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Niraj Cement Structurals Limited (532986) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Niraj Cement Structurals Limited ₹28.14, price ₹28.20, upside -0.2%, quality 31 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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Sep 25, 2026
Niraj Cement Structurals Limited
532986 · BSELow PriorityFair Value upside is limited and quality is weak.
·Fair value ₹28.14 · Fairly valued (−0.2%)
!Quality 31/100
!Expensive Growth (revenue YoY +7.7 %/yr)
!Thin margins · 1.3% net margin (TTM)
✓Low debt
!Narrow moat 19/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 25, 2026.
How to read this chart
60‑month range ₹20.69 – ₹72.45 · fair‑value band ₹18.96 – ₹37.17 · the ₹28.20 price screens above the ₹28.14 fair value. Dashed = 300-day average. As of Sep 25, 2026.
Company profile
Niraj Cement Structurals Limited executes various infrastructure development projects in India. It constructs highways, expressways, turnkey project roads, bridges, tunnels, etc.; and water supply and drainage, irrigation, land storm water drainage, and other infrastructural works.
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Niraj Cement Structurals Limited executes various infrastructure development projects in India. It constructs highways, expressways, turnkey project roads, bridges, tunnels, etc.; and water supply and drainage, irrigation, land storm water drainage, and other infrastructural works. The company also rents construction equipment, including ready mix concrete units, crushing units, and concrete slipform pavers, as well as motor graders, excavators, JCBs, rollers, hotmix plants, BT pavers, and allied construction equipment. Niraj Cement Structurals Limited was founded in 1972 and is based in Mumbai, India.
Stock analysis
Niraj Cement Structurals Limited (532986) currently trades at ₹28.20, while our model-based Fair Value estimate is ₹28.14, so the stock looks roughly fairly valued today (gap 0.2%).
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹69.74 per share, and 12 of the 15 models we run sit above the ₹28.20 price.
Bear case: the Economic Profit group reads lowest at ₹24.03, and 3 of the 15 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹18.96 (bear) to ₹37.17 (bull), the price of ₹28.20 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 31/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Niraj Cement Structurals Limited reported revenue of ₹5.1B in FY2025 versus ₹1.7B in FY2021, a compound +30.5%/yr. Reported net income was ₹151M in FY2025, compounding +83.7%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap ₹1.7B (≈ $17.5M) · P/E ratio 49.5 · P/S ratio 1.47 · EPS (TTM) ₹0.8570 · Net margin 3.0% · Return on assets (EBIT) 1.2% · Operating margin 2.9% · Revenue growth (YoY) +12.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 40% below its 52-week high and 36% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at 0%, 532986 screens cheaper than that median.
Fair Value models
Bear ₹18.96
Fair Value ₹28.14
Bull ₹37.17
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (₹0.8570 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
EPV
₹21.04
₹24.03
₹26.61
72
Owner Earnings
₹33.38
₹69.74
₹141.81
71
ROIC Compounder
₹21.04
₹24.03
₹26.61
71
All 15 models by family
DCF Models
Owner Earnings
₹33.38
₹69.74
₹141.81
71
Earnings-Based
Graham-Dodd
₹17.18
₹115.36
₹161.63
60
Lynch FV
₹33.78
₹48.26
₹62.73
58
PEG = 1.0
₹33.78
₹48.26
₹62.73
55
EPV
₹21.04
₹24.03
₹26.61
72
Multiples
P/E Multiple
₹39.79
₹53.06
₹66.32
61
P/S Multiple
₹32.21
₹42.95
₹53.69
56
P/B Multiple
₹32.21
₹42.95
₹53.69
53
EV/EBIT
₹31.62
₹41.47
₹51.31
65
EV/EBITDA
₹28.29
₹37.03
₹45.77
66
EV/Revenue
₹23.16
₹32.20
₹41.24
53
Asset-Based
NCAV (Graham)
₹20.38
₹27.31
₹40.77
52
Economic Profit
Residual Income
₹31.82
₹32.74
₹35.41
69
ROIC Compounder
₹21.04
₹24.03
₹26.61
71
Growth Earnings
Growth-Adj P/E
₹46.88
₹66.97
₹87.06
66
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Set up alert →Quality Score breakdown
Overall quality
31/100
Of which business quality 33 · Market factors (momentum, volatility) 35
Profitability
41
Margins and returns on capital today
Quality Growth
35
Are margins and returns improving?
Cashflow
0
Earnings quality: real cash, not paper profit
Fin. Strength
61
Balance sheet, leverage, solvency risk
Investment
70
Disciplined investing over empire-building
Low Volatility
53
Calm price path (market factor)
Momentum
36
Price trend over the last 3–12 months (market factor)
52W Momentum
14
Distance to the 52-week high (market factor)
Net Issuance
0
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
43/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+61.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+61.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.30.6% vs 15.2%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.1% → 3%
2025 sits 135% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 789 stocks
Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
Context: sector, industry, market
- Is the Industrials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Industrials
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Quanta Services, Inc PWR | $642.51 | $162.77 | −75% |
| Vinci SA DG | €105.60 | €186.22 | +76% |
| Comfort Systems USA, Inc FIX | $1,658 | $1,116 | −33% |
| Larsen & Toubro Limited LT | ₹3,876 | ₹1,994 | −49% |
| Samsung C&T Corporation 028260 | 367,000 KRW | 159,718 KRW | −56% |
| Ferrovial N.V FER | $55.77 | $21.74 | −61% |
| HOCHTIEF Aktiengesellschaft HOT | €407.40 | €203.86 | −50% |
| EMCOR Group EME | $769.03 | $525.05 | −32% |
| ACS, Actividades de Construcción y Servicios, S.A ACS | €95.00 | €62.20 | −35% |
| Bouygues SA EN | €43.14 | €66.31 | +54% |
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Frequently asked questions
Is Niraj Cement Structurals Limited (532986) overvalued or undervalued?
