Kalpataru Limited (KALPATARU)
₹262.10 -0.21% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Kalpataru's revenue was ₹472 Cr (+6.5% year on year, -72.1% on the previous quarter), and net profit ₹-29.0 Cr (a smaller loss than a year earlier); the operating margin was -9.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹472 | +6.5% | -72.1% |
| Operating profit | ₹-45.9 | loss widened | to loss |
| Net profit | ₹-29.0 | loss narrowed | to loss |
| EPS (₹) | -1.29 | loss narrowed | to loss |
| Operating margin | -9.7% | — | — |
KALPATARU delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 47.61% of the KALPATARU shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.03%. That is close to its usual level. Turnover was only ₹31 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 55.4% · 34.0% · 35.9% · 39.4% · 47.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Kalpataru Limited's wholly owned subsidiary, Kalpataru Properties Limited (KPL), received a Show Cause-cum Demand Notice from the GST Authority demanding ₹73,85,00,312 (₹73.85 crore) plus applicable interest and penalty for FY 2025-26. The demand relates to certain construction services under Section 74A of the CGST/MGST Act. The demanded tax amount represents approximately 71.7% of the company's TTM net profit of ₹103 crore. The company stated that the notice is not sustainable and that KPL will submit an appropriate reply.
- GST demand notice amounting to ₹73,85,00,312 (₹73.85 crore) received by subsidiary Kalpataru Properties Limited
- Applicable interest and penalty are also sought under Section 74A of the CGST Act for FY 2025-26
- Notice is dated October 15, 2026, and was received by KPL on October 16, 2026
- The demand pertains to certain construction services, which the company claims is not sustainable
Kalpataru Limited reported provisional operational updates for Q2 and H1 FY27. H1 FY27 pre-sales stood virtually flat at ₹2,587 crore compared to ₹2,577 crore in H1 FY26, while collections rose 9% YoY to ₹2,554 crore. For Q2 FY27 alone, pre-sales dipped 5% YoY to ₹1,258 crore, whereas collections remained steady at ₹1,189 crore. Additionally, the company launched a new premium residential project, 'Kalpataru Elaara', in Goregaon West, Mumbai during the quarter.
- H1 FY27 pre-sales recorded at ₹2,587 crore vs ₹2,577 crore in H1 FY26 (flat YoY)
- H1 FY27 collections increased 9% YoY to ₹2,554 crore from ₹2,348 crore
- Q2 FY27 pre-sales contracted 5% YoY to ₹1,258 crore from ₹1,329 crore
- Q2 FY27 collections remained steady at ₹1,189 crore vs ₹1,182 crore in Q2 FY26
- Launched premium residential project 'Kalpataru Elaara' in Goregaon West, Mumbai
Kalpataru Limited's wholly owned subsidiary, Ananta Landmarks Private Limited (ALPL), has received a show cause notice from the Deputy Commissioner of State Tax demanding ₹14,00,00,892. The demand includes GST, interest, and penalty concerning reverse charge payments to the municipal corporation and input tax credit disallowance for FY 2022-23. The total contested amount represents approximately 13.6% of Kalpataru's TTM PAT of ₹103 Cr and 0.4% of TTM revenue. ALPL plans to contest the notice, stating it is devoid of merits, and expects no material impact on operations.
- Subsidiary Ananta Landmarks Private Limited received a GST show cause notice dated September 24, 2026
- Demands aggregate GST, interest, and penalties of ₹14,00,00,892 (Rupees 14.00 Cr)
- Pertains to municipal corporation reverse charge payments and ITC disallowance for FY 2022-23
- Notice amount of ₹14.00 Cr equals ~13.6% of TTM PAT (₹103 Cr) and ~0.4% of TTM revenue (₹3,465 Cr)
Kalpataru Limited reported that the GST Authority has filed an appeal before the GST Appellate Tribunal against an order earlier passed in favor of its wholly-owned subsidiary, Abacus Real Estate Private Limited. The dispute pertains to a transitional credit demand of ₹1,35,66,011 alongside interest and an equivalent penalty for the period July 1, 2017 to March 31, 2018. The Appellate Authority had previously ruled in favor of Abacus on January 29, 2026. The disputed tax amount represents less than 0.1% of the company's TTM revenue of ₹3,465 Cr, with management noting no material operational impact.
- GST Authority appealed before the GST Appellate Tribunal against an Order-in-Appeal dated January 29, 2026.
- Transitional credit tax demand involved is ₹1,35,66,011 plus applicable interest and an equivalent penalty.
