TARC Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹3,285 Cr
- ROE
- 8.61%
- Price to sales
- 6.97
- Debt to equity
- 1.78
- 52W high / low
- ₹183 / ₹110
- Sales growth (5Y)
- 11.55%
- EBITDA margin
- -22.06%
- Net profit margin
- 27.45%
- Promoter holding
- 65.12%
- Sales (last year)
- ₹471 Cr
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]
Guidance scorecard · Q1 FY27 call
What TARC Ltd's management guided
and where it ranks in Realty
RevenueQ2 FY25 call
20–40%- Targeting pre-sales of approximately ₹5,000 crores in FY '25, with an expectation of higher presales in FY '26.
- Plans to launch 5 to 7 new projects over the next 3 to 5 years mainly from the existing land bank.
- Sales price per square foot for current projects ranges between ₹20,000 and ₹25,000, with a projected 10-15% year-on-year price growth over the next 3-4 years.
- Strong demand observed across luxury residential segments in Delhi and Gurgaon, with good velocity in sales and collections.
2 more points from TARC Ltd's call on revenue
Create a free account to keep reading this call
MarginsQ2 FY25 call
FlatSee what TARC Ltd said on margins — free account, 30 seconds.
CapexQ2 FY25 call
Planned- The company plans to complete three upcoming projects within the next 42 months, with one project taking 6-9 months and the other two approximately 36 months each.
- Post completion, free cash flows of around ₹5,500 crores over three years are expected; initially, these will be used to repay debt, with the balance reinvested into buying new land and executing new projects.
- The company aims to utilize only 20-30% of its land value for these projects, retaining substantial land for future development.
- The management intends to acquire more land as cash flow starts coming in, with identified areas targeted for expansion beyond current land bank.
2 more points from TARC Ltd's call on capex
Create a free account to keep reading this call
FundraisingQ2 FY25 call
PlannedSee what TARC Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY25 call
Rising- The company has three ongoing projects with a combined unsold inventory valued at approximately ₹4,500 crores.
- The projected Gross Development Value (GDV) of these three upcoming projects is roughly ₹7,500 to ₹8,000 crores.
- These projects are being developed on the company's existing land bank in Delhi and Gurgaon.
- The average selling price for these projects is between ₹20,000 and ₹25,000 per square foot of saleable area.
- The expected timeline for completion of all three projects is within the next 42 months.
2 more points from TARC Ltd's call on the order book
Create a free account to keep reading this call
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Realty
on management's own guidance
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Realty companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹12,022 Cr | 41.0 | |
| 2 | Sobha | 20–40% | Up 2%+ | ₹12,032 Cr | 63.0 |
| 3 | Man Infra | 20–40% | Up 2%+ | ₹4,311 Cr | 19.2 |
| 4 | 20–40% | Up 2%+ | ₹1,091 Cr | 11.9 | |
| 5 | 20–40% | Flat | ₹1.04L Cr | 23.8 | |
| 6 | 20–40% | Flat | ₹59,882 Cr | 22.6 |
Sign up free to see every company in the sector ranking and track TARC Ltd.
Pro shows every company guiding 40%+ revenue growth →Full Realty rankingFinancials of TARC Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of TARC Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 94 | 135 | 63 | 30 | 9 | 9 | 8 | 4 | 9 | 12 | 76 | 7 | 38 |
| Expenses + | 80 | 97 | 22 | 39 | 4 | 14 | 23 | 29 | 21 | 95 | 196 | 43 | 57 |
| Operating Profit | 14 | 38 | 41 | -9 | 6 | -4 | -15 | -24 | -11 | -84 | -120 | -36 | -18 |
| OPM % | 15% | 28% | 65% | -32% | 60% | -43% | -178% | -566% | -120% | -708% | -159% | -519% | -47% |
| Other Income + | 15 | 1 | 2 | 5 | 2 | 1 | 1 | 1 | 2 | 2 | 219 | 27 | 4 |
| Interest | 24 | 29 | 34 | 12 | 35 | 42 | 13 | 49 | 19 | 25 | 15 | 11 | 11 |
| Depreciation | 1 | 2 | 1 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 2 | 2 | 2 |
