Kalpataru Ltd (KALPATARU)
🎯 Key Takeaways
- Kalpataru Ltd is in a growth phase driven by project execution and pipeline expansion, but currently facing profitability pressures. Despite strong pre-sales and collections, the company reported a net loss of ₹29 crore in Q1 FY27, reflecting margin compression and rising financial costs.
- Revenue declined 72.1% QoQ to ₹472 in Q1FY27.
- ⚠️ Persistent net losses despite revenue growth, driven by high financing costs and margin pressure.
📖 The Story
Kalpataru Ltd is in a growth phase driven by project execution and pipeline expansion, but currently facing profitability pressures. Despite strong pre-sales and collections, the company reported a net loss of ₹29 crore in Q1 FY27, reflecting margin compression and rising financial costs. Management is focused on scaling operations in high-potential micro-markets while maintaining prudence in growth execution.
📰 What's Happening
In Q1 FY27, Kalpataru recorded ₹1,329 crore in pre-sales (up 6% YoY) and ₹1,365 crore in collections (up 17% YoY), indicating robust demand. The company launched new luxury projects including Kalpataru Vian in Mumbai and expanded redevelopment initiatives. Consolidated revenue rose to ₹472 crore with EBITDA margin improving to 20.1% from 23.4% in the prior year, though absolute profitability remains under pressure. Management emphasized expanding the pipeline in high-growth micro-markets and pursuing growth prudently during the earnings call on August 4, 2026.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 794 | 505 | 1,694 | 472 |
| Operating Profit | -4 | -87 | 204 | -56 |
| OPM % | -0.5% | -17.2% | 12.0% | -11.9% |
| Net Profit | 5 | -67 | 194 | -29 |
| EPS | ₹0.26 | ₹-3.05 | ₹10.19 | ₹-1.29 |
The company's financial trajectory shows volatility, with revenue peaking at ₹1,694 crore in Q4 FY26 before declining to ₹472 crore in Q1 FY27, likely due to project cycle timing and revenue recognition patterns. Despite this, gross collections and pre-sales remain resilient, suggesting sustained demand. However, operating profit turned negative at ₹-56 crore in Q1 FY27, widening from ₹-87 crore in the previous quarter, while net profit shifted to a loss of ₹29 crore. This indicates rising operational and financing costs are outpacing revenue growth, offsetting margin expansion seen in adjusted EBITDA.
🔮 Management Outlook & What's Next
Management has not provided specific financial targets for FY27 but highlighted the intent to expand the project pipeline in high-potential micro-markets and pursue growth prudently. The focus remains on scaling residential development in MMR and Pune, with ongoing launches and redevelopment agreements forming part of the strategy. No formal guidance on margins, profitability, or capex was disclosed in the latest investor presentation or earnings call.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2024 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 140 | 167 | 206 | 206 |
| Reserves | 880 | 2,314 | 3,772 | 3,911 |
| Borrowings | 10,688 | 10,172 | 8,928 | 9,168 |
| Total Liabilities | 13,871 | 16,376 | 17,364 | 17,682 |
| Fixed Assets | 638 | 766 | 762 | 329 |
| Investments | 93 | 116 | 119 | 560 |
| Total Assets | 13,871 | 16,376 | 17,364 | 17,682 |
The balance sheet reflects aggressive capital deployment, with total debt rising to ₹9,168 crore as of March 2026 from ₹8,928 crore in the prior year, while equity remains flat at ₹206 crore. This has led to a high debt-to-equity ratio of 2.23, up from 2.0x previously. The company is investing heavily in land acquisition and project development, but the leverage increase raises concerns about financial sustainability if cash flows weaken further.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +848 |
| Investing | -142 |
| Financing | -577 |
| Net Cash Flow | +130 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 81.3% | 81.3% | 81.3% | 81.3% |
| FII | 7.7% | 8.0% | 8.1% | 5.9% |
| DII | 6.8% | 6.5% | 6.3% | 8.2% |
| Public | 3.0% | 3.0% | 2.5% | 2.3% |
| # Shareholders | 60,937 | 57,050 | 54,264 | 53,683 |
Institutional investor interest is declining, with FII holdings dropping from 8.09% in Q4 FY26 to 5.87% in Q1 FY27, and DII from 6.29% to 8.24% amid rising public shareholder count. Promoter holding remains stable at 81.34%, indicating no dilution or stake sale. The shrinking foreign investor base may reflect valuation concerns or sectoral underperformance, despite strong operational metrics.
