Tarc Ltd

Audit resignation

• Resignation of Doogar & Associates as statutory auditors of TARC Projects Limited.
• Resignation letter dated August 12, 2026; Annexure A with required auditor information.
• Regulation 30 disclosures filed; Annexures A and B provide cessation and term details.
• Cessation effective August 12, 2026; term to expire at AGM for FY 2029-34.
• Latest audit report: Limited review for quarter ended June 30, 2026; submission August 10, 2025.

Business Overview

• Ultra-luxury residential developer focused on Delhi-NCR with Tripundra, Kailasa, Ishva.
• Strategy centers on land bank, branding, and high-margin luxury projects.
• Geographic emphasis on Delhi and Gurugram; governance strengthening underway.
• Development portfolio aims to curate living experiences via design-led execution.

Key Operational Highlights

• Q1 FY2027 total income ₹218.71 crore; EBITDA ₹41.77 crore; PAT ₹22.65 crore.
• Presales in Q1FY27 ₹602 crore; collections ₹305 crore.
• GDV across developments ~₹9,000 crore; Tripundra, Kailasa, Ishva highlighted.
• Revenue recognition from Tripundra strengthens earnings visibility.
• Auditor Singhi & Co appointed to strengthen governance.
• Plan to scale up new ultra-luxury launches.

Financial Performance

• Total income ₹218.71 crore; EBITDA ₹41.77 crore; PAT ₹22.65 crore.
• EBITDA margin 19.1% in Q1FY27.
• Direct costs ₹145.34 crore; taxes ₹0.67 crore; depreciation ₹2.10 crore.
• FY2026 revenue ₹218.7 crore; PAT ₹22.64 crore.

Capital Structure & Liquidity

• Projected cashflows ~₹10,000 crore over five years.
• FY2026-27 debt reduction focus with improved cashflows.
• Fully paid land bank enables capital efficiency.

Strategic Priorities & Outlook

• Scale up ultra-luxury launches; strengthen Delhi-Gurugram footprint.
• FY2026-27: Tripundra revenue recognition >₹1,000 crore.
• FY2027-28: Improved cashflows; cash-positive; JDA/JV and land investments.
• FY2029-30: Kailasa and Ishva revenue recognition ~₹8,000 crore.
• FY2031-32: Additional revenue recognition from upcoming developments.
• ESG credentials: IGBC Platinum for Kailasa; IGBC Platinum Pre-cert for Ishva; Gold Pre-cert for Tripundra; 100% green portfolio.

Risks & Mitigation

• Macro-economic, currency, and regulatory risks acknowledged; governance framework aims to mitigate.
• Execution risk in scaling ultra-luxury developments.

Governance & Leadership

• Founder-Chairman: Anil Sarin; MD & CEO: Amar Sarin.
• Ms. Muskaan Sarin: Whole-Time Director & Chief Brand Officer.
• Independent Directors: Jyoti Ghosh, Bindu Acharya, Miyar Nayak, Ambarish Chatterjee.
• Key executives: Rajeev Trehan (COO); Nitin Goel (CFO); Amit Narayan (Company Secretary).
• Governance: Risk Management Framework ongoing; emphasis on transparency and disclosures.

Financial highlights

• Total income for Q1 FY2027: 218.71 crore.
• EBITDA for Q1 FY2027: 41.76 crore, up from 1.05 crore in Q4 FY2026.
• PAT for Q1 FY2027: 22.64 crore, QoQ up from 1.61 crore in Q4 FY2025.
• FY2026 consolidated revenue: 218.7 crore; PAT: 22.64 crore.

Operational and cash flow metrics

• Quarterly presales: 602 crore, up 3x YoY.
• Collections: 305 crore, up 80% YoY.
• New inventory at Kailasa and Ishvara launch received strong customer response.
• Construction progress across ongoing developments with milestones; planning next ultraluxury developments per roadmap.

Governance

• Appointed Singhi & Co. as statutory auditor.

Outlook and strategic focus

• Focus on advancing ultraluxury development pipeline.
• Collaborating with internationally acclaimed partners on benchmark design and living experiences.

Governance & approvals

• Board approved unaudited standalone and consolidated Q1 2026 results with unmodified limited review.
• Appointed Singhi & Co as statutory auditors for five years, subject to shareholder approval.
• Anil Sarin to continue as Non-Executive Non-Independent Director till Dec 1, 2026.
• Remuneration for Amar Sarin as MD & CEO revised for Oct 2026–Sep 2029, subject to AGM.
• Muskaan Sarin re-appointed as Whole-Time Director and Chief Brand Officer for 3 years from Sep 29, 2026.
• Completion of tenure of Doogar & Associates as statutory auditor noted for upcoming AGM.
• Amended the Debenture Redemption Schedule approved, subject to approvals.

Financial results (standalone)

• Standalone Q1 FY27: Revenue from operations Rs 1,059.00 lakh; Total income Rs 1,230.21 lakh.
• Standalone Q1 FY27: Net loss after tax Rs 2,446.96 lakh.
• Standalone FY26: Revenue from operations Rs 3,568.86 lakh; Total income Rs 4,546.68 lakh.
• Standalone FY26: Net loss after tax Rs 16,564.78 lakh.

Acquisition & subsidiary

• Acquired 25,000 equity shares (50% remaining) of NIBLIC Greens Hospitality Pvt Ltd for Rs 55 lakh.
• NIBLIC to become wholly owned subsidiary on completion.

AGM & notices

• Notice for 10th AGM on Sep 19, 2026 at 11:00 AM via VC/AVM.
• Annual report for 2025-26 to be sent electronically to members by Aug 14, 2026.
• Physical notice with web-link details to those not registered via email.

Business model & segment

• Group operates in a single real estate segment; no geographic segmentation disclosed.