NSE: TARC · BSE: 543249
TARC LIMITED
Develops luxury residential real estate in Delhi and Gurugram, with revenue recognised as homes are handed over to buyers. The portfolio currently has three ongoing projects — TARC Tripundra (GDV ~₹1,000 crore), TARC Kailasa (GDV ~₹4,400 crore), and TARC Ishva (GDV ~₹3,600 crore) — giving a combined ~₹9,000 crore of gross development value under execution. FY26 saw the start of customer handovers at Tripundra, which carries a project-level embedded gross margin of ~45%; the company reports FY26 presales of ₹1,373 crore and business cashflows of ₹1,132 crore. Materials sit at 214.4% of revenue, reflecting the land and construction inputs typical of a developer, with employee costs at 9.2% and other opex at 91.3% of revenue. Management is working toward net debt zero by FY27 through phased debt repayment of ~₹900 crore annually, and the NCDs carry an IVR BBB- rating currently on Rating Watch Negative. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. TARC Tripundra, TARC Kailasa, TARC Ishva. Asset-heavy, project-driven luxury residential developer with high working capital intensity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 251 | 368 | 111 | 34 | 330 |
| EBITDA (ex other income) | (184) | 159 | 47 | (133) | (264) |
| margin % | (73.6) | 43.2 | 41.8 | (394.7) | (80.2) |
| Owners' profit | (233) | 20 | (77) | (230) | 19 |
| EPS, as reported (₹) | (7.89) | 0.69 | (2.61) | (7.84) | 0.64 |
| ROE % · ROCE % | (17.5) · (10.6) | 1.5 · 5.9 | (6.0) · 2.3 | (22.2) · (6.5) | 1.8 · 2.5 |
| Debt / equity (x) | 0.88 | 1.02 | 1.09 | 1.87 | 1.78 |
| Cash from operations | (81) | (81) | 158 | 43 | 191 |
| Capex | 0 | (7) | (41) | (37) | (31) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4 | 9 | 12 | 76 | 7 | 38 | 209 | 217 |
| Profit before tax | (76) | (31) | (109) | 81 | (22) | (28) | (17) | 22 |
| Net profit | (67) | (29) | (105) | 54 | (16) | (21) | 2 | 23 |
| EPS (₹) | (2.28) | (0.97) | (3.54) | 1.84 | (0.53) | (0.71) | 0.05 | 0.77 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 3.0 | 1.9 | 51 of 64 | 21% |
| ROCE | 0.6 | 6.4 | 56 of 66 | 15% |
| ROE | 1.8 | 8.0 | 52 of 64 | 19% |
| Debt / Equity | 1.8 | 0.4 | 60 of 64 | 6% |
| EBITDA margin | 19.2 | 29.6 | 43 of 66 | 35% |
| Revenue growth | 186.1 | 12.8 | 7 of 67 | 91% |
| Profit growth | (58.2) | 7.5 | 57 of 66 | 14% |
| Market cap | 3218 | 1781 | 25 of 67 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Compliance certificate for share dematerialization for quarter ended September 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 19 Sept 2026 · TARC 10th AGM: All 7 Resolutions Passed | compliance | minimal | — | — |
| 19 Sept 2026 · TARC Limited 10th AGM proceedings held on September 19, 2026 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · TARC Limited reminds physical shareholders to update KYC details | compliance | minimal | — | — |
| 8 Sept 2026 · BSE approves revised debenture redemption schedule for TARC | credit debt | medium | — | — |
| 29 Aug 2026 · TARC sends AGM notice and annual report link to shareholders | compliance | minimal | — | — |
| 29 Aug 2026 · Notice of 10th AGM via video conferencing on September 19, 2026 | compliance | minimal | — | — |
| 28 Aug 2026 · Annual Report FY 2025-26 and Notice of 10th AGM | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · TARC Limited 10th AGM notice on September 19, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.