Veegaland Developers IPO
Veegaland Developers IPO is a mainboard IPO raising ₹210 Cr at ₹130 – ₹140 a share. It listed on 18 Sept 2026 at ₹154, +10.0% against its issue price of ₹140, and trades at ₹125 today (−10.8% since issue). It was subscribed 14× in total.
13.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Veegaland Developers Limited is a Kerala-based real estate developer that plans, builds and sells multi-storey residential apartment projects under the brand 'Veegaland Homes'. It operates across mid-premium, premium, ultra-premium, luxe-series and ultra-luxury segments in Kochi, Thiruvananthapuram, Kozhikode and Thrissur. Construction is outsourced to third-party civil contractors, while design, engineering and quality supervision are handled by an in-house team backed by external architects and consultants.
How it earns
Earns revenue from the sale of residential apartments, recognised under the percentage-of-completion method (Ind AS 115), with customer collections received in phased milestones linked to RERA-approved construction schedules.
Who buys
End-user retail homebuyers (B2C); no named key customers or customer-concentration percentages are disclosed. Geographic concentration is entirely within the state of Kerala (Kochi, Thiruvananthapuram, Kozhikode, Thrissur).
Scale
25 projects in Kerala (10 Completed, 12 Ongoing, 3 Upcoming) aggregating 34,24,479 sq ft (~34.24 lakh sq ft) of saleable area across 1,898 units, with a 6.51-acre land reserve in Kochi and Kozhikode; supported by 127 full-time employees as of June 30, 2026, including 45 in-house project-monitoring engineers.
What it says sets it apart
- All 10 Completed Projects (692 units) have achieved 100% sales absorption upon completion; Ongoing Project sales range from 2.70% to 100% as of June 30, 2026.
- Ranked as Kerala's fastest-selling real estate developer by ICRA Analytics (per ICRA Report dated December 26, 2025, updated August 7, 2026).
- Land sourcing is split between outright purchase and asset-light joint development arrangements (JDAs); Completed Projects land mix is ~69.68% outright / 30.32% JDA, with a 6.51-acre land reserve maintained across Kochi and Kozhikode for future development.
- Contracted order book of Rs 90,942.07 lakh (~Rs 909.42 crore) as of June 30, 2026, providing near-term revenue visibility.
- Sales value grew at a CAGR of 45.10% from Rs 18,696.01 lakh in Fiscal 2024 to Rs 39,361.92 lakh in Fiscal 2026; pre-sales CAGR of ~40.12% over the same period.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs140 / stated EPS Rs8.77 (Fiscal 2026 diluted EPS (₹), restated consolidated under Ind AS). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (Restated Standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹251 Cr+30% | ₹27 Cr+30% | 10.6% | ₹267 Cr | ₹86 Cr |
| FY2025 | ₹192 Cr+74% | ₹20 Cr+160% | 10.6% | ₹65 Cr | ₹177 Cr |
| FY2024 | ₹111 Cr | ₹8 Cr | 7.1% | ₹45 Cr | ₹120 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Demand is spread fairly evenly across investor categories.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by Cumulative Capital Private Limited — median +40.2% across the 4 of its issues we can price. All lead managers →
What happens when
What to watch
- Priced at 16× earnings — 67% below the median of the peers the issuer itself names.
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track VEEGALAND DEVELOPERS LTD
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.