TARC Ltd

TARC

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Market Cap

₹ 4,421 Cr

P/E

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

HIGH RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

TARC Limited, formerly Anant Raj Global Limited, is a prominent real estate developer, focusing on luxury residential and commercial projects in Delhi NCR.

In H1 FY26, TARC achieved gross sales of ₹565 crore, demonstrating robust demand for its upscale residential offerings with significant margins anticipated from ongoing developments.

With strategic land holdings and project executions across New Delhi and Gurugram, TARC is focusing on sustained growth and excellent revenue visibility through its luxury residential projects.

Collaborations with prominent firms like Bain Capital underscore TARC's strategic partnerships aimed at reinforcing its market position through capital and expertise.

TARC's comprehensive ESG strategies, including targets for carbon neutrality and sustainability certifications, highlight its commitment to environmentally responsible growth.

Sector

Realty

Industry

Construction - Factories / Offices / Commercial

Market Cap

4,421 Cr

Volatility

High Risk

P/E Ratio

—

Industry P/E

35.8

PEG Ratio

—

P/B Ratio

4.1

52W High

206.10

52W Low

103.45

Sales CAGR

-69.77%

-68.47%

-33.78%

10Y

—

Profit CAGR

-200.22%

—

10Y

—

ROE

TTM

-8.76%

-1.94%

-3.22%

10Y

—

ROCE

TTM

-0.32%

3.36%

1.43%

10Y

—

Technicals

‌

Forecasts

No. of Analysts

7

1Y Price Target

306.00 ▲ 105.37%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
TARC	150.80	4,421 Cr	—	4.09	0.00	-8.76	-0.32	-2.08
INDIQUBE	200.00	4,138 Cr	—	7.52	0.00	-20.29	4.16	-1.86
AJMERA	1000.80	3,947 Cr	30.88	3.13	0.45	10.13	12.83	5.51
HEMIPROP	133.00	3,789 Cr	—	8.61	0.00	-2.19	-0.93	-0.82
AWFIS	525.00	3,720 Cr	72.55	7.46	0.00	10.50	10.23	1.94
MARATHON	549.10	3,706 Cr	16.31	1.69	0.14	10.33	13.39	7.97
HUBTOWN	251.00	3,567 Cr	27.92	1.37	0.00	4.90	7.55	2.29

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	63	30	9.30	9.48	8.21	4.31	9.35	12	76	6.87
Expenses	22	39	3.76	14	23	29	21	95	196	43
Operating Profit	41	-9.39	5.54	-4.11	-15	-24	-11	-84	-120	-36
OPM %	65.32	-31.59	59.57	-43.35	-177.95	-566.13	-119.57	-707.61	-158.55	-518.78
Other Income	1.63	4.96	2.49	0.88	1.41	0.71	1.87	2.08	219	27
Interest	34	12	35	42	13	49	19	25	15	11
Depreciation	1.19	1.88	1.51	1.91	1.62	2.61	2.44	2.32	2.41	2.40
Profit Before Tax	7.49	-18	-28	-47	-28	-76	-31	-109	81	-22
Tax %	5.07	105.85	-18.05	-10.02	-11.12	11.06	7.84	3.83	33.45	28.45
Net Profit	7.11	1.07	-33	-52	-31	-67	-29	-105	54	-16
EPS in Rs	0.24	0.04	-1.13	-1.75	-1.04	-2.28	-0.97	-3.54	1.84	-0.53

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	137	191	251	369	111	34	101
Expenses	112	191	435	209	65	167	341
Operating Profit	25	-0.23	-184	160	47	-133	-240
OPM %	18.54	-0.12	-73.60	43.27	41.78	-394.71	-236.30
Other Income	72	30	50	6.00	9.96	5.20	224
Interest	25	21	86	117	136	106	109
Depreciation	7.55	8.16	8.66	7.19	6.49	8.99	9.78
Profit Before Tax	65	0.93	-229	41	-86	-243	-134
Tax %	17.94	-565.79	-1.49	50.49	10.43	4.89	-9.16
Net Profit	53	6.17	-233	20	-77	-231	-146
EPS in Rs	—	0.19	-7.81	0.69	-2.60	-7.83	-3.20
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	59	59	59	59	59	59
Reserves	1,499	1,505	1,273	1,293	1,216	984
Borrowings	1,020	1,321	1,179	1,386	1,393	1,954
Other Liabilities	755	527	468	428	798	1,219
Total Liabilities	3,333	3,412	2,979	3,166	3,466	4,216
Fixed Assets	629	630	453	662	660	684
CWIP	73	0.06	0.13	0.00	0.00	0.00
Investments	1,072	1,170	669	471	515	599
Other Assets	1,558	1,612	1,858	2,032	2,291	2,933
Total Assets	3,333	3,412	2,979	3,166	3,466	4,216

