Annual Report alongwith Notice of AGM

rARC August 27,2026 T'o" To, The General Manager, The Vice President, Deptt of Corporate Services, National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, F.J. Tower, Dalal Street, Bandra Kurla Complex, Bandra (E) Mumbai- 400001 Mumbai - 400051 Equity Scrip Code :543249 Scrip Symbol: TARC Debt Scrip Code z 976606 Subject: Annual Report for the Financial Yew 2025-26 along with Notice of 10th Annual General Meeting of TARC Limited Dear Sir / Madam, This is further to our letter dated August 11,2026 and in compliance of Regulation34 & 53 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Annual Report of TARC Limited ("the Company") for the Financial Year 2025-26 along with the Notice of the 10t1' Annual General Meeting ("AGM") of the Company scheduled to be held on Saturday, September 19,2026 at I l:00 A.M. (IST) through Video Conference / Other Audio Visual Means. The Annual Report along with the Notice of AGM is also available on the website of the Company at www.tarc.in. Kindly take the same on record. Yours Faithfully For TARC Limited Amit Narayan Company Secretary 420094 Encl.: As above TARC LIMITED, CtN: L70100DL2O16PLC39OS26 Registered office:2d Floor, c-3, Qutab lnstitutional Area, Katwaria sarai, New Delhi - 110o16. wwwlarc.in I tarc@tarc.in | +011 4124 430O VISION FROM VALUE TA R C L I M I T E D ANNUAL REPORT 2025-26 Content 01-63 CORPORATE Every enduring enterprise arrives at a OVERVIEW moment when years of conviction begin to Theme Narrative 01 Statement from the Chairman’s Desk 08 speak in the language of results. In conversation with the Managing Director & CEO 12 For TARC, that moment is now. About the Report 18 A Corporate Snapshot 20 Rooted in legacy spanning over five Materiality Framework 22 decades in real estate development. Land Our Value Creation Model 27 was acquired with patience and held with Financial Capital 30 purpose. Relationships were built across Manufactured Capital 34 institutions, communities and markets. Intellectual Capital 40 A design philosophy rooted in India’s Human Capital 44 Relationship Capital 48 architectural heritage was refined until it Social Capital 52 carried the clarity of a signature. And a Natural Capital 56 strategic decision was made: to channel all Governance 60 of this accumulated capital, intellectual depth and operational capability into a singular 64-187 STATUTORY pursuit. The creation of luxury residences that REPORTS would set a new standard for urban living in Management Discussion & Analysis 64 India’s most coveted addresses. Company Information 76 Notice of AGM 77 FY 2025-26 is the year that Directors’ Report 96 pursuit began yielding its Business Responsibility & Sustainability Report 124 Corporate Governance Report 170 first measurable returns. 188-372 FINANCIAL The year the vision arrived STATEMENTS at value. Standalone Financial Statements 188 Consolidated Financial Statements 282 Our Now FY 2025-26 marks a defining inflection in The commencement of revenue recognition at TARC TARC’s journey. Tripundra, the Company’s first luxury residential delivery, served as the catalyst. With an Occupation Certificate secured This is the year when a prolonged cycle and customer handovers underway, Tripundra moved from of strategic investment, land stewardship a development asset to a revenue-generating proof point. and design-led development translated Strong embedded project level gross margin validated the into operational and financial outcomes of core thesis: that luxury residences developed on a fully genuine scale. owned, historically acquired land bank can deliver structurally superior returns. Across the portfolio, TARC Kailasa in Central West Delhi FY 2025-26 at a continued to set the benchmark for large-format ultra-luxury living, TARC Ishva on Gurugram’s Golf Course Extension Glance Road expanded its footprint to 1.7 million square feet and a Gross Development Value of approximately 3,600 crore D 671.78 following the launch of Ishvara, its most refined phase. Crore Together, the three developments represent a combined Total Income D GDV of approximately 9,000 crore. The year also demonstrated the strength of TARC’s collection discipline. Business cash flows of 1,132 crore, more than D19.03 Crore double the prior year, confirmed that the Company’s end- user-focused sales model is translating pre-sales momentum Profit After Tax into realised liquidity. This is a business where the quality of the buyer matters as much as the velocity of the sale. TARC’s deliberate orientation towards residents rather than D1,132 Crore speculators has produced a receivables book of exceptional quality, underpinning the cash flow visibility that supports Record Business Cash Flows every forward commitment. D1,373 Crore From building to Pre-Sales Bookings monetising. From conviction to confirmation. D799 Crore FY 2025-26 was the Collections year TARC’s foundations began to compound. D 205 Crore EBITDA Turnaround {from (128) Cr to + 78 Cr} egamI lautcA CORPORATE OVERVIEW STATUTORY SECTION FINANCIAL STATEMENTS 02 ANNUAL REPORT 2025-26 TARC Limited 03 As the Company develops luxury residences on OUR NEXT land acquired at historical cost and sells them at contemporary ultra-luxury realisations, the spread between cost and value flows directly to the bottom The value recognised in FY 2025-26 is the first line. The land bank spans prime micro-markets yield of a far larger harvest. across Delhi and the Gurugram-Manesar corridor. The strategic architecture that produced this As TARC continues to unlock development potential inflection remains intact and the assets that across these holdings, land ownership will remain will drive the next phase of value creation are the foundational differentiator supporting scale, already in place. capital efficiency and long-term value creation. LAND: The Strategic Moat TARC’s growth originates in its most enduring THE MARGIN advantage: a portfolio of strategically located, TRAJECTORY fully owned land parcels across Delhi and Gurugram, acquired at historical cost and held The approximately 45% embedded project level free of encumbrance. gross margin at TARC Tripundra offers a forward In a market where premium urban land has indication of the profitability profile that the broader grown increasingly scarce, fragmented and portfolio is designed to deliver. expensive, this ownership confers three distinct As developments at Kailasa and Ishva advance advantages. through their construction and monetisation cycles, the Company’s consolidated margins are positioned First, it eliminates the capital burden of to strengthen progressively. fresh acquisition, allowing the Company to deploy resources towards design excellence This trajectory is supported by the convergence and construction quality rather than land of three factors: premium realisations driven by procurement. differentiated design and curated amenities in supply-constrained locations; improving operating Second, it provides complete development leverage as project scale increases; and the autonomy. The Company retains full ownership, structural cost advantage of the fully owned undivided profit capture and total control over land bank, which insulates margins from the design and timeline. acquisition-cost inflation that compresses returns Third, and most significantly, the historical cost for competitors entering the market at current basis creates a structural margin advantage. valuations. egamI lautcA CORPORATE OVERVIEW STATUTORY SECTION FINANCIAL STATEMENTS 04 ANNUAL REPORT 2025-26 TARC Limited 05 CASH FLOW EXPANSION The coming years are designed to Ishva enter their peak monetisation deliver a sustained acceleration in cash windows and the launch of new generation. With multiple developments pipeline progresses. progressing through construction The improved cash flow profile is milestones and collections deepening central to TARC’s financi [Showing first 8,000 characters — download PDF for full document]