⚖️ Peer Comparison — Realty
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| DLF | 1.54 L Cr | 34.7 | 6.5% | 5.6% | 0.00 |
| LODHA | 1.08 L Cr | 26.3 | 17.9% | 17.7% | 0.42 |
| PHOENIXLTD | 66,484 | 51.9 | 15.4% | 14.8% | 0.48 |
| OBEROIRLTY | 62,183 | 23.5 | 17.8% | 14.7% | 0.16 |
| PRESTIGE | 61,502 | 54.0 | 10.4% | 7.8% | 0.92 |
| GODREJPROP | 50,228 | 31.4 | 6.6% | 8.3% | 0.82 |
| PFOCUS | 24,910 | 208.3 | 9.4% | 7.0% | 2.37 |
| ANANTRAJ | 21,010 | 35.4 | 11.1% | 9.9% | 0.10 |
| BRIGADE | 20,413 | 23.7 | 10.9% | 11.5% | 0.90 |
| ABREL | 13,788 | — | -4.5% | -3.3% | 1.52 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Persistent net losses despite revenue growth, driven by high financing costs and margin pressure. 2. Rising net debt to ₹8,229 crore increases financial risk in a capital-intensive sector. 3. Declining average sale realizations and margin compression in standalone operations. 4. Overreliance on project-based revenue recognition, leading to volatile quarterly performance.
📋 Recent Filings
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🔴 Announcement 10 September 2026Kalpataru Limited announced a credit rating downgrade by CRISIL on its bank facilities, revising the long-term rating from Crisil BBB+/Stable to Crisi...
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🔴 Corporate Action 9 September 2026Kalpataru Limited allotted 4,825 equity shares of ₹10 each under its 2024 Employee Stock Option Scheme on September 9, 2026, increasing paid-up capita...
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🟡 Board Meeting 4 August 2026Kalpataru Limited announced the appointment of Rathi & Associates, Company Secretaries as its new Secretarial Auditor for a five-year term starting FY...
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🟡 Board Meeting 4 August 2026Kalpataru Limited's 38th AGM held on August 3, 2026, approved all resolutions including audited standalone and consolidated financial statements for F...
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🔴 Financial Results 4 August 2026Kalpataru Limited announced the audio recording of its earnings conference call for the first quarter ended June 30, 2026, covering unaudited standalo...
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🔴 Financial Results 3 August 2026Kalpataru Limited reported resilient Q1 FY27 performance with pre-sales of ₹1,329 crore (up 6% YoY) and collections of ₹1,365 crore (up 17% YoY), thou...
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🔴 Financial Results 3 August 2026Kalpataru Limited reported Q1 FY27 consolidated revenue of **₹472 crores**, up from [amount not verified] in Q1 FY26, with adjusted EBITDA margin expa...
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🟡 Board Meeting 3 August 2026Kalpataru Limited announced the outcome of its August 3, 2026 board meeting, approving unaudited standalone and consolidated financial results for Q1 ...
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🟡 Board Meeting 3 August 2026Kalpataru Limited received a CARE Ratings monitoring agency report confirming that all Rs.1,590 crore IPO proceeds were fully utilized as per the offe...
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Announcement 28 July 2026Kalpataru Limited announced an earnings conference call on August 4, 2026, to discuss unaudited standalone and consolidated financial results for the ...
🧠 Analyst's Read
Kalpataru is executing a clear growth strategy with strong execution in pre-sales and collections, but profitability remains elusive amid rising leverage and cost pressures. The next key watchpoint is whether margin recovery can materialize in upcoming quarters as new projects move into execution and financing costs stabilize, making operational efficiency the critical catalyst to watch.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-17.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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