TARC Ltd
TARC Ltd. (The Anant Raj Corporation) started out as a construction and contracting company and evolved to become one of the largest real estate development companies and land bank holders in the New Delhi Metropolitan Area. The company‘s key developments are across verticals like Residential, Hospitality, Commercial and Retail projects.
The name of the company has been changed from Anant Raj Global Ltd. to TARC Ltd. in April 2021. [1]
- Market Cap ₹ 4,305 Cr.
- Current Price ₹ 146
- High / Low ₹ 217 / 103
- Stock P/E
- Book Value ₹ 36.6
- Dividend Yield 0.00 %
- ROCE -4.83 %
- ROE -20.0 %
- Face Value ₹ 2.00
Pros
Cons
- Stock is trading at 3.98 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -24.5% over past five years.
- Company has a low return on equity of -7.36% over last 3 years.
- Company might be capitalizing the interest cost
- Debtor days have increased from 45.6 to 107 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 137 | 191 | 251 | 369 | 111 | 34 | 104 | |
| 112 | 191 | 435 | 205 | 133 | 167 | 355 | |
| Operating Profit | 25 | -0 | -184 | 164 | -22 | -133 | -251 |
| OPM % | 19% | -0% | -74% | 44% | -20% | -395% | -241% |
| 72 | 30 | 50 | 2 | 4 | 5 | 251 | |
| Interest | 25 | 21 | 86 | 117 | 62 | 106 | 71 |
| Depreciation | 8 | 8 | 9 | 7 | 6 | 9 | 10 |
| Profit before tax | 65 | 1 | -229 | 41 | -86 | -243 | -80 |
| Tax % | 18% | -563% | 1% | 50% | -10% | -5% | |
| 53 | 6 | -233 | 20 | -77 | -231 | -95 | |
| EPS in Rs | 0.21 | -7.89 | 0.69 | -2.61 | -7.84 | -3.20 | |
| Dividend Payout % | -0% | -0% | -0% | -0% | -0% | -0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -25% |
| 3 Years: | -49% |
| TTM: | 232% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 1% |
| TTM: | 48% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 48% |
| 1 Year: | -32% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -7% |
| 3 Years: | -7% |
| Last Year: | -20% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 59 | 59 | 59 | 59 | 59 | 59 | 59 |
| Reserves | 1,499 | 1,505 | 1,273 | 1,293 | 1,216 | 984 | 1,022 |
| 1,298 | 1,321 | 1,179 | 1,386 | 1,393 | 1,954 | 1,962 | |
| 471 | 521 | 468 | 428 | 796 | 1,217 | 1,505 | |
| Total Liabilities | 3,327 | 3,407 | 2,979 | 3,166 | 3,463 | 4,214 | 4,548 |
| 1,564 | 1,662 | 1,053 | 1,066 | 1,107 | 1,215 | 1,272 | |
| CWIP | 73 | 0 | 0 | -0 | -0 | -0 | -0 |
| Investments | 138 | 138 | 68 | 68 | 68 | 68 | 58 |
| 1,552 | 1,607 | 1,858 | 2,032 | 2,289 | 2,931 | 3,218 | |
| Total Assets | 3,327 | 3,407 | 2,979 | 3,166 | 3,463 | 4,214 | 4,548 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 116 | 144 | -81 | -81 | 158 | 43 | |
| 17 | 23 | 367 | 75 | -39 | -68 | |
| -143 | -161 | -279 | 96 | -166 | 14 | |
| Net Cash Flow | -9 | 6 | 7 | 89 | -47 | -11 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 8 | 32 | 7 | 9 | 20 | 107 |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 8 | 32 | 7 | 9 | 20 | 107 |
| Working Capital Days | 368 | 263 | -516 | 760 | 1,218 | 1,121 |
| ROCE % | 1% | -5% | 6% | -1% | -5% |
Documents
Announcements
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Grant Of Completion Cum Occupancy Certificate For Luxury Residential Project 'TARC Tripundra' In New Delhi
2 Dec - MCD granted Completion cum Occupancy Certificate on Dec 2, 2025 for TARC Tripundra (Echo Buildtech, Kapashera, New Delhi).
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
2 Dec - TARC Tripundra received Occupation Certificate; handovers, revenue recognition, improved liquidity and debt reduction to follow.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
24 Nov - Senior management in-person meetings with institutional investors/analysts on Nov 26, 2025 in Mumbai.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Nov
- Announcement under Regulation 30 (LODR)-Investor Presentation 11 Nov
Annual reports
Concalls
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Nov 2025TranscriptAI SummaryPPT
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May 2025TranscriptAI SummaryPPT
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Feb 2025TranscriptAI SummaryPPT
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Nov 2024Transcript PPT REC
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Oct 2024TranscriptAI SummaryPPT
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Aug 2024TranscriptAI SummaryPPT
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Jun 2024Transcript PPT
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Feb 2024TranscriptAI SummaryPPT
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Jun 2023TranscriptAI SummaryPPT
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Feb 2023TranscriptAI SummaryPPT
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Dec 2022TranscriptAI SummaryPPT
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Nov 2021TranscriptAI SummaryPPT
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Sep 2021TranscriptAI SummaryPPT
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Jul 2021TranscriptAI SummaryPPT
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Jul 2021TranscriptAI SummaryPPT
Business Services
The company is engaged in the development of luxurious residential projects in New Delhi and Gurugram. [1] TARC is a leading brand in the luxury residential sector. [2]