KALPATARU LIMITED

Develops and sells premium and luxury residential real estate, primarily in the Mumbai Metropolitan Region (MMR). The business earns money by acquiring land parcels, building residential projects, and selling apartments to homebuyers; it also undertakes redevelopment of existing housing societies (one such project in Andheri West carries an INR 1,400 crore gross development value). Revenue is recognised on project delivery: FY26 deliveries doubled to 5.15 million sq ft across roughly 3,000 units, with FY26 revenue at INR 3,436 crores. Pre-sales (bookings) hit INR 5,280 crores in FY26 and collections INR 4,960 crores, with a 4-year CAGR of 26% on pre-sales and 33% on collections. The portfolio spans 31 projects with 43 million sq ft of saleable area and INR 57,000 crores of total future inflows. Costs are dominated by materials/construction at 80.1% of revenue, with employee cost at 6.6% and other operating expenses at 9.8%; the business is asset-heavy with INR 8,106 crores of net debt and a 2x net debt-to-equity ratio targeted to fall below 2x in FY27.