29 | 0.38 |
| Tax | 0.15 | (0.30) | (0.07) | (0.08) | (0.06) | 0.05 | (0.05) | (0.03) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 117 | 101 | 89.35 | 144 | 162 | 171 | 233 |
| Revenue growth | +15.9% | +13.4% | -37.8% | -11.3% | -5.1% | -26.8% | - |
| Other income | 1.24 | 1.05 | 0.44 | 6.68 | 1.13 | 1.26 | 0.96 |
| Total expenses | 110 | 98.03 | 89.49 | 142 | 155 | 163 | 222 |
| Employee cost | 0.00 | 9.24 | 7.14 | 9.37 | 8.56 | 5.84 | 5.44 |
| EBITDA | 7.18 | 3.25 | (0.14) | 2.15 | 6.97 | 7.19 | 10.97 |
| EBITDA margin | +6.1% | +3.2% | -0.2% | +1.5% | +4.3% | +4.2% | +4.7% |
| Depreciation | 1.25 | 1.33 | 0.84 | 1.04 | 1.06 | 1.32 | 0.73 |
| Interest | 1.12 | 1.17 | 0.73 | 0.51 | 2.38 | 3.13 | 2.36 |
| Profit before tax | 6.05 | 1.80 | (1.27) | 7.28 | 4.66 | 4.00 | 8.84 |
| Tax | (0.50) | (0.06) | (0.13) | (0.13) | 0.08 | (1.08) | 1.91 |
| Net profit | 6.55 | 1.39 | 1.47 | 4.89 | 4.00 | 5.04 | 6.93 |
| Net profit margin | +5.6% | +1.4% | +1.7% | +3.4% | +2.5% | +3.0% | +3.0% |
| EPS (₹) | 2.64 | 0.78 | (0.53) | 3.48 | 2.90 | 3.82 | 5.19 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 25.06 | 24.06 | 21.31 | 21.31 | 15.80 | 13.33 | 13.33 |
| Reserves & surplus | 162 | 134 | 108 | 109 | 67.85 | 47.96 | 42.87 |
| Shareholders' funds (net worth) | 187 | 173 | 130 | 131 | 93.58 | 61.29 | 56.20 |
| Secured loans | 12.32 | 6.83 | 6.26 | 1.95 | 3.30 | 4.89 | 4.23 |
| Unsecured loans | 2.70 | 2.70 | 4.20 | 4.01 | 40.06 | 84.58 | 106 |
| Total debt | 15.02 | 9.53 | 10.46 | 5.96 | 43.36 | 89.47 | 110 |
| Total liabilities | 203 | 183 | 141 | 138 | 138 | 152 | 168 |
| Assets | |||||||
| Gross block | 84.76 | 77.04 | 71.79 | 71.74 | 70.96 | 70.70 | 68.12 |
| Net block | 26.39 | 19.92 | 15.39 | 16.18 | 16.44 | 17.24 | 15.97 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 9.73 | 9.56 | 9.56 | 9.56 | 9.43 | 27.02 | 26.95 |
| Inventories | 43.10 | 42.84 | 45.19 | 41.00 | 53.32 | 42.76 | 49.23 |
| Sundry debtors | 21.33 | 21.72 | 12.83 | 22.40 | 15.79 | 12.94 | 17.41 |
| Cash & bank balances | 20.39 | 9.83 | 3.62 | 5.04 | 4.46 | 14.65 | 27.77 |
| Loans & advances | 103 | 98.50 | 75.89 | 84.21 | 81.31 | 76.51 | 67.90 |
| Total current assets | 188 | 173 | 138 | 153 | 155 | 147 | 162 |
| Total current liabilities | 37.83 | 33.36 | 38.27 | 56.22 | 54.35 | 56.26 | 61.45 |
| Net working capital | 150 | 140 | 99.26 | 96.43 | 101 | 90.60 | 101 |
| Total assets | 203 | 183 | 141 | 138 | 138 | 152 | 168 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 9.83 | 5.71 | 5.04 | 4.44 | 14.63 | 3.83 | 2.28 |
| Net cash from operating activities | 7.48 | (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 activities | 11.49 | 40.19 | 3.85 | (8.01) | (20.99) | (23.87) | 20.09 |
