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Kalpataru Q2 FY27 results: net loss of ₹70.67 crore vs ₹4.96 crore profit, revenue down 44.9%
Kalpataru Limited reported consolidated revenue of ₹437.17 crore in Q2 FY27, down 44.9% from Q2 FY26, as the company reported a net loss of ₹70.67 crore and basic EPS of -₹3.14. EBITDA was a loss of ₹103.03 crore and the EBITDA margin was -23.6%. In H1 FY27, revenue was ₹909.37 crore and the company reported a net loss of ₹99.71 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹437.17 crore, down 44.9% from ₹793.77 crore in Q2 FY26 and down 7.4% from ₹472.20 crore in Q1 FY27.
- Q2 FY27 EBITDA was a loss of ₹103.03 crore, compared with EBITDA of ₹6.69 crore in Q2 FY26 and a loss of ₹45.86 crore in Q1 FY27.
- The Q2 FY27 net loss was ₹70.67 crore and basic EPS was -₹3.14, against a net profit of ₹4.96 crore and EPS of ₹0.26 in Q2 FY26.
- H1 FY27 revenue was ₹909.37 crore, down 26.5% from H1 FY26, while the net loss widened to ₹99.71 crore from ₹46.88 crore.
- Borrowings were ₹9,179.22 crore and cash was ₹144.34 crore at 30 September 2026, while operating cash flow for H1 FY27 was ₹183.12 crore.
How did Kalpataru perform in Q2 FY27?
Kalpataru’s consolidated revenue from operations was ₹437.17 crore in Q2 FY27, down 44.9% from ₹793.77 crore in Q2 FY26 and 7.4% from ₹472.20 crore in Q1 FY27. Total income was ₹479.37 crore, down 41.2% from Q2 FY26 and 3.2% from Q1 FY27. EBITDA was a loss of ₹103.03 crore, with a margin of -23.6%, against EBITDA of ₹6.69 crore and a margin of 0.8% in the year-ago quarter.
The company reported a net loss of ₹70.67 crore in Q2 FY27, compared with a net profit of ₹4.96 crore in Q2 FY26 and a net loss of ₹29.04 crore in Q1 FY27. Loss attributable to owners was ₹64.60 crore, and basic EPS was -₹3.14, compared with EPS of ₹0.26 in Q2 FY26 and -₹1.29 in Q1 FY27. On the standalone basis, revenue was ₹56.19 crore and the company reported a net loss of ₹18.31 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 437.17 | 472.20 | 793.77 | −44.9% | −7.4% |
| Other income | 42.20 | 22.84 | 21.89 | +92.8% | +84.8% |
| Total expenses | 564.41 | 548.81 | 810.18 | −30.3% | +2.8% |
| EBITDA | −103.03 | −45.86 | 6.69 | turned to loss | |
| EBITDA margin | -23.6% | -9.7% | 0.8% | −24.4 pp | −13.9 pp |
| Profit before tax | −85.04 | −53.77 | 5.48 | turned to loss | |
| Tax | −8.30 | −6.01 | −0.18 | ||
| Net profit | −70.67 | −29.04 | 4.96 | turned to loss | |
| EPS (₹) | −3.14 | −1.29 | 0.26 | turned to loss |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Kalpataru's costs and profit?
Cost of materials fell ₹242.98 crore from ₹631.42 crore in Q2 FY26 to ₹388.44 crore in Q2 FY27, while total expenses fell ₹245.77 crore to ₹564.41 crore. Employee cost was ₹65.48 crore, down ₹0.61 crore from the year-ago quarter, while finance costs were ₹12.48 crore, up ₹0.11 crore, and depreciation was ₹11.73 crore, up ₹1 crore. Other expenses were ₹86.28 crore, down ₹3.29 crore.
