ChiraharitShare price, financial results, shareholding and management
- Market cap
- ₹60 cr
- Stock P/E
- 2980.9peers 30.4
- Book value
- ₹6.1
- Price to book
- 1.78
- EV / operating profit
- -
- Market cap to sales
- 1.09
- ROCE · FY26
- 3.9%
- ROE · FY26
- 0.1%
- ROE, 3-year average
- 38.0%
- Operating margin · FY26
- 2.7%peers 14.0%
- Sales growth, 3 years
- 18.6%
- Profit growth, 3 years
- -63.8%
- Debt to equity
- 0.33peers 0.49
- Borrowings
- ₹11 cr
- Interest cover
- 1.4×
- Cash from business / op. profit
- 146%
- Debtor days
- 122
- Pledged
- 0.00%
- Promoter holding
- 73.00%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 968
- 52-week high / low
- ₹13 / ₹5
- Dividend yield
- 0.00%
- Face value
- ₹1
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Chiraharit share price chart
Close on 6 Nov 2026 · -0.18% on the day · Vol 24,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +5.5%
- 3 months
- +43.5%
- 6 months
- +6.4%
- 1 year
- -15.7%
- Traded a day, 20 days
- ₹0.04 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -8% | -100% |
| 3 years, a year | +19% | -64% |
| Latest half, H2 FY26 | +31% | -39% |
About Chiraharit: business, products and customers
Chiraharit builds piped water systems: the pipes and pumps that wash dust off solar panels at large solar plants, carry water to factories and townships, and irrigate farms. Its shares trade on BSE SME.
Chiraharit is a turnkey contractor based in Hyderabad. It designs a water network, buys the pipes, pumps, tanks and controls, lays and joins them on site and hands the working system over. Its largest line is water-based cleaning systems for utility-scale solar plants, built so that every panel feeding one inverter is washed in the same cycle; it also lays industrial and township pipelines, installs drip, sprinkler and Center Pivot irrigation, and has built the civil and piping work of a compressed bio-gas plant.
Because most of a contract's value is material bought in, revenue swings with the mix of work. In FY26 several large pipeline jobs were mostly supplied goods, while lower solar cleaning work meant less engineering and installation income; the company gives that shift, plus prices cut to keep teams busy and an early monsoon, as the main reason profit fell. Customers pay against jointly measured work, so money stays tied up in unpaid bills between milestones.
Read more about the business
Two group companies supply much of the pipe: Malaxmi Polymers, two thirds owned, makes HDPE pipe in Telangana, and Vasavi Building Materials, wholly owned, trades PVC and CPVC pipes. A plant for HDPE valves and fittings is being built on the company's own plot with part of the IPO money. Work has begun abroad, with a first irrigation export to Uganda and an order for two Center Pivot systems in Tanzania.
The offer document names Polysil Irrigation Systems, a listed maker of irrigation systems, as its only listed peer and says even that one is not strictly comparable; it also says pipe manufacturers compete for the same installation work.
From the offer document (Prospectus, September 2025) and the FY26 annual report.
Read the deeper study ↓In its favour
- It brings in more cash than it shows as profit: ₹2.2 cr against ₹0 cr in FY26.
- The promoters own a large part of the company: 73.00%.
To watch
- Field trials of the robotic panel cleaning system and the commercial launch the company is aiming for in FY27 (Annual report FY26, p.57).
- Machinery and start of the HDPE valves and fittings plant, paid for partly by the IPO (Annual report FY26, p.61; Offer document, p.76).
- Delivery of the two Center Pivot systems ordered for Tanzania and the Hissar order of September 2026 (Annual report FY26, p.60; exchange announcement, 19 September 2026).
