Thakkers Developers logo

Thakkers Developers financials and balance sheet

NSE: THAKDEVBSE: 526654RealtySmall Cap

Last close ₹133.90₹0.00 (0.00%)

Share price at the NSE close on 23 Oct 2026. Previous close ₹133.90.

52-week range of BSE trades to 16 Oct 2026
₹83.12Low, 2 Apr 2026₹170.00High, 16 Oct 2025
Market cap
₹121 Cr2,807th largest listed
P/E
8.8
P/B
0.8
Dividend yield
Nonein the last 12 months
ROE
8.9%
ROCE
5.9%
Debt to equity
0.11
Volume, NSE
1100.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Thakkers Developers annual reports

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
Peak revenue ₹58 Cr, year to Mar 2023A loss in 1 of the 10 years shown

Operating and net margin, per cent

  • Operating margin
  • Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

  1. Revenue35
  2. Materials and goods−19
  3. Employee costs−6.7
  4. Other expenses−5.0
  5. Operating profit3.7
  6. Depreciation−1.9
  7. Other income+6.1
  8. One-off items0.0
  9. Finance costs−0.7
  10. Profit before tax7.1
  11. Tax−2.0
  12. Net profit5.1

What the company owns

  • Plant, investments and other assets₹108 Cr
  • Inventory₹90 Cr
  • Cash and bank₹7 Cr
  • Current investments₹4 Cr
  • Receivables₹4 Cr

What pays for it: net worth and liabilities

  • Net worth₹156 Cr
  • Other liabilities₹39 Cr
  • Borrowings₹17 Cr
  • Owed to suppliers₹0 Cr

Thakkers Developers business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Thakkers Developers segment results by quarter

Revenue by segment

₹34 CrTotal
  • Construction & Contract Related Activity₹20.0 Cr58.2% of total
  • Estate Dealing & Development Activity₹14.4 Cr41.8% of total

Profit by segment

  • Construction & Contract Related Activity₹4.7 Cr30.9% of total
  • Estate Dealing & Development Activity₹10.4 Cr69.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

  • Construction & Contract Related Activity

    Revenue, ₹ crore
    Profit, ₹ crore

  • Estate Dealing & Development Activity

    Revenue, ₹ crore
    Profit, ₹ crore
₹ croreMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue of all businesses1717262945303134
Company revenue, as in its results1818285558313235
Revenue77131324252320
Revenue growth–−3.5%95.9%−0.5%86.8%2.1%−7.3%−13.2%
Profit43644795
Profit growth–−27.4%111.4%−25.5%−7.8%88.7%24.9%−48.1%
Margin52.3%39.3%42.4%31.8%15.7%29.0%39.0%23.3%
Return on capital7.5%5.5%11.0%6.4%7.6%12.4%19.1%13.1%
Assets5960658472816249
Liabilities1112142021231514
Capital employed4848516450584736
Revenue10101316215814
Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Thakkers Developers quarterly results

