Company Results
Kalpataru Posts Rs 70.67 Crore Q2 FY27 Loss; IPO Funds Fully Used
Mumbai-based Kalpataru Ltd reported a consolidated net loss of Rs 70.67 crore for the quarter ended 30 September 2026 (Q2 FY27), and said the full Rs 1,590 crore raised in its June 2025 IPO has now been deployed. Collections were flat year on year.
| Consolidated net loss, Q2 FY27 | Rs 70.67 crore (quarter ended 30 September 2026) |
|---|---|
| Consolidated revenue, Q2 FY27 | Rs 437.17 crore |
| Q2 FY27 collections | Rs 1,189 crore, against Rs 1,182 crore a year earlier (flat) |
| IPO proceeds | Rs 1,590 crore; company says the full amount is deployed |
| Net debt | Rs 8,323 crore as of 30 September 2026; net debt-to-equity 2.1x |
| One-time tax charge | Rs 10.48 crore, from moving to a concessional tax regime from FY 2026-27 |
| Q2 FY27 pre-sales | Rs 1,258 crore, down 5% from Rs 1,329 crore a year earlier (reported 9 October 2026) |
What was reported
Kalpataru Ltd, a Mumbai-based developer with a significant presence in the Mumbai Metropolitan Region, Pune, Hyderabad and Noida, reported a consolidated net loss of Rs 70.67 crore for the quarter ended 30 September 2026. Consolidated revenue for the quarter was Rs 437.17 crore. The company’s results release, as carried by financial news services on 29 October 2026, gives adjusted EBITDA of Rs 73 crore, an adjusted EBITDA margin of 16.6%, and a profit after tax loss of Rs 71 crore.
On a standalone basis, revenue was Rs 56.19 crore and the standalone net loss was Rs 18.31 crore.
For the first half of FY27, the company’s release gives revenue of Rs 909 crore and a profit after tax loss of Rs 100 crore.
Managing Director Parag Munot said: “We delivered a resilient performance during Q2 and H1 FY27, reflecting the strength of our brand, execution capabilities, and continued demand across our key markets.”
Collections and sales
Collections for Q2 FY27 were Rs 1,189 crore, against Rs 1,182 crore in Q2 FY26. The area sold was 0.84 million sq ft, compared with 0.78 million sq ft a year earlier, and average realisation was Rs 15,046 per sq ft. These figures are provisional and subject to limited review.
Separately, the company reported Q2 pre-sales of Rs 1,258 crore on 9 October 2026, a 5% decline from Rs 1,329 crore in the same quarter of the previous year.
For the first half of FY27, pre-sales were Rs 2,587 crore, against Rs 2,577 crore a year earlier. H1 collections were Rs 2,554 crore, up 9% from Rs 2,348 crore.
The loss narrowed from the first quarter. For Q1 FY27 the company had reported a consolidated net loss of Rs 26.5 crore, against Rs 49.4 crore a year earlier, and revenue from operations of Rs 472.2 crore, up 6.5%.
IPO fund use
The company’s Rs 1,590 crore fresh issue was opened for subscription in June 2025. As of 31 March 2026, a CARE Ratings review showed Rs 1,579.06 crore had been used and Rs 10.94 crore remained unutilised. The company now says the full amount has been deployed.
The latest breakdown of the Rs 1,590 crore is as follows:
- Rs 333.26 crore for repayment of the parent company’s debt
- Rs 859.24 crore for repayment of subsidiaries’ debt
- Rs 325.36 crore for general corporate purposes
- Rs 72.14 crore for issue-related expenses
The earlier breakdown reported by CARE Ratings was Rs 1,192.50 crore for debt, Rs 316.28 crore for general corporate needs and Rs 70.28 crore for IPO expenses. The total debt repayment is the same in both, but the other heads differ slightly.
Debt and tax
Net debt was Rs 8,323 crore as of 30 September 2026, with a net debt-to-equity ratio of 2.1x, according to the company release. An earlier report put net debt at Rs 8,229 crore as of 30 June 2026, with a ratio of 2.0x.
The company opted for a concessional tax rate under Section 200 of the Income-tax Act, 2025, starting FY 2026-27. Remeasuring deferred tax assets and liabilities led to a one-time charge of Rs 10.48 crore in the quarter’s profit and loss statement.
Statutory auditors KKC & Associates LLP issued an unmodified conclusion on the results. The review relied on management-certified figures or third-party audits for 26 subsidiaries, which the reporting described as non-material to the group.
Kalpataru Elaara, Goregaon West
During the September quarter the company launched Kalpataru Elaara, a residential project at Bangur Nagar, Goregaon West, in Mumbai’s western suburbs. The project is registered with MahaRERA under PM1180002600918 and is under construction. The developer’s website gives possession from May 2030.
The project has 237 units on 2.37 acres, in 2 BHK and 3 BHK configurations, with some Jodi (combined) units. The developer’s page gives a starting price of Rs 3.14 crore. Listing sites quote different starting prices for the same project, so buyers should check the current price sheet directly with the developer.
Bangur Nagar sits off Link Road (New Link Road), and Bangur Nagar metro station is on Metro Line 2A (Yellow Line).
What to watch
Market commentary on the results points to two items for investors: whether revenue grows now that IPO-funded debt repayment is complete, and how the new tax structure settles in later quarters. The company’s next quarterly results will show whether the collections trend holds, since Q2 collections were flat while pre-sales fell 5%.
Frequently asked questions
How large was Kalpataru’s Q2 FY27 loss?
Kalpataru Ltd reported a consolidated net loss of Rs 70.67 crore for the quarter ended 30 September 2026, on consolidated revenue of Rs 437.17 crore.
Has Kalpataru used all of its IPO money?
The company says the full Rs 1,590 crore IPO amount has been deployed. A CARE Ratings review had shown Rs 1,579.06 crore used as of 31 March 2026, with Rs 10.94 crore unutilised at that date.
What was the one-time charge in the quarter?
The company recorded a one-time charge of Rs 10.48 crore after moving to a concessional tax rate under Section 200 of the Income-tax Act, 2025, from FY 2026-27. The charge came from remeasuring deferred tax assets and liabilities.
What is the net debt position?
Net debt was Rs 8,323 crore as of 30 September 2026, with a net debt-to-equity ratio of 2.1x. An earlier figure of Rs 8,229 crore was reported as of 30 June 2026, with a ratio of 2.0x.
What does this mean for buyers of Kalpataru Elaara?
Kalpataru Elaara is registered under MahaRERA PM1180002600918, is under construction, and has a possession date of May 2030 on the developer’s website. The developer’s starting price is Rs 3.14 crore, and listing sites show different prices, so buyers should confirm the current price and terms with the developer.