Scans

Tools

Home

Charts

Watchlist

Products

Thakkers Developers Ltd

THAKDEV

NSE

₹133.900.00%19 Oct 2026

Reports

Construction Housing

Thakkers Developers Ltd

THAKDEV

NSE

₹133.90

0.00%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Construction Housing

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

Thakkers Developers is Nashik’s hometown builder - a family-run enterprise that has been putting up homes, offices and plotted layouts in North Maharashtra since before the city had its first public company. It was founded in 1987, traces its roots to 1957, and became the first business from the region to list on the Bombay Stock Exchange in 1994. The recurring approach is simple: develop real estate projects on its own land or through its subsidiaries, fund construction with surplus cash and director-backed working-capital loans, and sell directly to buyers in a geography it knows block by block.

Business segments

Three engines, all anchored in Nashik - a real-estate development business that creates and sells projects, a construction-and-contracting arm that builds for itself and for others through subsidiaries, and a rental-property portfolio that throws off steady income from completed assets.

1. Real estate development: the core engine that creates and sells projects

The company buys land, obtains approvals, builds commercial and residential projects, and sells units directly to buyers - it is a developer, not a broker.

Sells flats, shops and plots - it develops commercial complexes, residential townships and plotted layouts within Nashik city limits, including a recently completed flagship project, “Thakkers M Square,” with over 100 commercial units.
Revenue recognised as the building rises - it books income over time using a cost-based percentage-of-completion method: the share of total project cost incurred (excluding land) determines how much revenue is recognised, on execution of agreement or letter of allotment and when control of the goods or services are transferred to the customer.
Sells both off-plan and ready units - work-in-progress for booked flats and shops is valued at the proportionate sale price, while finished unsold stock is carried at the lower of cost or what it can realistically fetch.
Direct sales team, no middlemen - the company employs a Sales Head and a Sales Manager, so it controls the customer relationship from first enquiry to handover.
Rides Nashik’s infrastructure wave - the chairman points to the Samruddhi Mahamarg cutting the Mumbai drive to two-and-a-half hours, the upcoming Surat-Chennai Economic Corridor, and the city’s selection as India’s first model city by the Quality Council of India as reasons demand will hold.

2. Construction and contracting: the execution muscle, deployed through subsidiaries

The company builds not only its own projects but also takes on outside construction work, channelling surplus funds into subsidiaries that execute the contracts.

Subsidiaries do the building - the company deploys its surplus cash into wholly owned subsidiaries that carry out construction and contract-related activity, keeping the execution separate from the development balance sheet.
Materials bought project by project - construction materials are not held in a central store; they are purchased for a specific project and treated as part of that project’s cost immediately, which keeps inventory lean.
A dedicated purchase function - a Purchase Manager role exists in the organisational structure, and the company maintains internal controls over purchasing, marketing and finance that it upgrades as needed.
Working capital has been financed through director-backed loans - the company has raised working-capital finance secured against the personal property of directors and their relatives, a practical arrangement for a firm of this size, though the amount outstanding as of 31-03-2023 and 31-03-2022 was Rs. Nil.
Equipment fleet written down over long lives - site equipment is depreciated over 12 years on a written-down-value basis, reflecting a view that the machinery lasts.

3. Investment properties: the quiet rental-income stream

Completed properties held for rental income or capital appreciation sit on the books at cost, with their market value disclosed each year by an independent valuer.

Earns rent, not just sales proceeds - the company holds investment properties - buildings kept to generate rental income or to benefit from price appreciation over time, or both.
Valued conservatively on the books - these properties are carried at cost, but a fair-value estimate is produced annually by an accredited external valuer, so the board and shareholders can see what they are really worth.

Group structure and partners

The company is controlled by the Thakker family, operates through five wholly owned subsidiaries and a web of partnership firms, and is surrounded by dozens of related enterprises under common key-person influence.