As of Sep 25, 2026, our model estimates a fair value of ₹28.14 versus a price of ₹28.20, about −0% upside (fairly valued).
What is the fair value of 532986?
Our model-based fair value for Niraj Cement Structurals Limited is ₹28.14 (as of Sep 25, 2026), built from audited fundamentals. The current price: ₹28.20.
What is the quality score of 532986?
Niraj Cement Structurals Limited has a Quality Score of 31/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Niraj Cement Structurals Limited (532986)?
Our model-based price target is the fair value of ₹28.14 (as of Sep 25, 2026) from 15 valuation models. Cautious scenario ₹18.96, optimistic scenario ₹37.17. It is a calculation from audited fundamentals, not an analyst target.
What is the Niraj Cement Structurals Limited stock forecast for 2026?
Our models put fair value at ₹28.14, about −0% upside versus a price of ₹28.20 (fairly valued). Cautious scenario ₹18.96, optimistic scenario ₹37.17. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Niraj Cement Structurals Limited (532986)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Niraj Cement Structurals Limited it is ₹28.14 per share (as of Sep 25, 2026), against a price of ₹28.20. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Niraj Cement Structurals Limited stock overvalued or undervalued in 2026?
As of Sep 25, 2026, 532986 trades above its calculated fair value: price ₹28.20, fair value ₹28.14, a gap of about −0% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 532986?
No. The price is what the market pays today (₹28.20); the fair value is what the company's own numbers justify (₹28.14). For Niraj Cement Structurals Limited the two are ₹0.0600 per share apart. That gap is exactly why we show both numbers side by side.
How much is Niraj Cement Structurals Limited worth?
The market values Niraj Cement Structurals Limited at about ₹1.7B (market capitalisation, as of Sep 25, 2026). Per share that is ₹28.20; our models calculate a fair value of ₹28.14 per share.
What do the bullish and bearish scenarios say about 532986?
Our models span a range for Niraj Cement Structurals Limited: cautious scenario ₹18.96, base ₹28.14, optimistic ₹37.17 per share (as of Sep 25, 2026, price ₹28.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 532986?
Niraj Cement Structurals Limited trades at a price-to-earnings ratio of 49.5 (as of Sep 25, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹28.14 is built from several models across several years. Other multiples: P/B 0.7, P/S 1.3, EV/EBITDA 25.2.
How solid is the balance sheet of Niraj Cement Structurals Limited (532986)?
Balance-sheet figures for Niraj Cement Structurals Limited (as of Sep 25, 2026): debt of 0.01 per unit of equity. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is 532986 from its 52-week high?
Niraj Cement Structurals Limited trades at ₹28.20, about 40% below its 52-week high of ₹46.63 and 36% above the low of ₹20.69 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹28.14 is for.
Which stocks are comparable to Niraj Cement Structurals Limited?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Niraj Cement Structurals Limited stock attractive at the current price?
The data as of Sep 25, 2026: price ₹28.20, calculated fair value ₹28.14 (−0%), Quality Score 31/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 532986 calculated?
We run Niraj Cement Structurals Limited through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹28.14, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Niraj Cement Structurals Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Niraj Cement Structurals Limited (532986)?
The closing price on Oct 1, 2026 was ₹28.20. Our model-based fair value is ₹28.14, about −0% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Niraj Cement Structurals Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (₹18.96 to ₹37.17) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Niraj Cement Structurals Limited
How large is the market capitalisation of Niraj Cement Structurals Limited (532986)?
The market capitalisation of Niraj Cement Structurals Limited is ₹1.7B (≈ $17.5M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Niraj Cement Structurals Limited (532986)?
The price-to-sales ratio of Niraj Cement Structurals Limited is 1.47 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Niraj Cement Structurals Limited (532986)?
Earnings per share at Niraj Cement Structurals Limited are ₹0.8570 (price ÷ EPS = P/E 49.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Niraj Cement Structurals Limited (532986)?
The net margin of Niraj Cement Structurals Limited is 3.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of Niraj Cement Structurals Limited (532986)?
On an EBIT basis the return on assets of Niraj Cement Structurals Limited is 1.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Niraj Cement Structurals Limited (532986)?
The operating margin of Niraj Cement Structurals Limited is 2.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Niraj Cement Structurals Limited (532986)?
Revenue at Niraj Cement Structurals Limited is growing +12.2% versus a year earlier (3y avg +12.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Niraj Cement Structurals Limited (532986)?
Earnings per share at Niraj Cement Structurals Limited are growing −15.4% versus a year earlier. How much earnings per share grew versus a year earlier.
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