₹ croreMar 2017Mar 2018Mar 2019Filed 13 JunMar 2020Filed 6 JulMar 2021Filed 9 JulMar 2022Filed 16 JunMar 2023Filed 31 MayMar 2024Filed 7 AugMar 2025Filed 16 JunMar 2026Filed 29 May
Revenue from operations41.828.118.417.927.655.557.830.831.634.7
17.925.514.717.017.321.437.430.225.531.0
Materials and goods bought8.415.64.77.311.814.625.818.514.919.3
Employee costs4.45.76.06.02.41.95.46.46.86.7
Other expenses5.04.23.93.83.04.96.25.23.95.0
Operating profit before depreciation23.92.63.70.910.334.120.30.66.13.7
Operating margin57.2%9.4%20.2%5.1%37.3%61.5%35.2%2.0%19.2%10.5%
Materials, % of revenue20.2%55.5%25.7%40.4%42.9%26.4%44.7%60.1%47.0%55.8%
Employee costs, % of revenue10.6%20.1%32.7%33.5%8.9%3.3%9.4%20.9%21.4%19.4%
Other expenses, % of revenue12.0%14.9%21.4%21.0%11.0%8.8%10.7%17.0%12.3%14.3%
Depreciation and amortisation1.21.81.61.20.71.01.72.31.81.9
Operating profit after depreciation22.70.92.2−0.29.633.118.7−1.74.31.7
Other income0.14.20.96.64.32.51.41.35.26.1
Finance costs4.72.92.41.70.50.10.31.41.70.7
Profit before one-off items and tax18.12.20.84.713.335.419.7−1.87.87.1
One-off items0.00.00.00.00.00.00.00.00.00.0
Profit before tax18.12.20.84.713.335.419.7−1.87.87.1
4.41.8−0.4–2.01.53.5−0.81.32.0
Net profit13.70.31.13.711.333.916.1−0.96.55.1
Other comprehensive income––0.00.00.0−0.2−0.20.30.10.1
Total comprehensive income––1.13.711.333.815.9−0.76.65.3
Net margin32.7%1.2%6.1%20.8%41.1%61.2%28.0%−3.1%20.7%14.7%
Tax is left blank for the year to Mar 2020: profit before tax less the tax charge stated does not come to the profit after tax the same statement states, so the tax charge is not shown.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ croreMar 2019Filed 13 JunMar 2020Filed 6 JulMar 2021Filed 9 JulMar 2022Filed 16 JunMar 2023Filed 31 MayMar 2024Filed 7 AugMar 2025Filed 16 JunMar 2026Filed 29 May
778095129145144151156
Share capital99999999
Reserves687186120136135142147
302531521301817
2419302121301112
8773517062605644
Total assets188172176220228234218213
71674792937510072
117105129128135160118141
Net debt2019−30120156
Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ croreMar 2021Filed 9 JulMar 2022Filed 16 JunMar 2023Filed 31 MayMar 2024Filed 7 AugMar 2025Filed 16 JunMar 2026Filed 29 May
20.3−2.7−9.514.2−14.02.9
20.80.8−6.112.8−12.74.8
11.0−33.6−27.112.0−19.4−0.3
Receivables−2.30.30.00.00.00.0
Inventories−5.8−20.29.77.70.613.9
Payables1.1−2.10.00.00.00.0
Other working capital18.0−11.6−36.84.3−20.0−14.2
Tax paid0.0−4.1−3.50.8−1.3−2.0
Interest paid−0.50.00.01.40.00.0
Capital spending0.23.73.12.01.80.9
Free cash flow20.2−6.3−12.612.2−15.81.9
5.2−11.54.7−22.227.40.9
−23.112.45.97.3−13.7−3.2
Dividends paid0.00.00.00.00.00.0
Shares bought back0.00.00.00.00.00.0
Shares issued0.00.00.00.00.00.0
Net change in cash2.4−1.81.0−0.7−0.20.6
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Per share

Consolidated, ₹ per share, years to March.Thakkers Developers dividend history

₹ per shareMar 2017Mar 2018Mar 2019Filed 13 JunMar 2020Filed 6 JulMar 2021Filed 9 JulMar 2022Filed 16 JunMar 2023Filed 31 MayMar 2024Filed 7 AugMar 2025Filed 16 JunMar 2026Filed 29 May
Earnings per share₹15.18₹0.39₹1.25₹4.15₹12.60₹37.72₹17.94−₹1.05₹7.27₹5.68
Diluted earnings per share₹15.18₹0.39₹1.25₹4.15₹12.60₹37.72₹17.94−₹1.05₹7.27₹5.68
Book value per share––₹85.24₹89.40₹106.08₹143.61₹161.32₹160.54₹167.81₹173.65
Shareholder yield––––0.0%0.0%0.0%0.0%0.0%0.0%
Market cap at the year end (₹ crore)78736143868911514115381

