Annual reportSep 2026
Sep 2026 · Letters To Shareholders Providing Web Link To Access The Annual Report And Notice Of AGM 29 Aug - TARC dispatched FY2025-26 AGM notice and annual report; AGM on September 19, 2026.
Source: Bse
TARC Limited (TARC)
Micro CapReal Estate stocks · Micro cap · NSE
TARC is a real estate developer focused on luxury and ultra-luxury segments in New Delhi & Gurugram. It emphasizes "Differentiated Luxury Curated Residences" with ~₹9,000 crore GDV under execution and an owned, fully paid land bank, aiming for a high-margin business model.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result11 Aug, 06:28 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Real Estate P/E 22.2 (n=72)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -1.3% / mo · MACD − · near 52W low · sector -5.2pp vs Nifty 500 (3M)
Stock trend: 22
Sector RS: 45
Sector 3M: -10.8% vs Nifty 500 -5.6%
Real Estate FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TARCD candles · FIT view-14.7%Latest close ₹117.52 on 2026-10-21
Bar
-2.5%
RSI
39
MACD hist
-0.43
52W pos
11%
2026-10-21O ₹120.59H ₹120.59L ₹115.01C ₹117.52Vol 2.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TARCNifty RealtyNifty 500
- TARC
- +1.8%
- Nifty 500
- -6.5%
- Nifty Realty
- -13.1%
- Vs Nifty 500
- +8.3 pp
Chart stats
21 Oct 2026- From 52W high
- -36.9%
- 52W range position
- 11%
- ATR (14)
- 4.3%
- Volume vs 20D
- 0.69x
- Avg traded value
- ₹4.3 Cr
- 20D price channel
- ₹113.8 - ₹132.2
₹186.3
₹109.1 - ₹186.3
₹5
Latest completed session
20-session average
33.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED29
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad15
Revenue +185.5% · PAT -57.4% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence61
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 15/100PAT -57% YoY · Rev +186% YoY · margin expansion
Filed 11 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹217 Cr | +185.5% | +3.8% |
| EBITDA | ₹40 Cr | +133.3% | +144.4% |
| Operating margin | 19.0% | +17800 bps | +6200 bps |
| PAT | ₹23 Cr | -57.4% | +1050.0% |
| PAT margin | 10.6% | -6045 bps | +964 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 3.44
- EV/EBITDA
- —
- Market Cap
- 3655.00Cr
Profitability
- ROE
- 8.61%
- ROCE
- 5.78%
- ROA
- -0.28%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 71.00%
- Revenue 3Y
- -4.00%
- EPS 3Y
- 60.00%
Balance Sheet
- Debt/Equity
- 1.78
- Interest Coverage
- -1.89×
- Altman Z
- 1.04
- Book Value
- 36.00
Cash Flow
- FCF Yield
- 12.75%
- FCF Positive Y
- 5/5
- OCF
- 191.00 Cr
- EPS TTM
- -0.42
Shareholding
- Promoter Hold
- 65.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 217+3.8% vs prev
Net Profit
₹ CrLatest: 23.0+1050.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 39.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~1.4% over last month) — short-term momentum negative.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 37% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
45
RS percentile
Stage 4 Downtrend
1M return
-9.6%
3M return
+1.8%
6M return
-15.7%
1Y return
-18.2%
RS 1D
+2
RS 20D
+3
Sector rank
#18
Industry rank
#69
Stage evidence
- Price is 7.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.4%.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 77.6-0.84%
RS vs Nifty 50078
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth13/25
Quality2/20
Balance Sheet0/15
Cash Flow8/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
29
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
29/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 12.8%.
- Cash flow contributes 8/10 to the score.
- Growth contributes 13/25 to the score.
Main drags
- Altman Z is 1.0, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Sector valuation model
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Primary lens
NAV and market cap versus project pipeline and pre-sales.
Secondary checks
Inventory age, net debt, collections, execution record.
Main risk check
Book value can overstate value if inventory is slow or debt is high.
PE
—
PB
3.4
EV/EBITDA
—
ROE
8.6%
ROCE
5.8%
FCF Yield
12.8%
Debt/Equity
1.8
MoS
—
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
29
Previous: 29
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
29
29
29
29
29
28
28
29
29
29
29
29
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
33.3
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DBREALTY
Micro
Valor Estate Limited
Real Estate
match 165
31
—
-1.3%
-801%
OVERVALUED
SUNTECK
Micro
Sunteck Realty Limited
Real Estate
match 165
56
18.9
5.8%
+45%
FAIR VALUE
PURVA
Micro
Puravankara Limited
Real Estate
match 164
36
30.7
3.5%
+10%
WATCHLIST
KOLTEPATIL
Small
Kolte - Patil Developers Limited
Real Estate
match 160
16
30.7
-4.4%
-85%
OVERVALUED
PSPPROJECT
Small
PSP Projects Limited
Real Estate
match 160
21
41.3
4.5%
-837%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T14:23:57.015Z
Management commentary snapshot
TARC reported a significant FY26 turnaround: total income surged to ₹671.78 crore (vs ₹38.89 cr FY25), positive EBITDA of ₹77.51 crore (vs negative ₹127.77 cr FY25), and PAT of ₹19.03 crore (vs loss of ₹231.29 cr FY25). Presales hit ₹1,373 crore, and cashflows doubled to ₹1,132 crore.
