WEBSITE BSE:526654 NSE: THAKKERS DEV Inc. Year: 1987 Industry: Construction - Real Estate My Bucket: Add Stock
Last updated: 15:31
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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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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
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 |
| #(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 |
| # | 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% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 |
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