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INVESTMENT INSIGHTS

Check Before You Invest : Thakkers Developers Ltd

BSE: 526654 NSE: THAKDEV ISIN: INE403F01017
  |   Sector:  Construction & Infrastructure   |   Industry:  Construction - Real Estate

Snapshot

Q.1 Which industry/sub-sector does Thakkers Developers Ltd belong to?
Thakkers Developers Ltd belongs to the Construction & Infrastructure sector, operating specifically within the Construction - Real Estate segment.
Q.2 Is Thakkers Developers Ltd a good quality company?
Thakkers Developers Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q.3 Is Thakkers Developers Ltd undervalued or overvalued?
Thakkers Developers Ltd appears Somewhat overvalued, as its key valuation ratios are higher than their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios Current 5-year
Historic Median
Price to Earnings 31.15 5.93
Price to Book 0.9 0.98
Price to Sales 8.72 3.04
EV to EBITDA 20.29 6.95
Q.4 Is Thakkers Developers Ltd a good buy now?
Thakkers Developers Ltd is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

A: What are the trends in revenue and profit margins?

Q.1 Revenue growth of Thakkers Developers Ltd?
Thakkers Developers Ltd revenue growth is -19.2% for FY-2025, which is below its 5-year CAGR of 1.57%, indicating slower growth.

Q.2 Gross Profit margin of Thakkers Developers Ltd?
Thakkers Developers Ltd Gross profit margin which is the profit after deduction of direct costs, is 35.3% for FY-2025, which is below its 5-year median of 39%, indicating decreasing margins.

Q.3 Operating Profit Margin of Thakkers Developers Ltd?
Thakkers Developers Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 9.51% for FY-2025, which is below its 5-year median of 36.94% indicating decreasing margins.

Q.4 Net Profit Margin of Thakkers Developers Ltd?
Thakkers Developers Ltd Net Profit Margin is 20.33% for FY-2025, is below its 5-year median of 30.6%, indicating decreasing margins.
Current Level 5-year
Historic Median
Gross Profit Margin (%) 35.3 39
Operating Profit Margin (%) 9.51 36.94
Net Profit Margin (%) 20.33 30.6

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of Thakkers Developers Ltd?
Thakkers Developers Ltd Return on Asset is 1.35%, which is below its 5-year historical median of 6.45%, indicating deteriorated asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of Thakkers Developers Ltd?
Thakkers Developers Ltd Return on capital employed is 2.98% for FY-2025, which is below its 5-year historical median of 13.23%. The current ROCE is below its estimated weighted average cost of capital (WACC) of 14%, indicating value preservation.

Q.7 Return on Equity (ROE) of Thakkers Developers Ltd?
Thakkers Developers Ltd Return on equity is 1.96% for FY-2025, which is below its 5-year historical median of 12.95%, indicating the business is making worse use of its shareholders capital.

Q.8 Cash conversion cycle of Thakkers Developers Ltd?
Thakkers Developers Ltd Cash conversion cycle is 2063 days, above its 5-year historical median of 1254 days, indicating deteriorated working capital management. However, you need to compare this with its peers in the industry.
Current Level 5-year
Historic Median
Asset Turnover (x) 0.07 0.15
ROE (%) 1.96 12.95
ROCE (%) 2.98 13.23
Cash Conversion Cycle 2063 days 1254 days

C: How much debt does the business have and is it at a sustainable level?

Q.9 Debt to Equity ratio of Thakkers Developers Ltd?
Thakkers Developers Ltd Debt-to-Equity ratio is 0.11, which is lower the industry average of 0.23, indicating lower debt levels in the industry.

Q.10 Debt to cash flow from operations of Thakkers Developers Ltd?
Thakkers Developers Ltd Debt to cash flow from operations is -2.04, which is at a unhealthy level.

Ownership & governance

D: Promoter shareholding and pledge status of Thakkers Developers Ltd?

Q.1 Promoter shareholding and pledge status of Thakkers Developers Ltd?
Promoters hold 71.31% of the Thakkers Developers Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does Thakkers Developers Ltd performance compare with that of its Peers?

Q.1 Revenue growth of Thakkers Developers Ltd vs industry peers?
Thakkers Developers Ltd revenue CAGR is 1.57%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Profit Metrics
Current Level 5-year
Industry Median
Revenue Growth (%) -19.2 0
Gross Profit Growth (%) 0 14.9
Operating Profit Growth (%) 0 10.4
Net Profit Growth (%) 0 17.2
Operating Efficiency
Current Level 5-year
Industry Median
Asset Turnover (x) 0.07 0.1
ROE (%) 1.96 1.36
ROCE (%) 2.98 3.88
Cash Conversion Cycle (days) 2062.67 439

Valuation & price assessment

Q.1 Stock return of Thakkers Developers Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 5.6% based on the current price.
9Y 5Y 3Y 1Y
Share Price
CAGR		 5.6% 20% 1.2% -18.9%
Q.2 Valuation ratios of Thakkers Developers Ltd vs historical?
The current P/E ratio of 31.15 is higher than its historical median of 5.93, indicating that the stock is trading above its historical average valuation.
Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?
Valuation Ratios Current 5-year
Historic Median		 5-year
Industry Median
Price to Earnings 31.15 5.93 33.43
Price to Book 0.9 0.98 1.53
Price to Sales 8.72 3.04 5.23
EV to EBITDA 20.29 6.95 14.43

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4. Sobha
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6. Embassy Developments
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8. Dilip Buildcon
9. Valor Estate
10. Sri Lotus Developers

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3. LT Foods Ltd.
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