NSE: THAKDEV · BSE: 526654
THAKKERS DEVELOPERS LTD.
Operates in real estate through two business segments — Construction & Contract Related Activity and Estate Dealing & Development Activity — with operations run through five wholly-owned subsidiaries and a registered base in Nashik. In FY26, standalone revenue from operations was Rs 1,644.17 lakh, up 6.2% year-on-year, with standalone profit after tax of Rs 271.09 lakh, a 73% jump from FY25. On a consolidated basis, FY26 revenue from operations was Rs 4,074.29 lakh with PAT of Rs 511 lakh. Q3 FY26 standalone revenue rose to Rs 541.83 lakh from Rs 330.59 lakh a year earlier, with PAT at Rs 148.08 lakh. Materials accounted for 18.3% of revenue and employees 19.4% of revenue. Depreciation was 5.5% of revenue and capex 2.7% of revenue in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Construction & Contract Related Activity, Estate Dealing & Development Activity. Small-cap, family-promoter-controlled real estate developer and contractor
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 55 | 58 | 31 | 32 | 35 |
| EBITDA (ex other income) | 34 | 20 | 1 | 6 | 4 |
| margin % | 61.5 | 35.2 | 2.0 | 19.3 | 10.5 |
| Owners' profit | 0 | 0 | (1) | 0 | 0 |
| EPS, as reported (₹) | 37.72 | 17.94 | (1.05) | 7.27 | 5.68 |
| ROE % · ROCE % | 26.3 · 17.8 | 11.1 · 9.7 | (0.7) · (0.2) | 4.3 · 4.6 | 3.3 · 3.9 |
| Debt / equity (x) | 0.12 | 0.15 | 0.21 | 0.12 | 0.11 |
| Cash from operations | (3) | (10) | 14 | (14) | 3 |
| Capex | (4) | (3) | (2) | (2) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4 | 14 | 7 | 6 | 9 | 7 | 14 | 5 |
| Profit before tax | (0) | 3 | 0 | 5 | 1 | 1 | 5 | (0) |
| Net profit | (0) | 3 | 0 | 4 | 1 | 1 | 5 | (2) |
| EPS (₹) | (0.37) | 3.20 | 0.14 | 4.25 | 1.61 | 0.73 | 5.61 | 2.33 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Construction & Contract Related Activity | 20 | 58.2 |
| Estate Dealing & Development Activity | 14 | 41.8 |
| Total, before eliminations | 34 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.4 | 20.5 | 17 of 57 | 71% |
| P/B | 0.8 | 1.9 | 10 of 64 | 84% |
| ROCE | 3.5 | 6.4 | 47 of 66 | 29% |
| ROE | 3.3 | 8.0 | 47 of 64 | 27% |
| Debt / Equity | 0.1 | 0.4 | 16 of 64 | 76% |
| EBITDA margin | 13.1 | 29.6 | 51 of 66 | 23% |
| Revenue growth | (22.6) | 12.8 | 58 of 67 | 14% |
| Profit growth | (154.9) | 7.5 | 63 of 66 | 5% |
| Market cap | 124 | 1781 | 59 of 67 | 12% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Reg 74(5) Certificate for Quarter Ended September 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · All 5 AGM resolutions passed with 100 percent approval | compliance | minimal | — | — |
| 30 Sept 2026 · Mrs Vidhi Rishabh Shah appointed as Director, Secretarial Auditor reappointed | management changes | medium | — | — |
| 30 Sept 2026 · Thakkers Developers: Secretarial auditor appointed, Vidhi Shah joins as director | management changes | medium | — | — |
| 30 Sept 2026 · 39th AGM held via video conferencing; 5 resolutions put to vote | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Thakkers Developers trading window closes Oct 1 for Q2 results | compliance | minimal | — | — |
| 8 Sept 2026 · Newspaper advertisement for 39th AGM notice | compliance | minimal | — | — |
| 7 Sept 2026 · Thakkers Developers sets September 24-30 book closure for 39th AGM | compliance | minimal | — | — |
| 7 Sept 2026 · Annual Report FY2025-26 and 39th AGM Notice filed with BSE | results | medium | — | — |
| 7 Sept 2026 · 39th AGM on 30 Sept 2026 via video conferencing, book closure 24 to 30 Sept | 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.