The company demonstrated a strong financial turnaround in FY26, driven by initial revenue recognition and robust presales. Its focus on luxury in Delhi-NCR, backed by a fully paid land bank and clear debt reduction targets, supports the long-term thesis. Sustained execution and cashflow generation are critical.
Current business mix
Presales by Project (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Kailasa38.0%
Ishva62.0%
Growth engines
Luxury & Ultra-Luxury Focus
Focus on high-margin luxury and ultra-luxury segments in New Delhi & Gurugram.
Strategic Land Bank
Owned & fully paid land bank supports margin resilience and capital efficiency.
Strong Project Pipeline
~₹9,000 crore GDV under execution with similar pipeline under finalization.
Execution & Delivery
Commenced customer handovers at TARC Tripundra, reinforcing delivery capability.
Capacity and execution
New Tower Launch
Introduced most premium tower inventory of TARC Kailasa with new Experience Centre.
Development Footprint Expansion
Launched ‘Ishvara’ at TARC Ishva, expanding development footprint to 1.7 mn sqft.
Upcoming Pipeline
Advanced design finalisation across significant upcoming luxury and ultra-luxury developments.
Land Bank
Owned land parcels: Delhi (50 acres), North & West Delhi (225 acres), Gurugram-Manesar (150 acres), Greater Noida (25 acres).
Tailwinds
Supply-Constrained Market
Delhi’s urban core is highly supply constrained, supporting long-term pricing strength.
Underserved Premium Segment
Ultra-luxury segment in Delhi remains significantly underserved despite rising demand.
HNI & NRI Demand
Strong demand from HNIs, business families, senior professionals, and NRIs for premium offerings.
Superior Economics
Ultra-luxury segment benefits from strong realizations, healthy margins, and robust cashflow visibility.
Risk radar
Macro-economic & Regulatory
General market, macro-economic, governmental, and regulatory trends.
Competitive Pressures
Competitive pressures in the real estate market.
Project Execution & Cost Overruns
Time & cost overruns on contracts.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
FY26 results show a significant YoY turnaround in financials. Q4FY26 also reflects strong sequential growth, indicating recent operational momentum and the start of revenue recognition from TARC Tripundra.
Sector KPIs management disclosed
Presales
FY26 presales booking of ₹1,373 crore.
Collections
FY26 business cashflows of ₹1,132 crore, more than 2x previous financial year.
Launches
Launched ‘Ishvara’ at TARC Ishva, expanding development footprint to 1.7 mn sqft.
Revenue Recognition
Revenue recognition began for TARC Tripundra in Q4 FY26; ~₹270 crore recognized in FY26.
Management forward view
Inflection Point
Q4 FY26 revenue recognition at TARC Tripundra marks a key inflection point, strengthening profitability and financial performance visibility.
Strategy Validation
Healthy project-level gross margin of ~45% at Tripundra validates strategy of leveraging land bank and luxury positioning.
Future Focus
Focused on disciplined execution, phased launches, and expansion of luxury and ultra-luxury pipeline.
Cashflow Outlook
Company projects to generate ~₹10,000 crore cashflows over the next 5 years.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt Zero | Gross Debt Estimated Debt Repayment FY27: ~900 Cr. | Achievement of Net Debt Zero target. |
| Cashflow Generation | Projected ~₹1,600-1,800 crore in FY27. | Consistent generation of ~₹10,000 crore over next 5 years. |
| Kailasa & Ishva Revenue Recognition | Revenue recognition begins for Kailasa & Ishva (~₹8,000 crore) in FY29 & FY30. | Timely commencement and scale-up of revenue recognition from these projects. |
| New Investments | New Investments in JDA/JV and Land in FY27 & FY28. | Details and impact of new investments on future pipeline and GDV. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
61Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 32nd percentile of the scored universe and 55th percentile within Real Estate. Main check: balance sheet trust is weak at 35/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
43 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
32nd percentile
overall median 67 · Real Estate: 55th pctile, median 61 · Micro: 17th pctile, median 73
Evidence depth
Financial-only
43 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
35
weak · leverage and solvency
Discipline
40
weak · capital discipline
Results
43
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 65.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 12.4%.
- ▸5 years of positive FCF.
Trust risks
- ▸Altman Z is 1.05.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.78.
- ▸ROCE is low at 2.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching TARC Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 9 Jul - TARC appoints Mridul Srivastava CHRO, Ankush Kaul CBO, and Ajay Gupta CDO from July 9 and 16, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Aug - TARC reported Q1FY27 results: income Rs218.71 crore, EBITDA Rs41.76 crore, PAT Rs22.64 crore; presales Rs602 crore.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 7 Jul - Q1 FY27 presales rose to ₹602 crore; collections reached ₹305 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 31 May
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Announcement
Compliances-Reg.24(A)-Annual Secretarial Compliance 30 May - TARC filed FY2026 secretarial compliance report; Rs10,000 BSE fine, SEBI warning for non-compliance.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 29 May - TARC reported FY2026 revenue of ₹671.78 crore and PAT of ₹19.03 crore; Tripundra handovers began.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.