| Profit before tax | 4 | 8 | 7 | -18 | -28 | -47 | -28 | -76 | -31 | -109 | 81 | -22 | -28 |
| Tax % | 67% | 82% | 5% | -106% | 18% | 10% | 11% | -11% | -8% | -4% | 33% | -28% | -24% |
| Net Profit + | 1 | 2 | 7 | 1 | -33 | -52 | -31 | -67 | -29 | -105 | 54 | -16 | -21 |
| EPS in Rs | 0.04 | 0.05 | 0.24 | 0.04 | -1.13 | -1.75 | -1.04 | -2.28 | -0.97 | -3.54 | 1.84 | -0.53 | -0.71 |
Financials of TARC Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| Sales + | 137 | 191 | 251 | 369 | 111 | 34 | 133 |
| Expenses + | 112 | 191 | 435 | 205 | 133 | 167 | 391 |
| Operating Profit | 25 | -0 | -184 | 164 | -22 | -133 | -258 |
| OPM % | 19% | -0% | -74% | 44% | -20% | -395% | -194% |
| Other Income + | 72 | 30 | 50 | 2 | 4 | 5 | 253 |
| Interest | 25 | 21 | 86 | 117 | 62 | 106 | 62 |
| Depreciation | 8 | 8 | 9 | 7 | 6 | 9 | 10 |
| Profit before tax | 65 | 1 | -229 | 41 | -86 | -243 | -77 |
| Tax % | 18% | -563% | 1% | 50% | -10% | -5% | |
| Net Profit + | 53 | 6 | -233 | 20 | -77 | -231 | -87 |
| EPS in Rs | 0.21 | -7.89 | 0.69 | -2.61 | -7.84 | -2.94 | |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of TARC Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 59 | 59 | 59 | 59 | 59 | 59 | 59 |
| Reserves | 1,499 | 1,505 | 1,273 | 1,293 | 1,216 | 984 | 1,022 |
| Borrowings + | 1,298 | 1,321 | 1,179 | 1,386 | 1,393 | 1,954 | 1,962 |
| Other Liabilities + | 471 | 521 | 468 | 428 | 796 | 1,217 | 1,505 |
| Total Liabilities | 3,327 | 3,407 | 2,979 | 3,166 | 3,463 | 4,214 | 4,548 |
| Fixed Assets + | 1,564 | 1,662 | 1,053 | 1,066 | 1,107 | 1,215 | 1,272 |
| CWIP | 73 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 138 | 138 | 68 | 68 | 68 | 68 | 58 |
| Other Assets + | 1,552 | 1,607 | 1,858 | 2,032 | 2,289 | 2,931 | 3,218 |
| Total Assets | 3,327 | 3,407 | 2,979 | 3,166 | 3,463 | 4,214 | 4,548 |
Financials of TARC Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 116 | 144 | -81 | -81 | 158 | 43 |
| Cash from Investing Activity + | 17 | 23 | 367 | 75 | -39 | -68 |
| Cash from Financing Activity + | -143 | -161 | -279 | 96 | -166 | 14 |
| Net Cash Flow | -9 | 6 | 7 | 89 | -47 | -11 |
| Free Cash Flow | 66 | 161 | 280 | -12 | 117 | 6 |
| CFO/OP | 457% | -63,382% | 38% | -41% | -752% | -46% |
Financials of TARC Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 8 | 32 | 7 | 9 | 20 | 107 |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 8 | 32 | 7 | 9 | 20 | 107 |
| Working Capital Days | 368 | 263 | -516 | 760 | 1,218 | 1,121 |
| ROCE % | 1% | -5% | 6% | -1% | -5% |
Guidance history
How TARC Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY25 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q4 FY24 call → | 40%+ | — | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
11 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −30.5% | 22% |
| Last 6 months | −19.9% | 20% |
| Last 3 months | −18.5% | 23% |
The price is 58.4% below its all-time high of ₹266.1 (4 Oct 2024). Stocks more than 20% below their peak have their score halved, so 21 became 11.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For TARC Ltd: 0.4 × 22 + 0.4 × 20 + 0.2 × 23 = 21, halved to 11 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What TARC Ltd's management said in earlier quarters
Others in Realty this season
- Kolte Patil Developers (Q2 FY27)
1,019 Cr, up 52% YoY (from Rs. Key investor presentation takeaways from Kolte Patil Developers Ltd's Q2 FY27 investor presentation — and how it ranks against se
- Nexus Select (Q2 FY27)
Q2 FY27 Revenue from Operations: INR 675 Cr (Page 28) . Key investor presentation takeaways from Nexus Select Trust's Q2 FY27 investor presentation — and how it
- Vascon Engineers (Q2 FY27)
251.18 Cr vs. Key investor presentation takeaways from Vascon Engineers Ltd's Q2 FY27 investor presentation — and how it ranks against sector peers.
- Knowledge Realty Trust (Q2 FY27)
Revenue from Operations for Q2 FY27: ₹12,725 million, up 13% YoY from ₹11,238 million in Q2 FY26 (Page 45). Key investor presentation takeaways from Knowledge R