TARC Ltd.
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ABOUT
AI Sector View
AI GENERATEDRealty
Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.
PROS
- Company has delivered good profit growth of 25.3% CAGR over last 5 years
- Working capital cycle has improved - days down from 1702 to 793
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Company has a high debt-to-equity of 1.78x
- A large part of profit comes from other income (2769.0% of PBT)
- Company has a low return on equity of -8.0% over last 3 years
- Company has a low return on capital employed of -1.1%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.35x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DLF | 643.60 | 35.83 | 159311.06 | 1.24 | 793.90 | -89.59 | 1280.34 | -52.87 | 6.81 | 49.68 |
| LODHA | 1113.00 | 26.96 | 111226.00 | 0.38 | 1373.10 | 103.39 | 4996.70 | 43.10 | 16.89 | 38.51 |
| PHOENIXLTD | 1891.15 | 52.85 | 67642.25 | 0.13 | 394.51 | 22.95 | 1074.94 | 12.80 | 15.41 | 59.77 |
| PRESTIGE | 1505.00 | 56.92 | 64824.90 | 0.13 | 271.40 | -12.87 | 2675.10 | 15.94 | 11.51 | 31.75 |
| OBEROIRLTY | 1747.40 | 24.16 | 63535.85 | 0.46 | 543.51 | 29.02 | 1300.89 | 31.73 | 17.69 | 56.75 |
| GODREJPROP | 1745.00 | 32.85 | 52564.02 | 0.57 | 349.38 | -41.61 | 506.17 | 16.48 | 8.37 | -57.98 |
| ANANTRAJ | 599.05 | 37.26 | 21558.43 | 0.17 | 149.19 | 18.50 | 631.40 | 6.58 | 12.23 | 29.53 |
| BRIGADE | 638.90 | 30.00 | 20844.71 | 0.24 | 216.94 | 37.35 | 1115.55 | -12.93 | 11.02 | 32.33 |
| ABREL | 1284.65 | 108.49 | 14348.99 | 0.19 | -34.59 | -27.73 | 188.85 | 30.95 | -4.54 | -30.02 |
| SOBHA | 1217.35 | 56.45 | 13020.02 | 0.49 | 50.85 | 273.37 | 1278.15 | 50.03 | 6.96 | 6.07 |
| SIGNATURE | 762.15 | 10.27 | 10722.39 | 0.00 | -16.53 | -148.00 | 551.99 | -36.24 | 34.77 | -8.10 |
| TARC | 131.35 | 0.00 | 3876.09 | 0.00 | 22.65 | -58.23 | 217.13 | 186.07 | 2.31 | 18.51 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 63 | 30 | 9 | 9 | 8 | 4 | 9 | 12 | 76 | 7 | 38 | 209 | 217 | |
| 22 | 39 | 28 | 26 | 23 | 29 | 21 | 95 | 196 | 43 | 57 | 317 | 197 | |
| Operating Profit | 41 | -9 | -19 | -17 | -15 | -24 | -11 | -84 | -120 | -36 | -18 | -108 | 20 |
| OPM % | 65.32% | -31.59% | -199.46% | -177.74% | -177.74% | -566.36% | -119.57% | -707.61% | -158.51% | -518.78% | -47.45% | -51.93% | 9.39% |
| 2 | 5 | 1 | 1 | 1 | 1 | 2 | 2 | 219 | 27 | 4 | 91 | 2 | |
| Interest | 34 | 12 | 10 | 29 | 13 | 49 | 19 | 25 | 15 | 11 | 11 | 15 | 18 |
| Depreciation | 1 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 2 | 2 | 2 | 3 | 2 |
| Profit before Tax | 7 | -18 | -28 | -47 | -28 | -76 | -31 | -109 | 81 | -22 | -28 | -17 | 22 |
| Tax % | 5.07% | 105.85% | -18.05% | -10.04% | -11.12% | 11.06% | 7.84% | 3.83% | 33.45% | 28.45% | 23.72% | 109.44% | -3.04% |
| Net Profit | 0 | 0 | 0 | 0 | -31 | -67 | -29 | -105 | 54 | -16 | -21 | 2 | 23 |
| 0.24 | 0.04 | -1.13 | -1.75 | -1.04 | -2.28 | -0.97 | -3.54 | 1.84 | -0.53 | -0.71 | 0.05 | 0.77 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 137 | 191 | 251 | 369 | 111 | 34 | 330 | 471 | |
| 112 | 191 | 435 | 209 | 139 | 167 | 661 | 613 | |
| Operating Profit | 25 | -0 | -184 | 160 | -28 | -133 | -331 | -142 |
