Thakral Corporation Surges on Record Profit: GemLife IPO Windfall, Expanding Drone & Beauty Businesses, and Robust Real Estate Bets Poise for More Upside

Key Highlights from Thakral Corporation’s 1H2025 Results: Why Investors Should Pay Attention

Thakral Corporation Ltd has delivered a blockbuster first half for 2025, posting record profits and major strategic wins that could propel the share price further. Here’s an in-depth look at the latest results and why shareholders—and prospective investors—should sit up and take notice.

1. GemLife IPO Delivers Gigantic Windfall, Turbocharging Profits

• Net Attributable Profit soared to S\$109.3 million—a nearly tenfold increase (+912.2% YoY) compared to 1H2024, primarily due to a S\$101.2 million net gain after tax on the fair value of Thakral’s associate GemLife upon its successful IPO in Australia.
• GemLife’s IPO in July 2025 was Australia’s largest of the year, with an A\$1.78 billion market cap and Thakral retaining a significant 16.8% stake post-listing. The IPO raised A\$750 million at an A\$4.68 share price.
• GemLife exceeded its 1H FY25 forecasts on all key metrics: revenue (A\$104.9m, +6% vs forecast), EBITDA (A\$38.7m, +7.7%), and underlying NPAT (A\$29m, +8.4%). GemLife now has 1,923 occupied homes and a pipeline of nearly 10,000 homes across 32 communities in Eastern Australia—demonstrating robust growth and recurring income potential.

2. Lifestyle Segment: DJI Drones Dominate, New Growth Engines in Beauty & Coffee

• Lifestyle segment revenue jumped 11% YoY to S\$7.3 million, with DJI drones leading the charge. Thakral is the exclusive DJI distributor in seven South Asian markets and continues to expand its product range, including consumer, enterprise, and agriculture drones, plus action cameras and accessories.
• DJI ranked #1 on Amazon India during Prime Day 2025, outpacing major brands like Canon and Sony. Thakral’s DJI products now hold over 70% market share in the region.
• Strategic investments in Bharat Skytech (manufacturing drone components in India) and Skylark Drones (enterprise drone SaaS, with Thakral holding ~23%) position the company to capitalize on India’s booming drone market—projected at US\$631.4 million by 2030, with a 28.1% CAGR.
• The beauty and fragrance business continues to expand rapidly, especially in Greater China. The store count has more than quadrupled in two years (from 14 in FY2023 to 64 in 1H2025). Thakral also holds a 9.4% effective stake in a global leader in home-use beauty devices.
• Thakral has secured exclusive rights to distribute Nespresso in India, opening the first flagship boutique in New Delhi and planning 2-3 more per year. The unit is expected to achieve profitability within two years.

3. Real Estate: High-Growth Bets in Japan and India

• Japan: Thakral’s Osaka commercial property portfolio continues to perform strongly, with average occupancy at 98% across six prime office buildings.
• India: Thakral is capitalizing on Gurugram’s real estate boom. The city, part of Delhi NCR, saw a 29% CAGR in housing prices from 2023–2025 and now accounts for 73% of all office leasing in the region. Thakral is developing:
  • ~14 acres for residential/mixed-use
  • ~7 acres for healthcare infrastructure
  • ~21 acres for mixed-use real estate

  These projects target one of the world’s fastest-growing, most affluent property markets.

4. Financials: Explosive Growth, Strong Returns, and Balance Sheet Transformation

• 1H2025 revenue rose 25% YoY to S\$160.5 million.
• Net Asset Value per share increased to S\$2.12 (from S\$1.32 in 1Q2025).
• Return on Equity (ROE) surged to 18.4% (vs 12.1% in FY2024), reflecting stellar profitability.
• Thakral declared a 3 cents interim dividend (3.6% yield, annualized basis), continuing its tradition of shareholder returns, including special dividends in prior years.
• Share price has delivered a 5-year annualized return of 39.13% and total shareholder return of 275.02% (assuming dividends reinvested).
• Balance sheet transformation: Financial assets measured at fair value soared to S\$290.7m (up 328% HoH), mainly due to the reclassification of GemLife post-IPO. Total assets grew 45% HoH to S\$522.7 million.

5. What Investors Need to Know (Potential Price-Moving Information)

• The GemLife IPO windfall is a one-off gain but cements Thakral’s ability to unlock value from its investments. GemLife’s continued strong operating performance and Thakral’s retained stake offer further upside potential.
• The expansion of the drone business—including manufacturing, distribution, and SaaS—positions Thakral as a leader in a sector with explosive growth in India and South Asia.
• Beauty, fragrance, and Nespresso businesses are high-margin, high-growth channels with increasing market penetration and brand portfolio expansion.
• Real estate investments in Japan and India provide defensive, recurring income and exposure to high-growth markets.
• The company is on a strong financial footing, with rising dividends and rapid NAV growth, making it attractive to yield- and growth-oriented investors.

Conclusion

Thakral Corporation’s 1H2025 report is packed with news that could move the share price: a record profit driven by the GemLife IPO, surging returns from its lifestyle and real estate segments, and strategic positioning in high-growth sectors like drones, beauty, and premium coffee. Shareholders should be aware that while the GemLife gain is a one-off event, the group’s diversified growth engines and robust financials suggest further upside. Investors looking for a blend of growth, yield, and sectoral diversification should keep Thakral firmly on their radar.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Please consult your financial advisor before making investment decisions. The author is not responsible for any actions taken based on the information provided herein. All data is as per the company’s 1H2025 corporate presentation and is subject to change.

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