Tarmat

Name

Tarmat

Legal name

Tarmat Limited

Website

https://tarmat.in

Company type

Public

Founded year

1986

Operating status

Operating

Headcount range

5,001–10,000 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. EPC Infrastructure Contracts: Engineering, Procurement and Construction (EPC) services for infrastructure projects including airport runways, highways, railways, and industrial infrastructure. Revenue is project-based, generated through government contracts, PPP models, and World Bank/Asian Development Bank funded projects.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Tarmat is an infrastructure construction company that provides Engineering, Procurement and Construction (EPC) services for highways, airport runways, railways, and other civil infrastructure projects. The company primarily serves government agencies at central, state, and municipal levels, executing runway construction and resurfacing, national and state highway development, railway track and station construction, port and industrial infrastructure projects, and is foraying into real estate development.

Product overview

Tarmat is an infrastructure construction company offering five core service lines: Airport Runways (runway construction, resurfacing, and CAT-II light installations for airports and military bases), Highways (national and state highway development including four-laning and widening projects), Infrastructure (port, refinery, and industrial area developments), Railways (track construction and signaling for Indian Railways projects), and Real Estate (commercial and residential development). The company operates on an EPC (Engineering, Procurement, and Construction) model and primarily serves government agencies including AAI, MES, NHAI, and state PWDs.

Differentiator

Problem solved

Functional benefit

Products and services

• Airport Runways Construction, resurfacing, extension, and maintenance of runways for domestic and international airports, military airbases, and naval airports. Services include runway strengthening, CAT-II light installations, and apron construction. Clients include AAI, MES, and Indian Navy.
• Highways National and State highway development including four-laning, widening, rehabilitation, and maintenance. Projects span the East West Corridor and Golden Quadrilateral, executed for NHAI under World Bank and Asian Development Bank funding.
• Infrastructure Infrastructure development including port construction, industrial area development, refinery civil works (e.g., BPCL Kochi), power grid substation site development, and road concretization projects for port trusts and industrial development corporations.
• Railways Railway construction services including roadbed construction, major and minor bridges, track linking, outdoor signaling, electrical works, and station buildings for doubling and new railway sections, primarily for Rail Vikas Nigam Limited (RVNL).
• Real Estate Real estate development including commercial and residential projects. First project is a 5 lakh sq ft development at Goregaon, near Oberoi Mall in Mumbai.

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Larsen & Toubro (L&T): India's largest EPC conglomerate spanning roads, airports, metros, buildings, and power. While vastly larger and more diversified, L&T competes with Tarmat on major airport, highway, and rail tenders and is the dominant incumbent in the same Indian EPC market.

Direct peers

• Afcons Infrastructure: Indian EPC and infrastructure contractor executing highways, runways, metros, and marine works for government and PSU clients. Closest direct analogue to Tarmat: shares the runways/highways/civil-infrastructure EPC focus, government tendering model, and Indian operating base.
• Sadbhav Engineering: Indian EPC contractor with significant road and highway execution experience, including BOT and PPP project delivery. Comparable in EPC road-building focus, public-sector client mix, and small-mid cap status.
• Ashoka Buildcon: Highway and road EPC contractor in India with strong NHAI project execution and toll-road BOT exposure. Direct competitor for state and national highway packages that Tarmat also targets.
• Hindustan Construction Company (HCC): Established Indian heavy-construction company active in roads, bridges, tunnels, and hydropower. Overlaps directly with Tarmat on highways, bridges, and heavy-civil EPC work for government and multilateral clients.
• NCC Limited: Diversified Indian EPC contractor active in highways, buildings, water, and electrical projects with strong public-sector client base. Comparable in EPC model, government tender dependency, and mid-tier contractor scale.
• Patel Engineering: Indian EPC contractor executing hydro, tunnels, irrigation, and civil infrastructure projects for government clients. Comparable in civil-infrastructure EPC focus and public-sector contracting model, with overlapping geographies.
• Dilip Buildcon: Highway-specialist EPC and BOT contractor in India, executing large NHAI/state highway packages similar to Tarmat's road portfolio. Direct competitor for the same NHAI and World Bank-funded highway tenders.

Emerging players

• KEC International: Indian EPC contractor centered on power transmission and distribution with selective roads and civil infrastructure work. Partially overlapping EPC model and government/PSU client base, with comparable mid-cap scale.
• IRB Infrastructure Developers: Highway and BOT/toll-road developer-operator in India with overlapping NHAI client relationships. Comparable in highway focus but tilted toward asset-ownership/PPP rather than pure EPC, making it a partial-overlap peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tarmat