Ratios

Consolidated, years to March.Thakkers Developers PE ratio and valuation

RatioMar 2017Mar 2018Mar 2019Filed 13 JunMar 2020Filed 6 JulMar 2021Filed 9 JulMar 2022Filed 16 JunMar 2023Filed 31 MayMar 2024Filed 7 AugMar 2025Filed 16 JunMar 2026Filed 29 May
Revenue growth29.9%−32.7%−34.5%−2.6%53.9%101.0%4.1%−46.7%2.5%9.7%
Operating profit growth114.9%−88.9%40.4%−75.3%1,019.1%231.7%−40.4%−97.0%898.1%−39.9%
Net profit growth506.5%−97.4%221.4%233.2%203.4%199.3%−52.4%––−21.8%
Earnings per share growth–−97.4%220.5%232.0%203.6%199.4%−52.4%––−21.9%
––1.5%4.8%12.9%30.2%11.8%−0.7%4.4%3.3%
–––3.3 pts8.1 pts17.3 pts−18.4 pts−12.4 pts5.1 pts−1.1 pts
From the net margin–––3.5 pts4.6 pts6.3 pts−16.4 pts−13.1 pts5.1 pts−1.3 pts
From asset turnover–––0.1 pts5.5 pts14.7 pts−1.1 pts0.6 pts0.2 pts0.5 pts
From borrowing–––−0.3 pts−2.0 pts−3.7 pts−0.9 pts0.0 pts−0.2 pts−0.3 pts
Return on capital employed––2.0%−0.2%9.7%22.9%11.2%−1.0%2.5%1.0%
Cash conversion––––179.1%−7.8%−59.0%–−213.8%56.0%
Interest cover4.80.30.9–17.8228.354.9–2.52.4
Debt to equity––0.390.310.030.120.150.210.120.11
Receivable days––1179602956211037
Inventory days––7,4844,8293,1313,0371,5832,0552,5491,695
Payable days––285479114162092
Cash conversion cycle, days––7,3154,7903,1013,0511,6222,0552,5491,730
Working capital days––1,7961,6531,2616127001,3441,2211,260
Asset turnover––0.100.100.160.280.260.130.140.16
Assets per rupee of net worth––2.452.291.981.771.631.601.531.40
Sales per rupee of plant––3.314.018.429.698.114.564.666.01
Capital spending to depreciation––––0.213.761.840.861.010.48
Plant being built, % of plant in use––0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Interest cover is left blank for the years to Mar 2020 and Mar 2024: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year
2.4%
Cash from operations against operating profit
78.4%
Measure10 years5 years3 years
Revenue growth, yearly rate0.8%4.7%−15.6%
Profit growth, yearly rate8.5%−14.7%−31.8%
Return on equity, average–9.8%2.4%
Return on capital employed, average–7.3%0.9%
Operating margin, average25.8%25.7%10.6%
Net margin, average22.4%24.3%10.8%
Asset turnover, average–0.190.14
Cash conversion cycle, days, average–2,2022,111
Interest cover, average–72.02.4
Debt to equity, average–0.140.15

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore5 years3 yearsLatest year
Cash from operations−9.13.12.9
Cash from investing−0.76.10.9
Cash from financing8.7−9.6−3.2
Capital spending11.44.70.9
Dividends paid0.00.00.0
Shares bought back0.00.00.0
Shares issued for cash0.00.00.0
Borrowings raised0.00.00.0
Borrowings repaid42.023.22.5

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

CheckMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9––––763356
Altman Z-scorePublished threshold 1.1––5.235.797.077.557.667.197.999.39
Beneish M-scorePublished threshold −1.78––––3.35−0.99−1.10−3.97−2.250.27
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets––––−8.1024.279.353.07−3.060.61
Cash from operations to profit, 3 yearsPublished threshold 0.7 times––––––0.130.04−0.430.29
Receivables growth less revenue growthOur threshold 0 percentage points–––−90.23917.87−102.7794.89−33.23−56.12315.85
Inventory growth less cost-of-goods growthOur threshold 0 percentage points–––−54.45−57.36−3.74−84.5521.3919.27−43.61
Other current assets growth less revenue growthOur threshold 5 per cent of revenue–––−7.2955.41−57.2030.6962.64−42.2076.25
Assets under construction, years of additionsOur threshold 2 years of additions–––0.00–0.000.000.000.000.00
Effective tax ratePublished threshold 17.16 per cent24.5683.94−49.0421.9914.694.2118.00–16.2427.90
Tax charged less tax paid, % of profitOur threshold 10 percentage points–––––−7.460.37–0.000.00
A threshold marked as ours has no published figure; it is the line we read the check against.