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Thakkers Developers Overview

1. Business Overview

Thakkers Developers Ltd. (THAKDEV) operates in the Construction and Real Estate sector in India. The company's core business involves the development of real estate projects. This typically includes acquiring land parcels, planning and designing properties, undertaking construction activities, and ultimately marketing and selling these developed units to customers. The company primarily makes money by selling residential, commercial, or mixed-use properties, generating revenue from the difference between sale proceeds and the costs associated with land acquisition, construction, approvals, and marketing.

2. Key Segments / Revenue Mix

While specific financial breakdowns are not available without detailed company reports, real estate developers in India typically derive revenue from key segments such as:

Residential Properties: Sales of apartments, villas, and plotted developments.

Commercial Properties: Sales or leasing of office spaces, retail outlets, and other business premises.

Given its nature as a 'Developers' company, residential and commercial projects are likely the primary revenue generators. The exact mix would depend on its project portfolio and strategic focus.

3. Industry & Positioning

The Indian real estate industry is large, diverse, and highly competitive, characterized by numerous regional and national players. It is also cyclical, influenced by economic growth, interest rates, and government policies. As Thakkers Developers Ltd. is a listed entity (THAKDEV), it operates within this regulated environment. Without specific market share or project portfolio details, its positioning relative to peers would depend on factors such as its geographical focus (e.g., specific cities or regions), target customer segment (affordable, mid-income, luxury), project scale, and brand reputation for quality and timely delivery. It likely competes with a mix of established regional developers and larger national players depending on its operational footprint.

4. Competitive Advantage (Moat)

Durable competitive advantages (moats) in the Indian real estate sector can be challenging to build and are often localized. Potential moats for Thakkers Developers Ltd. could include:

Brand Reputation: A strong track record for quality construction and timely project delivery builds trust among homebuyers and investors.

Strategic Land Bank: Owning well-located land parcels at favorable acquisition costs can provide a significant advantage.

Execution Capabilities: Efficient project management, strong supply chain relationships, and effective sales channels.

Local Market Expertise: Deep understanding of specific micro-markets, regulatory nuances, and consumer preferences in its operational areas.

However, without specific information, it's difficult to ascertain the strength or presence of such advantages.

5. Growth Drivers

Key factors that could drive growth for Thakkers Developers Ltd. over the next 3-5 years include:

Urbanization and Demographic Trends: Continued migration to urban centers and formation of nuclear families drive demand for housing.

Rising Disposable Incomes: Increasing affluence among the middle-class improves housing affordability and demand.

Favorable Government Policies: Initiatives like 'Housing for All,' infrastructure development, and regulatory reforms (e.g., RERA) aim to boost buyer confidence and demand.

Access to Capital: Ability to secure funding for new projects at competitive rates.

Successful Project Launches and Execution: Timely completion and sales of new projects.

6. Risks

Thakkers Developers Ltd. faces several risks inherent to the real estate industry:

Economic Slowdown: A downturn in the broader economy can reduce consumer purchasing power and property demand.

Interest Rate Fluctuations: Higher interest rates can increase borrowing costs for both the company (project financing) and homebuyers (mortgages), dampening demand.

Regulatory and Policy Changes: Changes in land acquisition laws, environmental clearances, taxation, or building codes can impact project timelines and costs.

Funding Challenges: Difficulty in raising capital for new projects or refinancing existing debt.

Project Execution Risk: Delays due to approvals, labor shortages, material price volatility, or unforeseen circumstances can lead to cost overruns and revenue deferrals.

Inventory Overhang: Unsold units in the market can lead to pricing pressure and block capital.

Intense Competition: The fragmented nature of the industry can lead to pricing wars and pressure on profit margins.

7. Management & Ownership

In India, many listed companies, particularly in sectors like real estate, are promoter-driven. Thakkers Developers Ltd. is likely spearheaded by its founding family or core promoters who hold a significant ownership stake. The quality of management is crucial, encompassing their strategic vision, execution capabilities, financial discipline, and adherence to corporate governance standards. Without specific details, one would typically evaluate their track record in project delivery, financial management, and ability to navigate industry cycles.

8. Outlook

The outlook for Thakkers Developers Ltd. presents a balanced view. The company stands to benefit from India's long-term urbanization trends, a growing middle class, and government support for the real estate sector, which can drive sustained demand for residential and commercial properties. Successful execution of well-conceived projects in high-demand micro-markets could lead to growth.

