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 generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Company has a low return on equity of -7.0% over last 3 years
- Company has a low return on capital employed of -1.5%
- Interest coverage is weak at -3.6x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.61x)
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DLF | 656.40 | 36.55 | 162479.46 | 1.22 | 793.90 | -89.59 | 1280.34 | -52.87 | 6.81 | 49.68 |
| LODHA | 1165.45 | 28.23 | 116454.47 | 0.36 | 1373.10 | 103.39 | 4996.70 | 43.10 | 16.89 | 38.51 |
| PHOENIXLTD | 1897.90 | 53.03 | 67883.68 | 0.13 | 394.51 | 22.95 | 1074.94 | 12.80 | 15.41 | 59.77 |
| PRESTIGE | 1541.85 | 58.31 | 66412.14 | 0.13 | 271.40 | -12.87 | 2675.10 | 15.94 | 11.51 | 31.75 |
| OBEROIRLTY | 1796.30 | 24.84 | 65313.87 | 0.45 | 543.51 | 29.02 | 1300.89 | 31.73 | 17.69 | 56.75 |
| GODREJPROP | 1860.00 | 35.01 | 56028.13 | 0.54 | 349.38 | -41.61 | 506.17 | 16.48 | 8.37 | -57.98 |
| ANANTRAJ | 613.40 | 38.15 | 22074.85 | 0.16 | 149.19 | 18.50 | 631.40 | 6.58 | 12.23 | 29.53 |
| BRIGADE | 662.00 | 31.08 | 21598.36 | 0.23 | 216.94 | 37.35 | 1115.55 | -12.93 | 11.02 | 32.33 |
| ABREL | 1341.65 | 113.30 | 14985.65 | 0.19 | -34.59 | -27.73 | 188.85 | 30.95 | -4.54 | -30.02 |
| SOBHA | 1228.35 | 56.96 | 13137.67 | 0.49 | 50.85 | 273.37 | 1278.15 | 50.03 | 6.96 | 6.07 |
| SIGNATURE | 785.75 | 10.59 | 11054.40 | 0.00 | -16.53 | -148.00 | 551.99 | -36.24 | 34.77 | -8.10 |
| TARC | 129.75 | 0.00 | 3828.87 | 0.00 | 22.65 | -58.23 | 217.13 | 186.07 | 2.31 | 18.51 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 23 | 22 | 6 | 10 | 5 | 1 | 4 | 4 | 0 | 2 | 32 | 2 | 11 | |
| 32 | 30 | 18 | 23 | 10 | 10 | 13 | 71 | 130 | 26 | 29 | 26 | 34 | |
| Operating Profit | -9 | -8 | -13 | -13 | -5 | -9 | -9 | -67 | -130 | -25 | 3 | -25 | -23 |
| OPM % | -37.40% | -38.62% | -213.22% | -136.58% | -108.71% | -1069.41% | -197.93% | -1842.35% | — | -1386.52% | 10.71% | -1308.79% | -218.10% |
| 31 | 30 | 29 | 26 | 26 | 27 | 18 | 23 | 1 | 3 | 2 | 4 | 2 | |
| Interest | 21 | 11 | 12 | 10 | 12 | 47 | 17 | 24 | 13 | 11 | 11 | 10 | 9 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 1 | 10 | 4 | 1 | 8 | -31 | -9 | -69 | -142 | -34 | -6 | -20 | -21 |
| Tax % | 25.68% | -7.96% | 74.62% | 49.65% | 25.67% | 24.52% | 28.05% | -18.33% | 3.18% | 20.96% | 125.51% | 83.71% | -14.43% |
| Net Profit | 1 | 11 | 1 | 1 | 6 | -23 | -6 | -82 | -137 | -27 | 2 | -3 | -24 |
| 0.04 | 0.37 | 0.03 | 0.02 | 0.21 | -0.78 | -0.21 | -2.78 | -4.66 | -0.90 | 0.05 | -0.11 | -0.83 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 107 | 175 | 436 | 197 | 60 | 14 | 36 | 46 | |
| 99 | 164 | 539 | 190 | 100 | 104 | 211 | 115 | |
| Operating Profit | 9 | 11 | -103 | 7 | -39 | -90 | -176 | -69 |
| OPM % | 8.06% | 6.29% | -23.56% | 3.57% | -64.91% | -660.44% | -492.37% | -148.94% |
| 11 | 5 | 25 | 123 | 117 | 94 | 20 | 10 | |
| Interest | 14 | 8 | 52 | 117 | 58 | 101 | 44 | 41 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 |
| Profit before Tax | 3 | 5 | -132 | 12 | 17 | -100 | -202 | -81 |
| Tax % | -65.56% | 6.88% | -11.37% | -21.39% | 19.03% | -4.89% | 18.02% | 35.35% |
| Net Profit | 4 | 5 | -147 | 14 | 14 | -105 | -166 | -53 |
| EPS | 0.15 | 0.17 | -4.97 | 0.49 | 0.46 | -3.57 | -5.61 | — |
| Dividend Payout % | — | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- -27%
- 3 Years:
- -43%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 26%
- 3 Years:
- 12%
- 1 Year:
- -18%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- -6%
- 3 Years:
- -7%
- Last Year:
- -14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0 | 59 | 59 | 59 | 59 | 59 | 59 |
| 1,421 | 1,426 | 1,279 | 1,294 | 1,307 | 1,202 | 1,036 | |
| 1,075 | 1,074 | 864 | 1,446 | 1,453 | 405 | 805 | |
| Trade Payables | 18 | 30 | 30 | 13 | 9 | 20 | 24 |
| 291 | 231 | 209 | 64 | 131 | 1,047 | 595 | |
| Total Liabilities | 2,805 | 2,820 | 2,442 | 2,876 | 2,959 | 2,733 | 2,518 |
| 281 | 286 | 6 | 8 | 10 | 8 | 6 | |
| 566 | 558 | 558 | 558 | 558 | 547 | 513 | |
| 829 | 848 | 498 | 378 | 445 | 677 | 905 | |
| 0 | 0 | 0 | 0 | 484 | 283 | 90 | |
| Cash & Bank | 2 | 4 | 10 | 75 | 7 | 26 | 32 |
| 1,127 | 1,123 | 1,369 | 1,857 | 1,454 | 1,194 | 972 | |
| Total Assets | 2,805 | 2,820 | 2,442 | 2,876 | 2,959 | 2,733 | 2,518 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 72 | 159 | -38 | -28 | -8 | 257 | 423 | |
| Cash from Investing | 56 | 41 | 363 | -386 | 105 | 511 | 126 |
| Cash from Financing | -132 | -196 | -307 | 477 | -165 | -751 | -543 |
| -5 | 3 | 6 | 64 | -67 | 18 | 6 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - 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.
2026-08-11 - TARC Limited has informed the Exchange about Investor Presentation
News
Recent coverage and analyst commentary for TARC
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TARC Ltd.
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