Tarmat Limited announced its unaudited financial results for the third quarter ended December 31, 2025, demonstrating strong operational performance across key financial metrics. The Mumbai-based construction and infrastructure company reported significant improvements in both revenue and profitability compared to the corresponding period in the previous fiscal year.

Financial Performance Overview

The company's financial results for Q3 FY26 show robust growth across multiple parameters:

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, Tarmat Limited maintained its growth trajectory with consistent performance improvements. Revenue from operations reached ₹7,491.37 lakhs compared to ₹6,349.12 lakhs in the corresponding nine-month period of FY25. The company achieved a net profit of ₹328.51 lakhs for the nine-month period, substantially higher than ₹129.83 lakhs in the previous year.

Operational Efficiency and Cost Management

The company's expense structure reflects effective cost management strategies. Total expenses for Q3 FY26 stood at ₹2,629.03 lakhs, with major components including cost of materials consumed at ₹1,217.18 lakhs and construction expenses at ₹919.59 lakhs. Employee benefit expenses were ₹292.27 lakhs, while finance costs increased to ₹41.00 lakhs from ₹11.25 lakhs in the previous year quarter.

Board Meeting and Corporate Governance Updates

During the Board meeting held on February 5, 2026, which commenced at 2:30 PM and concluded at 3:30 PM, directors approved revisions to several key corporate policies:

These updated policies have been uploaded to the company's website at www.tarmatlimited.com , demonstrating the company's commitment to enhanced corporate governance standards.

Auditor's Review and Compliance

Hegde & Associates Chartered Accountants conducted a limited review of both standalone and consolidated financial results. The auditors issued an unqualified review report, though they noted an emphasis of matter regarding the company's investment in Backbone-Tarmat-AI Fara'a joint venture amounting to ₹783.02 lakhs, where fair value determination was challenging due to non-availability of financial information.

The company operates in a single segment and prepares its financial statements in accordance with Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013. Both standalone and consolidated results show identical figures, indicating the company's focused operational structure.

Tarmat Limited has seen a significant increase in shareholding by Arton Global, catching the attention of market observers. Arton Global acquired an additional 3.65% stake in Tarmat through a series of open market purchases, elevating its total shareholding from 2.02% to 5.67%.

Acquisition Details

The stake increase was executed through multiple transactions over a span of several weeks. Here's a breakdown of the acquisition:

Impact and Implications

This substantial increase in shareholding by Arton Global raises several points of interest:

1. Non-Promoter Investment: Arton Global is not part of Tarmat's promoter group, indicating a significant external investment in the company.

2. Market Confidence: The decision to increase stake might be seen as a vote of confidence in Tarmat's future prospects or current valuation.

3. Regulatory Compliance: As per SEBI regulations, Arton Global has duly disclosed this acquisition, demonstrating adherence to regulatory requirements.

Company Overview

Tarmat Limited maintains its total equity share capital at 2.40 crore shares.

Disclosure and Transparency

In line with regulatory requirements, Arton Global has filed the necessary disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This disclosure was addressed to both BSE Limited and the National Stock Exchange of India Limited, ensuring transparency in the transaction.

While this acquisition marks a notable change in Tarmat's shareholding pattern, it's important for investors to conduct their own research and consider various factors before making investment decisions based on this development.