Other income rose ₹20.31 crore to ₹42.20 crore in Q2 FY27, while tax was ₹8.30 crore against ₹0.18 crore in Q2 FY26. There was no exceptional item in either quarter. Despite the reduction in total expenses, EBITDA moved from ₹6.69 crore to a loss of ₹103.03 crore, and the EBITDA margin fell 24.4 percentage points to -23.6%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 388.44 | 631.42 | −242.98 | −38.5% |
| Employee cost | 65.48 | 66.09 | −0.61 | −0.9% |
| Finance costs | 12.48 | 12.37 | +0.11 | +0.9% |
| Depreciation | 11.73 | 10.73 | +1 | +9.3% |
| Other expenses | 86.28 | 89.57 | −3.29 | −3.7% |
| Total expenses | 564.41 | 810.18 | −245.77 | −30.3% |
| Other income | 42.20 | 21.89 | +20.31 | +92.8% |
| Tax | −8.30 | −0.18 | −8.12 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹909.37 crore, down 26.5% from ₹1,236.97 crore in H1 FY26. Total income was ₹974.41 crore, down 23.4% from ₹1,272.44 crore. Loss before tax widened to ₹138.81 crore from ₹49.97 crore, and the net loss was ₹99.71 crore compared with ₹46.88 crore in H1 FY26.
Basic EPS for H1 FY27 was -₹4.43, compared with -₹2.34 in H1 FY26. The investor presentation reported H1 FY27 adjusted EBITDA of ₹167 crore and an adjusted EBITDA margin of 18.4%, against ₹293 crore and 23.7% in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 909.37 | 1,237 | −26.5% |
| Profit before tax | −138.81 | −49.97 | |
| Net profit | −99.71 | −46.88 | |
| EPS (₹) | −4.43 | −2.34 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹18,707.66 crore at 30 September 2026 from ₹17,682.41 crore at 31 March 2026. Total equity was ₹3,980.07 crore, compared with ₹4,077.93 crore, while borrowings were ₹9,179.22 crore against ₹9,167.82 crore. Cash fell to ₹144.34 crore from ₹238.54 crore. Inventories rose to ₹15,133.87 crore from ₹13,659.92 crore, while trade receivables declined to ₹489.46 crore from ₹642.68 crore and trade payables rose to ₹923.85 crore from ₹686.75 crore.
For H1 FY27, operating cash flow was ₹183.12 crore, compared with ₹389.97 crore in H1 FY26. Investing cash flow was ₹251.80 crore against ₹1.79 crore, and financing cash flow was -₹401.14 crore against -₹272.27 crore. Capital expenditure was ₹43.30 crore compared with ₹20.44 crore in the year-earlier period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 18,708 | 17,682 |
| Total equity | 3,980 | 4,078 |
| Borrowings | 9,179 | 9,168 |
| Cash and equivalents | 144.34 | 238.54 |
| Inventories | 15,134 | 13,660 |
| Trade receivables | 489.46 | 642.68 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 183.12 | 389.97 |
| Cash from investing | 251.80 | 1.79 |
| Cash from financing | −401.14 | −272.27 |
| Capital expenditure | 43.30 | 20.44 |
Source: Company's results filing (XBRL).
How has Kalpataru done over the last 7 quarters?
Revenue peaked at ₹1,693.73 crore in Q4 FY26 and fell to ₹472.20 crore in Q1 FY27 and ₹437.17 crore in Q2 FY27. Profit also moved from ₹193.87 crore in Q4 FY26 to a loss of ₹29.04 crore in Q1 FY27 and a loss of ₹70.67 crore in Q2 FY27.
The EBITDA margin peaked at 12.8% in Q4 FY26, before falling to -9.7% in Q1 FY27 and -23.6% in Q2 FY27. The latest quarter recorded the lowest revenue, net profit and EBITDA margin in the seven-quarter trend provided.
What else did the company announce?
On 29 October 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. The filing also included a draft limited review report from KKC & Associates LLP. The company filed an investor presentation on the same day and later disclosed the conclusion of its earnings conference call. No dividend, fund raise or appointment was stated in the same-day filings provided.