- The losses at Malaxmi Polymers, whose net worth turned negative in FY26 (Annual report FY26, p.61).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Chiraharit revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Chiraharit half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 32.68 | 26.93 | 19.54 | 35.32 |
| Expenses | 26.69 | 23.16 | 19.86 | 33.50 |
| Operating profit | 5.99 | 3.77 | -0.32 | 1.82 |
| OPM | 18.3% | 14.0% | -1.6% | 5.2% |
| Interest | 0.56 | 0.69 | 0.65 | 0.39 |
| Depreciation | 0.16 | 0.14 | 0.18 | 0.18 |
| Profit before tax | 5.27 | 3.11 | -1.10 | 1.50 |
| Net profit | 3.81 | 2.21 | -1.33 | 1.35 |
Chiraharit profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 10.96 | 24.43 | 32.89 | 30.57 | 59.61 | 54.86 |
| Expenses | 10.40 | 22.81 | 31.20 | 28.21 | 49.86 | 53.37 |
| Operating profit | 0.56 | 1.62 | 1.69 | 2.36 | 9.75 | 1.49 |
| OPM | 5.1% | 6.6% | 5.1% | 7.7% | 16.4% | 2.7% |
| Other income | 0.06 | 0.05 | 0.14 | 0.01 | 0.17 | 0.30 |
| Interest | 0.25 | 0.29 | 0.63 | 0.92 | 1.25 | 1.03 |
| Depreciation | 0.11 | 0.10 | 0.24 | 0.31 | 0.30 | 0.36 |
| Profit before tax | 0.26 | 1.28 | 0.96 | 1.14 | 8.37 | 0.40 |
| Tax rate | 30.8% | 26.6% | 56.3% | 47.4% | 28.1% | 94.7% |
| Net profit | 0.19 | 0.94 | 0.42 | 0.60 | 6.02 | 0.02 |
| EPS ₹ | 0.76 | 3.76 | 1.68 | 2.40 | 1.50 | 0.02 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
A tax rate above 60% or below zero (FY26) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY26 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Chiraharit profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 5.1% | 6.6% | 5.1% | 7.7% | 16.4% | 2.7% |
| Tax rate | 30.8% | 26.6% | 56.3% | 47.4% | 28.1% | 94.7% |
| ROCE | · | 13.1% | 9.6% | 10.8% | 38.9% | 3.9% |
| ROE | · | 65.5% | 18.8% | 20.4% | 93.5% | 0.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Chiraharit debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Chiraharit balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.25 | 0.25 | 0.25 | 0.25 | 4 | 5.48 |
| Reserves | 0.72 | 1.65 | 2.32 | 3.06 | 5.57 | 27.68 |
| Net worth | 0.97 | 1.90 | 2.57 | 3.31 | 9.57 | 33.16 |
| Borrowings | 8.46 | 12.71 | 15.93 | 16.30 | 20.22 | 11 |
| Other liabilities | 1.83 | 3.79 | 4.21 | 6.16 | 10.76 | 11.44 |
| Total liabilities | 11.26 | 18.40 | 22.71 | 25.77 | 40.55 | 55.60 |
| Fixed assets | 0.34 | 0.34 | 6.07 | 5.93 | 6.07 | 6.24 |
| Capital work in progress | 1.68 | 6.66 | 2.07 | 2.34 | 2.97 | 5.02 |
| Investments | 0.99 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 8.25 | 11.40 | 14.57 | 17.50 | 31.51 | 44.34 |
Chiraharit cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 2.35 | -3.74 | 1.01 | 1.77 | 2.22 | 2.17 |
| Cash from investing | -2.83 | -3.72 | -1.34 | -0.15 | -4.70 | -4.90 |
| Cash from financing | -0.25 | 8.11 | -0.48 | -1.36 | 2.82 | 13.23 |
| Net cash flow | -0.73 | 0.65 | -0.81 | 0.26 | 0.34 | 10.50 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 186 | 99 | 80 | 125 | 112 | 122 |
| Inventory days | 33 | 34 | 48 | 53 | · | · |
| Days payable | 60 | 69 | 58 | 79 | · | · |
| Cash conversion cycle | 158 | 64 | 70 | 99 | 112 | 122 |
| Working capital days | -72 | 44 | 36 | 40 | 31 | 84 |
Chiraharit peers and competitors
Listed SME companies in the same industryBy sales, Chiraharit is number 49 of the 58 listed SME companies in construction.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Oneindig Technologies | 140 | 23.0 | 71.1 | 6.1 | 17.5% | 2.23 |
| Promax Power | 39 | 45.1 | 70.7 | 0.9 | 4.5% | 0.97 |
| NACDAC Infrastructure | 25 | 5.6 | 63.2 | 4.4 | 9.3% | 0.27 |
| Popular Foundations | 56 | 55.7 | 61.8 | 1 | 3.7% | 0.33 |
| Chiraharit | 60 | 2980.9 | 54.9 | 0 | 2.7% | 0.33 |
| Samay Project Services | 67 | 9.9 | 50.2 | 6.8 | 14.9% | 0.09 |
| Suyog Gurbaxani Funicular Ropeways | 196 | 33.0 | 49.3 | 6 | 49.8% | 4.17 |
| Mewar Hi-Tech Engineering | 25 | 28.2 | 47.3 | 0.9 | 13.1% | 1.90 |
| Manav Infra Projects | 51 | 12.7 | 41.6 | 4 | 16.0% | 0.47 |
| Telge Projects | 231 | 36.8 | 40.2 | 6.3 | 22.7% | 0.23 |
| Agni Green Power | 28 | 32.6 | 38.6 | 0.8 | 10.0% | 0.51 |
| Median of the 10 others | 54 | 30.4 | 49.7 | 4.2 | 14.0% | 0.49 |
Chiraharit shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Chiraharit shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Oct 25 | Mar 26 | |
|---|---|---|
| Promoters | 73.00% | 73.00% |
| Number of shareholders | 1,080 | 968 |
Chiraharit study: the business from its own documents
Read from 3 of the company's own documentsChiraharit so far
