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The BSE, founded in 1875, is Asia's oldest stock exchange — it started under a banyan tree on Dalal Street, where the bronze bull stands today.
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The BSE, founded in 1875, is Asia's oldest stock exchange — it started under a banyan tree on Dalal Street, where the bronze bull stands today.
The BSE, founded in 1875, is Asia's oldest stock exchange — it started under a banyan tree on Dalal Street, where the bronze bull stands today.
Tarmat Limited is an India-based infrastructure company, which is engaged in the business of construction of highways and runways. The Company operates through the Construction segment. The Company provides services, such as airport runways, highways, infrastructure, railways…
Weekly engine runs — movement reflects the numbers, not analyst opinion.
A middling, stagnant business, fairly priced — but flagged on governance.
Tarmat is scored on the general / industrial framework. It keeps a slim 5.3% of every rupee of sales as net profit. Those profits are backed by real cash — operating cash flow runs 1.21× reported profit. Free cash flow is worth about 0.1% of its market value.
Over the last 3 years revenue compounded at -7%/yr and profit at -6%/yr. Book value has grown 13%/yr. Return on equity is a weak 3.3%. In the latest quarter profit fell 48% versus the prior quarter.
At 23× earnings, the stock sits at the 40th percentile of its own 2.6-year range — the middle of where it has historically traded. Today's price implies ~9%/yr earnings growth for a decade. The forensic screen raises a red flag: Only ₹0.32 of cash per ₹1 profit over 4 years — earnings not converting to cash.
A plain-English restatement of the figures on this page — rules-based, for education and research context, not investment advice or a recommendation.
| Ratio | Company | Sector | Read |
|---|---|---|---|
| P/E | 20.14 | 22.44 | better |
| P/B | 0.77 | 2.58 | better |
| EV/EBITDA | 14.35 | 29.45 | better |
| ROE | 3.34 | 6.27 | worse |
| ROCE | 3.4 | — | — |
| ROA | 2.71 | 3.35 | worse |
| Quick Ratio | 2.28 | 11.27 | worse |
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Larsen & Toubro | 27.1 | 5.0 | 15.8% |
| RVNL | 44.7 | 4.1 | 8.9% |
| ACME Solar Holdings | 36.9 | 3.3 | 9.1% |
Negative CAGR — the top line has shrunk over this window.
1 of the 4 years shown had a loss — profitability is inconsistent. The latest year saw a +234% swing — check if it's a one-off or structural.
Operating margins have been stable around 5% — no major structural shift.
ROE at 3% — modest; the capital isn't working hard.
Profit grew faster than EPS (-8% vs -16%) — share dilution is eroding per-share value. -16% EPS CAGR — this is the rate at which each share's claim on earnings is compounding.
2 of 4 years had negative operating cash flow — profitability on paper may not translate to cash. Cash conversion at 1.2× PAT — earnings are well-backed by cash; strong accrual quality. Raising capital despite positive cash flow — could signal expansion plans or opportunistic fundraising.
When operating cash keeps pace with reported profit, earnings are cash-backed; a persistent shortfall is a quality flag.
Revenue fell 16% QoQ — could be seasonality or a genuine slowdown. Wide quarterly swings (45% spread) — likely seasonality, lumpy orders, or project-based revenue. Run-rate stepping up — recent quarters average 55% above earlier ones.
Profit fell 48% QoQ — one-quarter drops can be noise, but a pattern matters.
How today's P/E compares to the stock's own historical range. Dashed line = the 2.6y median.
Promoters hold just 29.1% — widely held; sentiment-driven. Promoters reduced 1.0pp over 4 quarters — watch whether this is planned divestment or pledge invocations.
Produced by a rules-based engine over licensed exchange fundamentals — every sentence above is derived from the numbers shown, no analyst or AI opinion involved. Education and research context, not investment advice. We are not SEBI-registered as an Investment Adviser or Research Analyst.