Five wholly owned subsidiaries - Harshwardhan Developers, Pratap Marketing, Jamuna Horticulture, Shree Kalavati Farm (95% in some periods) and Motel Kutir Nirman are all fully controlled by the parent.
Eight partnership firms with varying stakes - the company is a partner in entities such as Shri Rachana Constructions (60% share), Model Activity (30-40% across periods), Shri Balaji Enterprises (95%) and several farm-focused firms, giving it flexible participation in different projects.
A dense related-party network - over 30 enterprises in which key management personnel have significant influence - from Thakkers Housing to Rainbow Agricultural to Mahalaxmi Travels - sit alongside the listed company, and the group routinely provides advances to many of them.
Family leadership, with a recent generational shift - the Chairman, Managing Director and CEO are three Thakker brothers; in March 2026 the CEO’s daughter, a law graduate with real-estate legal expertise, was appointed Whole-Time Director, replacing a departing family member on the board.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹121Cr

Close Price

₹133.90

Industry

Construction Housing

Price To Earnings

8.82

Price To Sales

2.74

Revenue

₹44Cr

Rev Gr TTM

Revenue Growth TTM

20.75%

PAT Gr TTM

PAT Growth TTM

65.18%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	9	5	6	4	14	7	6	9	7	14	5	18
Growth YoY Revenue Growth YoY%	-37.4	-66.0	-66.6	-60.1	59.0	35.8	-3.1	119.8	-54.4	104.1	-22.6	104.5
Expenses ExpensesCr	8	5	8	4	12	7	2	8	8	10	6	9
Operating Profit Operating ProfitCr	1	1	-2	0	3	0	4	1	-1	5	-1	10
OPM OPM%	7.3	9.8	-25.9	-5.9	18.8	-1.4	60.4	13.9	-20.5	33.6	-23.4	52.2
Other Income Other IncomeCr	0	0	1	1	1	1	2	1	3	1	2	1
Interest Expense Interest ExpenseCr	0	0	1	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	0	0	0	0	0	0	0	1	0
PBT PBTCr	0	0	-2	0	3	0	5	1	1	5	0	10
Tax TaxCr	0	-1	0	0	0	0	1	0	0	0	2	0
PAT PATCr	0	1	-2	0	3	0	4	1	1	5	-2	10
Growth YoY PAT Growth YoY%	-99.2	-4.9	-149.0	-167.3	5,660.0	-83.1	269.0	536.4	-77.1	3,784.6	-155.0	597.9
NPM NPM%	0.6	14.8	-35.4	-8.1	20.2	1.8	61.8	16.0	10.2	35.1	-43.9	54.7
EPS EPS₹	0.1	0.9	-2.5	-0.4	3.2	0.1	4.3	1.6	0.7	5.6	-2.3	11.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	9	5	6	4	14	7	6	9	7	14	5	18
Growth YoY Revenue Growth YoY%	-37.4	-66.0	-66.6	-60.1	59.0	35.8	-3.1	119.8	-54.4	104.1	-22.6	104.5
Expenses ExpensesCr	8	5	8	4	12	7	2	8	8	10	6	9
Operating Profit Operating ProfitCr	1	1	-2	0	3	0	4	1	-1	5	-1	10
OPM OPM%	7.3	9.8	-25.9	-5.9	18.8	-1.4	60.4	13.9	-20.5	33.6	-23.4	52.2
Other Income Other IncomeCr	0	0	1	1	1	1	2	1	3	1	2	1
Interest Expense Interest ExpenseCr	0	0	1	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	0	0	0	0	0	0	0	1	0
