TARC Ltd

₹ 127 -5.06%

13 Nov - close price

About

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]

Key Points

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]

Website BSE NSE

Market Cap ₹ 3,729 Cr.
Current Price ₹ 127
High / Low ₹ 186 / 106
Stock P/E 488
Book Value ₹ 36.9
Dividend Yield 0.00 %
ROCE 5.78 %
ROE 8.61 %
Face Value ₹ 2.00

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Pros

Company has delivered good profit growth of 71.1% CAGR over last 5 years

Cons

Stock is trading at 3.43 times its book value
Company has low interest coverage ratio.
The company has delivered a poor sales growth of 11.6% over past five years.
Company has a low return on equity of -6.02% over last 3 years.
Company might be capitalizing the interest cost
Earnings include an other income of Rs.102 Cr.

* 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.

Peer comparison

Consumer Discretionary Realty Realty Residential, Commercial Projects

Part of BSE Consumer Discretionary Nifty Microcap 250 BSE 1000 Nifty Smallcap 500 Nifty Total Market

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	29.72	9.30	9.48	8.21	4.31	9.35	11.82	75.89	6.87	38.38	208.70	217.13	128.81
YoY Sales growth	-28.68%	-90.13%	-92.98%	-86.96%	-85.50%	+0.54%	+24.68%	+824.36%	+59.40%	+310.48%	+1,665.65%	+186.11%	+1,774.96%
	39.11	3.76	13.58	22.82	28.71	20.53	95.47	196.20	42.51	56.59	298.97	176.95	131.27
Operating Profit	-9.39	5.54	-4.10	-14.61	-24.40	-11.18	-83.65	-120.31	-35.64	-18.21	-90.27	40.18	-2.46
OPM %	-31.59%	59.57%	-43.25%	-177.95%	-566.13%	-119.57%	-707.70%	-158.53%	-518.78%	-47.45%	-43.25%	18.51%	-1.91%
	4.96	2.49	0.88	1.41	0.71	1.87	2.08	219.47	27.23	3.92	91.32	1.58	5.26
Interest	11.80	34.89	41.89	12.79	49.44	19.38	24.83	15.28	11.23	10.89	15.21	17.69	13.61
Depreciation	1.88	1.51	1.91	1.62	2.61	2.44	2.32	2.41	2.40	2.39	2.90	2.10	2.25
Profit before tax	-18.11	-28.37	-47.02	-27.61	-75.74	-31.13	-108.72	81.47	-22.04	-27.57	-17.06	21.97	-13.06
Tax %	-105.96%	18.05%	10.04%	11.16%	-11.06%	-7.84%	-3.83%	33.45%	-28.45%	-23.72%	-109.44%	-3.05%	-133.61%
	1.07	-33.49	-51.73	-30.67	-67.36	-28.69	-104.56	54.21	-15.77	-21.03	1.61	22.64	4.39
EPS in Rs	0.04	-1.13	-1.75	-1.04	-2.28	-0.97	-3.54	1.84	-0.53	-0.71	0.05	0.77	0.15
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	137	191	251	369	111	34	330	593
Sales growth		+39%	+31%	+47%	-70%	-70%	+879%	+471%
	112	191	435	205	133	167	488	664
Operating Profit	25	-0	-184	164	-22	-133	-159	-71
OPM %	19%	-0.1%	-74%	44%	-20%	-395%	-48%	-12%
	72	30	50	2	4	5	238	102
Interest	25	21	86	117	62	106	54	57
Depreciation	8	8	9	7	6	9	10	10
Profit before tax	65	1	-229	41	-86	-243	15	-36
Tax %	18%	-563%	1%	50%	-10%	-5%	-29%
	53	6	-233	20	-77	-231	19	8
EPS in Rs		0.21	-7.89	0.69	-2.61	-7.84	0.65	0.26
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	12%
3 Years:	-4%
TTM:	471%

Compounded Profit Growth
10 Years:	%
5 Years:	71%
3 Years:	60%
TTM:	108%

Stock Price CAGR
10 Years:	%
5 Years:	21%
3 Years:	7%
1 Year:	-12%

Return on Equity
10 Years:	%
5 Years:	-7%
3 Years:	-6%
Last Year:	9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	59	59	59	59	59	59	59	59
Reserves	1,499	1,505	1,273	1,293	1,216	984	1,003	1,030
	1,298	1,321	1,179	1,386	1,393	1,956	1,895	1,796
	471	521	468	428	796	1,215	1,640	1,860
Total Liabilities	3,327	3,407	2,979	3,166	3,463	4,214	4,597	4,745
	1,564	1,662	1,053	1,066	1,107	1,215	1,320	1,373
CWIP	73	0	0	0	0	0	0	0
Investments	138	138	68	68	68	68	0	0
	1,552	1,607	1,858	2,032	2,289	2,931	3,277	3,371
Total Assets	3,327	3,407	2,979	3,166	3,463	4,214	4,597	4,745

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	116	144	-81	-81	158	42	191
	17	23	367	75	-39	-68	275
	-143	-161	-279	96	-166	15	-436
Net Cash Flow	-9	6	7	89	-47	-11	29
Free Cash Flow	66	161	280	-12	117	5	159
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	457%	-63,382%	38%	-41%	-752%	-45%	-135%

Ratios

Consolidated / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	8	32	7	9	20	107	8
Inventory Days
Days Payable
Cash Conversion Cycle	8	32	7	9	20	107	8
Working Capital Days	368	263	-516	760	1,218	1,143	703
ROCE %		1%	-5%	6%	-1%	-5%	6%

Insights

In beta

Jul 2021

Feb 2023

Mar 2024

Mar 2025

Mar 2026

GDV of Under-Development Residential Projects
INR Crore

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Land Bank (fully paid)
Acres

Number of Apartments in Under-Development Projects
Number

Saleable Area of Under-Development Projects
Million Sq. Ft.

TARC Tripundra - % Sold of Total Inventory
% of Units Sold ・Standalone data

Average Realization (Tripundra Project)
INR per Sq. Ft. ・Standalone data

Collections (from project sales)
INR Crore

Pre-sales/Bookings (Residential)
INR Crore

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	64.96%	64.96%	64.96%	64.96%	64.96%	65.12%	65.12%	65.12%	65.12%	65.12%	65.12%	65.12%
	1.92%	2.40%	2.89%	2.72%	2.35%	2.46%	2.30%	2.00%	1.22%	0.92%	0.99%	1.09%
	0.89%	1.29%	1.95%	3.31%	4.34%	4.89%	5.44%	5.81%	6.31%	6.40%	6.44%	5.93%
	32.22%	31.35%	30.20%	29.01%	28.35%	27.54%	27.14%	27.07%	27.36%	27.56%	27.46%	27.86%
No. of Shareholders	56,710	61,015	60,052	59,935	62,404	62,161	59,880	57,953	56,287	54,264	53,065	53,592

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	65.56%	65.57%	64.96%	64.96%	65.12%	65.12%	65.12%
	5.78%	4.62%	1.37%	2.40%	2.46%	0.92%	1.09%
	0.02%	0.01%	0.02%	1.29%	4.89%	6.40%	5.93%
	28.64%	29.80%	33.65%	31.35%	27.54%	27.56%	27.86%
No. of Shareholders	44,894	60,857	61,463	61,015	62,161	54,264	53,592

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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