💰 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

📈 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.

Consumer Behavior

Not applicable to the B2B/B2G infrastructure sector.

⚖️ 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.