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Niraj Cement Structurals Ltd

NIRAJ

NSE

₹26.21-3.92%19 Oct 2026

Reports

Construction Civil and Turnkey

Niraj Cement Structurals Ltd

NIRAJ

NSE

₹26.21

-3.92%

19 Oct 2026

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Construction Civil and Turnkey

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

Niraj Cement Structurals is a specialty engineering contractor that has spent three decades building the roads, bridges, and water systems that underpin India’s infrastructure push - a business that is fundamentally about winning government contracts and delivering them through a lean, joint-venture-driven model. Founded in 1998 and run by a management team with deep technical and administrative expertise, the company operates as a single-minded construction engine across 13 states, with an order book of roughly Rs. 1,800 Crores spread over more than 28 active projects. The recurring approach that explains everything else is this: Niraj secures public-sector infrastructure jobs, then executes them by providing technical and financial oversight to subcontractors and joint-venture partners, keeping its own permanent staff remarkably small - just 18 people as of early 2025 - while the heavy lifting is done by others under its supervision.

Business segments

A single engine, run through two interlocking gears - direct contracts with government bodies and joint-venture partnerships where Niraj controls the purse strings while partners handle the ground-level execution.

1. Civil construction contracting: building public infrastructure for government clients

The company earns its revenue by delivering fixed-price construction projects - highways, bridges, railways, and water systems - almost entirely for government agencies, with every rupee of work recognised over the life of the contract.

Paid as the work progresses - revenue is recognised over time under Ind AS 115, meaning the company books income as it completes performance milestones on long-duration contracts, with trade receivables typically collected within 30 to 180 days of billing.
Government clients are the backbone - the customer list includes NHAI, the Border Roads Organisation, Northeast Frontier Railway, state Public Works Departments, and Jawaharlal Nehru Port Trust, so the business depends heavily on federal and state infrastructure budgets.
Subcontractors do the building, Niraj does the steering - project implementation is carried out with the help of subcontractors and other agencies, while Niraj supplies the technical know-how, financial assistance, and project-control oversight that keeps work on track.
A lean core that punches above its weight - with only 18 permanent employees managing over 28 projects, the company relies on a small team of architects, engineers, and quantity surveyors, supplemented by multi-skilled support staff, and actively procures the latest construction technologies to boost their output.
Competing in a crowded field - the company goes up against numerous infrastructure firms, some larger and better-resourced, and must pre-qualify for bids based on its track record of past project execution, net worth, and cash accruals.

2. Joint-venture execution: the partnership engine that delivers the work

A large share of the company’s projects flows through joint-venture arrangements where Niraj books the turnover and controls the bank accounts, while the JV partners manage day-to-day execution under its supervision.

The bank account is the control lever - under the joint-venture agreements, project proceeds are deposited into bank accounts controlled by Niraj, and partners are authorised to raise invoices and sign documents on the JV’s behalf, giving the company financial command without running every site directly.
Two active JVs, with a history of more - as of FY25, the company operates through Niraj-SPPL (JV), where it holds a 39.53% share, and Jeet-Niraj JV, where its share is 59.29%; earlier years saw a wider stable of partnerships including Niraj-Mahavir and RKD-Niraj.
Tax and compliance sit with the partners - the joint-venture entities handle their own TDS and GST obligations, so Niraj’s books reflect the contract revenue and related costs without absorbing the full administrative burden of every project.

Group structure and partners

A tightly held promoter group is consolidating control, while two small subsidiaries - one in consulting, one in real estate - sit on the periphery as early-stage bets on adjacent opportunities.