| Net change in cash | 11.46 | 4.12 | 0.67 | 0.60 | (10.19) | 0.60 | 1.55 |
| Closing cash | 20.39 | 9.83 | 3.62 | 5.04 | 4.46 | 14.65 | 27.77 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 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 | - | 0.07 | 0.06 | 0.22 | 0.86 | 1.70 | 2.17 |
| Long-term debt / equity | - | 0.06 | 0.04 | 0.01 | 0.03 | 0.97 | 2.17 |
| Interest cover | 18.89 | 60.94 | -74.49 | 45.95 | 40.27 | 53.32 | 23.05 |
| Efficiency & per share | |||||||
| Fixed asset turnover | - | 1.36 | 1.25 | 2.02 | 2.29 | 2.46 | 3.57 |
| Inventory turnover | - | 2.30 | 2.07 | 3.05 | 3.37 | 3.71 | 5.83 |
| Debtors turnover | - | 5.86 | 5.07 | 7.52 | 11.27 | 11.25 | 12.67 |
| EPS (₹) | 2.64 | 0.78 | (0.53) | 3.48 | 2.90 | 3.82 | 5.19 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 0.00 | 65.45 | 60.78 | 61.29 | 52.89 | 45.91 | 42.09 |
To see the full year-wise statements and ratios of Tarmat Limited, buy the company report.
Board of directors of Tarmat Limited
Tarmat has 6 current directors and 13 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Amit Atmaram Shah | Whole-Time Director | 30 May 2019 | 7 Years 4 Months | Current |
| Krishan Kumar Kinra | Director | 17 Oct 2019 | 7 Years 0 Months | Current |
| Jerry Eapen Varghese | Director | 04 Aug 2023 | 3 Years 2 Months | Current |
| Kishanrao Marutirao Godbole | Director | 05 Sep 2024 | 2 Years 1 Months | Current |
| Dilip Jerry Varghese | Managing Director | 04 Aug 2023 | 3 Years 2 Months | Current |
| Priyanka Bhushan Sahani | Director | 07 May 2025 | 1 Years 5 Months | Current |
Peer comparison
Tarmat Limited is compared with the 4 companies closest to it by revenue in the Infrastructure industry (Construction Services), with the same principal business activity (roads, railways, utility projects), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Tarmat Limitedthis company | ₹117.37 Cr (FY 2026) | ₹6.24 Cr | 5.3% | 15.9% | Mumbai, Maharashtra, India | |
| Dynasoure Concrete Treatment Private Limited | ₹102.63 Cr (FY 2025) | 58.0% | Mumbai, Maharashtra, India | |||
| Balabharti Infrastructure Private Limited | ₹102.6 Cr (FY 2025) | 78.0% | Jaipur, Rajasthan, India | |||
| Birampur Construction Private Limited | ₹102.38 Cr (FY 2025) | 16.0% | Patna, Bihar, India | |||
| Sudesh Kumar Singh and Co Construction Private Limited | ₹101.93 Cr (FY 2025) | 49.0% | Bihar, India |
To see the full peer comparison of Tarmat Limited, buy the company report.
Auditor
Tarmat Limited is audited by HEGDE & ASSOCIATES for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| HEGDE & ASSOCIATES | FY 2024 | 103610W |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 29.00%, foreign institutional investors hold 1.80%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 69.20%.
