Thakkers Developers Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Construction & contract Ralated Activity: 75.1% • Estate DEaling & Development Activity: 24.9%
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
- Latest quarter profit grew 595.9% YoY, showing strong momentum
- Working capital cycle has improved - days down from 1537 to 1135
- Company maintains a comfortable, low leverage position
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (67.1% of PBT)
- Company has a low return on capital employed of 6.1%
- Company has a low return on equity of 5.2% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.37x)
* 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 |
| THAKDEV | 130.00 | 8.57 | 117.00 | 0.00 | 10.05 | 595.91 | 18.38 | 104.48 | 5.48 | 52.22 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10 | 9 | 5 | 6 | 4 | 14 | 7 | 6 | 9 | 6 | 14 | 5 | 18 | |
| 9 | 8 | 5 | 8 | 4 | 12 | 7 | 2 | 8 | 8 | 10 | 6 | 9 | |
| Operating Profit | 1 | 1 | 1 | -2 | -0 | 3 | -0 | 4 | 1 | -1 | 5 | -1 | 9 |
| OPM % | 10.62% | 7.25% | 9.83% | -25.71% | -5.87% | 18.72% | -1.56% | 60.52% | 13.90% | -20.46% | 33.70% | -23.43% | 49.62% |
| 0 | 0 | 0 | 1 | 1 | 1 | 1 | 2 | 1 | 3 | 1 | 2 | 1 | |
| Interest | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Profit before Tax | 0 | 0 | -0 | -2 | -0 | 3 | 0 | 5 | 1 | 1 | 5 | -0 | 10 |
| Tax % | 0.00% | 0.00% | 1200.00% | -1.35% | -0.00% | 0.00% | 48.00% | 23.43% | 0.00% | -1.54% | -1.41% | -5125.00% | 0.03% |
| Net Profit | 0 | 0 | 0 | 0 | -0 | 3 | 0 | 4 | 1 | 1 | 5 | -2 | 10 |
| 0.54 | 0.06 | 0.86 | -2.51 | -0.37 | 3.20 | 0.14 | 4.21 | 1.61 | 0.73 | 5.61 | -2.33 | 11.17 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 29 | 41 | 21 | 19 | 21 | 28 | 55 | 58 | 31 | 32 | 44 | |
| 18 | 17 | 18 | 15 | 16 | 17 | 21 | 37 | 30 | 25 | 33 | |
| Operating Profit | 11 | 24 | 3 | 4 | 5 | 10 | 34 | 21 | 1 | 6 | 12 |
| OPM % | 39.09% | 59.12% | 13.17% | 19.97% | 22.09% | 37.64% | 61.50% | 35.64% | 2.25% | 19.28% | 26.15% |
| 0 | 0 | 4 | 1 | 7 | 4 | 2 | 1 | 1 | 5 | 6 | |
| Interest | 7 | 5 | 3 | 2 | 2 | 1 | 0 | 1 | 1 | 2 | 1 |
| Depreciation | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 2 | 2 | 2 | 2 |
| Profit before Tax | 4 | 18 | 2 | 1 | 8 | 13 | 35 | 20 | -2 | 8 | 16 |
| Tax % | 36.37% | 24.56% | 83.94% | -48.92% | 11.49% | 14.59% | 4.21% | 18.00% | 46.16% | 16.37% | 12.61% |
| Net Profit | 2 | 14 | 0 | 1 | 7 | 11 | 34 | 16 | -1 | 6 | 14 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 8.23 | 12.60 | 37.72 | 17.94 | -0.77 | 7.26 | — |
| 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:
- -5%
- 5 Years:
- 9%
- 3 Years:
- -17%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -4%
- 5 Years:
- -2%
- 3 Years:
- -42%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 9%
- 5 Years:
- 12%
- 3 Years:
- 5%
- Last Year:
- 4%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| 53 | 66 | 67 | 68 | 75 | 86 | 120 | 136 | 135 | 142 | |
| 122 | 113 | 99 | 98 | 73 | 51 | 71 | 68 | 74 | 50 | |
| Trade Payables | 11 | 5 | 4 | 1 | 1 | 3 | 1 | 1 | 1 | 0 |
| 34 | 24 | 19 | 13 | 21 | 28 | 21 | 16 | 14 | 17 | |
| Total Liabilities | 228 | 217 | 198 | 188 | 180 | 178 | 222 | 231 | 234 | 218 |
| 4 | 6 | 7 | 6 | 4 | 3 | 6 | 7 | 7 | 7 | |
| 4 | 20 | 17 | 17 | 17 | 4 | 16 | 9 | 30 | 4 | |
| 90 | 100 | 99 | 97 | 96 | 104 | 122 | 112 | 104 | 104 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | |
| Cash & Bank | 8 | 4 | 2 | 7 | 2 | 4 | 3 | 4 | 3 | 2 |
| 122 | 88 | 74 | 61 | 61 | 62 | 76 | 99 | 88 | 101 | |
| Total Assets | 228 | 217 | 198 | 188 | 180 | 178 | 222 | 231 | 234 | 218 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 24 | 30 | -1 | 29 | 2 | 23 | 1 | -6 | 15 | -14 | |
| Cash from Investing | 0 | -5 | 1 | -1 | 0 | 5 | -12 | 5 | -22 | 27 |
| Cash from Financing | -17 | -21 | 1 | -24 | -6 | -23 | 12 | 6 | 7 | -14 |
| 5 | 1 | -1 | 5 | -5 | 2 | -2 | 1 | 1 | -0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
No announcements filed.
News
Recent coverage and analyst commentary for THAKDEV
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