TARC Ltd
TARC NSE
TARC Ltd
RealtyNSE: TARC BSE: 543249 Residential Commercial Projects
Key Fundamentals
MicrocapResidential Commercial ProjectsRealtyMarket Cap
₹3,772 Cr
Volatility
Moderate
P/E Ratio
198.43
EBITDA
₹-264 Cr
Return on Equity
-22.17%
Debt to Equity
1.78
Book Value
₹35.99
52W High
₹186.3
52W Low
₹109.1
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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34 extracted metrics + investor summaries across FY20–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Weaknesses
6- Stock is trading at 3.65 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 -8.05% over last 3 years.
- Company might be capitalizing the interest cost
- Earnings include an other income of Rs.342 Cr.
Growth Rate
Revenue Growth
747.92% ↗
Net Income Growth
-91.80% ↘
Cash Flow Change
-72.85% ↘
ROE
267.05% ↗
ROCE
485.59% ↗
EBITDA Margin (Avg.)
-88.02% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 36d agoAI opinion · based on fundamentals
Risk high
TARC Ltd trades at a market cap of Rs.3,757 Cr with an elevated PE of 198.4x and a 3-year ROE of -8%. The company posted explosive TTM sales growth of 879% signaling a sharp revenue inflection, but historical 5-year sales CAGR remains modest at 12% and profitability has been inconsistent.
Bull Case 7
- TTM revenue growth of 879% indicates a massive inflection in project deliveries and sales bookings
- TTM profit growth of 108% shows the company is converting revenue surge into bottom-line gains
- Last year ROE turned positive at 2% after three consecutive years of negative returns, signaling an earnings turnaround
- 5-year compounded profit growth of 25% demonstrates long-term earnings trajectory despite interim volatility
- Stock CAGR of 27% over 5 years and 25% over 3 years reflects sustained investor confidence in the business model
- 5-year compounded sales growth of 12% provides a baseline of business expansion independent of the TTM spike
- Market cap of Rs.3,757 Cr positions TARC as a mid-cap real estate developer with room for re-rating if execution continues
Bear Case 8
- PE ratio of 198.4x is extremely elevated, implying the stock prices in substantial future growth that may not materialize
- 3-year ROE of -8% and 5-year ROE of -8% indicate prolonged destruction of shareholder value
- Low interest coverage ratio suggests debt servicing consumes a large portion of operating profits, raising solvency risk
- Earnings include other income of Rs.342 Cr, meaning core operating profit quality is questionable
- Company may be capitalizing interest costs, which flatters reported profits and understates true borrowing burden
- Stock has declined 32% over the past 1 year, reflecting significant near-term investor concern
- Price-to-book of 3.53x is high for a company with historically negative returns on equity
- 3-year compounded sales growth of -4% indicates the revenue surge is very recent and not yet a proven trend
This is AI-generated analysis, not financial advice. Do your own due diligence.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 135 | 62.94 | 29.72 | 9.3 | 9.48 | 8.21 | 4.31 | 9.35 | 11.82 | 75.89 | 6.87 | 38.38 | 209 |
| Expenses | 96.99 | 21.83 | 39.11 | 3.76 | 13.58 | 22.82 | 28.71 | 20.53 | 95.47 | 196 | 42.51 | 56.59 | 299 |
| Operating Profit | 38 | 41.11 | -9.39 | 5.54 | -4.1 | -14.61 | -24.4 | -11.18 | -83.65 | -120 | -35.64 | -18.21 | -90.27 |
| OPM % | 28.15% | 65.32% | -31.59% | 59.57% | -43.25% | -177.95% | -566.13% | -119.57% | -707.7% | -158.53% | -518.78% | -47.45% | -43.25% |
| Other Income | 0.55 | 1.63 | 4.96 | 2.49 | 0.88 | 1.41 | 0.71 | 1.87 | 2.08 | 219 | 27.23 | 3.92 | 91.32 |
| Interest | 28.69 | 34.06 | 11.8 | 34.89 | 41.89 | 12.79 | 49.44 | 19.38 | 24.83 | 15.28 | 11.23 | 10.89 | 15.21 |
| Depreciation | 1.5 | 1.19 | 1.88 | 1.51 | 1.91 | 1.62 | 2.61 | 2.44 | 2.32 | 2.41 | 2.4 | 2.39 | 2.9 |
| PBT | 8.36 | 7.49 | -18.11 | -28.37 | -47.02 | -27.61 | -75.74 | -31.13 | -109 | 81.47 | -22.04 | -27.57 | -17.06 |
| Tax % | 81.58% | 5.07% | -105.96% | 18.05% | 10.04% | 11.16% | -11.06% | -7.84% | -3.83% | 33.45% | -28.45% | -23.72% | -109.44% |
| Net Profit | 1.53 | 7.11 | 1.07 | -33.49 | -51.73 | -30.67 | -67.36 | -28.69 | -105 | 54.21 | -15.77 | -21.03 | 1.61 |