What did Kalpataru's management say?
Management maintained FY27 pre-sales guidance of INR 6,500 crore, with H1 pre-sales of INR 2,587 crore representing about 40% and the balance expected in H2. It said H2 project completions would lead to first-time revenue recognition for the relevant projects under the project-completion method, while the FY27 completion target remained 5.5m sq ft, with approximately 2.37m sq ft completed in H1. Year-end net debt was guided broadly flat versus FY2026.
Management said Kalpataru Park City recorded H1 pre-sales of INR 420 crore versus INR 167 crore in H1 FY26, with walk-ins up 25%. It said Elaara was 30% sold shortly after its mid-September launch and that Suman Nagar and Ardene were expected to launch in Q4 FY27, while Kalpataru Blossoms was targeted before December 2026. The company identified challenging macro conditions, working-capital consumption, execution requirements and project-completion revenue recognition as risks.
The CFO said gross debt was INR 9,179 crore and cash and cash equivalents were INR 856 crore, resulting in net debt of INR 8,323 crore and a net debt-to-equity ratio of 2.1x. The investor presentation showed net debt of ₹8,323 Cr and net D/E of 2.1x, while the presentation’s balance-sheet excerpt showed cash of ₹856 Cr, against the reported balance-sheet cash figure of ₹144.34 crore in the consolidated financial data.
How did Kalpataru shares react?
Kalpataru’s shares were ₹243.10 when the filing appeared after market hours, down 1.9% after 5 minutes, 1.3% after 15 minutes and 0.5% after 30 minutes. The reaction-day close was unchanged from the pre-results close, while by the next day’s close the stock was down 3.7% from that pre-results close. The industry median was down 1.3% on the reaction day and 0.5% by the next day, leaving Kalpataru ahead by 1.3 percentage points and behind by 3.3 percentage points, respectively.
| After the filing | Stock | Residential Commercial Projects median |
|---|---|---|
| 5 minutes | −1.9% | |
| 15 minutes | −1.3% | |
| 30 minutes | −0.5% | |
| Reaction day | +0.0% | −1.3% |
| Next day | −3.7% | −0.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 3 August 2026 | −3.7% |
| 12 May 2026 | −8.8% |
| 6 February 2026 | −0.8% |
| 10 November 2025 | −1.7% |
| 16 July 2025 | −1.4% |
Source: MarketPing price-reaction measurement.
How did other Residential Commercial Projects companies do?
Among 34 other Residential Commercial Projects companies that had filed for the quarter as of 4 November 2026, the median revenue growth was 22.4%. Two peers grew slower than Kalpataru, while 32 grew faster than Kalpataru. Profit was compared for all 34 peers, of which 20 reported higher profit.
| Kalpataru revenue growth (YoY) | −44.9% |
|---|---|
| Median of 34 other Residential Commercial Projects companies | +22.4% |
| Companies with slower revenue growth than Kalpataru | 2 of 34 |
| Companies with faster revenue growth than Kalpataru | 32 of 34 |
| Companies whose net profit rose | 20 of 34 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Kalpataru's revenue in Q2 FY27?
Revenue from operations was ₹437.17 crore, down 44.9% from ₹793.77 crore in Q2 FY26 (consolidated).
Did Kalpataru make a profit in Q2 FY27?
No. It reported a net loss of ₹70.67 crore, against a net profit of ₹4.96 crore in Q2 FY26.
What was Kalpataru's EPS in Q2 FY27?
Basic loss per share was ₹3.14, against ₹0.26 in Q2 FY26.
How did Kalpataru shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.0% from the previous close; the median Residential Commercial Projects stock moved −1.3%.
When did Kalpataru announce its Q2 FY27 results?
On 29 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of The Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 29 October 2026) · PDF
- Board Meeting Outcome For Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 29 October 2026) · PDF
- The earnings call (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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