Tarc Limited (TARC) · mywealthgrid

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About

Tarc Limited develops residential and commercial real estate projects with a market cap of ₹3,694.65 Cr. The company exhibits highly volatile profitability across delivery cycles, with recent quarters swinging between net losses exceeding ₹20 Cr and profits of ₹22.65 Cr, reflecting the lumpiness of large real estate project monetization.

Face value: ₹2

Market cap

₹3,706 Cr

P/E

—

P/B

3.5×

Dividend yield

ROE

1.8%

ROCE

2.8%

Debt / equity

1.78

OPM

-80.2%

EPS (TTM)

₹-0.4

Book value

₹36.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin collapse: consolidated OPM of -80.17% with quarterly extremes ranging from -124% to +18% indicates fundamental challenges in project economics or unsustainable revenue timing; verify project-by-project profitability and accounting practices.
High leverage amid weak returns: D/E ratio of 1.78 combined with ROE of 1.81% means debt is destroying shareholder value; PE n/a signals the company is unprofitable on a consolidated basis; verify debt covenant status and refinancing capacity.
Persistent large quarterly losses: three of eight recent quarters recorded net losses exceeding ₹20 Cr (Jun 2026: -₹24.47 Cr, Dec 2025: -₹21.03 Cr, Sep 2025: -₹26.54 Cr) with no established trend toward consistent profitability.
Dual revenue reporting opacity: each quarter shows two separate revenue and profit lines (e.g., ₹10.59 Cr and ₹217.13 Cr in Jun 2026) labeled as standalone; clarify whether these represent segments, accounting adjustments, or data quality issues.

Generated analysis · source review pending

Growth drivers

Project delivery scale and cadence: Jun 2026 and Mar 2026 quarters each recorded ₹217.13 Cr and ₹208.7 Cr standalone revenue with profitable execution (18.51% OPM and ₹22.65 Cr net profit in Jun 2026), suggesting sustained delivery of ₹200+ Cr projects could stabilize earnings.
Real estate market cycle recovery: residential and commercial segments historically respond to lower interest rates and credit availability; verify current housing demand, home loan rates, and construction activity trends in the company's key markets.
Margin expansion from project mix: the 18.51% OPM achieved in Jun 2026 versus consolidated -80.17% average shows the company can execute high-margin projects; applying similar cost discipline or project selection across the full portfolio would unlock significant earnings expansion.

Generated analysis · source review pending

1,426 historical price candles were omitted because the exchange source has not been verified.

₹125.6-1.1%1Y

Quick read

rule-based

Pros

+Profit CAGR of 25.3% over the last 5 years
+High promoter holding of 65.1% with no pledge

Cons

−Low return on equity of -8% (3-yr avg)
−Heavily leveraged (debt/equity 1.8)
−Weak interest coverage of 1.3×

Research score

Structured signal from quality, growth, valuation and momentum.

39/100

Business quality: 3
Growth: 25
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	191	251	368	111	34	330
COGS	165	280	52	-42	43	263
Gross profit	26	-29	317	—	-10	67
	26	155	158	106	123	331
	-0	-185	159	47	-133	-264
OPM %	-0.1%	-73.6%	43.2%	41.8%	-394.7%	-80.2%
Depreciation	8	9	7	6	9	10
Interest	21	86	117	136	106	53
	30	50	7	10	5	342
Profit before tax	1	-229	41	-86	-243	15
Tax	-5	3	21	-9	-12	-4
Tax %	-564.5%	1.5%	50.5%	-10.4%	-4.9%	-28.6%
	6	-233	20	-77	-231	19
PAT margin %	3.2%	-92.9%	5.5%	-69.1%	-686.5%	5.8%
EPS (₹)	0.2	-7.9	0.7	-2.6	-7.8	0.6
EPS adjusted (₹)	0.2	-7.9	0.7	-2.6	-7.8	0.7
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	0	59	59	59	59	59	59
Reserves	—	1,505	1,273	1,293	1,216	984	1,003
Minority interest	—	0	0	0	0	0	0
	—	1,315	1,174	1,381	1,388	1,950	1,889
	355	533	473	424	803	1,223	1,649
Total equity & liabilities	355	3,412	2,979	3,157	3,466	4,216	4,600
	352	630	453	684	660	684	689
CWIP	—	0	0	103	—	0	0
Investments	—	1,170	669	346	515	599	631
	3	1,612	1,858	2,024	2,291	2,933	3,279
Total assets	355	3,412	2,979	3,157	3,466	4,216	4,600

