NIRAJ
Niraj Cement Structurals financials
- Market cap
- ₹163 Cr
- Sector
- Construction
What Niraj Cement Structurals Limited does
Niraj Cement Structurals Limited is a Mumbai-headquartered company engaged in infrastructure construction — building highways, expressways, turnkey road projects, bridges and tunnels. It holds no manufacturing facility of its own, operating as an asset-light contractor. Project execution is carried out partly through joint ventures (Niraj-SPPL JV and Jeet-Niraj JV) and, while it builds up a direct order book, through sub-contracting arrangements with other players in the infrastructure market.
Segments
- Infrastructure & road construction
- Joint venture project execution
- Manufacturing facilities
- None — asset-light infrastructure contractor
- Joint ventures for project execution
- 2 (Niraj-SPPL JV; Jeet-Niraj JV)
- Project types executed
- Highways, expressways, turnkey roads, bridges, tunnels
- Execution model
- Sub-contracting to other infrastructure players while building a direct order book
- Registered/head office
- 1 (Chembur, Mumbai)
Quarterly results
Q1 FY27: revenue up 10.4%, net profit up 269.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 138 | 120 | 167 | 94 | 172 +24% | 140 +17% | 135 −19% | 104 +10% |
| EBITDA | 5 | 2 | 8 | -1 | 10 +86% | 7 +180% | 4 −54% | 2 +273% |
| Net profit | 4 | 2 | 8 | 1 | 9 +127% | 6 +175% | 5 −36% | 4 +269% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −42.5% 1Y
1Y: ₹47.38 on 10 Sept 2025 → ₹27.22. High ₹48.76 (12 Sept 2025), low ₹20.73 (30 Mar 2026).
Financials, as filed
Revenue fell 3.7% a year over 3 years, FY23 to FY26. Operating margin widened to 3.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹605 Cr | ₹470 Cr | ₹507 Cr | ₹540 Cr |
| Operating profit | ₹9 Cr | ₹14 Cr | ₹16 Cr | ₹20 Cr |
| Operating margin | 1.5% | 3.0% | 3.2% | 3.6% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹3 Cr |
| Depreciation | ₹1 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr |
| Net profit | ₹4 Cr | ₹10 Cr | ₹15 Cr | ₹22 Cr |
| Net margin | 0.7% | 2.2% | 3.0% | 4.0% |
| Cash from operations | ₹-30 Cr | ₹28 Cr | ₹-83 Cr | ₹-86 Cr |
| Free cash flow | ₹-30 Cr | ₹24 Cr | ₹-87 Cr | ₹-88 Cr |
| ROCE | 6.0% | 12.0% | 11.0% | 11.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹43 Cr | ₹43 Cr | ₹43 Cr | ₹40 Cr | ₹60 Cr | ₹60 Cr |
| Reserves | ₹134 Cr | ₹136 Cr | ₹133 Cr | ₹113 Cr | ₹196 Cr | ₹207 Cr |
| Borrowings | ₹30 Cr | ₹13 Cr | ₹26 Cr | ₹0 Cr | ₹2 Cr | ₹68 Cr |
| Other liabilities | ₹70 Cr | ₹120 Cr | ₹112 Cr | ₹103 Cr | ₹132 Cr | ₹125 Cr |
| Total liabilities | ₹277 Cr | ₹313 Cr | ₹314 Cr | ₹256 Cr | ₹389 Cr | ₹460 Cr |
| Fixed assets | ₹10 Cr | ₹8 Cr | ₹7 Cr | ₹9 Cr | ₹12 Cr | ₹12 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹15 Cr | ₹17 Cr | ₹14 Cr |
| Other assets | ₹253 Cr | ₹290 Cr | ₹293 Cr | ₹231 Cr | ₹360 Cr | ₹434 Cr |
| Total assets | ₹277 Cr | ₹313 Cr | ₹314 Cr | ₹256 Cr | ₹389 Cr | ₹460 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.51 pp while DIIs trimmed −0.50 pp. The shareholder count grew 10% to 14,177.
- Promoters
- 24.9%
- DIIs
- 0.1%
- Public
- 75.0%
Since Jun 2025
- Public +0.51 pp
- DIIs −0.50 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 24.3%, Public 75.7%.Dec '23: Promoters 24.3%, Public 75.7%.Mar '24: Promoters 24.3%, Public 75.8%.Jun '24: Promoters 24.3%, FIIs 0.0%, Public 75.7%.Sep '24: Promoters 24.3%, FIIs 0.1%, Public 75.6%.Dec '24: Promoters 22.5%, Public 77.5%.Mar '25: Promoters 24.9%, Public 75.1%.Jun '25: Promoters 24.9%, DIIs 0.6%, Public 74.5%.Sep '25: Promoters 24.9%, DIIs 0.6%, Public 74.5%.Dec '25: Promoters 24.9%, FIIs 0.1%, Public 75.0%.Mar '26: Promoters 24.9%, FIIs 0.1%, Public 75.0%.Jun '26: Promoters 24.9%, DIIs 0.1%, Public 75.0%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Niraj Cement Structurals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Bylan-Niraj Infra Projects Private Limited | 21.44% | unchanged |
| Chem Logistics & Infra Private Limited | 19.60% | unchanged |
| Gulshan Vijaykumar Chopra | 8.75% | unchanged |
| Dileep Kumar Singh | 7.09% | unchanged |
| Siddhant Gulshan Chopra | 4.66% | unchanged |
| Aishwarya Gulshan Chopra | 4.66% | unchanged |
| Pooja Gulshankumar Chopra | 4.66% | unchanged |
| Asha Vijay Chopra | 2.18% | unchanged |
| Anuj Shantilal Badjate | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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