Tirupati Sarjan Limited

Real Estate — Real Estate - Development · BSE

₹7.84+₹0.05 (+0.64%)

DalalBaazaar Score

61 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Thin profit margins are the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

Company site ↗

The 60-second version of Tirupati Sarjan Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Tirupati Sarjan Limited engages in the civil construction and real estate development businesses in India. The company is involved in the development of residential, commercial, and government projects.

IndustryReal Estate - Development

SectorReal Estate

Employees102

Annual revenue₹216 Cr

How does it make money?

Turns over ₹216 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹5 left at the operating level before interest, tax and depreciation. Each of its 102 employees supports ₹2.12 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.12 Cr

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 7.8% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE10.3%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +38% while net margin moved +13% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+38%

Margin effect+13%

DalalBaazaar Score

61/ 100

Good

Weighted across six categories. Every point is explained below.

✗ ROE of 5.0% is weak

Quality vs. Valuation

Company Quality

55/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

88/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

5.2x

3Y Median

11.4x

40 monthly readings · mean 10.9x · range 4.2x–17.6x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 55% below its 3y median of 11.4x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 83% below the peer median of 30.2x.

vs. its own history

Cheap

11.4x median over 40 months · -55%

vs. sector peers

Cheap

30.2x median of 3 peers · -83%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

5.5x

PEG

0.32

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 28% over 3 years.
Cash generation is improving
Free cash flow is up 51% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 watch

🟡Margins are compressingFinancial
EBITDA margin is down 2.5 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 28% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 55% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 83% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹5 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 7.8% to 5.2%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 3.6x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 9% a year✓ 11.4% CAGR
Latest reported year was 6.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 3%✓ 5.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 3.6x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Interest cover stays above 3x✗ 2.9x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹5 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

7 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹26 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

5.2x

Cheap

Cheap against the generic band

P/B Ratio

0.28x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.52

Profitable

Profitable on a per-share basis

ROE

5.0%

Weak

Weak capital efficiency

ROCE

7.8%

Weak

Low return on total capital employed

Debt/Equity

0.43x

Low

Conservative leverage

Revenue Growth (YoY)

6.1%

Modest

Modest growth

Profit Growth (YoY)

28.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹5 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

8.9%

Average

Average margins

Net Margin

2.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.63

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.75

Defensive

Steadier than the market

52W Range Position

19%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

8.0 / 8.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

36.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹156 Cr	₹193 Cr	₹220 Cr	₹216 Cr	+11.4%
EBITDA	₹12 Cr	₹13 Cr	₹13 Cr	₹11 Cr	-2.3%
EBITDA Margin	7.8%	6.9%	5.9%	5.2%	—
PAT (Net Profit)	₹3 Cr	₹4 Cr	₹5 Cr	₹5 Cr	+16.2%
EPS	₹0.92	₹1.2	₹1.56	₹1.44	+16.1%
ROE	3.8%	4.7%	5.8%	5.0%	—
ROCE	9.1%	9.0%	9.2%	7.8%	—
Total Debt	₹56 Cr	₹60 Cr	₹47 Cr	₹40 Cr	-10.4%
Free Cash Flow	₹3 Cr	₹4 Cr	₹16 Cr	₹5 Cr	+14.8%

🟢 Revenue has grown at 11.4% a year over 3 years.

🔴 EBITDA has shrunk at 2.3% a year over 3 years.

🔴 EBITDA Margin has fallen from 7.8% to 5.2% over 3 years (-2.5 pts).

🟢 PAT (Net Profit) has grown at 16.2% a year over 3 years.

🟢 EPS has grown at 16.1% a year over 3 years.

🟢 ROE has risen from 3.8% to 5.0% over 3 years (+1.3 pts).

🔴 ROCE has fallen from 9.1% to 7.8% over 3 years (-1.3 pts).

🟢 Total Debt has shrunk at 10.4% a year over 3 years.

🟢 Free Cash Flow has grown at 14.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹186 Cr

Total Liabilities

₹92 Cr

Cash & Equivalents

₹4 Cr

Operating Cash Flow

₹8 Cr

Capex

-₹3 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

56.3%

Corporate Actions

Ex-Dividend Date

19 Sept 2018

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 mixed5 general

Tirupati Sarjan Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 31 Aug

Tirupati Sarjan shareholders approve director re-appointments at 31st AGM

scanx.trade, 02 Oct

Tirupati Sarjan AGM on Sept 30 to approve director appointments

scanx.trade, 07 Sept

Shyamkamal Investments reports standalone net profit of Rs 0.39 crore in the June 2026 quarter

Business Standard, 14 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

CITADEL Stock Price and Chart — BSE:CITADEL

TradingView, 18 Sept

Tirupati Sarjan (BSE:531814) - Stock Analysis

Simply Wall Street, 27 Mar

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Valuation

MiddlingRisk

WeakBusiness Quality · Profitability

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x · see Key things to watch ↑