Kalpataru Q2 call: FY27 sales target retained, multiyear completion plan outlined
KALPATARU · price
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On the reaction day the stock moved 2.1 pts less than Nifty Microcap 250 and 2.2 pts less than its Residential Commercial Projects peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Q2 FY27 pre-sales fell 5% to INR 1,258 crore; H1 pre-sales were flat at INR 2,587 crore and collections rose 9% to INR 2,554 crore. FY27 pre-sales guidance remains INR 6,500 crore. Management plans 5.5 million sq ft of completions in FY27 and about 14 million sq ft across FY27-FY29. H1 adjusted EBITDA margin was 18.4% on INR 909 crore revenue; loss was INR 100 crore. Net debt was INR 8,323 crore and is expected to remain flat at year-end.
Retained sales guidance helps sentiment, but high debt and losses are concerns. Future handovers may improve cash flow and reduce debt.