NSE: KALPATARU · BSE: 544423
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential real estate development and sales, Society redevelopment. Cyclical, asset-heavy residential real estate development with high leverage (2x net D/E) and long project cycles.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 2,222 | 3,436 |
| EBITDA (ex other income) | 58 | 114 |
| margin % | 2.6 | 3.3 |
| Owners' profit | 22 | 94 |
| EPS, as reported (₹) | 1.54 | 4.76 |
| ROE % · ROCE % | 1.0 · 2.1 | 2.0 · 2.4 |
| Debt / equity (x) | 4.14 | 2.25 |
| Cash from operations | 488 | 848 |
| Capex | (43) | (138) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 597 | 443 | 794 | 505 | 1,694 | 472 |
| Profit before tax | 29 | (55) | 5 | (79) | 228 | (54) |
| Net profit | 20 | (52) | 5 | (67) | 194 | (29) |
| EPS (₹) | 1.00 | (2.92) | 0.26 | (3.05) | 10.19 | (1.29) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,66,093 | 37.4 | 3.65 | 50.1 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,00,949 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 68,130 | 53.2 | 4.76 | 26.4 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 61,258 | 53.8 | 3.66 | 17.7 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,867 | 19.3 | 3.28 | 16.9 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,761 | 29.8 | 2.47 | 21.9 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 18,001 | 20.9 | 2.39 | 13.9 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,878 | 28.4 | 2.90 | 22.9 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 41.3 | 20.0 | 47 of 57 | 18% |
| P/B | 1.3 | 1.9 | 23 of 64 | 65% |
| ROCE | 1.4 | 6.4 | 53 of 66 | 20% |
| ROE | 2.0 | 8.0 | 51 of 64 | 21% |
| Debt / Equity | 2.3 | 0.4 | 63 of 64 | 2% |
| EBITDA margin | (4.9) | 29.6 | 60 of 66 | 9% |
| Revenue growth | 6.5 | 12.8 | 40 of 67 | 41% |
| Profit growth | 44.0 | 7.5 | 20 of 66 | 71% |
| Market cap | 5190 | 1893 | 17 of 67 | 76% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Kalpataru schedules earnings call for October 30, 2026 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board meeting scheduled for October 29, 2026 | results | low | — | — |
| 17 Oct 2026 · Kalpataru subsidiary KPL gets Rs 73.85 cr GST show cause notice | regulatory legal | high | — | — |
| 12 Oct 2026 · Quarterly certificate on demat shares under SEBI regulation | compliance | minimal | — | — |
| 9 Oct 2026 · Kalpataru Q2 FY27: Pre Sales Slip 5%, Collections Flat YoY | business updates | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2/H1 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · GST show cause notice to subsidiary for Rs 14 crore; company to contest | regulatory legal | medium | — | — |
| 17 Sept 2026 · GST Authority appeals against favorable order for Kalpataru subsidiary | regulatory legal | high | — | — |
| 10 Sept 2026 · CRISIL downgrades Kalpataru rating to BBB/Stable from BBB+/Stable | credit debt | medium | — | — |
| 10 Sept 2026 · CRISIL downgrades Kalpataru Limited rating to BBB/Stable from BBB+/Stable | credit debt | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.