From the company's own record
- 19 Sept 2026An order announced
- 22 Sept 2026An order announced
- 31 March 2026Promoters at 73.00%
- 8 Oct 2025Highest close since listing, ₹15.96
Chiraharit key facts from the filings
Each figure with the document it comes from
- Solar plant track record
- 200+ projects
- Panel cleaning systems completed over about six years at solar plants of more than 15,000 MW in 18 states.Annual report FY26, p.6 and p.57
- Solar cleaning share
- 59.0% → 44.4%
- Still the largest line in FY26, but its revenue fell by about three tenths.Annual report FY26, p.56
- Pipeline share
- 17.7% → 39.1%
- Industrial and township water pipelines more than doubled in FY26, mostly material supply.Annual report FY26, p.56 to 57
- Direct costs
- 70.7% → 81.7%
- Share of revenue taken by project costs, FY25 to FY26; this alone explains about two thirds of the fall in pre-tax profit.Annual report FY26, p.62
- Top ten customers
- 72.0%
- Share of FY25 revenue; the single largest customer was 20.9%, down from 40.8% a year earlier.Offer document, p.138
Show 5 more facts
- Order book
- ₹51.4 cr
- Orders in hand at 31 August 2025, the last figure the company has published.Offer document, p.134
- IPO money
- ₹21.2 cr of ₹31.1 cr
- Used by March 2026; the remaining ₹9.9 cr sat in bank deposits.Annual report FY26, p.27
- Pipe subsidiary
- Negative net worth
- Malaxmi Polymers lost ₹0.55 cr in FY26 and its losses now exceed its share capital.Annual report FY26, p.61
- Center Pivot irrigation
- 6 trial systems
- Installed at three public farm research institutes in FY26; a new ₹0.60 cr order including GST came from the Hissar testing institute.Annual report FY26, p.58; exchange announcement, 19 September 2026
- First exports
- ₹1.6 cr
- Foreign exchange earned in FY26 from an irrigation system for a farm in Uganda.Annual report FY26, p.60
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it will be more selective about projects, putting margins, cash and timely completion ahead of size. It says a robotic panel cleaning system, developed with an outside partner under a memorandum of understanding, is to go into field trials, with a commercial launch aimed at FY27 if the trials succeed. Civil works at the valves and fittings plant are finished and machinery is being chosen. After the year ended it won an order for two Center Pivot systems in Tanzania; it says it has no orders yet from the new national bio-gas scheme and gives no timing for any.
| What management said | When | What happened |
|---|---|---|
| All ₹31.1 cr of IPO money to be used in FY26 | Offer document, September 2025 | ₹21.2 cr used by March 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Chiraharit earns its money designing and laying piped water systems, mainly panel cleaning networks for large solar plants, buying in most of the material and adding its engineering and site work.
Its weak spots are thin margins when contracts are mostly material, a few big customers, slow collections and a main product line that may shift to waterless cleaning.
WatchCan it set its own prices?Prices are set by tender and auction, and the company accepted lower prices in FY26 to keep its teams busy.
AverageHow strong is it against rivals?A long record with big solar developers brings repeat work, but the field is crowded and easy to enter.
WatchWho are its customers?Large private solar developers, contractors and industrial groups, but a handful of them bring most of the money.
AverageDoes it need a lot of money?Few machines are needed, but unpaid bills tie up cash; the IPO paid down most borrowing.
AverageCan it keep finding new work?Solar plant owners keep ordering, and pipelines, irrigation and exports are growing, but its biggest line faces a move to waterless cleaning.
WatchDo good and bad years swing a lot?Revenue comes project by project, so the mix of work and the weather can change profit sharply from one year to the next.
Who runs Chiraharit?
Promoters, directors and officers; tap a name for the background
PKPavan Kumar BangPromoter, Managing Director and Chief Executive Officer · holds 14.60%
A graduate in agricultural sciences with a post-graduate diploma in agri-business management from MANAGE, Hyderabad, with more than 20 years of experience. Began at Coromandel Fertilisers, then worked at ICICI Bank, at ITC on its first fruit and vegetable cash-and-carry outlets, and at IL&FS on common infrastructure projects. On the board since 2012 and Managing Director since April 2024.