However, the company operates in a highly cyclical and capital-intensive industry. It faces significant risks from potential economic slowdowns, interest rate hikes, and regulatory uncertainties. The ability to manage its land bank effectively, secure timely project approvals, control construction costs, and maintain healthy sales velocity will be critical. Its financial health, including debt levels and cash flow management, will also play a crucial role in its stability and growth prospects.

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Thakkers Developers Key Financials

Market Cap ₹129 Cr.

Stock P/E 19.9

P/B 0.8

Current Price ₹143.1

Book Value ₹ 175.8

Face Value 10

52W High ₹214

Dividend Yield 0%

52W Low ₹ 83.1

Thakkers Developers Share Price

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Volume
Price

Thakkers Developers Quarterly Price

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Thakkers Developers Peer Comparison

Thakkers Developers Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 9 5 6 4 14 7 6 9 7 14
Other Income 0 0 1 1 1 1 2 1 3 1
Total Income 9 6 7 5 15 8 8 10 9 15
Total Expenditure 8 5 8 4 12 7 2 8 8 10
Operating Profit 1 1 -1 1 4 1 6 2 1 6
Interest 0 0 1 0 0 0 0 0 0 0
Depreciation 1 1 1 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 -0 0 -0
Profit Before Tax 0 -0 -2 -0 3 0 5 1 1 5
Provision for Tax 0 -1 0 0 0 0 1 0 -0 -0
Profit After Tax 0 1 -2 -0 3 0 4 1 1 5
Adjustments 0 -0 -0 0 0 0 0 0 0 -0
Profit After Adjustments 0 1 -2 -0 3 0 4 1 1 5
Adjusted Earnings Per Share 0.1 0.9 -2.5 -0.4 3.2 0.1 4.2 1.6 0.7 5.6

Thakkers Developers Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 53 29 41 21 19 21 28 55 58 31 32 36
Other Income 0 0 0 4 1 7 4 2 1 1 5 7
Total Income 53 29 41 25 20 28 32 58 59 32 37 42
Total Expenditure 25 18 17 18 15 16 17 21 37 30 25 28
Operating Profit 28 12 24 7 5 11 15 37 22 2 11 15
Interest 11 7 5 3 2 2 1 0 1 1 2 0
Depreciation 2 1 1 2 2 1 1 1 2 2 2 0
Exceptional Income / Expenses 0 -0 -0 -0 0 0 0 0 0 0 -0 0
Profit Before Tax 15 4 18 2 1 8 13 35 20 -2 8 12
Provision for Tax 5 1 4 2 -0 1 2 1 4 -1 1 1
Profit After Tax 9 2 14 0 1 7 11 34 16 -1 6 11
Adjustments 0 0 0 0 0 0 0 0 -0 0 0 0
Profit After Adjustments 9 2 14 0 1 7 11 34 16 -1 7 11
Adjusted Earnings Per Share 10.3 2.5 15.2 0.4 1.2 8.2 12.7 37.7 17.6 -0.8 7.3 12.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 3% -17% 9% -5%
Operating Profit CAGR 450% -33% 0% -9%
PAT CAGR 0% -44% -3% -4%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -21% 1% 16% 6%
ROE Average 4% 5% 12% 10%
ROCE Average 5% 6% 12% 13%

Thakkers Developers Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 59 62 75 76 77 84 95 129 145 144 151
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 35 32 17 22 21 24 1 14 15 16 16
Other Non-Current Liabilities 43 85 91 73 68 49 48 56 46 43 31
Total Current Liabilities 89 50 34 28 22 23 33 23 24 30 21
Total Liabilities 226 228 217 198 188 180 178 222 231 234 218
Fixed Assets 5 4 6 7 6 4 3 6 7 7 7
Other Non-Current Assets 102 103 89 77 70 63 44 86 85 67 92
Total Current Assets 120 121 122 115 112 112 131 130 138 160 119
Total Assets 226 228 217 198 188 180 178 222 231 234 218

Thakkers Developers Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 2 3 8 4 2 7 2 4 3 1 2
Cash Flow from Operating Activities 39 21 27 -3 30 1 20 -3 -10 15 -14
Cash Flow from Investing Activities -1 0 -5 1 -1 0 5 -12 5 -22 27
Cash Flow from Financing Activities -37 -17 -21 1 -24 -6 -23 12 6 7 -14
Net Cash Inflow / Outflow 1 5 1 -1 5 -5 2 -2 1 1 -0
Closing Cash & Cash Equivalent 3 8 9 2 7 2 4 3 4 2 1