- Matter relates to subsidiary Abacus Real Estate Private Limited for the period July 1, 2017 to March 31, 2018.
- Disputed base tax demand represents ~0.04% of Kalpataru's TTM revenue of ₹3,465 Cr.
CRISIL Ratings has downgraded Kalpataru Limited's long-term bank facilities (rated total Rs 1,362.94 crore) to 'Crisil BBB/Stable' from 'Crisil BBB+/Stable'. The downgrade stems from slower-than-expected scaling up of collections and cash accruals, keeping debt-to-CFO elevated above 3.5x through FY28. While residential debt declined to ~Rs 8,000 crore as of March 31, 2026 (from ~Rs 9,200 crore a year prior), project approval delays and softer demand in select projects impeded quicker deleveraging. Liquidity remains adequate with cash and equivalents of ~Rs 959 crore as of June 30, 2026.
- Long-term bank facilities downgraded to 'Crisil BBB/Stable' from 'Crisil BBB+/Stable'
- Total bank loan facilities rated stands at Rs 1,362.94 crore (with Rs 383.36 crore withdrawn)
- Residential debt reduced to ~Rs 8,000 crore in FY26 from ~Rs 9,200 crore in FY25, but deleveraging lagged projections
- Debt-to-CFO ratio is projected to remain elevated above 3.5 times through fiscal 2028
- Company held cash and equivalents of around Rs 959 crore as of June 30, 2026
Kalpataru Limited's Nomination and Remuneration Committee approved the allotment of 4,825 equity shares of face value ₹10 each on September 09, 2026, pursuant to the exercise of stock options under its ESOP Scheme 2024. Following this allotment, the company's paid-up equity share capital marginally increased from ₹2,05,92,20,930 to ₹2,05,92,69,180. The total number of equity shares stands at 20,59,26,918, up from 20,59,22,093. The newly issued equity shares rank pari-passu with the existing shares.
- Allotment of 4,825 equity shares of face value ₹10 each under ESOP Scheme 2024
- Paid-up share capital increased from ₹2,05,92,20,930 to ₹2,05,92,69,180
- Total outstanding equity shares increased from 20,59,22,093 to 20,59,26,918
- Allotment approved by Nomination and Remuneration Committee on September 09, 2026
Kalpataru Limited reported a steady Q1 FY27 with pre-sales growing 6% YoY to ₹1,329 crore and collections rising 17% to ₹1,365 crore. Despite a net loss of ₹29 crore due to the project completion accounting method, management is targeting ₹6,500 crore in pre-sales for FY27, a 23% growth over FY26. The company successfully refinanced ₹1,800 crore of debt in Q1, reducing borrowing costs by 200 bps since listing to ~11%. A significant new redevelopment project in Kandivali with a GDV of ₹1,250 crore was also added to the portfolio.
- Pre-sales grew 6% YoY to ₹1,329 crore in Q1 FY27, driven by strong momentum at Kalpataru Parkcity Thane.
- Refinanced ₹1,800 crore of debt in Q1, leading to estimated annual interest savings of ₹55 crore.
- Secured a new 2.8-acre redevelopment project in Kandivali with a Gross Development Value (GDV) of ₹1,250 crore.
- Targeting 5.5 million sq. ft. of project completions in FY27 to trigger substantial revenue and profit recognition.
- Net debt stood at ₹8,229 crore as of June 30, 2026, with a net debt-to-equity ratio of 2.0x.
Kalpataru Limited has received shareholder approval at its 38th Annual General Meeting (AGM) held on August 3, 2026, to appoint Messrs. Rathi & Associates as Secretarial Auditors. The appointment is for a five-year term spanning FY 2026-27 to FY 2030-31. This follows a previous board recommendation from May 2026 to fill a casual vacancy. The firm is a peer-reviewed entity with over 30 years of experience in corporate secretarial and governance audits.
- Appointment approved for a term of 5 consecutive financial years from FY 2026-27 to FY 2030-31
- Shareholder approval finalized at the 38th AGM held on August 3, 2026
- The appointed firm, Rathi & Associates, holds Peer Review Certificate No. 6391/2025
- The firm has a track record of more than three decades in corporate secretarial activities
Kalpataru Limited concluded its 38th Annual General Meeting on August 03, 2026, with shareholders approving all nine proposed resolutions. Key approvals included the adoption of FY26 audited financial statements, where the company reported a TTM revenue of ₹3,436 Cr and PAT of ₹80 Cr. Significant resolutions regarding material Related Party Transactions (RPTs) were passed, specifically involving shortfall undertakings and personal guarantees by Managing Director Parag M. Munot for company and subsidiary loan facilities. These RPT resolutions received approximately 96.9% support from voting members.