| OPM % | 18.54% | -0.12% | -73.60% | 43.28% | -24.88% | -394.65% | -100.34% | -30.11% |
| 72 | 30 | 50 | 6 | 10 | 5 | 410 | 124 | |
| Interest | 25 | 21 | 86 | 117 | 62 | 106 | 54 | 55 |
| Depreciation | 8 | 8 | 9 | 7 | 6 | 9 | 10 | 10 |
| Profit before Tax | 65 | 1 | -229 | 41 | -86 | -243 | 15 | -45 |
| Tax % | 17.94% | -565.79% | -1.49% | 50.49% | 10.43% | 4.89% | -28.59% | 71.93% |
| Net Profit | 53 | 6 | -233 | 20 | -77 | -231 | 19 | -13 |
| EPS | 1.80 | 0.21 | -7.89 | 0.69 | -2.61 | -7.84 | 0.65 | — |
| Dividend Payout % | — | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 12%
- 3 Years:
- -4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 25%
- 3 Years:
- -2%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 27%
- 3 Years:
- 15%
- 1 Year:
- -17%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- -8%
- 3 Years:
- -8%
- Last Year:
- 2%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0 | 59 | 59 | 59 | 59 | 59 | 59 |
| 1,499 | 1,505 | 1,273 | 1,293 | 1,216 | 984 | 1,003 | |
| 1,319 | 1,343 | 1,184 | 1,389 | 1,396 | 1,137 | 1,620 | |
| Trade Payables | 28 | 52 | 42 | 24 | 25 | 60 | 77 |
| 386 | 346 | 324 | 316 | 692 | 1,884 | 1,724 | |
| Total Liabilities | 3,231 | 3,305 | 2,881 | 3,082 | 3,387 | 4,124 | 4,483 |
| 629 | 630 | 453 | 662 | 660 | 684 | 689 | |
| Capital Work in Progress | 73 | 0 | 0 | 0 | 0 | 0 | 0 |
| 138 | 138 | 68 | 68 | 68 | 68 | 0 | |
| 829 | 848 | 1,065 | 1,106 | 1,385 | 1,951 | 2,396 | |
| 0 | 0 | 0 | 0 | 6 | 10 | 7 | |
| Cash & Bank | 3 | 15 | 28 | 115 | 67 | 52 | 81 |
| 1,558 | 1,674 | 1,267 | 1,130 | 1,201 | 1,359 | 1,310 | |
| Total Assets | 3,231 | 3,305 | 2,881 | 3,082 | 3,387 | 4,124 | 4,483 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 122 | 139 | -70 | -67 | 158 | 42 | 191 | |
| Cash from Investing | 17 | 23 | 367 | 75 | -39 | -68 | 275 |
| Cash from Financing | -143 | -161 | -279 | 96 | -166 | 15 | -436 |
| -9 | 6 | 7 | 89 | -47 | -11 | 29 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - TARC Limited has informed the Exchange about General Updates
2026-09-08 - TARC Limited has informed the Exchange about receipt of In Principle approval from BSE Limited in respect of amendment of the redemption schedule of the Debenture Trustee Deed
2026-08-29 - TARC Limited has informed the Exchange about letters to shareholders providing web link to access the Annual Report and Notice of AGM.
2026-08-29 - TARC Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-27 - TARC Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 19, 2026
2026-08-24 - TARC Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - TARC Limited has informed the Exchange about Resignation of Statutory Auditor
2026-08-13 - TARC Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - TARC Limited has informed the Exchange regarding Resignation of Doogar & Associates as the statutory auditors of TARC Projects Limited, a material subsidiary of the Company, vide its letter dated August 12, 2026.
News
Recent coverage and analyst commentary for TARC
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TARC Ltd.
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