Kalpataru Ltd(KALPATARU)

NSE: KALPATARUBSE: 544423

₹ 246.1+0.45%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 5,068 crNext results: 29 Oct 2026Website: www.kalpataru.comUpdated: 24 Oct 2026

About

Kalpataru Limited is a Mumbai-headquartered residential and commercial real estate developer with projects concentrated in Mumbai Metropolitan Region (MMR) and Pune. The company reported FY26 revenue of Rs 3,436 crore and pre-sales of Rs 5,280 crore in FY26, up 17% year-on-year. It operates under Project Completion Method for projects launched after April 2022, supplemented by an annuity portfolio of office and retail assets generating Rs 192 crore in rental income in FY26.^[1][2]

Key operating numbers

Pre-sales reached Rs 1,329 crore in Q1 FY27, up 6% YoY from Rs 1,249 crore in Q1 FY26; area sold rose 48% YoY to 0.82 msf; average realisation was Rs 16,177 psf in Q1 FY27.^[3]
Collections were Rs 1,365 crore in Q1 FY27, up 17% YoY. H1 FY27 collections reached Rs 2,554 crore, up 9% YoY; Q2 FY27 collections were Rs 1,189 crore, flat YoY.^[3][4]
FY26 full-year pre-sales were Rs 5,280 crore (+17% YoY); FY26 collections were Rs 4,960 crore (+34% YoY). Four-year pre-sales CAGR stands at 26% and collections CAGR at 33%.^[1]
FY26 average realisation was Rs 16,719 psf; Q4 FY26 average realisation was Rs 15,969 psf on area sold of 1.15 msf.^[1]
Total GDV of ongoing projects was Rs 36,754 crore as of 30 June 2026; balance collections from sold inventory in ongoing projects stood at Rs 4,597 crore.^[3]

Project completions and delivery pipeline

5.15 msf completed in FY26, nearly double FY25's ~2.90 msf, covering 3,000 apartments including Kalpataru Vivant, Elitus and Aria.^[1]
~0.79 msf (668 units) received Occupation Certificates in Q1 FY27.^[3]
Management targets ~5.5 msf completions in FY27; approximately 15 msf of ongoing projects to be completed across FY27, FY28 and FY29.^[3][1]

Ongoing projects and launch pipeline

Q1 FY27 launches: Tower C of Estella at Kalpataru Park City Thane and luxury project Kalpataru Vian, Hrushikesh, Lokhandwala (3/4/4.5 BHK), together covering ~1.25 msf saleable area.^[3]
Q2 FY27 new launch: Kalpataru Elaara in Goregaon West, Mumbai.^[4]
Remaining FY27 launch pipeline of ~5 msf / ~Rs 7,800 crore GDV across 4 projects, to be spread across Q2 and Q3 FY27.^[3]
Forthcoming and planned pipeline of 9 projects totalling 17.4 msf with GDV of Rs 24,112 crore; all land payments already made, covering ~3 - 3.5 years of launches.^[5]
Kalpataru Park City Thane pre-sales surged ~350% YoY in Q1 FY27 on a low base, aided by 2,000+ families resident on-site and operational retail outlets.^[3]

Annuity (rental) portfolio

Annuity portfolio comprises two office properties in Mumbai and one retail mall in Thane, generating ~Rs 47 crore gross rental income in Q1 FY27.^[3]
FY26 full-year gross rental income from the annuity portfolio (then comprising three office properties in Mumbai & Pune plus one retail mall in Thane) was ~Rs 192 crore.^[1]
Commercial office property Kalpataru Infinia at Shivajinagar Nagar, Pune was divested in Q1 FY27 for ~Rs 119 crore.^[3]

New business development

Q1 FY27: signed Development Agreement for redevelopment of five societies in Ashok Nagar, Kandivali on ~2.8-acre parcel with estimated GDV of Rs 1,250 crore; Kalpataru has completed six prior projects in this micro-market.^[3]
Q4 FY26: secured Development Agreement for Shri Mahalakshmi CHS redevelopment on a 3-acre parcel off Veera Desai Road, Andheri West, with ~0.4 msf carpet area and estimated GDV of ~Rs 1,400 crore.^[1]
Future pipeline strategy is focused on JV, joint development and redevelopment projects in MMR and Pune (capital-light, targeting IRR of 25%+); current portfolio is predominantly owned land (~75%).^[6]

Debt and financing

Net debt was Rs 8,229 crore as of 30 June 2026 with net debt/equity of 2.0x; net debt at March 2026 was Rs 8,106 crore, down ~Rs 1,204 crore from March 2025.^[3][1]
Since IPO, ~Rs 5,300 crore of debt has been refinanced; weighted average cost of borrowing is ~11% p.a., down ~200 bps from listing, generating cumulative annual savings of ~Rs 180 crore.^[3]
Rs 1,800 crore was refinanced in Q1 FY27 alone, expected to deliver ~Rs 55 crore in annual interest savings.^[3]

Revenue recognition

13 of 20 ongoing projects follow Project Completion Method (PCM): revenue is deferred until Occupation Certificate receipt while marketing and overhead costs are expensed as incurred, creating a reported P&L drag during active sales phases.^[6]
FY26 Q4 revenue was Rs 1,694 crore, ~3x Q4 FY25's Rs 601 crore, driven by OC receipt for 1.37 msf; FY26 full-year revenue was Rs 3,436 crore, up 54% YoY.^[1]

FY27 targets

FY27 net debt expected to remain around ~Rs 8,100 crore (flat YoY); net debt/equity ratio expected to improve below 2.0x by FY27-end as PCM project completions drive profit recognition.^[3]
~25% of FY27 pre-sales expected from new launches; in Q1 FY27, new launches already contributed 35% of pre-sales.^[3]

Market Cap

₹5,068 Cr

High / Low

₹409 / 239

Stock P/E

43.3

Price / Book

1.2

Book Value

₹200

EPS

₹4.5

No. of Shares

20.59 Cr

ROCE

1.3%

ROE

2.8%

OPM

5.0%

Debt / Equity

2.23

Sales

₹3,436 Cr

Net Profit

₹80 Cr

Promoter holding

81.3%

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