Thakkers Developers Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 10.35 2.49 15.18 0.39 1.25 8.23 12.7 37.72 17.63 -0.77 7.26
CEPS(Rs) 12.04 3.83 16.47 2.34 2.97 9.52 13.51 38.8 19.79 1.51 9.16
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 65.61 68.1 83.61 84 85.24 93.47 106.08 143.61 161.32 160.54 167.81
Core EBITDA Margin(%) 51.84 39.09 59.12 13.17 19.97 22.09 37.64 61.5 35.64 2.25 19.28
EBIT Margin(%) 49.31 35.76 56.58 24.73 16.76 48.25 50.5 64.17 35.11 -0.99 30.04
Pre Tax Margin(%) 28.06 12.3 44.65 10.58 4 40.03 48.49 63.88 34.09 -5.72 24.52
PAT Margin (%) 17.71 7.83 33.68 1.7 5.96 35.43 41.42 61.19 27.96 -3.08 20.5
Cash Profit Margin (%) 20.61 12.02 36.53 10.25 14.21 40.99 44.06 62.95 30.83 4.42 26.11
ROA(%) 5.05 0.99 6.14 0.17 0.58 4.03 6.39 16.97 7.13 -0.41 2.87
ROE(%) 21.42 3.73 19.97 0.46 1.47 9.21 12.73 30.21 11.77 -0.65 4.38
ROCE(%) 31.21 9.32 21.63 4.79 2.93 9.16 13.3 29.35 13 -0.18 5.48
Receivable days 42.18 62.62 30.58 102.38 93.82 15.87 31.46 28.87 41.96 62.88 15.03
Inventory Days 475.54 1113.96 854.35 1771.92 1903.66 1681.23 1322.41 743.49 738.7 1281.6 1201.74
Payable days 280.53 641.88 384.49 203.79 189.56 52.77 59.82 43.89 12.29 21.67 17.34
PER(x) 14.21 41.32 5.7 208.53 54.63 5.83 7.48 2.62 7.24 0 23.37
Price/Book(x) 2.24 1.51 1.03 0.96 0.8 0.51 0.9 0.69 0.79 0.98 1.01
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 3.49 4.52 2.58 4.94 4.6 3.28 3.04 1.83 2.31 5.51 5.41
EV/Core EBITDA(x) 6.69 11.24 4.33 14.8 18.4 6.09 5.71 2.78 6.09 84.63 15.13
Net Sales Growth(%) -6.82 -45.48 40.89 -49.37 -8.38 11.12 32.02 101.01 4.1 -46.66 2.54
EBIT Growth(%) 21.18 -60.46 122.96 -77.87 -37.93 219.97 38.16 155.44 -43.04 -101.5 3224.46
PAT Growth(%) -22.36 -75.9 506.19 -97.45 221.53 560.14 54.35 196.96 -52.44 -105.87 782.98
EPS Growth(%) -22.7 -75.9 508.88 -97.45 221.53 560.14 54.35 196.96 -53.26 -104.38 1040.11
Debt/Equity(x) 0.93 0.73 0.4 0.41 0.42 0.32 0.03 0.12 0.15 0.22 0.13
Current Ratio(x) 1.34 2.43 3.56 4.11 5.21 4.91 3.98 5.65 5.7 5.3 5.74
Quick Ratio(x) 0.38 0.63 0.65 0.55 0.72 0.72 0.81 0.38 1.08 1.84 0.73
Interest Cover(x) 2.32 1.52 4.74 1.75 1.31 5.87 25.21 221 34.54 -0.21 5.44
Total Debt/Mcap(x) 0.41 0.48 0.39 0.42 0.52 0.63 0.03 0.17 0.19 0.22 0.13

Thakkers Developers Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 71.31 71.31 71.31 71.31 71.31 71.31 71.31 71.31 71.31 71.31
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 28.69 28.69 28.69 28.69 28.69 28.69 28.69 28.69 28.69 28.69
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Thakkers Developers News

Thakkers Developers Pros & Cons

Pros

  • Stock is trading at 0.8 times its book value
  • Debtor days have improved from 21.67 to 17.34days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 5% over the last 3 years.
  • The company has delivered a poor profit growth of -3% over past five years.
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