Whalesbook
Tarmat Limited has announced it will close its trading window for employees and individuals with access to non-public information. This restriction begins on April 1, 2026.
The trading window will remain closed until 48 hours after the company releases its audited financial results for the quarter and full fiscal year ending March 31, 2026. This measure is mandated by SEBI's Prohibition of Insider Trading Regulations, 2015, to prevent the misuse of price-sensitive information and ensure market fairness for all investors.
Tarmat, established in 1986 and headquartered in Mumbai, specializes in infrastructure projects such as highways and airfields, primarily undertaking government contracts. Promoters Jerry Varghese and Dilip Varghese have recently acquired shares, filing disclosures as required.
For the third quarter of fiscal year 2026, Tarmat reported revenue from operations of ₹2,731.08 lakhs. Net profit for the quarter rose to ₹112.66 lakhs. However, a sequential dip in this profit raises questions about earnings sustainability, even with a year-over-year increase.
The company faces scrutiny from its statutory auditors, who have raised concerns regarding the lack of financial data for a Joint Venture and potential issues with consolidation compliance. Past secretarial compliance reports also noted non-compliance with related party transaction disclosures on a consolidated basis, leading to a penalty. Additionally, MarketsMOJO previously issued a 'Strong Sell' recommendation, citing declining net sales. Shareholder equity has also been diluted, with total outstanding shares increasing by 17.6% in the last year.
As a small-cap entity in the construction and engineering sector, Tarmat operates alongside larger peers like Larsen & Toubro Ltd. and IRB Infrastructure Developers Ltd. It often exhibits higher stock volatility and tends to underperform broader market and sector benchmarks.
Investors will now await the date of Tarmat's board meeting where the audited Q4 FY26 and full-year results will be considered. The official announcement of these results will trigger the reopening of the trading window. Market observers will closely monitor the company's performance in light of the auditor concerns and prior financial trends.