Thacker & Company Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Business Centre: 59.9% • Investment & Finance: 40.1%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 2936.00 | 53.39 | 397452.96 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| PREMIERENE | 998.00 | 27.21 | 45304.36 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| AEGISLOG | 1270.55 | 35.64 | 44596.31 | 0.68 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| CPPLUS | 3705.90 | 91.86 | 43840.96 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| REDINGTON | 371.40 | 17.07 | 29035.10 | 1.62 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 470.75 | 61.67 | 15347.59 | 0.64 | 90.45 | 118.87 | 755.95 | 27.00 | 8.99 | 14.58 |
| LLOYDSENT | 74.20 | 100.87 | 11327.02 | 0.20 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 826.10 | 83.74 | 10411.77 | 0.00 | 45.58 | 41.07 | 1308.57 | 14.41 | 10.43 | 4.49 |
| MMTC | 64.18 | 21.52 | 9627.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1827.20 | 63.41 | 7952.54 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| CELLO | 342.50 | 24.69 | 7724.69 | 0.44 | 73.40 | -8.99 | 526.72 | -0.43 | 17.15 | 18.80 |
| THACKER | 1100.00 | 6.33 | 119.65 | 0.00 | 6.10 | -90.36 | 1.17 | 117.22 | 2.50 | 555.07 |
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 |
Documents
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