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	13.6%	-11.7%	86%	—	-28.7%	20.3%
EBITDA margin %	-0.1%	-73.6%	43.2%	41.8%	-394.7%	-80.2%
EBIT margin %	-4.4%	-77.1%	41.2%	36%	-421.4%	-83.2%
PAT margin %	3.2%	-92.9%	5.5%	-69.1%	-686.5%	5.8%
Working capital
Receivable days	32	7	9	20	107	8
Inventory days	1,877	1,389	7,823	7,789	16,427	3,326
Payable days	114	54	170	139	517	107
NWC days	1,795	1,342	7,663	7,670	16,017	3,227
Leverage
Current ratio	1.21	0.8	3.2	1.31	1.09	1.37
Debt to EBITDA	—	—	8.69	29.8	—	—
Debt to equity	0.84	0.88	1.02	1.09	1.87	1.78
Interest coverage	1	-1.7	1.4	0.4	-1.3	1.3
Asset turnover	0.06	0.08	0.12	0.03	0.01	0.07
Return ratios
Return on assets %	0.2%	-7.8%	0.6%	-2.2%	-5.5%	0.4%
Return on capital employed %	0.8%	-7.2%	7.8%	2%	-6.3%	2.8%
Return on equity %	0.4%	-17.5%	1.5%	-6%	-22.2%	1.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	64.96%	64.96%	64.96%	64.96%	64.96%	64.96%	65.12%	65.12%	65.12%	65.12%	65.12%	65.12%
	1.85%	1.92%	2.4%	2.89%	2.72%	2.34%	2.45%	2.3%	1.99%	1.22%	0.92%	0.99%
	0.42%	0.89%	1.29%	1.95%	3.31%	4.33%	4.88%	5.45%	5.81%	6.31%	6.4%	6.44%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	32.77%	32.23%	31.35%	30.2%	29.01%	28.37%	27.55%	27.13%	27.08%	27.35%	27.56%	27.45%
No. of shareholders	—	—	—	—	—	—	—	—	57,953	56,287	54,264	53,065

Promoter holding up 0.16 percentage points since Sep 2023.

11 deals · 20 Sept 2021 – 7 Jul 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
7 Jul 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	33,28,505	₹133.75	₹44.52 Cr
7 Jul 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	33,28,505	₹133.88	₹44.56 Cr
7 Jul 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	28,00,441	₹133.76	₹37.46 Cr
7 Jul 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	28,00,441	₹133.82	₹37.48 Cr
7 Jul 2026	GRT STRATEGIC VENTURES LLP	Bulk	NSE	Buy	19,30,552	₹133.37	₹25.75 Cr
7 Jul 2026	GRT STRATEGIC VENTURES LLP	Bulk	NSE	Sell	19,30,552	₹133.43	₹25.76 Cr
7 Jul 2026	QE SECURITIES LLP	Bulk	NSE	Buy	18,84,842	₹131.23	₹24.73 Cr
7 Jul 2026	QE SECURITIES LLP	Bulk	NSE	Sell	18,16,315	₹135.77	₹24.66 Cr
19 Oct 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	15,67,459	₹99.30	₹15.56 Cr
19 Oct 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	15,67,459	₹99.20	₹15.55 Cr

1–10 of 11

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. ANIL SARINNon-Executive - Non Independent Director-Chairperson
Mr. Nitin GoelChief Financial Officer
Mr. AMAR SARINExecutive Director-CEO-MD
Mrs. MUSKAAN SARINExecutive Director
Mr. AMBARISH CHATTERJEENon-Executive - Independent Director
Mr. MIYAR RAMANATH NAYAKNon-Executive - Independent Director
Mr. JYOTI GHOSHNon-Executive - Independent Director
Mrs. BINDU ACHARYANon-Executive - Independent Director
Mr. Amit NarayanCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 3 fund houses

Held by these funds

0.15%

of the company's equity

All mutual funds

6.43%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

4 schemes · 3 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2.61 L	3.09	0.12%	0.088%	-5,710
HOUSING OPPORTUNITIES FUND	Tata Mutual Fund	1.73 L	2.05	0.43%	0.059%	-0
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	1,785	0.02	0.01%	0.001%	+8
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	298	0	0.01%	0%	+1

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results11 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

24 announcementsExport CSV

30 Sept 2026, 2:46 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

19 Sept 2026, 7:59 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

19 Sept 2026, 7:19 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

11 Sept 2026, 4:08 pmCompany Update

Intimation Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Regulations) 2015

General PDF

8 Sept 2026, 4:27 pmCompany Update

Intimation Of Receipt Of In-Principle Approval From BSE Limited In Respect Of Amendment Of The Redemption Schedule Of The Debenture Trustee Deed.

