Thakkers Developers Ltd (THAKDEV)
🎯 Key Takeaways
- Thakkers Developers Ltd operates in the construction sector with a market cap of ₹123 crore and a low P/E of 9.0, reflecting its current phase as a small-scale, potentially distressed developer.
- Revenue grew 284.5% QoQ to ₹18 in Q1FY27.
- ⚠️ 1) High operational volatility due to dependence on sporadic project execution with no visible order backlog. 2) Persistent losses in three of the las
- Market Cap
- ₹131
- P/E Ratio
- 9.6
- P/B Ratio
- 0.84
- ROE
- 8.7%
- ROCE
- 9.4%
- Debt/Equity
- 0.11
- Promoter
- 71.3%
📖 The Story
Thakkers Developers Ltd operates in the construction sector with a market cap of ₹123 crore and a low P/E of 9.0, reflecting its current phase as a small-scale, potentially distressed developer. The company shows volatile financial performance and limited operational scale, with recent quarterly results indicating instability in revenue and profitability. Management has not provided forward guidance, and institutional ownership is negligible, suggesting low investor confidence.
📰 What's Happening
The company reported a significant revenue spike in June 2026 (₹18 crore) followed by a sharp decline in March 2026 (₹5 crore), with operating margins swinging from 50.3% to -34.3%. This volatility suggests project-based or sporadic order execution rather than stable business activity. There is no mention of new project pipelines, contract wins, or strategic initiatives in the filings reviewed. Management has not announced any capital raises, debt restructuring, or leadership changes in recent quarters.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 9 | 7 | 14 | 5 | 18 |
| Operating Profit | 1 | -2 | 4 | -2 | 9 |
| OPM % | 9.0% | -27.5% | 30.3% | -34.3% | 50.3% |
| Net Profit | 1 | 1 | 5 | -2 | 10 |
| EPS | ₹1.61 | ₹0.73 | ₹5.61 | ₹-2.33 | ₹11.17 |
Quarterly revenue has fluctuated between ₹5–18 crore over the past year, with operating losses in three of the last five quarters, including a ₹2 crore loss in March 2026. Profitability has been inconsistent, swinging from ₹10 crore profit in June 2026 to ₹-2 crore loss in March 2026, indicating high operational leverage and project-specific volatility. The lack of recurring revenue or pipeline visibility raises concerns about sustainable earnings generation.
🔮 Management Outlook & What's Next
There is no available forward guidance or strategic outlook from management in the latest regulatory filings. The company has not provided any commentary on future project timelines, order backlog, or revenue expectations in its recent quarterly results or management discussion sections.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2026 | Mar 2026 | Mar 2027 |
|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 |
| Reserves | 142 | 147 | 144 | 157 |
| Borrowings | 18 | 17 | 16 | 16 |
| Total Liabilities | 218 | 213 | 217 | 222 |
| Fixed Assets | 7 | 15 | 14 | 14 |
| Investments | 13 | 7 | 6 | 9 |
| Total Assets | 218 | 213 | 217 | 222 |
The balance sheet shows stable equity of ₹9 crore over multiple periods, with reserves growing slightly from ₹144 to ₹157 crore, suggesting retained earnings despite losses. Borrowings remain low at ₹16–17 crore, indicating minimal debt usage. Total assets have increased modestly from ₹213 to ₹222 crore, implying asset base expansion without significant leverage, but the nature of these assets (e.g., project costs, inventory) is not disclosed.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | -14 | +2 |
| Investing | +27 | +1 |
| Financing | -14 | -3 |
| Net Cash Flow | -0 | +1 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 71.3% | 71.3% | 71.3% | 71.3% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 7.1% | 7.0% | 6.9% | 7.0% |
| # Shareholders | 1,417 | 1,382 | 1,387 | 1,377 |
Promoter holding remains steady at 71.31% over the past year, with no signs of dilution or stake sales. Institutional (FII/DII) ownership is consistently zero, and public shareholding has slightly declined from 7.14% to 6.93%, suggesting limited retail interest. The shareholder base remains concentrated and static, with no new investor inflows or activist activity reported.
⚖️ Peer Comparison — Construction
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) High operational volatility due to dependence on sporadic project execution with no visible order backlog. 2) Persistent losses in three of the last five quarters despite revenue spikes, indicating cost overruns or pricing pressure. 3) Lack of institutional or analyst coverage, reducing transparency and liquidity. 4) No disclosed growth strategy or pipeline, raising concerns about long-term viability.
📋 Recent Filings
- Announcement2026-09-26Thakkers Developers Ltd has closed its insider trading window effective October 1, 2026, until 48 hours after the unaudited quarterly results for Sept…
- 🟡 Board Meeting2026-09-07Thakkers Developers Ltd announced that its shares will be closed for transfer from September 24 to 30, 2026, to record shareholders for the 39th Annua…
- 🟡 Board Meeting2026-09-07Thakkers Developers Ltd announced its 39th Annual General Meeting will be held on Wednesday, 30th September 2026 at 12.00 noon via Zoom video conferen…
- 🔴 annual report2026-09-07Thakkers Developers Ltd (THAKDEV) filed its 2025-26 annual report with BSE on September 7, 2026, detailing the 39th AGM scheduled for September 30, 20…
🧠 Analyst's Read
Thakkers Developers Ltd appears to be a micro-cap construction firm with unstable financial performance and no clear growth trajectory. Without new project disclosures or improved operational consistency, the company remains a high-risk proposition with limited upside potential.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts when THAKDEV files new disclosures
Track THAKDEV filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track THAKDEV — FreeFree account · 2 AI queries/day