Promoters are buying back control - in June 2026, Managing Director Gulshankumar Chopra signed agreements to acquire a combined 41.04% stake from two public shareholders, Bylan-Niraj Infra Projects and Chem Logistics & Infra, which will take total promoter holding to nearly 66% and trigger a mandatory open offer to public shareholders.
Two subsidiaries, both majority-owned - Niraj Consulting Group Limited (incorporated 2021) provides advisory services to government bodies on infrastructure projects, while Niraj Build India Limited (incorporated 2023) was set up to enter real estate development, though its operations had not yet started at the time of incorporation.
A treasury that earns its keep - the company holds unsecured debentures, investments under a Portfolio Management Scheme, and quoted shares of Canara Bank, deploying unutilised funds through SEBI-registered PMS entities as an interim treasury strategy.
Borrowings backed by personal guarantees - the company’s debt is secured by bank guarantees from subcontractors, personal guarantees of directors, and charges on stock, trade receivables, and fixed assets.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹156Cr

Close Price

₹26.21

Industry

Construction Civil and Turnkey

Price To Earnings

6.59

Price To Sales

0.28

Revenue

₹552Cr

Rev Gr TTM

Revenue Growth TTM

6.27%

PAT Gr TTM

PAT Growth TTM

52.31%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	111	127	134	83	138	120	167	95	172	140	136	105
Growth YoY Revenue Growth YoY%	4.2	20.6	-57.4	-16.6	24.3	-5.4	24.7	14.4	24.4	16.8	-18.7	10.6
Expenses ExpensesCr	109	123	126	82	133	117	159	96	162	134	131	103
Operating Profit Operating ProfitCr	2	4	8	0	5	2	8	-1	10	6	4	1
OPM OPM%	1.9	3.0	6.2	0.4	3.8	2.0	4.9	-1.0	5.6	4.5	3.2	1.1
Other Income Other IncomeCr	0	-2	2	1	0	1	3	3	2	3	6	7
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	1	2	3
Depreciation DepreciationCr	1	0	0	1	1	1	1	1	1	1	1	1
PBT PBTCr	1	2	10	1	5	3	11	1	11	8	8	5
Tax TaxCr	0	0	2	0	1	1	2	0	2	2	2	1
PAT PATCr	1	1	7	1	4	2	8	1	9	6	6	4
Growth YoY PAT Growth YoY%	6.7	98.5	196.4	130.6	390.0	65.7	13.4	20.5	124.7	161.3	-33.3	257.0
NPM NPM%	0.7	1.0	5.6	1.0	2.8	1.8	5.1	1.1	5.1	4.0	4.2	3.4
EPS EPS₹	0.2	0.3	1.8	0.2	1.0	0.5	1.4	0.2	1.5	0.9	0.9	0.6

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	111	127	134	83	138	120	167	95	172	140	136	105
Growth YoY Revenue Growth YoY%	4.2	20.6	-57.4	-16.6	24.3	-5.4	24.7	14.4	24.4	16.8	-18.7	10.6
Expenses ExpensesCr	109	123	126	82	133	117	159	96	162	134	131	103
Operating Profit Operating ProfitCr	2	4	8	0	5	2	8	-1	10	6	4	1
OPM OPM%	1.9	3.0	6.2	0.4	3.8	2.0	4.9	-1.0	5.6	4.5	3.2	1.1
Other Income Other IncomeCr	0	-2	2	1	0	1	3	3	2	3	6	7
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	1	2	3
Depreciation DepreciationCr	1	0	0	1	1	1	1	1	1	1	1	1
PBT PBTCr	1	2	10	1	5	3	11	1	11	8	8	5
Tax TaxCr	0	0	2	0	1	1	2	0	2	2	2	1
PAT PATCr	1	1	7	1	4	2	8	1	9	6	6	4
Growth YoY PAT Growth YoY%	6.7	98.5	196.4	130.6	390.0	65.7	13.4	20.5	124.7	161.3	-33.3	257.0
NPM NPM%	0.7	1.0	5.6	1.0	2.8	1.8	5.1	1.1	5.1	4.0	4.2	3.4
EPS EPS₹	0.2	0.3	1.8	0.2	1.0	0.5	1.4	0.2	1.5	0.9	0.9	0.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	175	356	606	471	507	542	552
Growth Revenue Growth%		104.0	70.1	-22.3	7.7	6.9	6.3
Expenses ExpensesCr	174	351	597	455	491	523	531
Operating Profit Operating ProfitCr	1	5	9	16	16	19	22
OPM OPM%	0.5	1.4	1.5	3.4	3.2	3.6	3.9
Other Income Other IncomeCr	3	0	-1	-1	6	15	19
Interest Expense Interest ExpenseCr	0	0	0	0	0	3	6
Depreciation DepreciationCr	1	1	1	2	2	2	2
PBT PBTCr	2	3	7	13	20	29	32
Tax TaxCr	1	1	2	3	5	7	9
PAT PATCr	1	2	4	10	15	21	24
Growth PAT Growth%		83.6	78.1	124.7	55.1	40.2	52.3
NPM NPM%	0.8	0.7	0.7	2.1	3.0	3.9	4.3
EPS EPS₹	0.4	0.6	1.1	2.6	2.5	3.5	4.0

