TARC
Micro CapTARC Limited
Real Estate
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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 55/100Rev +1666% YoY · margin expansion · +444% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹208.7 Cr | +1665.7% | +443.8% |
| EBITDA | ₹-90.3 Cr | -7.9% | -395.7% |
| Operating margin | -43.3% | +66445 bps | +420 bps |
| PAT | ₹1.6 Cr | NDF | NDF |
| PAT margin | 0.8% | +88537 bps | +5556 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
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.
Presales by Project (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
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.
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).
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.
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.
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.
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.
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.
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.
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.
Trend score and candlestick chart
41NeutralSMA20 -11.2% / mo · near 52W low
Technical chart
TARCweekly · 5Y-40.8%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 43.
- SMA20 falling (~12.7% over last month) — short-term momentum negative.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 37% off 52W high · 17% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 12.8%.
- Cash flow contributes 8/10 to the score.
- Growth contributes 17/25 to the score.
Main drags
- Altman Z is 0.9, in distress territory.
- Fair-value margin of safety is negative at -488.6%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 13th percentile of the scored universe and 17th percentile within Real Estate. Main check: results consistency is weak at 31/100.
Mixed Trust Lite: Promoter holding is 65.1%. Key concern: Altman Z is 0.92.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Real Estate: 17th pctile, median 61 · Micro: 9th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 65.1%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
Trust risks
- ▸Altman Z is 0.92.
- ▸3 recent quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.29.
- ▸ROCE is low at -4.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 190.00
- P/B
- 3.42
- EV/EBITDA
- —
- Market Cap
- 3631.00Cr
Profitability
- ROE
- 1.81%
- ROCE
- 2.26%
- ROA
- 0.41%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- -4.00%
- EPS 3Y
- -5.00%
Balance Sheet
- Debt/Equity
- 1.78
- Interest Coverage
- -4.98×
- Altman Z
- 0.89
- Book Value
- 36.00
Cash Flow
- FCF Yield
- 12.83%
- FCF Positive Y
- 5/5
- OCF
- 191.00 Cr
- EPS TTM
- 0.65
Shareholding
- Promoter Hold
- 65.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.