Sep 2026
QUARTER
29.00% Promoters
1.80% FII (Foreign Institutional)
69.20% Retail & Others
Promoter holding - history
Now 29.00% · Sep 2026High 30.10% · Mar 2026Low 29.00% · Jun 2026
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 29.00% | 29.00% | 30.10% | 29.80% |
| Public | 71.00% | 71.00% | 69.90% | 70.20% |
Charges & borrowings
Open charges
₹46.65 Cr
Satisfied charges
₹80.25 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 20 Jun 2026 | 101318549 | Others | ₹45.45 Lakh | Open | |
| 27 May 2026 | 101304893 | Others | ₹32.46 Lakh | Open | |
| 28 Feb 2026 | 101253822 | Others | ₹1.25 Cr | Open | |
| 29 Jan 2026 | 101234202 | Others | ₹1.05 Cr | Open | |
| 13 Oct 2025 | 101173549 | Others | ₹45 Lakh | Open |
To see the full charge records of Tarmat Limited, buy the company report.
Total charge records: 54 View all charges
Deals & funding
Tarmat Limited has 83 deals on record (81 market trades, 1 ipo, 1 funding round), with disclosed funding of ₹51.89 Cr; the latest was in February 2026.
Total deals
83
Market trades
81
IPO
1
Funding round
1
Disclosed funding
₹51.89 Cr
Deals on record (5 of 83)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Oct 2025 | Market trade | ₹4.05 Cr | Buyer: Arton Global Seller: Veekay Apartments Pvt Ltd |
| May 2024 | Market trade | ₹3.07 Cr | Buyer: Setu Securities Private Limited Seller: Jainam Broking Limited , an individual |
| Apr 2024 | Market trade | ₹1.59 Cr | Buyer: Minerva Ventures Fund Seller: Riserose Business Private Limited |
| Apr 2024 | Market trade | ₹1.21 Cr | Seller: L7 Hitech Private Limited |
| Apr 2024 | Market trade | ₹2.37 Cr | Buyer: Aegis Investment Fund Seller: Motisons Shares Limited |
To see the full deal history of Tarmat Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Tarmat Limited has 268 court cases on record: 161 filed by Tarmat, 107 filed against it. 35 cases are pending and 233 are disposed.
Total cases
268
Filed by the company
161
Filed against the company
107
Pending
35
Disposed
233
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 161 | 46 | 20 |
| District courts | 100 | 55 | 15 |
| Supreme Court | 7 | 6 | 0 |
Cases on record (5 of 268)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Court case (COMEX) | Filed against the company by Hindustan Colas Private Limited | Pending |
| Bombay High Court | Interim or miscellaneous application | Filed against the company by Hindustan Colas Private Limited | Pending |
| Bombay High Court | Writ petition | Filed by the company against Credit Information Bureau India Ltd and 1 other | Pending |
| District court, Chandigarh | Arbitration matter | Filed by the company against Hindustan Colas Private Limited and 1 other | Pending |
| District court, New Delhi, Delhi | Court case (CS (COMM.)) | Filed against the company by STP Ltd. | Disposed |
To see the full case history of Tarmat Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Tarmat Limited was last rated by Brickwork on 18 Nov 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Brickwork | 18 Nov 2021 |
To see the full credit ratings and regulatory alerts of Tarmat Limited, buy the company report.
MSME payment delays
Tarmat Limited has 7 MSME Form 1 returns on record between 2021 and 2024, listing 41 overdue payments to 14 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 14)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Suryakiran Lite Industries Private Limited | |||
| Greenity Logistics Private Limited | |||
| A A Dubey & Associates | |||
| an individual supplier | |||
| an individual supplier |
To see the full MSME payment records of Tarmat Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Tarmat Limited has 1 active EPFO establishment as of Mar 31, 2025.
Active EPFO establishments
1
GST
Tarmat has 13 GST registrations: 7 active and 6 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
13
Active
7
Cancelled / inactive
6
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACT1561G1ZJ | Maharashtra | Active | 01 Jul 2017 |
| 32AAACT1561G2ZR | Kerala | Active | 01 Jul 2017 |
| 01AAACT1561G1ZX | Jammu and Kashmir | Active | 08 Jul 2017 |
| 15AAACT1561G1ZO | Mizoram | Active | 25 Oct 2018 |
To see the full GST registrations and return filing status of Tarmat Limited, buy the company report.