PBT PBTCr	0	0	-2	0	3	0	5	1	1	5	0	10
Tax TaxCr	0	-1	0	0	0	0	1	0	0	0	2	0
PAT PATCr	0	1	-2	0	3	0	4	1	1	5	-2	10
Growth YoY PAT Growth YoY%	-99.2	-4.9	-149.0	-167.3	5,660.0	-83.1	269.0	536.4	-77.1	3,784.6	-155.0	597.9
NPM NPM%	0.6	14.8	-35.4	-8.1	20.2	1.8	61.8	16.0	10.2	35.1	-43.9	54.7
EPS EPS₹	0.1	0.9	-2.5	-0.4	3.2	0.1	4.3	1.6	0.7	5.6	-2.3	11.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	32	42	28	18	21	28	55	58	31	32	35	44
Growth Revenue Growth%	-36.9	29.9	-32.7	-34.5	13.5	32.0	101.0	4.1	-46.7	2.5	12.0	20.8
Expenses ExpensesCr	21	18	25	15	16	17	21	37	30	26	31	32
Operating Profit Operating ProfitCr	11	24	3	4	5	10	34	20	1	6	4	12
OPM OPM%	34.6	57.2	9.5	20.2	21.9	37.6	61.5	35.2	2.0	19.2	12.4	27.2
Other Income Other IncomeCr	0	0	4	1	7	4	2	1	1	5	5	6
Interest Expense Interest ExpenseCr	7	5	3	2	2	1	0	0	1	2	1	1
Depreciation DepreciationCr	1	1	2	2	1	1	1	2	2	2	2	2
PBT PBTCr	4	18	2	1	8	13	35	20	-2	8	7	16
Tax TaxCr	1	4	2	0	1	2	1	4	-1	1	2	2
PAT PATCr	2	14	0	1	7	11	34	16	-1	6	5	14
Growth PAT Growth%	-75.9	506.2	-97.5	221.5	560.1	54.4	197.0	-52.4	-105.9	782.9	-21.1	65.2
NPM NPM%	7.0	32.7	1.2	6.1	35.4	41.4	61.2	28.0	-3.1	20.5	14.4	31.0
EPS EPS₹	2.5	15.2	0.4	1.3	8.2	12.6	37.8	17.9	-1.1	7.2	5.7	15.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	32	42	28	18	21	28	55	58	31	32	35	44
Growth Revenue Growth%	-36.9	29.9	-32.7	-34.5	13.5	32.0	101.0	4.1	-46.7	2.5	12.0	20.8
Expenses ExpensesCr	21	18	25	15	16	17	21	37	30	26	31	32
Operating Profit Operating ProfitCr	11	24	3	4	5	10	34	20	1	6	4	12
OPM OPM%	34.6	57.2	9.5	20.2	21.9	37.6	61.5	35.2	2.0	19.2	12.4	27.2
Other Income Other IncomeCr	0	0	4	1	7	4	2	1	1	5	5	6
Interest Expense Interest ExpenseCr	7	5	3	2	2	1	0	0	1	2	1	1
Depreciation DepreciationCr	1	1	2	2	1	1	1	2	2	2	2	2
PBT PBTCr	4	18	2	1	8	13	35	20	-2	8	7	16
Tax TaxCr	1	4	2	0	1	2	1	4	-1	1	2	2
PAT PATCr	2	14	0	1	7	11	34	16	-1	6	5	14
Growth PAT Growth%	-75.9	506.2	-97.5	221.5	560.1	54.4	197.0	-52.4	-105.9	782.9	-21.1	65.2
NPM NPM%	7.0	32.7	1.2	6.1	35.4	41.4	61.2	28.0	-3.1	20.5	14.4	31.0
EPS EPS₹	2.5	15.2	0.4	1.3	8.2	12.6	37.8	17.9	-1.1	7.2	5.7	15.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
Equity Capital Equity CapitalCr	9	9	9	9	9	9	9	9	9	9	9	9
Reserves ReservesCr	53	66	67	68	75	86	120	136	135	142	147	157
Current Liabilities Current LiabilitiesCr	50	34	28	22	23	31	21	21	30	20	12	14
Non Current Liabilities Non Current LiabilitiesCr	117	107	95	90	73	50	70	62	60	47	44	42
Total Liabilities Total LiabilitiesCr	228	217	198	188	180	176	220	228	234	218	212	222
Current Assets Current AssetsCr	121	122	114	112	112	129	128	135	160	118	138	147
Non Current Assets Non Current AssetsCr	107	95	84	76	67	48	92	93	75	100	74	75
Total Assets Total AssetsCr	228	217	198	188	180	176	220	228	234	218	212	222

