Thacker & Co., a 147-year-old micro-cap relic, just posted Q1 FY26 profit of ₹6.3 Cr (+7% YoY) on barely ₹1.2 Cr in revenue. Yes, you read that right – its profits are more from asset plays than operational hustle. The stock trades at P/E 7.9, close to book value (1.07×), and promoters upped their stake to 68.9%. With zero dividends, real estate holdings, and super-high margins (>85%), this is less a company and more a holding vault. Buy for legacy? Sure. For growth? Meh.
Introduction
Imagine a company older than your grandpa’s grandpa, surviving wars, independence, and multiple recessions. That’s Thacker & Co. Ltd, incorporated in 1878, operating in real estate, investments, and a sprinkle of trading. It’s like that uncle who owns land in South Bombay – doesn’t work much, but sits on valuable assets. Investors love the low P/E, but hate the stagnant sales growth (6% in 5 years) and the company’s refusal to share wealth (zero dividends for ages).
Business Model (WTF Do They Even Do?)
Thacker operates in three mini-universes:
Investment & Finance – Deploys capital into securities and financial instruments.
Business Centres & Real Estate – Leases properties, earning steady rent (think passive income with minimal effort).
Trading Business – Scanners & miscellaneous products (side hustle).
Essentially, this is a real estate + investment holding play disguised as a listed entity.
Financials Overview
Q1 FY26 Snapshot
Revenue: ₹1.20 Cr
Operating Profit: ₹1.02 Cr (OPM 85%)
PAT: ₹6.33 Cr (boosted by other income)
EPS: ₹58.2
Margins: Sky-high because income is asset-backed.
For FY25, it posted ₹6 Cr revenue and ₹22 Cr PAT, showing that profits come from investments, not core business hustle.
