Niraj Cement Structurals Limited (NIRAJ) AI Stock Analysis

• Market Cap: ₹1.94B
• Dividend Yield: N/A
• Average Volume (3M): 18.57K
• Price to Earnings (P/E): 8.0
• Beta (1Y): 1.39
• Revenue Growth: 14.89%
• EPS Growth: 7.47%
• Country: IN
• Employees: 19
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Engineering & Construction
• EPS (TTM): 0.95
• Shares Outstanding: 59,694,340
• 10 Day Avg. Volume: 18,875
• 30 Day Avg. Volume: 18,570
• PEG Ratio: 0.40
• Price to Book (P/B): 1.13
• Price to Sales (P/S): 0.54
• P/FCF Ratio: -3.58
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: ₹36.00 ▼(-4.10% Downside)
• Action: Upgraded Date: 12/20/25
• Date: Action: Upgraded 12/20/25

Niraj Cement Structurals Limited demonstrates strong revenue growth and improved profit margins, which are the most significant factors contributing to the score. The stock's technical indicators suggest positive short-term momentum, while the valuation appears reasonable. However, cash flow challenges and the need for operational efficiency improvements are notable risks.

Positive Factors

Revenue Growth

Sustained revenue expansion over multiple years indicates durable demand traction and market share gains. A roughly threefold increase since 2021 supports scale benefits, stronger bargaining leverage with suppliers, and a larger base to spread fixed costs, improving long-term competitiveness.

Improving Profitability

Progressive margin and ROE improvement signal that revenue growth is translating into retained earnings and shareholder returns. This structural uplift suggests better cost controls and pricing, which, if sustained, can fund reinvestment and strengthen resilience across business cycles.

Low Leverage / Strong Equity

Very low leverage and a high equity ratio provide financial flexibility for capital spending, acquisitions, or weathering downturns without heavy interest burden. A strong equity base reduces refinancing risk and supports long-term strategic options and stability.

Negative Factors

Negative Operating Cash Flow

Large negative operating cash flow despite calendar-year revenue growth indicates weak cash conversion and working capital stress. Persistently negative OCF undermines self-funding capacity, constrains capex/dividends, and increases reliance on external financing over the medium term.

Thin Gross / EBITDA Margins

Low gross and modest EBITDA margins limit the firm's ability to absorb cost inflation and invest in growth while maintaining profitability. Structural margin pressure requires operational improvements or higher pricing to sustain long-term returns and cash generation.

Reliance on External Financing

The company has relied on external financing to offset negative operating cash flows. Continued dependence raises refinancing and interest-rate risk, may increase leverage over time, and can limit strategic flexibility if capital markets tighten or costs of capital rise.

Niraj Cement Structurals Limited Business Overview & Revenue Model

Company Description

Niraj Cement Structurals Limited (NIRAJ) is a prominent player in the construction and infrastructure sector, primarily engaged in the manufacture and supply of a diverse range of cement-based products. The company specializes in producing high-quality cement, ready-mix concrete, and various pre-cast concrete structures. With a focus on meeting the growing demands of the construction industry, NIRAJ has established a robust distribution network, catering to both residential and commercial projects.

How the Company Makes Money

Niraj Cement Structurals Limited generates revenue primarily through the sale of its cement and concrete products. The company has a multi-faceted revenue model that includes direct sales to construction firms, contractors, and builders, as well as retail sales through distributors and dealers. Key revenue streams include bulk cement sales, ready-mix concrete contracts, and customized pre-cast concrete solutions for specific projects. Additionally, NIRAJ may engage in strategic partnerships with construction companies and government contracts which further enhance its revenue potential. Factors such as market demand for infrastructure development, the company's production capacity, and its ability to maintain competitive pricing play significant roles in driving earnings.

Niraj Cement Structurals Limited Financial Statement Overview

Summary

Niraj Cement Structurals Limited shows strong revenue growth and improved profit margins, indicating expanding market opportunities. However, operational efficiencies need enhancement, and cash flow challenges pose a risk to liquidity. The balance sheet reflects a stable equity position and reduced leverage.

Income Statement

The company has shown a solid revenue growth trend with an increase from 1.71 billion in 2021 to 5.13 billion in 2025. The gross profit margin is improving but still low at 6.72% in 2025, compared to 0.43% in 2021. The net profit margin has increased to 2.94% in 2025 from 0.77% in 2021, indicating better cost control. However, the EBIT and EBITDA margins remain relatively modest, suggesting room for operational efficiency improvements.