- All 9 resolutions passed with requisite majority at the 38th AGM held on August 03, 2026.
- Total of 54,390 shareholders were on record as of the cut-off date, July 27, 2026.
- Material RPT for personal guarantee by MD for subsidiary Kalpataru Properties Limited approved with 96.93% favorable votes.
- Adoption of FY26 Consolidated Financials (Revenue of ₹3,435.62 Cr) approved by 100% of voting members.
- Re-appointment of Mr. Narendra Kumar Lodha as Director was approved with 100% of votes cast in favor.
Kalpataru Limited's shareholders have approved all nine resolutions proposed at the 38th Annual General Meeting held on August 3, 2026. Key approvals include the adoption of FY26 audited financial statements and the re-appointment of Mr. Narendra Kumar Lodha as Director. Crucially, shareholders sanctioned material related party transactions (RPTs) involving personal guarantees and shortfall undertakings by Managing Director Parag M. Munot to support company and subsidiary debt facilities. These RPT resolutions passed with a 96.94% majority among voting members.
- All 9 resolutions passed with requisite majority at the AGM held on August 3, 2026
- Approval of material RPT for personal guarantees by MD Parag M. Munot for subsidiary Kalpataru Properties Limited
- Total of 54,390 shareholders were on record as of the cut-off date, July 27, 2026
- Adoption of FY26 consolidated financial statements (Revenue: Rs 3,435.62 Cr) formally ratified
- RPT resolutions for debt support received 96.9364% votes in favor from participating shareholders
Kalpataru Limited concluded its earnings conference call for the quarter ended June 30, 2026, on August 4, 2026. The call addressed the company's Q1 performance and strategic developments, following the financial results released on August 3, 2026. The company is currently navigating a significant growth phase with a planned launch pipeline of 22.1 msf between FY26 and FY29. Management is targeting medium-term annual sales of Rs 6,500-8,000 Cr, a substantial increase compared to the TTM revenue of Rs 3,436 Cr.
- Earnings conference call concluded at 10:20 a.m. (IST) on August 4, 2026
- Company is executing a massive launch pipeline of 22.1 msf scheduled between FY26 and FY29
- Medium-term annual sales target set at INR 6,500-8,000 Cr
- Two major projects, Kalpataru Parkcity and K. One, represent ~47% of total sales value of ongoing projects
- Average sales realization increased by 27% YoY to INR 16,977 per sq. ft. as of Q2 FY26
Kalpataru Limited concluded its earnings conference call for the quarter ended June 30, 2026, on August 4, 2026. The call discussed the Q1 FY2027 financial results and the company's strategic roadmap, which includes a massive launch pipeline of 22.1 million square feet (msf) between FY2026 and FY2029. The company is targeting a significant scale-up in annual sales to Rs 6,500-8,000 Cr over the medium term, compared to its current TTM revenue of Rs 3,436 Cr. Management reiterated that no unpublished price-sensitive information was shared during the session.
- Earnings conference call for Q1 FY2027 concluded on August 4, 2026, at 10:20 a.m. IST
- Company maintains a planned launch pipeline of 22.1 msf estimated for the FY2026-FY2029 period
- Medium-term annual sales target established at Rs 6,500-8,000 Cr
- Two major projects, Kalpataru Parkcity and K. One, currently constitute 47% of total sales value of ongoing projects
- Average sales realization previously reported an increase of 27% YoY to Rs 16,977 per sq. ft.
Kalpataru Limited conducted its 38th Annual General Meeting on August 03, 2026, covering nine key resolutions. Significant items included seeking shareholder approval for the sale, disposal, or leasing of assets of its material subsidiary, Kalpataru Properties Limited (KPL), exceeding 20% of its assets. The meeting also addressed material related party transactions involving personal guarantees and shortfall undertakings from Managing Director Parag M. Munot for company and subsidiary credit facilities. This follows a fiscal year (FY26) where the company reported revenue of ₹3,435.62 Cr and a net profit of ₹79.95 Cr.