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
Equity Capital Equity CapitalCr	9	9	9	9	9	9	9	9	9	9	9	9
Reserves ReservesCr	53	66	67	68	75	86	120	136	135	142	147	157
Current Liabilities Current LiabilitiesCr	50	34	28	22	23	31	21	21	30	20	12	14
Non Current Liabilities Non Current LiabilitiesCr	117	107	95	90	73	50	70	62	60	47	44	42
Total Liabilities Total LiabilitiesCr	228	217	198	188	180	176	220	228	234	218	212	222
Current Assets Current AssetsCr	121	122	114	112	112	129	128	135	160	118	138	147
Non Current Assets Non Current AssetsCr	107	95	84	76	67	48	92	93	75	100	74	75
Total Assets Total AssetsCr	228	217	198	188	180	176	220	228	234	218	212	222

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	21	27	-3	6	1	20	-3	-10	15	-14	2
Investing Cash Flow Investing Cash FlowCr	0	-5	1	-1	0	5	-12	5	-22	27	1
Financing Cash Flow Financing Cash FlowCr	-17	-21	1	0	-6	-23	12	6	7	-14	-3
Net Cash Flow Net Cash FlowCr	5	1	-1	5	-5	2	-2	1	1	0	1
Free Cash Flow Free Cash FlowCr	21	24	-6	5	1	21	-6	-13	13	-16	2
CFO To PAT CFO To PAT%	942.5	194.1	-916.3	501.7	15.0	177.7	-7.8	-59.0	-1,626.0	-215.8	48.6
CFO To EBITDA CFO To EBITDA%	191.0	111.0	-119.4	151.3	24.2	195.8	-7.8	-46.8	2,533.7	-230.4	56.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	21	27	-3	6	1	20	-3	-10	15	-14	2
Investing Cash Flow Investing Cash FlowCr	0	-5	1	-1	0	5	-12	5	-22	27	1
Financing Cash Flow Financing Cash FlowCr	-17	-21	1	0	-6	-23	12	6	7	-14	-3
Net Cash Flow Net Cash FlowCr	5	1	-1	5	-5	2	-2	1	1	0	1
Free Cash Flow Free Cash FlowCr	21	24	-6	5	1	21	-6	-13	13	-16	2
CFO To PAT CFO To PAT%	942.5	194.1	-916.3	501.7	15.0	177.7	-7.8	-59.0	-1,626.0	-215.8	48.6
CFO To EBITDA CFO To EBITDA%	191.0	111.0	-119.4	151.3	24.2	195.8	-7.8	-46.8	2,533.7	-230.4	56.8

