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]
Business ServicesThe company is engaged in the development of luxurious residential projects in New Delhi and Gurugram.[1]TARC is a leading brand in the luxury residential sector.[2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | DLF | 706.30 | 45.30 | 174831.27 | 0.85 | 1180.09 | -27.08 | 1643.04 | -16.81 | 6.51 | 9016.03 | 22.47 | 3859.74 | 1007.10 | 4.07 | 7.30 | 0.04 |
| 2. | Lodha Developers | 1112.10 | 33.36 | 111070.67 | 0.38 | 789.80 | 86.50 | 3798.50 | 44.67 | 15.62 | 15597.50 | 29.61 | 3329.50 | 788.70 | 5.22 | 5.70 | 0.45 |
| 3. | Prestige Estates | 1653.20 | 93.02 | 71208.32 | 0.11 | 457.40 | 123.88 | 2431.70 | 5.52 | 7.66 | 7921.90 | 36.60 | 765.50 | 430.30 | 4.50 | 1.15 | 0.92 |
| 4. | Phoenix Mills | 1950.80 | 65.21 | 69760.28 | 0.13 | 384.09 | 39.38 | 1115.43 | 21.51 | 10.75 | 4059.89 | 57.73 | 1069.86 | 303.99 | 6.46 | 6.11 | 0.46 |
| 5. | Godrej Propert. | 2127.90 | 41.36 | 64093.70 | 0.00 | 402.99 | 20.84 | 740.38 | -32.28 | 6.57 | 4265.55 | -18.34 | 1549.83 | 405.08 | 3.50 | 2.67 | 0.89 |
| 6. | Oberoi Realty | 1726.30 | 28.11 | 62768.65 | 0.46 | 760.26 | 28.98 | 1779.04 | 34.79 | 17.73 | 5327.81 | 56.59 | 2233.06 | 760.26 | 3.75 | 10.23 | 0.18 |
| 7. | Brigade Enterpr. | 891.40 | 27.40 | 21794.58 | 0.28 | 170.28 | 36.58 | 1383.37 | 29.03 | 13.34 | 5588.84 | 26.50 | 795.44 | 162.50 | 3.36 | 3.39 | 0.83 |
| 8. | TARC Ltd | 177.79 | – | 5246.52 | 0.00 | -26.54 | -15.09 | 1.78 | 109.41 | 0.03 | 9.79 | -2355.57 | -252.41 | -26.54 | 4.78 | -3.60 | 0.78 |
| – | Median: 96 Co. | 164.13 | 33.67 | 863.61 | 0.0 | 4.2 | 6.17 | 44.19 | 9.84 | 7.61 | 164.13 | 16.9 | 11.18 | 3.3 | 2.91 | 2.39 | 0.44 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 87 | 6 | 4 | 23 | 5 | 0 | 83 | 10 | 4 | 13 | 22 | 1 | 2 |
Expenses | 78 | 15 | 13 | 32 | 10 | 130 | 92 | 23 | 71 | 14 | 30 | 10 | 26 |
Operating Profit | 9 | -9 | -9 | -9 | -5 | -130 | -8 | -13 | -67 | -1 | -8 | -9 | -25 |
Other Income | 19 | 29 | 18 | 31 | 26 | 1 | 44 | 26 | 23 | 31 | 30 | 27 | 3 |
Profit before tax | 4 | 4 | -9 | 1 | 8 | -142 | 7 | 1 | -69 | 1 | 10 | -31 | -34 |
Tax % | -47% | 75% | -28% | 26% | 26% | -3% | -14% | 50% | 18% | 55% | -8% | -25% | -21% |
Net Profit | 6 | 1 | -6 | 1 | 6 | -137 | 8 | 1 | -82 | 0 | 11 | -23 | -27 |
EPS in Rs | 0.20 | 0.03 | -0.21 | 0.04 | 0.21 | -4.66 | 0.26 | 0.02 | -2.78 | 0.01 | 0.37 | -0.78 | -0.90 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
Sales | 0 | 0 | 107 | 175 | 436 | 197 | 60 | 14 | 10 |
Expenses | 0 | 0 | 99 | 164 | 539 | 190 | 100 | 104 | 240 |
Operating Profit | 0 | -0 | 9 | 11 | -103 | 7 | -39 | -90 | -231 |
Other Income | 0 | 0 | 11 | 5 | 25 | 123 | 117 | 94 | 45 |
Interest | 0 | 0 | 14 | 8 | 52 | 117 | 58 | 101 | 65 |
Depreciation | 0 | 0 | 2 | 2 | 2 | 2 | 3 | 3 | 3 |
Profit before tax | 0 | -0 | 3 | 5 | -132 | 12 | 17 | -100 | -254 |
Net Profit | 0 | -0 | 4 | 5 | -147 | 14 | 14 | -105 | -252 |
EPS in Rs | – | – | – | 0.17 | -4.97 | 0.49 | 0.46 | -3.57 | -8.55 |
Dividend Payout % | – | 0% | 0% | 0% | 0% | 0% | 0% | 0% | – |
Standalone figures in ₹ crores
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 0.05 | 0.05 | 59 | 59 | 59 | 59 | 59 | 59 | 59 |
Reserves | -0 | -0 | 1,421 | 1,426 | 1,279 | 1,294 | 1,307 | 1,202 | 1,038 |
Borrowings | 0 | 0 | 1,069 | 1,065 | 861 | 1,447 | 1,454 | 1,180 | 854 |
Other Liabilities | 0 | 0 | 357 | 370 | 331 | 166 | 226 | 374 | 554 |
Total Liabilities | 0 | 0 | 2,905 | 2,920 | 2,531 | 2,965 | 3,045 | 2,815 | 2,505 |
Fixed Assets | 0 | 0 | 810 | 827 | 26 | 24 | 27 | 26 | 25 |
Gross Block | 0.00 | 0.00 | 828.69 | 848.61 | 34.50 | 33.32 | 39.75 | 41.66 | – |
Accumulated Depreciation | 0.00 | 0.00 | 19.06 | 21.20 | 8.06 | 9.64 | 12.55 | 15.73 | – |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 0 | 0 | 566 | 558 | 558 | 558 | 558 | 547 | 526 |
Other Assets | 0 | 0 | 1,529 | 1,535 | 1,946 | 2,383 | 2,460 | 2,242 | 1,954 |
Total Assets | 0 | 0 | 2,905 | 2,920 | 2,531 | 2,965 | 3,045 | 2,815 | 2,505 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 0 | -0 | 70 | 158 | -50 | -27 | -8 | 258 |
Cash from Investing Activity | 0 | 0 | 56 | 41 | 363 | -386 | 105 | 511 |
Cash from Financing Activity | 0 | 0 | -132 | -196 | -307 | 477 | -165 | -751 |
Net Cash Flow | 0 | -0 | -5 | 3 | 6 | 64 | -67 | 18 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
Debtor Days | – | – | 0 | 28 | 410 | 906 | 2,927 | 7,539 |
Inventory Days | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | – | – | 0 | 28 | 410 | 906 | 2,927 | 7,539 |
Working Capital Days | – | – | 1,079 | 682 | 272 | 2,604 | 7,613 | 5,819 |
ROCE % | – | -29% | 1% | 1% | -3% | 5% | 3% | 0% |
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Stock Analysis
TARC Limited, headquartered in New Delhi, is a leading luxury residential real estate developer known for its prime projects in New Delhi and Gurugram. Evolving from a construction firm, it holds a significant position in the luxury housing market.
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