Niraj Cement Structurals Limited

NSE: NIRAJ · Civil Construction

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52W Range₹20 – ₹46

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Snapshot

Unlock Niraj Cement Structurals Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Niraj Cement Structurals Ltd is an infrastructure engineering and construction company established in 1972. The firm provides end-to-end solutions for large-scale projects including highways, bridges, tunnels, irrigation systems, and water drainage infrastructure.

Business Model

The company operates as a civil construction contractor, executing turnkey infrastructure projects for public and private sector clients. Revenue is primarily generated through the successful bidding and completion of engineering, procurement, and construction contracts.

Growth Outlook

Growth is driven by the increasing demand for national infrastructure development, including expressways and water management systems across India. The company aims to leverage its technical expertise to secure further turnkey project mandates.

Key Risks

  • Project Execution Risk. Delays in land acquisition, regulatory clearances, or site access can significantly impact project timelines and profitability.
  • Concentration Risk. Heavy reliance on government-funded infrastructure projects makes the company vulnerable to shifts in public spending priorities and budgetary allocations.
  • Input Cost Volatility. Fluctuations in the prices of raw materials like cement, steel, and fuel can compress operating margins on fixed-price contracts.
  • Working Capital Intensity. The construction sector is highly capital-intensive, and delays in client payments can strain liquidity and increase debt servicing costs.

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Key Metrics

REVENUE

₹542 Cr

TTM · consolidated

+6.8%YoY

NET PROFIT

₹21 Cr

TTM · consolidated

+37.3%YoY

EPS

₹3.55

TTM · consolidated

+94.0%YoY

RETURN ON EQUITY

8.5%

TTM · consolidated

-0.3 ppYoY

RETURN ON CAPITAL EMPLOYED

12.6%

TTM · consolidated

+1.2 ppYoY

P/E

7.8x

Q4 FY26 · consolidated

7.8 vs 26.6x5Y avg

EV/EBITDA

6.2x

Q4 FY26 · consolidated

6.2 vs 11.5x5Y avg

EBITDA MARGIN

6.3%

TTM · consolidated

+1.9 ppYoY

NET PROFIT MARGIN

4.2%

Q4 FY26 · consolidated

-0.9 ppYoY

DEBT TO EQUITY

0.3x

Q4 FY26 · consolidated

+0.28xYoY

Peers · Civil Construction

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Niraj Cement Structurals LimitedNIRAJ
₹167 Cr7.816.216.8%6.3%8.5%12.6%-40.2%
Vishnu Prakash R Punglia LimitedVPRPL
₹409 Cr-1.80-7.69-43.3%-19.3%-27.9%-21.7%-70.6%
GVK Power & Infrastructure LimitedGVKPIL
₹399 Cr-62.75-193.43-100.0%-355.6%0.6%-0.7%-28.7%
Markolines Pavement Technologies LimitedMARKOLINES
₹377 Cr12.288.36—13.1%14.7%21.7%+3.9%
Zodiac EnergyZODIAC
₹348 Cr13.538.60—11.1%21.7%22.1%-44.6%
Annu Projects LimitedANNU
₹347 Cr———21.0%———

As of Q4 FY26

Financials