Offer document, p.161 and p.164; Annual report FY26, p.10TYTejaswini YarlagaddaPromoter and Non-Executive Director · holds 52.56%
Holds an MA, M.Phil. and Ph.D. in history from the University of Hyderabad; advises the executive team on human resources, administration and direction. Director of a number of Malaxmi group companies and Managing Trustee of Pleach India Foundation.
Offer document, p.162 to 163 and p.165; Annual report FY26, p.10VRVenkata Ramana Reddy GaggenapalliPromoter, Executive Director and Chief Technology Officer · holds 5.84%
An agricultural engineer with a B.Tech and M.Tech from Acharya N. G. Ranga Agricultural University and over three decades in irrigation and water management. Joined in 2016 and leads technology and engineering; chairs the Telangana chapter of the Indian Society of Agricultural Engineers.
Offer document, p.162 and p.164; Annual report FY26, p.10VCVenkata Chakrapani ChaturvedulaIndependent Director
A cost accountant with a Ph.D. in management; Professor and Dean (Academics) at IMT Hyderabad, teaching corporate finance, derivatives and investments. Appointed in December 2024.
Offer document, p.163 and p.165AKAnantha Krishna NageshwaraIndependent Director
A commerce graduate with an MBA from the University of Texas at Arlington and more than 20 years in business systems, leading ERP and SAP programmes. Appointed in December 2024.
Offer document, p.164 to 165Chiraharit latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹35.3 cr (+31%), net profit ₹1.4 cr (-39%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 73.00%.
- 22 Sept 2026: an order announced.
- 19 Sept 2026: an order announced.
Chiraharit announcements
7 on record, latest first; each opens the filing on the exchange
- Insider Trading / SASTThe Exchange has received the disclosure under Regulation 10(7) in respect of acquisition under Regulation 10(1)(a)(iii)of SEBI (Substantial Acquisition of SharPDF ↗
- Company UpdateWe hereby submit the intimation regarding non-applicability of the Compliance Certificate under Regulation 74 (5) of the SEBI DP Regulations 2018, as received fPDF ↗
- Insider Trading / SASTWe wish to inform your esteemed organization that the trading window for dealing in securities of Chiraharit Limited (''the Company'') will be remained closed fPDF ↗
- AGM/EGMWe wish to inform your esteemed organization that the 20th Annual General Meeting of the Company was held on Thursday, 24th September 2026 at 11:00 AM through VPDF ↗
- Company UpdateWe wish to inform your esteemed organization that the Company has received a Purchase Order from Larsen and Toubro Limited for Supply of Pipes and Fittings of SPDF ↗
- Company UpdateWe wish to inform your esteemed organization that the Company has received a purchase order from Northern Region Farm Machinery Training & Testing Institute, PDF ↗
- Company UpdatePursuant to Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015, please find enclosed herewith the disclosure in Form ''"C" as received fPDF ↗
Chiraharit annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Chiraharit share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Chiraharit's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (5,47,96,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹2.40) and FY25 (₹1.50) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Chiraharit
What does Chiraharit do?
Chiraharit builds piped water systems: the pipes and pumps that wash dust off solar panels at large solar plants, carry water to factories and townships, and irrigate farms. Its shares trade on BSE SME.
What is the share price of Chiraharit?
₹10.9 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Chiraharit?
₹60 cr at the close on 6 Nov 2026, on 5,47,96,000 shares.
What is the P/E of Chiraharit?
2980.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Chiraharit's revenue and profit?
Revenue ₹55 cr and profit after tax ₹0 cr in FY26.
Who are the promoters of Chiraharit?
Pavan Kumar Bang, Tejaswini Yarlagadda, Venkata Ramana Reddy Gaggenapalli; promoters held 73.00% at 31 March 2026.
What is Chiraharit's website?
www.chiraharit.com
More SME companies like Chiraharit
Other listed SME companies in construction, the closest in size first, each read from its own documents.
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- Mayasheel VenturesMAYASHEEL · NSE Emerge · Construction · listed 2025Market cap ₹58 cr
- Rudra Gas EnterpriseRUDRAGAS · BSE SME · ConstructionMarket cap ₹57 cr
- Rachana InfrastructureRILINFRA · NSE Emerge · Construction · listed 2022Market cap ₹63 cr
- Readymix Construction MachineryREADYMIX · NSE Emerge · Construction · listed 2025Market cap ₹55 cr
- Popular FoundationsPFL · BSE SME · ConstructionMarket cap ₹52 cr
Built from 2 annual reports, 1 offer document, 7 exchange announcements, 2 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.