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	175	356	606	471	507	542	552
Growth Revenue Growth%		104.0	70.1	-22.3	7.7	6.9	6.3
Expenses ExpensesCr	174	351	597	455	491	523	531
Operating Profit Operating ProfitCr	1	5	9	16	16	19	22
OPM OPM%	0.5	1.4	1.5	3.4	3.2	3.6	3.9
Other Income Other IncomeCr	3	0	-1	-1	6	15	19
Interest Expense Interest ExpenseCr	0	0	0	0	0	3	6
Depreciation DepreciationCr	1	1	1	2	2	2	2
PBT PBTCr	2	3	7	13	20	29	32
Tax TaxCr	1	1	2	3	5	7	9
PAT PATCr	1	2	4	10	15	21	24
Growth PAT Growth%		83.6	78.1	124.7	55.1	40.2	52.3
NPM NPM%	0.8	0.7	0.7	2.1	3.0	3.9	4.3
EPS EPS₹	0.4	0.6	1.1	2.6	2.5	3.5	4.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	43	43	40	40	60	60
Reserves ReservesCr	134	136	136	112	184	206
Current Liabilities Current LiabilitiesCr	89	128	138	103	139	196
Non Current Liabilities Non Current LiabilitiesCr	11	6	0	1	3	6
Total Liabilities Total LiabilitiesCr	277	313	315	257	385	467
Current Assets Current AssetsCr	217	260	263	199	310	396
Non Current Assets Non Current AssetsCr	60	52	52	58	75	71
Total Assets Total AssetsCr	277	313	315	257	385	467

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	43	43	40	40	60	60
Reserves ReservesCr	134	136	136	112	184	206
Current Liabilities Current LiabilitiesCr	89	128	138	103	139	196
Non Current Liabilities Non Current LiabilitiesCr	11	6	0	1	3	6
Total Liabilities Total LiabilitiesCr	277	313	315	257	385	467
Current Assets Current AssetsCr	217	260	263	199	310	396
Non Current Assets Non Current AssetsCr	60	52	52	58	75	71
Total Assets Total AssetsCr	277	313	315	257	385	467

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-5	39	-30	27	-73	-98
Investing Cash Flow Investing Cash FlowCr	-9	-11	15	-5	-19	17
Financing Cash Flow Financing Cash FlowCr	9	-17	5	-26	105	71
Net Cash Flow Net Cash FlowCr	-5	10	-10	-4	13	-10
Free Cash Flow Free Cash FlowCr	-5	39	-30	27	-73	-98
CFO To PAT CFO To PAT%	-390.3	1,585.5	-689.9	276.8	-483.2	-463.6
CFO To EBITDA CFO To EBITDA%	-584.1	763.1	-323.2	169.9	-446.6	-505.6

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-5	39	-30	27	-73	-98
Investing Cash Flow Investing Cash FlowCr	-9	-11	15	-5	-19	17
Financing Cash Flow Financing Cash FlowCr	9	-17	5	-26	105	71
Net Cash Flow Net Cash FlowCr	-5	10	-10	-4	13	-10
Free Cash Flow Free Cash FlowCr	-5	39	-30	27	-73	-98
CFO To PAT CFO To PAT%	-390.3	1,585.5	-689.9	276.8	-483.2	-463.6
CFO To EBITDA CFO To EBITDA%	-584.1	763.1	-323.2	169.9	-446.6	-505.6