- Approval sought for sale or leasing of assets of material subsidiary KPL exceeding 20% of its asset base
- Managing Director Parag M. Munot to provide personal guarantees for financial facilities of subsidiary Kalpataru Properties Limited
- Company reported FY26 revenue of ₹3,435.62 Cr with a thin operating margin of 3.55%
- Management maintains a medium-term annual sales target of ₹6,500-8,000 Cr driven by a 22.1 msf launch pipeline
- AGM proceedings concluded within 72 minutes with 69 members attending via video conferencing
Kalpataru Limited reported a mixed Q1 FY27 with strong operational metrics but a bottom-line loss. Pre-sales grew 6% YoY to ₹1,329 crore, and collections rose 17% to ₹1,365 crore, indicating healthy cash flow generation. However, the company posted a consolidated net loss of ₹29 crore on revenues of ₹472 crore, with average realizations dropping 28% YoY to ₹16,177 per sq. ft. Net debt remains elevated at ₹8,229 crore, which is approximately 1.6x the company's current market capitalization.
- Pre-sales value increased 6% YoY to ₹1,329 crore in Q1 FY27.
- Area sold grew significantly by 48% YoY to 0.82 msf, though average realization fell 28% to ₹16,177 per sq. ft.
- Added a new society redevelopment project in Kandivali (E) with an estimated GDV of ₹1,250 crore.
- Net debt stood at ₹8,229 crore as of June 30, 2026, with a Net Debt/Equity ratio of 2.0x.
- Consolidated PAT for the quarter was a loss of ₹29 crore, despite an Adjusted EBITDA margin of 20.1%.
Kalpataru reported Q1 FY27 pre-sales of Rs 1,329 cr, a 6% YoY increase, and collections of Rs 1,365 cr, up 17% YoY. Despite these operational gains, the company posted a consolidated net loss of Rs 29 cr for the quarter on revenue of Rs 472 cr. Leverage remains a significant concern with Net Debt at Rs 8,229 cr and a Net Debt/Equity ratio of 2.0x. The company is banking on a strong launch pipeline of 4.92 msf for FY27 with an estimated Gross Development Value (GDV) of Rs 7,758 cr to drive future growth.
- Pre-sales grew 6% YoY to Rs 1,329 cr in Q1 FY27, while area sold increased to 0.82 msf from 0.56 msf.
- Collections increased 17% YoY to Rs 1,365 cr, reflecting strong construction progress.
- Net debt remains high at Rs 8,229 cr as of June 30, 2026, representing ~161% of the current market cap.
- Signed a new redevelopment project in Kandivali (E) with an estimated GDV of Rs 1,250 cr.
- Planned launches for FY27 total ~4.92 msf across 6 projects, including the recently launched Kalpataru Vian.
Financial Performance
Revenue Growth by Segment
The company achieved a consolidated revenue of INR 2,222 Cr in FY25, representing a 15% increase from INR 1,930 Cr in FY24. In H1 FY26, revenue from operations reached INR 1,237 Cr, up 19% YoY. Real Estate remains the primary driver, though the group also operates in Power Transmission, Oil & Gas, and Railways EPC segments. Q2 FY26 revenue specifically surged 57% YoY to INR 794 Cr due to accelerated project execution.
Geographic Revenue Split
Revenue is heavily concentrated in the Mumbai Metropolitan Region (MMR) and Pune. MMR projects account for the vast majority of the portfolio, with 21.0 million sq. ft. (msf) of developable area out of a total 26.3 msf in ongoing projects. Specifically, Mumbai and Thane represent approximately 80% of the ongoing developable area.
Profitability Margins
Net Profit Margin improved from -0.06% in FY24 to 0.01% in FY25. However, for H1 FY26, the company reported a Profit After Tax (PAT) of INR -47 Cr, despite a positive PAT of INR 5 Cr in Q2 FY26. The improvement in FY25 was driven by a significant increase in total turnover and better realization per sq. ft., which rose 27% YoY to INR 16,977 in Q2 FY26.
EBITDA Margin
Adjusted EBITDA margin stood at 29.9% in FY25 (INR 664 Cr), up from 23.8% in FY24. For H1 FY26, the Adjusted EBITDA margin was 23.1% (INR 293 Cr). The margin expansion in FY25 was primarily due to higher realizations and disciplined cost management across premium offerings.
Capital Expenditure
While specific historical CAPEX figures are not detailed, the company is deploying significant capital into its 25.1 msf under-construction portfolio. It utilized INR 1,192.5 Cr (75% of IPO proceeds) for debt repayment and project infusion to accelerate construction pace.
Credit Rating & Borrowing
The company holds a credit rating of [ICRA]BBB (Stable) and Crisil BBB+/Stable. Borrowing costs are a focus for management, with plans to refinance high-cost debt to reduce interest expenses. The interest coverage ratio improved to 1.50 in FY25 from -2.43 in FY24 due to increased profitability.