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	810	116	144	-81	-81	158	43
Cash from Investing Activity	1,707	17	23	367	75	-39	-68
Cash from Financing Activity	-2,679	-143	-161	-279	96	-166	14
Net Cash Flow	-162	-9.28	6.48	6.84	89	-47	-11

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	65.92%	64.96%	64.96%	64.96%	64.96%	64.96%	64.96%	64.96%	64.96%	65.12%	65.12%	65.12%
FIIs	1.57%	1.37%	2.15%	1.85%	1.92%	2.40%	2.89%	2.72%	2.34%	2.45%	2.30%	1.99%
DIIs	0.02%	0.02%	0.36%	0.42%	0.89%	1.29%	1.95%	3.31%	4.33%	4.88%	5.45%	5.81%
Public	32.49%	33.65%	32.53%	32.77%	32.22%	31.35%	30.20%	29.01%	28.36%	27.55%	27.14%	27.08%
Total Shareholders	63,165	61,463	54,043	54,087	56,710	61,015	60,052	59,935	62,404	62,161	59,880	57,953

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Feb 27, 2025	Muskaan sarin	Insider - Promoter Group	Acquisition	127.09	0.64 Cr	50,000	0.01
Feb 14, 2025	Muskaan sarin	Insider - Promoter Group	Acquisition	123.66	2.47 Cr	2,00,000	0.06
Feb 13, 2025	Muskaan sarin	Insider - Promoter Group	Acquisition	131.81	1.93 Cr	1,46,240	0.05
Feb 12, 2025	Muskaan sarin	Insider - Promoter Group	Acquisition	134.47	0.72 Cr	53,760	0.01
Mar 04, 2023	Amar sarin	Insider - Promoter & Director	Acquisition	37.02	333.18 Cr	9,00,00,000	30.4
Mar 04, 2023	Anil sarin	Insider - Promoter & Director	Disposal	37.02	333.18 Cr	9,00,00,000	30.5

Projection

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Documents

Presentations

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Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q4 FY25

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
TARC	150.80	4,421 Cr	—	4.09	0.00	-8.76	-0.32	-2.08
INDIQUBE	200.00	4,138 Cr	—	7.52	0.00	-20.29	4.16	-1.86
AJMERA	1000.80	3,947 Cr	30.88	3.13	0.45	10.13	12.83	5.51
HEMIPROP	133.00	3,789 Cr	—	8.61	0.00	-2.19	-0.93	-0.82
AWFIS	525.00	3,720 Cr	72.55	7.46	0.00	10.50	10.23	1.94
MARATHON	549.10	3,706 Cr	16.31	1.69	0.14	10.33	13.39	7.97
HUBTOWN	251.00	3,567 Cr	27.92	1.37	0.00	4.90	7.55	2.29

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

TARC Limited, formerly Anant Raj Global Limited, is a prominent real estate developer, focusing on luxury residential and commercial projects in Delhi NCR.

In H1 FY26, TARC achieved gross sales of ₹565 crore, demonstrating robust demand for its upscale residential offerings with significant margins anticipated from ongoing developments.

With strategic land holdings and project executions across New Delhi and Gurugram, TARC is focusing on sustained growth and excellent revenue visibility through its luxury residential projects.

Collaborations with prominent firms like Bain Capital underscore TARC's strategic partnerships aimed at reinforcing its market position through capital and expertise.

TARC's comprehensive ESG strategies, including targets for carbon neutrality and sustainability certifications, highlight its commitment to environmentally responsible growth.

Sector

Realty

Industry

Construction - Factories / Offices / Commercial

Market Cap

4,421 Cr

Volatility

High Risk

P/E Ratio

—

Industry P/E

35.8

PEG Ratio

—

P/B Ratio

4.1

52W High

206.10

52W Low

103.45

Sales CAGR

-69.77%

-68.47%

-33.78%

10Y

—

Profit CAGR

-200.22%

—

10Y

—

ROE

TTM

-8.76%

-1.94%

-3.22%

10Y

—

ROCE

TTM

-0.32%

3.36%

1.43%

10Y

—

Tarc Ltd

TARC Ltd

TARC

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Overview

Sector

Industry

Market Cap

Volatility

P/E Ratio

Industry P/E

PEG Ratio

P/B Ratio

52W High

52W Low

Technicals

Forecasts

7

306.00 ▲ 105.37%

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

Projection

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Technicals

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Oscillators

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Overall

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Projection

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Forecasts

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306.00 ▲ 105.37%

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Shareholdings

Shareholding History

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)