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 ₹ 5,437 Cr.
- Current Price ₹ 184
- High / Low ₹ 276 / 103
- Stock P/E
- Book Value ₹ 35.3
- Dividend Yield 0.00 %
- ROCE -4.83 %
- ROE -20.0 %
- Face Value ₹ 2.00
Pros
Cons
- Stock is trading at 5.26 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 -7.47% over last 3 years.
- Company might be capitalizing the interest cost
- Debtor days have increased from 45.6 to 107 days.
- Working capital days have increased from 4,821 days to 10,883 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 | |
|---|---|---|---|---|---|---|
| 137 | 191 | 251 | 369 | 111 | 34 | |
| 112 | 191 | 435 | 205 | 63 | 167 | |
| Operating Profit | 25 | -0 | -184 | 164 | 48 | -133 |
| OPM % | 19% | -0% | -74% | 44% | 43% | -395% |
| 72 | 30 | 50 | 2 | 9 | 5 | |
| Interest | 25 | 21 | 86 | 117 | 136 | 106 |
| Depreciation | 8 | 8 | 9 | 7 | 6 | 9 |
| Profit before tax | 65 | 1 | -229 | 41 | -86 | -243 |
| Tax % | 18% | -563% | 1% | 50% | -10% | -5% |
| 53 | 6 | -233 | 20 | -77 | -231 | |
| EPS in Rs | 0.21 | -7.89 | 0.69 | -2.61 | -7.84 | |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -25% |
| 3 Years: | -49% |
| TTM: | -70% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 1% |
| TTM: | -205% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 71% |
| 1 Year: | 5% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -8% |
| 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 | |
|---|---|---|---|---|---|---|
| Equity Capital | 59 | 59 | 59 | 59 | 59 | 59 |
| Reserves | 1,499 | 1,505 | 1,273 | 1,293 | 1,216 | 984 |
| 1,298 | 1,321 | 1,179 | 1,386 | 1,393 | 1,954 | |
| 471 | 521 | 468 | 428 | 796 | 1,219 | |
| Total Liabilities | 3,327 | 3,407 | 2,979 | 3,166 | 3,463 | 4,216 |
| 1,564 | 1,662 | 1,053 | 1,066 | 1,107 | 1,215 | |
| CWIP | 73 | 0 | 0 | 0 | 0 | 0 |
| Investments | 138 | 138 | 68 | 68 | 68 | 68 |
| 1,552 | 1,607 | 1,858 | 2,032 | 2,289 | 2,933 | |
| Total Assets | 3,327 | 3,407 | 2,979 | 3,166 | 3,463 | 4,216 |
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 | 16,427 | |||||
| Days Payable | 517 | |||||
| Cash Conversion Cycle | 8 | 32 | 7 | 9 | 20 | 16,017 |
| Working Capital Days | 483 | 839 | 1,193 | 1,007 | 2,572 | 10,883 |
| ROCE % | 1% | -5% | 6% | 2% | -5% |
Documents
Announcements
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Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
4 Jun - SEBI issued administrative warning to TARC's Independent Director for LODR non-compliance; no financial impact.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 31 May
- Announcement under Regulation 30 (LODR)-Investor Presentation 29 May
-
Appointment Of Internal And Cost Auditor
29 May - TARC Limited reports audited FY25 financial results with losses; auditors gave unmodified opinion; internal and cost auditors re-appointed.
- Financial Results 29 May
Annual reports
Concalls
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May 2025TranscriptNotesPPT
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Feb 2025TranscriptNotesPPT
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Nov 2024Transcript PPT REC
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Oct 2024TranscriptNotesPPT
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Aug 2024TranscriptNotesPPT
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Jun 2024Transcript PPT
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Feb 2024TranscriptNotesPPT
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Jun 2023TranscriptNotesPPT
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Feb 2023TranscriptNotesPPT
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Dec 2022TranscriptNotesPPT
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Nov 2021TranscriptNotesPPT
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Sep 2021TranscriptNotesPPT
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Jul 2021TranscriptNotesPPT
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Jul 2021TranscriptNotesPPT
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]