Operational Drivers
Raw Materials
Not specifically disclosed in available documents, though the business involves standard construction materials like steel, cement, and electrical components for its real estate and EPC divisions.
Capacity Expansion
Current under-construction portfolio comprises 25.1 msf of saleable area as of March 2025. The company has a planned launch pipeline of ~22.1 msf estimated for FY2026-FY2029, including the launch of Kalpataru Estella (0.93 msf initial phase).
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company emphasizes prudent cost management to maintain an Adjusted EBITDA margin above 23%.
Manufacturing Efficiency
Operational efficiency is tracked via project execution milestones. Collections grew 36% YoY to INR 3,659 Cr in FY25, reflecting strong construction progress and customer trust.
Strategic Growth
Expected Growth Rate
43-76%
Growth Strategy
Growth will be achieved through a massive launch pipeline of 22.1 msf between FY26 and FY29. The company targets annual sales of INR 6,500-8,000 Cr over the medium term, driven by premium residential launches in MMR and Pune, such as Kalpataru Estella and Kalpataru Oceana, and the monetization of its existing 26.3 msf ongoing project portfolio.
Products & Services
Premium residential apartments, commercial office spaces, retail developments, integrated townships (e.g., Kalpataru Parkcity), and lifestyle gated communities.
Brand Portfolio
Kalpataru, Kalpataru Parkcity, Kalpataru Estella, Kalpataru Oceana, Kalpataru Synergy.
New Products/Services
Launch of Kalpataru Estella, a 12-acre phase within Kalpataru Parkcity, and upcoming luxury projects in Prabhadevi (Oceana) and Worli (K. One).
Market Expansion
Primary focus remains MMR and Pune, with selective projects in Hyderabad, Noida, and Nagpur to capture demand across multiple price points.
Market Share & Ranking
The group is a prominent developer in the MMR market with a 56-year legacy and ~19.3 msf developed to date.
Strategic Alliances
The company utilizes Joint Development Agreements (JDA) and Joint Ventures (JV) to minimize land acquisition costs, though specific partner names for new JVs are not listed.
External Factors
Industry Trends
The MMR real estate market is seeing a shift toward premiumization and integrated townships. The industry is currently in a growth phase with healthy sales velocity, and Kalpataru is positioning itself by launching luxury projects to capture higher realizations.
Competitive Landscape
Operates in the highly competitive MMR market against other major developers; competitive edge is maintained through location strategy and premium product quality.
Competitive Moat
Sustainable moat derived from a 56-year brand legacy, a massive existing land bank that reduces the need for expensive new acquisitions, and an integrated execution model through group EPC synergies.
Macro Economic Sensitivity
Highly sensitive to interest rate fluctuations due to a gross debt of INR 8,928 Cr as of Sept 2025; rising rates increase finance costs and impact net profitability.
Consumer Behavior
Strong preference for home ownership as a long-term asset class and a shift toward premium offerings from branded developers.
Geopolitical Risks
Exposure to global economic environments through its group presence in 75 countries, though the core real estate business is domestic.
Regulatory & Governance
Industry Regulations
Operations are governed by RERA, local municipal building codes in MMR/Pune, and environmental clearances for large-scale townships.
Environmental Compliance
The company embeds passive and active safety controls into designs and complies with relevant codes and certifications, though specific ESG spend in INR is not disclosed.
Taxation Policy Impact
The company is subject to standard Indian corporate tax rates; it benefits from Section 186(11) exemptions regarding disclosures of certain loans and investments due to its infrastructure status.
Legal Contingencies
The company faces risks related to litigation and labor relations typical of the construction industry, though specific case values in INR for pending court matters are not detailed in the provided text.
Risk Analysis
Key Uncertainties
Key risks include the ability to maintain sales velocity in high-value projects and the successful deleveraging of the balance sheet. A Gross Debt/CFO ratio higher than 5.0x would trigger a rating downgrade.
Geographic Concentration Risk
High concentration risk with the majority of sales derived from the MMR market, making the company vulnerable to region-specific cyclicality.
Third Party Dependencies
Low reliance on external land acquisitions due to adequate existing land bank, but dependent on market demand for premium housing.
Technology Obsolescence Risk
Not a primary risk in real estate, but the company focuses on innovation in project design and construction technology.
Credit & Counterparty Risk
Receivables quality is linked to customer collections, which improved by 37% YoY in Q2 FY26 to INR 1,162 Cr, indicating healthy counterparty reliability.
