Tarmat Limited (TARMAT) Fair Value & Analysis
Industrials · IN · Market cap ₹1.3B (≈ $13.3M) · ISIN INE924H01018
What is Tarmat Limited really worth?
Below-average quality, and trading another 55% above our fair value of ₹39.57.
As of Aug 27, 2026, the fair value of Tarmat Limited is ₹39.57 per share against a price of ₹61.36, so the fair value sits 36% below the price. A model estimate blended from multiple valuation models, recalculated regularly.
Risks
Fair value as of: Aug 27, 2026
From 12 valuation models · updated 10 days ago
Share price +21.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (₹51.44). The favourable scenario is already priced in.
- Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- A fairly wide model range (₹27.70 to ₹51.44) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
60‑month range ₹42.15 – ₹147.76 · fair‑value band ₹27.70 – ₹51.44 · the ₹61.36 price screens above the ₹39.57 fair value. Dashed = 300-day average. As of Aug 27, 2026.
Analysis
Tarmat Limited (TARMAT) currently trades at ₹61.36, while our model-based Fair Value estimate is ₹39.57, implying the stock looks roughly 55.1% overvalued today. The Quality Score stands at 42/100 (below-average quality), in the Industrials sector. Bull case: the Asset-Based group reads highest at a median of ₹49.91 per share, and 0 of the 12 models we run sit above the ₹61.36 price. Bear case: the Earnings-Based group reads lowest at ₹20.70, and 12 of the 12 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, Tarmat Limited generated revenue of ₹1.3B at a net margin of 5.5%. Revenue grew 43.6% year over year. It earns a return on equity of 3.5%. Net debt stands at ₹41.5M. Fundamentals as of Aug 27, 2026
Our scenario range runs from ₹27.70 (bear case) to ₹51.44 (bull case); at ₹61.36, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 17% below its 52-week high and 32% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at −36%, TARMAT screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹1.09 per share, which is 2.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 12 models by family
Widest divergence: Asset-Based (₹49.91) versus Earnings-Based (₹20.70). Highest evidence: EPV (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 43 · Market factors (momentum, volatility) 50
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Tarmat Limited operates as an infrastructure company in India. The company undertakes various construction works, including airport runways, highways, and railways; and develops infrastructure projects, such as ports, industrial area developments, refineries, etc., as well as parking bays and taxi track related work.
Full company description
Tarmat Limited operates as an infrastructure company in India. The company undertakes various construction works, including airport runways, highways, and railways; and develops infrastructure projects, such as ports, industrial area developments, refineries, etc., as well as parking bays and taxi track related work. It also develops real estate properties; and provides engineering, procurement, and construction services for infrastructure projects. The company was formerly known as Roman Tarmat Limited and changed its name to Tarmat Limited in September 2012. Tarmat Limited was incorporated in 1986 and is based in Mumbai, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Tarmat Limited reported revenue of ₹1.2B in FY2026 versus ₹1.8B in FY2022, a compound −10.3%/yr. Reported net income was ₹62.4M in FY2026, compounding +8.1%/yr from FY2022.
TARMAT screens 55% overvalued. Compare with Quanta Services, Inc →
Peer Group
Engineering & Construction · 817 stocks
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.
Valuation Multiples vs Engineering & Construction median · lower = cheaper
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Quanta Services, Inc PWR | $620.06 | $143.92 | −77% |
| Vinci SA DG | €113.95 | €185.62 | +63% |
| Comfort Systems USA, Inc FIX | $1,610 | $519.97 | −68% |
| Larsen & Toubro Limited LT | ₹4,072 | ₹2,196 | −46% |
| Ferrovial N.V FER | €57.28 | €19.17 | −67% |
| HOCHTIEF Aktiengesellschaft HOT | €426.00 | €203.87 | −52% |
| Samsung C&T Corporation 028260 | 373,000 KRW | 261,411 KRW | −30% |
| EMCOR Group EME | $754.16 | $549.47 | −27% |
| MasTec, Inc MTZ | $241.00 | $100.00 | −59% |
| Bouygues SA EN | €46.65 | €65.67 | +41% |
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