Thacker & Company Ltd.

•

thacker.co.inBSE: 509945NSE: THACKER

Market Cap₹ 120 Cr.

Current Price

High / Low₹ 1,690 / 950

Stock P/E6.3

Book Value₹ 1,516

Price to Book0.50

Dividend Yield0.00 %

ROCE2.5 %

ROE2.0 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Business Centre: 59.9% • Investment & Finance: 40.1%

AI Sector View

AI GENERATED

Oil Gas & Consumable Fuels

Reduce

Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

View full sector analysis →

PROS

Company is almost debt free
Promoters have been increasing their shareholding - up 4.6pp over 2 years
Company has consistently been profitable over the last 5 years
Company generates healthy free cash flow

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (86.5% of PBT)
Company has a low return on capital employed of 2.8%
Company has a low return on equity of 2.1% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.69x)
Company's sales have been declining over the last five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Oil Gas & Consumable FuelsTradingTrading

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ADANIENT	2936.00	53.39	397452.96	0.04	-1461.54	-249.67	32923.98	49.92	13.30	15.57
2.	PREMIERENE	998.00	27.21	45304.36	0.10	471.92	53.32	2462.59	35.25	33.72	29.03
3.	AEGISLOG	1270.55	35.64	44596.31	0.68	544.84	210.70	2356.86	37.07	19.76	30.28
4.	CPPLUS	3705.90	91.86	43840.96	0.04	142.20	332.51	1402.42	89.51	29.48	14.52
5.	REDINGTON	371.40	17.07	29035.10	1.62	453.49	94.65	34922.47	34.57	18.96	2.03
6.	HONASA	470.75	61.67	15347.59	0.64	90.45	118.87	755.95	27.00	8.99	14.58
7.	LLOYDSENT	74.20	100.87	11327.02	0.20	109.98	-55.77	563.03	70.15	12.84	18.07
8.	SGMART	826.10	83.74	10411.77	0.00	45.58	41.07	1308.57	14.41	10.43	4.49
9.	MMTC	64.18	21.52	9627.00	0.00	104.24	135.52	0.68	-50.00	33.46	-1423.53
10.	ENTERO	1827.20	63.41	7952.54	0.00	52.05	72.17	1940.50	38.23	10.93	5.00
11.	CELLO	342.50	24.69	7724.69	0.44	73.40	-8.99	526.72	-0.43	17.15	18.80
12.	THACKER	1100.00	6.33	119.65	0.00	6.10	-90.36	1.17	117.22	2.50	555.07

Detailed Comparison with:

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
	1	1	1	1	1	1	1	1	1	1	1	1	1
	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Profit	0	1	0	0	0	0	0	1	0	0	0	0	1
OPM %	76.47%	78.87%	70.59%	68.63%	70.37%	75.00%	65.28%	89.15%	68.52%	68.52%	70.97%	73.02%	65.73%
	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	1	2	1	1	1	2	1	1	1	2	1	1	6
Tax %	16.98%	18.12%	34.55%	136.36%	18.64%	22.64%	23.61%	9.86%	19.18%	21.82%	19.23%	20.00%	2.26%
Net Profit	0	0	0	0	52	62	38	58	63	45	39	44	6
	22.78	40.93	47.06	55.47	47.47	57.02	34.89	53.00	58.14	41.75	35.63	40.26	56.06