General PDF

29 Aug 2026, 5:16 pmCompany Update

Letters To Shareholders Providing Web Link To Access The Annual Report And Notice Of AGM

General PDF

29 Aug 2026, 4:11 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

28 Aug 2026, 12:02 amOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

Date	Category	Subject	Filing
30 Sept 2026, 2:46 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
19 Sept 2026, 7:59 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	13.6%	-11.7%	86%	—	-28.7%	20.3%
EBITDA margin %	-0.1%	-73.6%	43.2%	41.8%	-394.7%	-80.2%
EBIT margin %	-4.4%	-77.1%	41.2%	36%	-421.4%	-83.2%
PAT margin %	3.2%	-92.9%	5.5%	-69.1%	-686.5%	5.8%
Working capital
Receivable days	32	7	9	20	107	8
Inventory days	1,877	1,389	7,823	7,789	16,427	3,326
Payable days	114	54	170	139	517	107
NWC days	1,795	1,342	7,663	7,670	16,017	3,227
Leverage
Current ratio	1.21	0.8	3.2	1.31	1.09	1.37
Debt to EBITDA	—	—	8.69	29.8	—	—
Debt to equity	0.84	0.88	1.02	1.09	1.87	1.78
Interest coverage	1	-1.7	1.4	0.4	-1.3	1.3
Asset turnover	0.06	0.08	0.12	0.03	0.01	0.07
Return ratios
Return on assets %	0.2%	-7.8%	0.6%	-2.2%	-5.5%	0.4%
Return on capital employed %	0.8%	-7.2%	7.8%	2%	-6.3%	2.8%
Return on equity %	0.4%	-17.5%	1.5%	-6%	-22.2%	1.8%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Lodha Developers LimitedLODHALODHA	₹1,10,460 Cr	₹1,20,344 Cr	₹18,181 Cr	₹5,859 Cr	29.5%	₹4,126 Cr	20.6%	20.1%	15.8%	1,405
The Phoenix Mills LimitedPHOENIXLTDPHOENIXLTD	₹69,017 Cr	₹74,313 Cr	₹4,545 Cr	₹2,714 Cr	59.6%	₹1,280 Cr	35.2%	12.4%	11.4%	734
Prestige Estates Projects LimitedPRESTIGEPRESTIGE	₹64,006 Cr	₹78,992 Cr	₹13,053 Cr	₹3,675 Cr	29.2%	₹1,139 Cr	10.3%	13.6%	7.5%	2,755
Oberoi Realty LimitedOBEROIRLTYOBEROIRLTY	₹63,797 Cr	₹66,613 Cr	₹6,322 Cr	₹3,572 Cr	55.9%	₹2,630 Cr	41.7%	17.5%	14.9%	1,581
Godrej Properties LimitedGODREJPROPGODREJPROP	₹48,065 Cr	₹63,680 Cr	₹5,203 Cr	₹-458 Cr	-8.1%	₹1,600 Cr	35.9%	12.5%	10.1%	6,464
Anant Raj LimitedANANTRAJANANTRAJ	₹20,797 Cr	₹21,403 Cr	₹2,551 Cr	₹688 Cr	26.1%	₹579 Cr	22.2%	12%	11.2%	236
Brigade Enterprises LimitedBRIGADEBRIGADE	₹18,579 Cr	₹24,688 Cr	₹5,532 Cr	₹1,465 Cr	25.1%	₹695 Cr	12.7%	11.1%	10.3%	938
Horizon Industrial Parks LimitedHORIZONINDHORIZONIND	₹14,025 Cr	₹20,910 Cr	₹691 Cr	₹531 Cr	76.9%	₹-198 Cr	-29.5%	3.3%	-5.9%	-46
Sobha LimitedSOBHASOBHA	₹12,968 Cr	₹13,970 Cr	₹5,617 Cr	₹364 Cr	6%	₹231 Cr	3.7%	7.4%	4.2%	17,827
Aditya Birla Real Estate LimitedABRELABREL	₹12,293 Cr	₹17,929 Cr	₹450 Cr	₹-375 Cr	-88.2%	₹-116 Cr	-83%	-4.4%	-2.7%	22,467
Sri Lotus Developers And Realty LimitedLOTUSDEVLOTUSDEV	₹11,244 Cr	₹11,374 Cr	₹840 Cr	₹299 Cr	36.5%	₹257 Cr	31.6%	22.3%	16.7%	840
Signatureglobal (India) LimitedSIGNATURESIGNATURE	₹10,376 Cr	₹13,317 Cr	₹2,282 Cr	₹-126 Cr	-1.9%	₹1,044 Cr	42.2%	3.4%	85%	1,407

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	144	-81	-81	158	43	191
	23	367	75	-39	-68	275
	-161	-279	96	-166	14	-436
Net cash flow	6	7	89	-47	-11	29
Free cash flow	144	-81	-88	117	6	159
CFO / Operating profit %	—	—	-51%	339.8%	—	—

Tarc Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

1

Announcements

Not in the F&O segment

1

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Return on equity

Tarc Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

Board meetings1

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Board meetings1

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1