TCC Concept Limited

Real Estate — Real Estate Services · BSE

₹39.95−₹2.15 (−5.11%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:06 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of TCC Concept Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

TCC Concept Limited engages in the real estate business primarily in India. It operates through Rental; Brokerage and other services; Information and Technology segments.

IndustryReal Estate Services

SectorReal Estate

Employees530

Annual revenue₹178 Cr

How does it make money?

Turns over ₹178 Cr a year. Of every ₹100 of sales, about ₹35 reaches shareholders as profit, with ₹63 left at the operating level before interest, tax and depreciation. Each of its 530 employees supports ₹33.5 lakh of revenue a year, the signature of a people-led business.

EBITDA margin63.4%

Net margin35.4%

Revenue / employee₹33.5 lakh

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

DLF LIMITEDP/E 36.6x · ROE 10.3%

GODREJ PROPERTIES LTDP/E 30.2x · ROE 8.4%

OBEROI REALTY LIMITEDP/E 23.5x · ROE 14.7%

What is its competitive advantage?Little sign of one

Returns on capital of 4.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE4.0%

ROE3.8%

Peer median ROE10.3%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +14708% while net margin moved -48% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+14708%

Margin effect-48%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.16 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

59/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

84/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

14.3x

3Y Median

31.8x

40 monthly readings · mean 30.1x · range 4.4x–70.1x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 55% below its 3y median of 31.8x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 53% below the peer median of 30.2x.

vs. its own history

Cheap

31.8x median over 40 months · -55%

vs. sector peers

Cheap

30.2x median of 3 peers · -53%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

14.3x

P/B

0.58x

EV/EBITDA

10.9x

PEG

0.04

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Valuation below its historical average
At 14.3x the stock trades 55% below its own median of 31.8x.
Very low debt
Debt/Equity of 0.18x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention5

Margins are compressing
EBITDA margin has slipped from 91.3% to 63.4% over 3 years.
Debt is rising
Total debt is up 1145766% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from 32.2% to 3.8% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 43.1% to 4.0% — often a sign of competition or overexpansion.

Red Flags

5 items require attention · 2 high · 3 watch

🔴Debt has risen sharplyFinancial
Total debt is up 1145766% over 3 years, from ₹0 Cr to ₹291 Cr.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 27.9 points, from 91.3% to 63.4%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 31.2x to 3.5x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹35 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 6501% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 55% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 53% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 91.3% to 63.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 32.2% to 3.8%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 322% a year✓ 429.1% CAGR
Latest reported year was 480.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 61%✓ 63.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹35 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✓ 3.5x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 2 neutral · 4 weak

Market Cap

₹949 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

14.3x

Cheap

Cheap against the generic band

P/B Ratio

0.58x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹2.8

Profitable

Profitable on a per-share basis

ROE

3.8%

Weak

Weak capital efficiency

ROCE

4.0%

Weak

Low return on total capital employed

Debt/Equity

0.18x

Low

Conservative leverage

Revenue Growth (YoY)

480.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-7.2%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹35 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹39.95

Operating Margin

15.7%

Good

Healthy core-business profitability

Net Margin

23.1%

Good

Strong bottom-line conversion

Current Ratio

1.10

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.16

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

47.0 / 48.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

18.9

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1 Cr	₹77 Cr	₹83 Cr	₹178 Cr	+429.1%
EBITDA	₹1 Cr	₹35 Cr	₹67 Cr	₹113 Cr	+368.5%
EBITDA Margin	91.3%	44.8%	80.1%	63.4%	—
PAT (Net Profit)	₹1 Cr	₹20 Cr	₹42 Cr	₹63 Cr	+325.7%
EPS	₹2.27	₹3.27	₹2.75	₹3.01	+9.9%
ROE	32.2%	10.6%	5.9%	3.8%	—
ROCE	43.1%	13.9%	7.5%	4.0%	—
Total Debt	₹0 Cr	₹9 Cr	₹44 Cr	₹291 Cr	+2154.5%
Free Cash Flow	-₹2 Cr	₹4 Cr	-₹109 Cr	-₹35 Cr	—

🟢 Revenue has grown at 429.1% a year over 3 years.

🟢 EBITDA has grown at 368.5% a year over 3 years.

🔴 EBITDA Margin has fallen from 91.3% to 63.4% over 3 years (-27.9 pts).

🟢 PAT (Net Profit) has grown at 325.7% a year over 3 years.

🟢 EPS has grown at 9.9% a year over 3 years.

🔴 ROE has fallen from 32.2% to 3.8% over 3 years (-28.3 pts).

🔴 ROCE has fallen from 43.1% to 4.0% over 3 years (-39.2 pts).

🔴 Total Debt has grown at 2154.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,106 Cr

Total Liabilities

₹461 Cr

Total Debt

₹291 Cr

Cash & Equivalents

₹16 Cr

Operating Cash Flow

₹113 Cr

Capex

-₹148 Cr

Shareholding (proxy)

Institutional Holding

15.5%

Insider Holding

58.6%

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 positive2 mixed3 general

TCC Concept Share Price Near 52-Week Low, Valuation Check

Univest, 16 Oct

We Think You Should Be Aware Of Some Concerning Factors In TCC Concept's (NSE:TCC) Earnings

Simply Wall Street, 30 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

1:5 Stock Split: This Small-Cap Consumer Discretionary Stock Fixes September 4 as Record Date; Check Details

Dalal Street Investment Journal, 24 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

TCC Concept dispatches postal ballot for 1:5 share split, MoA tweaks

scanx.trade, 17 Jul

Volume Gainers as of 12:25 PM IST, Mumbai, August 26: Indo Thai Securities, TCC Concept Lead Trading Surge

HDFC Sky, 26 Aug

Half Yearly Results, Half yearly Earnings for Aaswa Trading

The Economic Times, 09 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🟡Business QualityAdequate11.5/20

🟡Financial HealthAdequate10.8/20

🟢GrowthStrong14.7/20

🟡ProfitabilityModerate7.5/15

🟢ValuationAttractive13.2/15

🔴RiskHigh4/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 322% a year429.1% CAGR
✓EBITDA margin holds above 61%63.4%
✗Debt / EBITDA stays below 2x2.6x
✗Free cash flow remains positive-₹35 Cr
✓Interest cover stays above 3x3.5x