Recent activity
Tarmat Limited has 29 board changes on record since 1986: 18 appointments and 11 cessations. The latest: Priyanka Bhushan Sahani was appointed as Director on 07 May 2025.
Charges
A charge with Others amounted to Rs. 0.45 Cr with Charge ID 101318549 was registered on 20 Jun 2026.
Charges
A charge with Others amounted to Rs. 0.32 Cr with Charge ID 101304893 was registered on 27 May 2026.
Filing
Tarmat Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Mumbai I.
Charges
A charge with Others amounted to Rs. 1.25 Cr with Charge ID 101253822 was registered on 28 Feb 2026.
Charges
A charge with Others amounted to Rs. 1.05 Cr with Charge ID 101234202 was registered on 29 Jan 2026.
Charges
A charge with Others of Rs. 30.00 Cr registered on 22 May 2023 with Charge ID 100727518 was modified on 20 Nov 2025.
Charges
A charge with Others amounted to Rs. 0.45 Cr with Charge ID 101173549 was registered on 13 Oct 2025.
AGM
Tarmat Limited last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Charges
A charge with Others amounted to Rs. 0.70 Cr with Charge ID 101177218 was registered on 27 Sep 2025.
Appointed
Priyanka Bhushan Sahani was appointed as Director.
Charges
A charge with Others amounted to Rs. 0.11 Cr with Charge ID 101079204 was registered on 26 Feb 2025.
Charges
A charge with Others amounted to Rs. 0.11 Cr with Charge ID 101079221 was registered on 26 Feb 2025.
118 earlier events are in the company report.
News
Frequently asked questions
Tarmat is an active public limited company based in Mumbai, Maharashtra, India. The company works in road and bridge construction, within the infrastructure and utilities industry. It was incorporated on 03 January 1986 (40+ years old) and is registered under CIN L45203MH1986PLC038535. Listed on BSE: 532869 and NSE: TARMAT.
Tarmat reported revenue of ₹117.37 Cr for FY 2025-26 (up 15.9% YoY) based on consolidated financials.
Tarmat has 6 current directors:
- Dilip Jerry Varghese - Managing Director
- Amit Atmaram Shah - Whole-Time Director
- Krishan Kumar Kinra - Director
- Jerry Eapen Varghese - Director
- Kishanrao Marutirao Godbole - Director
- Priyanka Bhushan Sahani - Director
The latest financial statements of Tarmat on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Tarmat is 27AAACT1561G1ZJ, registered in Maharashtra. The company has 13 GST registrations in all, of which 7 are active and 6 are cancelled or inactive. Other active GSTINs include 32AAACT1561G2ZR (Kerala), 01AAACT1561G1ZX (Jammu and Kashmir), 15AAACT1561G1ZO (Mizoram).
The CIN (Corporate Identification Number) of Tarmat is L45203MH1986PLC038535. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Tarmat is a listed company as per MCA records. Its shares are listed on both BSE (code: 532869) and NSE (symbol: TARMAT).
Tarmat has 268 court cases on record: 161 filed by the company and 107 filed against it. 35 are pending. Most are in the high courts.
Tarmat was incorporated on 03 January 1986, making it 40+ years old. It is registered with the Registrar of Companies, Mumbai.
Tarmat has 83 deals on record (81 market trades, 1 ipo, 1 funding round), with disclosed funding of ₹51.89 Cr; the latest was in February 2026.
The peers of Tarmat by revenue are Dynasoure Concrete Treatment Private Limited, Balabharti Infrastructure Private Limited, Birampur Construction Private Limited, Sudesh Kumar Singh and Co Construction Private Limited, all in the Infrastructure industry (Construction Services), with the same principal business activity (roads, railways, utility projects).
Priyanka Bhushan Sahani was appointed as Director on 07 May 2025. Regina Manish Sinha ceased to be Director on 10 Feb 2025. Ramesh Chander Gupta ceased to be Director on 30 Sep 2024. Tarmat has 29 board changes on record in total.