Any current/future new fundraising through debt or equity?

No explicit mention of any immediate or planned new fundraising through debt or equity in the call. The company focuses on reducing existing debt, aiming to become debt-free or significantly lower debt within the next two years. Refinancing of existing NCDs was completed recently to reduce interest cost, but no additional debt raised. Future cash flows from projects and potential monetization of non-core land parcels will be used primarily for debt repayment. Expansion plans include acquiring more land, funded from internal cash flows rather than raising new capital. The company is open to joi

Any current/future capex/capital investment/strategic investment?

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 (Page 17). 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 (Page 17). The company aims to utilize only 20-30% of its land value for these projects, retaining substantial land for future development (Page 17). The management intends to acquire more land as cash flow starts com

Future growth expectations in sales/revenue/volumes?

Targeting pre-sales of approximately ₹5,000 crores in FY '25, with an expectation of higher presales in FY '26. The company aims to achieve US$1 billion in pre-sales in the near future, though no definite timeline has been given. 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

Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets achieving US$1 billion in presales in the near future, indicating strong growth ambitions. For FY '25, presales target is Rs. 5,000 crores, with an expectation that FY '26 presales will be higher, reflecting a growth trend. Three upcoming projects are expected to have a GDV around Rs. 7,500-8,000 crores, similar in scale to current projects. Project execution timelines are approximately 3-4 years, with the three new projects expected to be completed within 42 months. Free cash flows of around Rs. 5,500 crores over the next three years will be primarily used to repay debt an

Current/ Expected Orderbook/ Pending Orders?

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. The company plans to launch 5-7 projects over the next 3-5 years from its land bank,

TARC LtdQ2 FY25Realty

TARC Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹111.33Market Cap: ₹3.3K CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Targeting pre-sales of approximately ₹5,000 crores in FY '25, with an expectation of higher presales in FY '26.
The company aims to achieve US$1 billion in pre-sales in the near future, though no definite timeline has been given.
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.
Focus remains on luxury residential developments, with no current plans for mid-market housing.
The company expects to leverage free cash flows from ongoing projects for debt repayment and further land acquisition to support growth.

Margin guidance

Category 3

The company targets achieving US$1 billion in presales in the near future, indicating strong growth ambitions.
For FY '25, presales target is Rs. 5,000 crores, with an expectation that FY '26 presales will be higher, reflecting a growth trend.
Three upcoming projects are expected to have a GDV around Rs. 7,500-8,000 crores, similar in scale to current projects.
Project execution timelines are approximately 3-4 years, with the three new projects expected to be completed within 42 months.
Free cash flows of around Rs. 5,500 crores over the next three years will be primarily used to repay debt and reinvest in land acquisition and project execution, supporting future earnings growth.
The company expects EBITDA margins to be high (around 60%-65%), indicating strong operational profitability.
Guidance on exact earnings or EPS for FY '26 will be provided at a later date, but growth momentum is anticipated to continue.

See what TARC Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

No explicit mention of any immediate or planned new fundraising through debt or equity in the call.
The company focuses on reducing existing debt, aiming to become debt-free or significantly lower debt within the next two years.
Refinancing of existing NCDs was completed recently to reduce interest cost, but no additional debt raised.
Future cash flows from projects and potential monetization of non-core land parcels will be used primarily for debt repayment.
Expansion plans include acquiring more land, funded from internal cash flows rather than raising new capital.
The company is open to joint development and joint venture opportunities but has not indicated any fundraising tied to these yet.

Order book

Yes

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.
The company plans to launch 5-7 projects over the next 3-5 years from its land bank, targeting a total GDV in the range of ₹25,000 to ₹30,000 crores from the 200-acre land bank scheduled for development over the next five years.
Presales target for FY25 is ₹5,000 crores, with expectations of higher presales in FY26.

See what TARC Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

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 (Page 17).
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 (Page 17).
The company aims to utilize only 20-30% of its land value for these projects, retaining substantial land for future development (Page 17).
The management intends to acquire more land as cash flow starts coming in, with identified areas targeted for expansion beyond current land bank (Page 17).
There is ongoing enhancement of experience centers and preparations to start sales of projects like Kailasa 2.0 by January (Page 7).
Plans for joint developments and JVs are being evaluated, focusing on luxury residential projects in Delhi and Gurgaon (Page 12).

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