Balance Sheet

The company's balance sheet reflects moderate leverage with a debt-to-equity ratio of 0.01 in 2025, showing a significant reduction from 0.17 in 2021. The equity ratio is strong at 62.98%, indicating a stable equity base. Return on equity (ROE) has improved to 6.23% in 2025 from 0.75% in 2021, reflecting better profitability. However, potential risks include fluctuating total liabilities and the need for further strengthening of equity.

Cash Flow

The cash flow situation presents challenges, with a negative operating cash flow of -720.9 million in 2025 compared to 269.1 million in 2024. Free cash flow has also deteriorated to -765.3 million in 2025 from 230.1 million in 2024, indicating potential liquidity issues. Despite these challenges, the company has managed to secure financing, as seen from the positive financing cash flow, which could support future operations.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	5.19B	5.07B	4.71B	6.06B	3.56B	1.75B
Gross Profit	308.16M	345.28M	276.67M	190.56M	90.97M	44.59M
EBITDA	224.99M	226.45M	149.50M	86.75M	47.64M	36.21M
Net Income	155.49M	150.82M	97.23M	43.27M	24.29M	13.23M
Balance Sheet
Total Assets	0.00	3.84B	2.25B	3.15B	3.13B	2.77B
Cash, Cash Equivalents and Short-Term Investments	413.29M	413.29M	229.44M	228.12M	371.90M	56.60M
Total Debt	0.00	22.19M	7.24M	259.27M	134.61M	303.17M
Total Liabilities	-2.42B	1.42B	725.36M	1.39B	1.33B	1.00B
Stockholders Equity	2.42B	2.42B	1.52B	1.77B	1.79B	1.77B
Cash Flow
Free Cash Flow	0.00	-765.33M	230.13M	-298.63M	384.75M	-52.27M
Operating Cash Flow	0.00	-720.92M	269.13M	-298.50M	385.19M	-51.82M
Investing Cash Flow	0.00	-207.72M	-48.56M	143.54M	-110.39M	-91.89M
Financing Cash Flow	0.00	1.05B	-257.14M	50.12M	-169.91M	93.38M

Niraj Cement Structurals Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 37.54
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NIRAJ, the sentiment is Negative. The current price of 37.54 is above the 20-day moving average (MA) of 32.24, above the 50-day MA of 35.00, and below the 200-day MA of 43.53, indicating a bearish trend. The MACD of -0.74 indicates Negative momentum. The RSI at 40.19 is Neutral, neither overbought nor oversold. The STOCH value of 16.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:NIRAJ.

Niraj Cement Structurals Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NIRAJ	70 Outperform	₹1.94B	7.99	―	―	14.89%	7.47%
BEDMUTHA	70 Outperform	₹4.52B	-73.97	―	―	34.36%	-100.15%
CENTEXT	66 Neutral	₹1.71B	15.90	―	―	―	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SALSTEEL	57 Neutral	₹4.15B	-66.16	―	―	0.19%	-2962.74%
BVCL	55 Neutral	₹1.02B	3,889.19	―	―	-2.41%	-4.51%
KAKATCEM	53 Neutral	₹900.21M	-3.21	―	2.30%	-32.19%	-1097.08%

Niraj Cement Structurals Limited Corporate Events

Niraj Cement Secures Rs. 81.52 Crore Railway Project

Niraj Cement Structurals Limited has secured a significant contract worth Rs. 81.52 Crores from the Northeast Frontier Railway for the construction of multiple infrastructure components, including PSC Slab underpasses and bridges, as part of a railway doubling project in the Deepor Beel area. This contract, expected to be completed in 18 months, enhances the company’s portfolio in large-scale infrastructure projects and strengthens its position in the Indian construction sector.

Niraj Cement Secures Rs. 82.66 Crore MMRDA Contract for Infrastructure Project

Niraj Cement Structurals Limited has secured a significant contract from the Mumbai Metropolitan Region Development Authority (MMRDA) valued at Rs. 82.66 Crores, including GST. The project involves providing connectivity from the SGMC monorail station to the Mahalaxmi metro and suburban station through a foot overbridge with a travellator, to be completed within 12 months. This contract enhances the company’s portfolio in urban infrastructure development and strengthens its market position in the domestic construction sector.