| EPS in Rs | 0.05 | 0.24 | 0.04 | -1.13 | -1.75 | -1.04 | -2.28 | -0.97 | -3.54 | 1.84 | -0.53 | -0.71 | 0.05 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 137 | 191 | 251 | 369 | 111 | 34 | 330 |
| Expenses | 112 | 191 | 435 | 205 | 133 | 167 | 594 |
| Operating Profit | 25 | 0 | -184 | 164 | -22 | -133 | -264 |
| OPM % | 19% | -0.1% | -74% | 44% | -20% | -395% | -80% |
| Other Income | 72 | 30 | 50 | 2 | 4 | 5 | 342 |
| Interest | 25 | 21 | 86 | 117 | 62 | 106 | 53 |
| Depreciation | 8 | 8 | 9 | 7 | 6 | 9 | 10 |
| PBT | 65 | 1 | -229 | 41 | -86 | -243 | 15 |
| Tax % | 18% | -563% | 1% | 50% | -10% | -5% | -29% |
| Net Profit | 53 | 6 | -233 | 20 | -77 | -231 | 19 |
| EPS in Rs | — | 0.21 | -7.89 | 0.69 | -2.61 | -7.84 | 0.65 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 59 | 59 | 59 | 59 | 59 | 59 | 59 |
| Reserves | 1,499 | 1,505 | 1,273 | 1,293 | 1,216 | 984 | 1,003 |
| Borrowings | 1,298 | 1,321 | 1,179 | 1,386 | 1,393 | 1,954 | 1,895 |
| Other Liabilities | 471 | 521 | 468 | 428 | 796 | 1,217 | 1,643 |
| Total Liabilities | 3,327 | 3,407 | 2,979 | 3,166 | 3,463 | 4,214 | 4,600 |
| Fixed Assets | 1,564 | 1,662 | 1,053 | 1,066 | 1,107 | 1,215 | 1,320 |
| CWIP | 73 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 138 | 138 | 68 | 68 | 68 | 68 | 0 |
| Other Assets | 1,552 | 1,607 | 1,858 | 2,032 | 2,289 | 2,931 | 3,279 |
| Total Assets | 3,327 | 3,407 | 2,979 | 3,166 | 3,463 | 4,214 | 4,600 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | 116 | 144 | -81 | -81 | 158 | 43 | 191 |
| Investing | 17 | 23 | 367 | 75 | -39 | -68 | 275 |
| Financing | -143 | -161 | -279 | 96 | -166 | 14 | -436 |
| Net Cash Flow | -9 | 6 | 7 | 89 | -47 | -11 | 29 |
| Free Cash Flow | 66 | 161 | 280 | -12 | 117 | 6 | 159 |
| CFO/OP | 457 | -63,382 | 38 | -41 | -752 | -46 | -81 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 8 | 32 | 7 | 9 | 20 | 107 | 8 |
| Cash Conversion Cycle | 8 | 32 | 7 | 9 | 20 | 107 | 8 |
| Working Capital Days | 368 | 263 | -516 | 760 | 1,218 | 1,121 | 703 |
| ROCE % | — | 1% | -5% | 6% | -1% | -5% | 2% |
Documents
1
Clarification sought from Tarc Ltd
23 Jul - Exchange has sought clarification from Tarc Ltd on July 23, 2026, with reference to Movement in Volume. 23 Jul - Exchange has sought clarification from Tarc Ltd on July 23, 2026, with reference to Movement in Volume.
3
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015
30 Apr - ED visited TARC premises on Apr 21, 2025 over pre-2020 pre-demerger transaction; company says no operational impact. 30 Apr - ED visited TARC premises on Apr 21, 2025 over pre-2020 pre-demerger transaction; company says no operational impact.
4
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
29 Apr - TARC confirms it is not a large corporate; outstanding borrowings were Rs.409 crore as of March 31, 2026. 29 Apr - TARC confirms it is not a large corporate; outstanding borrowings were Rs.409 crore as of March 31, 2026.
Frequently Asked Questions about TARC Ltd
What does TARC Ltd do?
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, Ho...
Where is TARC Ltd (TARC) listed?
TARC Ltd is listed on the Indian stock exchanges. It is listed on NSE: TARC and BSE: 543249. You can view its live share price, financials, and ratios on Tapetide.
Which sector does TARC Ltd belong to?
TARC Ltd operates in the Realty sector within the Residential Commercial Projects industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of TARC Ltd?
TARC Ltd has a market capitalisation of approximately ₹3772.22 Cr. Based on this, it is classified as a Small Cap stock.
What is the PE ratio of TARC Ltd?
The Price-to-Earnings (PE) ratio of TARC Ltd is 198.43. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of TARC Ltd?
Over the past 52 weeks, TARC Ltd has traded between a low of ₹109.1 and a high of ₹186.3. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of TARC Ltd?
TARC Ltd has a Return on Equity (ROE) of -22.17%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research TARC Ltd on Tapetide?
On Tapetide, you can view TARC Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
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]