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Tarmat Ltd. (IN:TARMAT)
:TARMAT
India Market
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Tarmat Ltd. (TARMAT) AI Stock Analysis

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IN:TARMAT

Tarmat Ltd.

(TARMAT)

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Neutral 51 (OpenAI - 4o)
Rating:51Neutral
Price Target:
₹55.00
▲(0.11% Upside)
Tarmat Ltd.'s overall stock score reflects mixed financial performance and technical indicators, coupled with a high valuation. The company's strong equity base and improved leverage are offset by declining revenue and cash flow challenges. The stock's high P/E ratio suggests overvaluation, limiting upside potential without significant earnings growth.

Tarmat Ltd. (TARMAT) vs. iShares MSCI India ETF (INDA)

Tarmat Ltd. Business Overview & Revenue Model

Company DescriptionTarmat Ltd. (TARMAT) is a prominent player in the infrastructure development sector, specializing in construction and maintenance services for roads, highways, and airstrips. The company offers a range of core products and services including asphalt production, road surfacing, and civil engineering solutions, catering to both public and private sector clients. TARMAT is committed to quality and sustainability, ensuring that its projects meet the highest standards of safety and environmental responsibility.
How the Company Makes MoneyTarmat Ltd. primarily generates revenue through multiple key streams associated with its infrastructure projects. The company earns money by contracting for road construction and maintenance projects, which are often funded by government agencies and private enterprises. Key revenue streams include the sale of asphalt and other construction materials, as well as fees for engineering and consultancy services provided during project planning and execution. Additionally, TARMAT may benefit from long-term maintenance contracts that provide a steady income over time. Significant partnerships with government bodies and collaborations with construction firms enhance its project portfolio, contributing to its earnings.

Tarmat Ltd. Financial Statement Overview

Summary
Tarmat Ltd.'s financial performance is mixed. While the company has a strong equity base and improved leverage, declining revenue and fluctuating margins indicate operational challenges. The recent improvement in net income is a positive sign, but cash flow generation remains a concern.
Income Statement
55
Neutral
Tarmat Ltd. has shown a mixed performance in its income statement. The gross profit margin has decreased over the years, indicating pressure on cost management. The net profit margin has fluctuated, with a significant improvement in the latest year, showing recovery potential. However, revenue has been declining over the past few years, which is a concern for growth prospects. The EBIT and EBITDA margins are relatively low, suggesting limited operational efficiency.
Balance Sheet
65
Positive
The balance sheet of Tarmat Ltd. reflects a strong equity base with a high equity ratio, indicating financial stability. The debt-to-equity ratio has improved, showing better leverage management. However, the return on equity has been inconsistent, reflecting challenges in generating returns from equity. Overall, the balance sheet is stable but shows room for improvement in profitability metrics.
Cash Flow
50
Neutral
Cash flow analysis reveals significant volatility, with negative free cash flow in recent years, indicating potential liquidity challenges. The operating cash flow has been negative, suggesting issues in core business cash generation. The free cash flow to net income ratio is unfavorable, highlighting inefficiencies in converting earnings to cash. Despite these challenges, the company has managed financing activities effectively to support operations.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue1.04B1.01B893.53M1.44B1.81B1.96B
Gross Profit155.12M69.02M134.40M177.02M214.69M184.81M
EBITDA40.75M38.38M24.84M21.58M77.13M84.60M
Net Income20.10M18.69M-11.32M74.15M45.77M51.47M
Balance Sheet
Total Assets0.002.36B1.98B2.13B2.20B2.33B
Cash, Cash Equivalents and Short-Term Investments98.27M98.27M57.06M50.41M44.42M146.79M
Total Debt0.0095.38M104.67M59.52M433.60M894.71M
Total Liabilities-1.73B625.90M684.02M823.15M1.26B1.71B
Stockholders Equity1.73B1.73B1.30B1.31B935.75M612.92M
Cash Flow
Free Cash Flow0.00-373.13M-32.48M878.09K199.89M238.35M
Operating Cash Flow0.00-95.96M-32.01M955.60K202.54M264.19M
Investing Cash Flow0.00-271.68M136.00K-8.45M179.16M-19.35M
Financing Cash Flow0.00408.83M38.53M-80.10M-209.89M-238.74M

Tarmat Ltd. Technical Analysis

Technical Analysis Sentiment
Positive
Last Price54.94
Price Trends
50DMA
53.13
Positive
100DMA
54.52
Positive
200DMA
56.35
Negative
Market Momentum
MACD
0.61
Negative
RSI
56.04
Neutral
STOCH
51.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TARMAT, the sentiment is Positive. The current price of 54.94 is above the 20-day moving average (MA) of 53.09, above the 50-day MA of 53.13, and below the 200-day MA of 56.35, indicating a neutral trend. The MACD of 0.61 indicates Negative momentum. The RSI at 56.04 is Neutral, neither overbought nor oversold. The STOCH value of 51.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:TARMAT.

Tarmat Ltd. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
71
Outperform
₹1.27B7.3831.77%85.86%
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
51
Neutral
₹1.30B62.8216.21%
51
Neutral
₹2.64B68.824.71%-3228.92%
44
Neutral
₹530.59M-49.78%-1560.10%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
IN:TARMAT
Tarmat Ltd.
54.94
-21.44
-28.07%
IN:FIBERWEB
Fiberweb (India) Limited
44.00
5.72
14.94%
IN:INDIANACRY
Indian Acrylics Limited
7.17
-3.67
-33.86%
IN:INSILCO
Insilco Co. Ltd.
IN:MADHUCON
Madhucon Projects Limited
7.36
-3.09
-29.57%
IN:SALSTEEL
S.A.L. Steel Ltd.
36.63
11.92
48.24%

Tarmat Ltd. Corporate Events

Tarmat Ltd. Confirms Compliance with SEBI Regulations for Q2 2025
Jul 11, 2025

Tarmat Ltd. has announced the issuance of a certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ending June 30, 2025. This certificate, issued by Big Share Services Pvt. Ltd., confirms the dematerialization of securities and their listing on the stock exchange, ensuring compliance with regulatory requirements and maintaining transparency for stakeholders.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Oct 07, 2025