TARMAT - Tarmat
📢 Recent Corporate Announcements
Tarmat Limited has confirmed that there was no deviation or variation in the utilization of ₹7.125 crore raised through the conversion of warrants into equity shares. The funds were raised on October 23, 2025, and have been fully utilized for the quarter ended December 31, 2025. The proceeds were directed toward long-term capital requirements, working capital needs, debt reduction, and general corporate purposes. The Audit Committee reviewed and approved this statement on February 5, 2026, confirming adherence to the objects stated in the March 2024 EGM.
- Total amount raised through warrant conversion was ₹7.125 crore.
- Zero deviation reported in the utilization of funds compared to the original objects of the issue.
- Funds were utilized for debt reduction, working capital, and long-term growth initiatives.
- The statement covers the reporting period for the quarter ended December 31, 2025.
- Audit Committee approved the filing on February 5, 2026, with no adverse comments.
Tarmat Limited reported a significant 234% year-on-year increase in net profit for Q3 FY26, reaching ₹112.66 Lakhs compared to ₹33.73 Lakhs in the previous year. Revenue from operations saw a modest growth of 4.5% to ₹2,731.08 Lakhs. For the nine-month period ending December 2025, the company's profit more than doubled to ₹328.51 Lakhs from ₹129.83 Lakhs. However, the auditor highlighted an emphasis of matter regarding a ₹783.02 Lakhs investment in a joint venture where financial information was unavailable for valuation.
- Net Profit for Q3 FY26 surged by 234% YoY to ₹112.66 Lakhs from ₹33.73 Lakhs.
- Revenue from operations increased to ₹2,731.08 Lakhs from ₹2,614.21 Lakhs in the same quarter last year.
- Nine-month (9M) net profit grew by 153% to ₹328.51 Lakhs compared to ₹129.83 Lakhs in 9M FY25.
- Earnings Per Share (EPS) for the quarter improved significantly to ₹0.46 from ₹0.16 YoY.
- Auditors flagged an emphasis of matter regarding the inability to determine the fair value of a ₹783.02 Lakhs investment in a Joint Venture.
Tarmat Limited reported a robust 234% year-on-year increase in net profit to ₹1.13 crore for the quarter ended December 31, 2025. Revenue from operations saw a steady rise to ₹27.31 crore compared to ₹26.14 crore in the same period last year. For the nine-month period, the company's profit surged to ₹3.29 crore from ₹1.30 crore. Despite the strong financial performance, the statutory auditor issued an emphasis of matter regarding a ₹7.83 crore investment in a joint venture where financial information was unavailable.
- Q3 FY26 Net Profit jumped 234% YoY to ₹112.66 Lakhs from ₹33.73 Lakhs.
- Revenue from operations for the quarter stood at ₹2,731.08 Lakhs, up from ₹2,614.21 Lakhs YoY.
- Nine-month Profit After Tax (PAT) increased significantly to ₹328.51 Lakhs from ₹129.83 Lakhs.
- Basic EPS for the quarter improved to ₹0.46 from ₹0.16 in the year-ago period.
- Auditor highlighted uncertainty regarding the ₹783.02 Lakhs carrying value of a Joint Venture investment.
Tarmat Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the period ended December 31, 2025. The certificate, issued by Bigshare Services Pvt. Ltd., confirms that all share certificates received for dematerialization were processed within the mandated 15-day period. It further verifies that the physical certificates were mutilated and cancelled after due verification. This filing is a standard administrative procedure to ensure the integrity of the company's share registry and compliance with depository norms.
- Compliance certificate issued for the quarter ended December 31, 2025.
- Confirmation that dematerialization requests were processed within 15 days of receipt.
- Registrar and Share Transfer Agent (RTA) Bigshare Services Pvt. Ltd. verified the process.
- Confirms that securities are listed on the stock exchanges where earlier shares were listed.
Tarmat Limited has informed the exchanges that its trading window for dealing in company shares will be closed starting Thursday, January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of financial results for the quarter ending December 31, 2025. The window will remain closed for designated persons and their relatives until 48 hours after the board meeting results are made public. The specific date for the board meeting to approve these results will be announced at a later time.
- Trading window closure begins on January 1, 2026, for all designated persons.
- Closure is for the purpose of considering Unaudited Standalone and Consolidated Financial Results for Q3 FY26.
- The window will reopen 48 hours after the conclusion of the upcoming Board Meeting.
- The specific date for the Board Meeting is yet to be intimated to the exchanges.
Financial Performance
Revenue Growth by Segment
Not disclosed in percentage terms, but operations span Airports, Highways, Infrastructure, Railways, and Real Estate.
Geographic Revenue Split
Projects are located in Chennai (INR 250 Cr), Mumbai, and Jammu, representing a focus on major Indian infrastructure hubs.
Profitability Margins
Operating Profit Margin is 0.46% (down 18.72% YoY) and Net Profit Margin is 1.85% (up 245.30% YoY), with the latter heavily influenced by exceptional items of 261.37.
EBITDA Margin
Not disclosed, but Interest Coverage Ratio improved by 27.27% to 5.50, indicating better earnings relative to interest obligations.
Credit Rating & Borrowing
No credit rating obtained during the year; Debt-Equity ratio improved by 33.93% to 0.25 following a preferential share issue.
Operational Drivers
Operational analysis data not yet available for this company.
Strategic Growth
Expected Growth Rate
12%
Growth Strategy
Growth will be driven by securing large-scale infrastructure projects, such as the INR 250 Cr Chennai airport project, and leveraging pioneer status in airport runway works. The company also benefits from the US$ 1.4 trillion government infrastructure plan and a projected 12% increase in total sector investment by 2025-26.
Products & Services
Airport runways, air side works, roads, bridges, and railway infrastructure.
Brand Portfolio
TARMAT.
Market Expansion
Market expansion is focused on securing new projects in Chennai (INR 250 Cr) while maintaining ongoing projects in Mumbai and Jammu.
External Factors
Industry Trends
The infrastructure sector is projected to grow by 12% (from INR 10 lakh crore to INR 11.2 lakh crore) by 2025-26, driven by government investments of US$ 1.4 trillion in energy, roads, and railways.
Competitive Moat
The company holds a pioneer position in specialized airport runway and air side works, which requires high intellectual human capital and technical expertise, creating a barrier for general infrastructure firms.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and interest rates; a projected 12% increase in sector investment directly impacts the company's order book potential.
Regulatory & Governance
Industry Regulations
Operations are subject to land acquisition laws, regulatory clearances, and infrastructure policy frameworks which impact the speed of project implementation.
Environmental Compliance
Health, Safety, and Environment (HSE) risks are monitored by the Board, but specific compliance costs are not disclosed.
Legal Contingencies
Not disclosed in available documents (excluding SEBI/capital market matters).
Risk Analysis
Key Uncertainties
Key risks include cost inflation, land acquisition delays, and working capital challenges. The company faces counterparty risks and liquidity risks, though the Current Ratio improved by 72.54% to 4.97 due to higher trade receivables.
Geographic Concentration Risk
Revenue is concentrated in India, with specific active projects in Chennai, Mumbai, and Jammu.
Technology Obsolescence Risk
Identified as a threat due to the 'digital divide' and 'lack of technology' which may affect project implementation speed.
Credit & Counterparty Risk
Counterparty risks and working capital challenges are identified as significant risks impacting overall governance.