Tarmat Limited (TARMAT.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-88.3%

₹6.14

vs ₹52.50 price

Levered DCF

-₹28.65

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	20.11×	58.21×	-183.24×	21.13×	20.67×	11.2×	4.53×	72.92×
P/B	0.67×	0.63×	1.6×	1.23×	1.01×	0.94×	0.55×	1.06×
P/S	1.07×	1.08×	2.32×	1.12×	0.52×	0.29×	0.11×	0.32×
EV / EBITDA	14.68×	28.38×	85.42×	77.91×	17.33×	15.66×	11.47×	-7.32×
Gross margin	10.2%	6.8%	15.0%	5.1%	6.5%	9.4%	7.0%	6.1%
Operating margin	4.8%	1.4%	1.8%	0.7%	3.1%	2.9%	3.7%	-14.9%
Net margin	5.3%	1.8%	-1.3%	5.2%	2.5%	2.6%	2.5%	0.4%
Current ratio	3.44×	3.3×	2.46×	2.23×	1.53×	1.05×	1.97×	2.38×
Debt / equity	0.08×	0.06×	0.08×	0.05×	0.46×	1.46×	1.96×	2.45×
Interest coverage	5.01×	2.08×	2.38×	2.03×	2.35×	1.88×	4.36×	-13.55×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.3%	1.1%	-0.9%	5.7%	4.9%	8.4%	12.2%	1.5%
Return on invested capital	2.8%	0.8%	1.0%	0.8%	4.0%	3.8%	4.8%	-11.6%
Return on assets	2.4%	0.8%	-0.6%	3.5%	2.1%	2.2%	2.5%	0.3%
Free cash flow yield	-0.8%	-34.2%	-1.6%	0.1%	21.1%	41.3%	-61.7%	41.0%
Earnings yield	5.0%	1.7%	-0.5%	4.6%	4.8%	8.9%	22.1%	1.4%
Enterprise value	₹1.2B	₹1.1B	₹2.1B	₹1.6B	₹1.3B	₹1.3B	₹1.4B	₹1.4B
Net debt / EBITDA	-0.79×	-0.08×	1.92×	0.44×	5.05×	8.84×	8.88×	-5.06×
Cash conversion cycle (days)	186	226	155	70	76	108	73	161