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	171	120	103	149	323	124	156
Price To Earnings Price To Earnings	137.3	53.2	25.7	15.3	21.4	5.8	6.6
Price To Sales Price To Sales	1.0	0.3	0.2	0.3	0.6	0.2	0.3
Price To Book Price To Book	1.0	0.7	0.6	1.0	1.3	0.5	0.6
EV To EBITDA EV To EBITDA	221.1	19.0	11.5	8.0	17.4	8.7	9.6
Profitability Ratios Profitability Ratios
GPM GPM%	2.8	3.0	3.1	5.9	5.5	6.2	6.2
OPM OPM%	0.5	1.4	1.5	3.4	3.2	3.6	3.9
NPM NPM%	0.8	0.7	0.7	2.1	3.0	3.9	4.3
ROCE ROCE%	1.1	1.7	3.6	8.7	8.2	9.2	9.2
ROE ROE%	0.8	1.4	2.5	6.4	6.2	8.0	8.0
ROA ROA%	0.5	0.8	1.4	3.8	3.9	4.5	4.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	171	120	103	149	323	124	156
Price To Earnings Price To Earnings	137.3	53.2	25.7	15.3	21.4	5.8	6.6
Price To Sales Price To Sales	1.0	0.3	0.2	0.3	0.6	0.2	0.3
Price To Book Price To Book	1.0	0.7	0.6	1.0	1.3	0.5	0.6
EV To EBITDA EV To EBITDA	221.1	19.0	11.5	8.0	17.4	8.7	9.6
Profitability Ratios Profitability Ratios
GPM GPM%	2.8	3.0	3.1	5.9	5.5	6.2	6.2
OPM OPM%	0.5	1.4	1.5	3.4	3.2	3.6	3.9
NPM NPM%	0.8	0.7	0.7	2.1	3.0	3.9	4.3
ROCE ROCE%	1.1	1.7	3.6	8.7	8.2	9.2	9.2
ROE ROE%	0.8	1.4	2.5	6.4	6.2	8.0	8.0
ROA ROA%	0.5	0.8	1.4	3.8	3.9	4.5	4.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	CURRENT	GENUSPRIME	SPCON	NIRAJ	ATALREAL	MODULEX	IKOMA
Market CapitalizationMkt CapCr	172	167	164	156	151	148	145
Close PriceClose₹	90.00	21.45	209.00	26.21	12.18	14.09	62.45
IndustryIndustry	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey
Price To EarningsPE	10.87	5.77	31.38	6.59	27.68
Price To SalesPS	1.07	34.20	1.82	0.28	1.25		1,034.95
RevenueRevenueCr	160	5	90	552	120	0	0
Revenue Growth TTMRev Gr TTM%	76.5%	543.4%	0.6%	6.3%	17.1%		-98.3%
PAT Growth TTMPAT Gr TTM%	48.5%	8,325.0%	24.8%	52.3%	71.2%	-43.9%	49.4%

	CURRENT	GENUSPRIME	SPCON	NIRAJ	ATALREAL	MODULEX	IKOMA
Market CapitalizationMkt CapCr	172	167	164	156	151	148	145
Close PriceClose₹	90.00	21.45	209.00	26.21	12.18	14.09	62.45
IndustryIndustry	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey
Price To EarningsPE	10.87	5.77	31.38	6.59	27.68
Price To SalesPS	1.07	34.20	1.82	0.28	1.25		1,034.95
RevenueRevenueCr	160	5	90	552	120	0	0
Revenue Growth TTMRev Gr TTM%	76.5%	543.4%	0.6%	6.3%	17.1%		-98.3%
PAT Growth TTMPAT Gr TTM%	48.5%	8,325.0%	24.8%	52.3%	71.2%	-43.9%	49.4%

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