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	5	3	3	5	5	5	3	2	3	2	3
	4	3	3	3	3	3	1	1	1	1	1
Operating Profit	1	-0	-0	1	2	2	2	2	2	2	2
OPM %	12.74%	-2.16%	-7.97%	29.75%	38.82%	39.42%	60.75%	73.69%	77.65%	70.94%	68.88%
	0	4	3	3	2	3	3	3	3	4	0
Interest	1	0	0	0	0	0	0	0	0	0	0
Depreciation	0	3	2	2	2	2	2	1	1	1	1
Profit before Tax	0	1	-0	2	2	4	4	3	4	4	9
Tax %	382.30%	11.39%	-43.69%	15.02%	23.55%	17.50%	21.30%	41.18%	18.16%	20.54%	8.56%
Net Profit	-0	1	-0	2	2	3	3	2	4	3	9
EPS	-0.44	0.00	0.00	0.00	62.13	86.08	114.98	166.21	192.36	175.76	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: -11%
5 Years:: -15%
3 Years:: -7%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 23%
3 Years:: 15%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 2%
5 Years:: 3%
3 Years:: 2%
Last Year:: 2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	10	78	77	80	89	101	114	137	164	175
	3	0	0	0	0	0	0	0	0	0
Trade Payables	0	1	1	1	1	1	0	0	0	0
	1	3	4	2	1	1	1	2	2	2
Total Liabilities	15	83	82	83	91	103	115	139	166	177
	3	27	25	23	21	19	17	16	15	14
	8	51	53	57	66	78	89	112	138	146
	1	0	1	0	0	0	0	0	0	0
	0	0	0	0	0	0	0	0	0	0
Cash & Bank	1	2	2	2	3	3	1	1	1	1
	2	2	2	1	1	3	7	10	13	16
Total Assets	15	83	82	83	91	103	115	139	166	177

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4	-1	1	0	-0	-1	-4	-3	-2	-0
Cash from Investing	2	1	0	1	1	1	3	3	2	0
Cash from Financing	-5	0	-1	-2	-1	0	0	0	-0	-0
	1	0	1	-0	1	-0	-2	-0	-0	-0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	-0.44	36.56	25.70	67.53	62.14	86.08	114.97	166.21	192.36	175.76
Book Value (₹)	128.48	503.77	514.47	559.08	654.70	781.37	912.83	1137.77	1404.18	1509.80
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	0.82	31.48	19.80	36.72	33.77	42.95	40.64	30.71	44.51	39.77
PROFITABILITY
Operating Margin %	18.88%	123.04%	93.66%	93.67%	78.49%	98.45%	177.79%	73.69%	77.65%	70.94%
Net Margin %	-0.74%	25.55%	-8.67%	38.87%	31.48%	54.33%	96.39%	84.60%	115.22%	135.24%
ROE %	-0.34%	2.39%	-0.42%	3.19%	2.57%	3.75%	3.06%	1.70%	2.56%	1.99%
ROCE %	4.48%	3.06%	0.22%	3.93%	3.38%	4.55%	3.90%	2.90%	3.12%	2.50%
	-0.20%	1.60%	-0.28%	2.26%	1.95%	3.03%	2.59%	1.50%	2.31%	1.83%
EFFICIENCY
Debtor Days	29	59	58	18	38	53	50	0	0	17
Inventory Days	48	61	64	37	23	20	25	15	10	6
Payable Days	71	144	261	160	150	120	243	0	719	0
	6	-24	-138	-105	-90	-47	-168	15	-709	24
FINANCIAL HEALTH
Debt to Equity (x)	0.27x	0.06x	0.05x	0.01x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	1.02x	5.18x	0.45x	14.08x	76.03x	332.62x	251.49x	245.26x	373.16x	308.03x
	0.78x	0.75x	0.75x	1.04x	2.14x	4.15x	7.40x	7.40x	10.60x	14.92x
GROWTH
Revenue Growth %	-39.99%	-35.59%	-11.41%	78.36%	12.25%	0.12%	-45.73%	-23.34%	36.78%	-24.11%
Operating Profit Growth %	27.63%	319.63%	-32.56%	78.39%	-5.94%	25.59%	-1.99%	-9.94%	20.41%	-9.93%
Net Profit Growth %	75.96%	2326.20%	-130.06%	899.65%	-9.09%	72.81%	-3.70%	-32.72%	86.29%	-10.92%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	44.57%	15.73%	-8.63%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	4.21x	6.50x	4.34x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.62x	0.89x	0.50x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	16.16x	24.02x	16.22x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	64.28	64.28	64.28	64.28	68.89	68.89	68.89	68.89	68.89
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	7.65	7.65	7.65	7.65	7.65	7.65	7.65	7.65	7.65
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	28.08	28.08	28.08	28.08	23.46	23.46	23.46	23.46	23.46

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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