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	93	78	73	61	43	86	89	115	141	153	81	121
Price To Earnings Price To Earnings	41.4	5.7	207.3	54.5	5.8	7.5	2.6	7.1		23.6	15.8	8.8
Price To Sales Price To Sales	2.9	1.9	2.6	3.3	2.1	3.1	1.6	2.0	4.6	4.8	2.3	2.7
Price To Book Price To Book	1.5	1.0	1.0	0.8	0.5	0.9	0.7	0.8	1.0	1.0	0.5	0.7
EV To EBITDA EV To EBITDA	11.1	4.1	36.5	22.6	14.5	8.1	3.0	6.5	276.9	27.9	20.7	11.1
Profitability Ratios Profitability Ratios
GPM GPM%	69.7	79.6	44.2	73.9	68.2	56.8	73.4	55.0	39.5	52.8	45.1	45.1
OPM OPM%	34.6	57.2	9.5	20.2	21.9	37.6	61.5	35.2	2.0	19.2	12.4	27.2
NPM NPM%	7.0	32.7	1.2	6.1	35.4	41.4	61.2	28.0	-3.1	20.5	14.4	31.0
ROCE ROCE%	10.1	23.1	4.9	2.9	9.2	14.2	24.6	12.0	-0.2	5.6	4.5	8.9
ROE ROE%	3.7	18.1	0.5	1.5	8.8	12.0	26.3	11.1	-0.7	4.3	3.3	8.2
ROA ROA%	1.0	6.3	0.2	0.6	4.1	6.5	15.4	7.1	-0.4	3.0	2.4	6.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	93	78	73	61	43	86	89	115	141	153	81	121
Price To Earnings Price To Earnings	41.4	5.7	207.3	54.5	5.8	7.5	2.6	7.1		23.6	15.8	8.8
Price To Sales Price To Sales	2.9	1.9	2.6	3.3	2.1	3.1	1.6	2.0	4.6	4.8	2.3	2.7
Price To Book Price To Book	1.5	1.0	1.0	0.8	0.5	0.9	0.7	0.8	1.0	1.0	0.5	0.7
EV To EBITDA EV To EBITDA	11.1	4.1	36.5	22.6	14.5	8.1	3.0	6.5	276.9	27.9	20.7	11.1
Profitability Ratios Profitability Ratios
GPM GPM%	69.7	79.6	44.2	73.9	68.2	56.8	73.4	55.0	39.5	52.8	45.1	45.1
OPM OPM%	34.6	57.2	9.5	20.2	21.9	37.6	61.5	35.2	2.0	19.2	12.4	27.2
NPM NPM%	7.0	32.7	1.2	6.1	35.4	41.4	61.2	28.0	-3.1	20.5	14.4	31.0
ROCE ROCE%	10.1	23.1	4.9	2.9	9.2	14.2	24.6	12.0	-0.2	5.6	4.5	8.9
ROE ROE%	3.7	18.1	0.5	1.5	8.8	12.0	26.3	11.1	-0.7	4.3	3.3	8.2
ROA ROA%	1.0	6.3	0.2	0.6	4.1	6.5	15.4	7.1	-0.4	3.0	2.4	6.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	MANAS	AMJLAND	MRIL	THAKDEV	ARTNIRMAN	SHRIKRISH	PRERINFRA
Market CapitalizationMkt CapCr	162	145	126	121	99	93	83
Close PriceClose₹	390.00	35.43	57.00	133.90	39.72	33.05	23.07
IndustryIndustry	Construction Housing	Construction Housing	Construction Housing	Construction Housing	Construction Housing	Construction Housing	Construction Housing
Price To EarningsPE		9.98	7.06	8.82	248.25	22.79	23.07
Price To SalesPS		2.76	0.93	2.74	2.93	4.54	7.56
RevenueRevenueCr	0	53	136	44	34	20	11
Revenue Growth TTMRev Gr TTM%		-20.7%		20.8%	44.7%	-18.7%	42.9%
PAT Growth TTMPAT Gr TTM%	15.0%	-27.9%		65.2%	-74.2%	-19.8%	18,650.0%

	MANAS	AMJLAND	MRIL	THAKDEV	ARTNIRMAN	SHRIKRISH	PRERINFRA
Market CapitalizationMkt CapCr	162	145	126	121	99	93	83
Close PriceClose₹	390.00	35.43	57.00	133.90	39.72	33.05	23.07
IndustryIndustry	Construction Housing	Construction Housing	Construction Housing	Construction Housing	Construction Housing	Construction Housing	Construction Housing
Price To EarningsPE		9.98	7.06	8.82	248.25	22.79	23.07
Price To SalesPS		2.76	0.93	2.74	2.93	4.54	7.56
RevenueRevenueCr	0	53	136	44	34	20	11
Revenue Growth TTMRev Gr TTM%		-20.7%		20.8%	44.7%	-18.7%	42.9%
PAT Growth TTMPAT Gr TTM%	15.0%	-27.9%		65.2%	-74.2%	-19.8%	18,650.0%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26