NSE: KOLTEPATIL · BSE: 532924
KOLTE PATIL DEV. LTD.
Develops and sells mid-premium to luxury residential real estate, primarily in Pune and the Mumbai Metropolitan Region, under the Kolte-Patil brand. The flagship is the Life Republic township in Pune, which alone sold 0.53 mn sqft in Q1 FY26. Across the portfolio, FY26 pre-sales totalled Rs 2,605 cr and collections Rs 2,689 cr, while Q1 FY26 saw 0.84 mn sqft of sales volume at Rs 616 cr in value. Average realisation rose from Rs 7,337 per sqft in Q1 FY26 to Rs 9,442 per sqft in Q1 FY27, with Mumbai contributing around 30% of Q1 FY27 sales value. The overall project portfolio spans roughly 37 mn sqft with about Rs 29,300 cr of revenue potential, and management has earmarked a 6-7 mn sqft launch pipeline for FY26. During FY26, Blackstone Funds acquired a 14.3% equity stake via a Rs 417 cr preferential allotment, providing growth capital. The business is asset-heavy: materials/land/construction costs ran at 305.2% of FY26 revenue due to the timing mismatch between project cost incurrence and revenue recognition under percentage-of-completion accounting, while employees cost 13.8% and other operating expenses 23.2% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pune residential development, Mumbai Metropolitan Region (MMR) residential. Cyclical, asset-heavy residential real estate developer focused on mid-premium to luxury housing in Pune and MMR.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,117 | 1,488 | 1,371 | 1,717 | 735 |
| EBITDA (ex other income) | 179 | 189 | 51 | 176 | (61) |
| margin % | 16.0 | 12.7 | 3.7 | 10.2 | (8.3) |
| Owners' profit | 80 | 102 | (67) | 107 | (39) |
| EPS, as reported (₹) | 0.00 | 13.48 | (9.12) | 14.02 | (4.51) |
| ROE % · ROCE % | 8.8 · 14.4 | 10.6 · 13.8 | (9.2) · 3.4 | 13.1 · 23.7 | (3.2) · (0.8) |
| Debt / equity (x) | 0.54 | 0.51 | 1.47 | 1.32 | 0.95 |
| Cash from operations | 350 | 193 | (111) | 282 | 217 |
| Capex | (12) | (18) | (43) | (57) | (38) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 308 | 350 | 719 | 82 | 139 | 265 | 249 | 920 |
| Profit before tax | 16 | 36 | 100 | (22) | (22) | 10 | (2) | 200 |
| Net profit | 10 | 26 | 66 | (17) | (11) | 4 | (14) | 147 |
| EPS (₹) | 1.28 | 3.33 | 8.59 | (2.21) | (1.18) | 0.51 | (1.78) | 16.49 |
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) | 32.8 | 20.0 | 44 of 57 | 23% |
| P/B | 3.4 | 1.9 | 54 of 64 | 16% |
| ROCE | (2.9) | 6.4 | 63 of 66 | 5% |
| ROE | (3.2) | 8.0 | 60 of 64 | 6% |
| Debt / Equity | 0.9 | 0.4 | 56 of 64 | 13% |
| EBITDA margin | 22.5 | 29.6 | 37 of 66 | 45% |
| Revenue growth | 1016.5 | 12.8 | 3 of 67 | 97% |
| Profit growth | 968.8 | 7.5 | 3 of 66 | 97% |
| Market cap | 4079 | 1893 | 21 of 67 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 26 Oct 2026 · No known event behind recent rise in share trading | compliance | minimal | — | — |
| 26 Oct 2026 · BSE seeks clarification on movement in trading volume | regulatory legal | low | — | — |
| 24 Oct 2026 · No known business trigger for recent rise in trading volume | compliance | minimal | — | — |
| 23 Oct 2026 · NSE seeks clarification after significant rise in trading volume | compliance | minimal | — | — |
| 13 Oct 2026 · Q2 FY27 record sales of Rs 1,019 crore, up 52% YoY, six new Mumbai projects | business updates | medium | — | — |
| 1 Oct 2026 · Credit rating reaffirmed for NCDs at CARE AA minus with Stable outlook | credit debt | medium | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 10 Sept 2026 · KPDL reports record Rs 600+ crore sales in 60 hours at Pune project | compliance | low | — | — |
| 24 Aug 2026 · Kolte-Patil Developers grants 101,748 stock options under ESOP scheme | capital market events | medium | — | — |
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.