Company Results
Kalpataru reports Rs 71 crore Q2 FY27 loss as pre-sales fall 5% to Rs 1,258 crore
Mumbai developer Kalpataru Limited reported a consolidated loss of about Rs 71 crore for the quarter ended 30 September 2026 (Q2 FY27). Pre-sales fell 5% year on year to Rs 1,258 crore, while collections were flat at Rs 1,189 crore.
| Results announced | 29 October 2026 (board meeting held that day) |
|---|---|
| Consolidated revenue from operations, Q2 FY27 | Rs 437 crore |
| Consolidated loss after tax, Q2 FY27 | Rs 71 crore |
| Q2 pre-sales | Rs 1,258 crore, down 5% from Rs 1,329 crore in Q2 FY26 |
| Q2 collections | Rs 1,189 crore, against Rs 1,182 crore a year earlier (flat) |
| H1 FY27 pre-sales | Rs 2,587 crore, against Rs 2,577 crore in H1 FY26 |
| H1 FY27 collections | Rs 2,554 crore, up 9% year on year |
| Net debt at 30 September 2026 | Rs 8,323 crore; net debt to equity 2.1x |
What was reported
Kalpataru Limited, the flagship real estate company of the Kalpataru Group, released its consolidated results for the September 2026 quarter and half year on 29 October 2026. The board considered the results that day after giving the stock exchange notice of the meeting on 23 October 2026.
Consolidated revenue from operations for Q2 FY27 was Rs 437 crore. The company reported a loss after tax of Rs 71 crore for the quarter. For the half year ended 30 September 2026, consolidated revenue was Rs 909 crore and the loss after tax was Rs 100 crore.
Standalone figures for the quarter were revenue of Rs 56.19 crore and a net loss of Rs 18.31 crore. The company said its Q2 and H1 FY27 figures are provisional and subject to a limited review. Statutory auditors KKC & Associates LLP issued an unmodified conclusion on the review.
Pre-sales, collections and sales volume
Q2 pre-sales were Rs 1,258 crore, against Rs 1,329 crore in the same quarter of FY26. Half-year pre-sales were Rs 2,587 crore, roughly level with Rs 2,577 crore a year earlier.
Collections, which are the cash received from buyers, were Rs 1,189 crore in Q2 FY27 against Rs 1,182 crore in Q2 FY26. For the half year, collections rose 9% to Rs 2,554 crore.
Area sold in the quarter was 0.84 million sq ft, up 7% from 0.78 million sq ft a year earlier. The average sale realisation was Rs 15,046 per sq ft. The company said it completed more than 2,200 units totalling about 2.37 million sq ft in H1 FY27.
Debt, IPO proceeds and one-time charge
Net debt was Rs 8,323 crore on 30 September 2026, with a net debt to equity ratio of 2.1x. Net debt stood at Rs 8,229 crore at 30 June 2026, when the ratio was 2.0x.
The company has fully deployed its Rs 1,590 crore IPO proceeds. Of this, Rs 333.26 crore went to repaying the company's own debt and Rs 859.24 crore to repaying debt of its subsidiaries. Rs 325.36 crore was allocated to general corporate purposes and Rs 72.14 crore to issue expenses.
The loss includes a one-time charge of Rs 10.48 crore. The company opted for a concessional tax rate under Section 200 of the Income-tax Act, 2025, from FY 2026-27. That required remeasuring its deferred tax balances.
New launch in Goregaon West
During the quarter the company launched Kalpataru Elaara, a premium residential project in Goregaon West, Mumbai. The company describes its residential configurations as two-, three- and four-bedroom homes, located in the Bangur Nagar area near metro connectivity. Unit sizes, price band and the RERA registration number for the project were not part of the company's results release.
What it means for buyers
A launch shows that a project is on sale. It does not confirm bookings, construction progress or the date of handover. The company has not confirmed a delivery timeline for Elaara in its results update.
Buyers should also note how the company books revenue. For projects launched after April 2022, it recognises revenue only when the occupation certificate is received. Reported revenue can therefore vary sharply from one quarter to the next, independent of sales activity.
What it means for investors
Pre-sales fell in the quarter while collections were flat, and the loss widened on a half-year basis. Debt rose by about Rs 94 crore between June and September 2026. The company says the IPO proceeds have been used mainly to cut debt. Analysts will be watching whether sales and launches in the second half of FY27 can lift pre-sales and reduce leverage.
Adjusted EBITDA for Q2 was Rs 73 crore, a margin of 16.6%. For H1, adjusted EBITDA was Rs 167 crore, a margin of 18.4%.
What comes next
- The company is scheduled to hold an investor call on 30 October 2026, the day after the results.
- The trading window for designated persons, which closed on 1 October 2026, stays closed until 48 hours after the results were declared.
- Separately, the company has disclosed a GST notice received by a wholly owned subsidiary on 24 September 2026, covering FY23.
Context from earlier this year
In July 2026 the company launched Kalpataru Vian, Hrushikesh, Lokhandwala, a residential development in Andheri West. The company's first quarter of FY27 showed pre-sales of Rs 1,329 crore, up 6% from a year earlier, and collections of Rs 1,365 crore, up 17%. Its Q1 FY26 loss had been Rs 49.43 crore, reported in August 2025.
Frequently asked questions
Did Kalpataru report a loss for the September 2026 quarter?
Yes. The company reported a consolidated loss after tax of about Rs 71 crore for Q2 FY27, on revenue from operations of Rs 437 crore.
How much did Kalpataru's pre-sales fall?
Q2 FY27 pre-sales were Rs 1,258 crore, down 5% from Rs 1,329 crore in Q2 FY26. Half-year pre-sales were Rs 2,587 crore.
Did collections go up or down?
Q2 collections were Rs 1,189 crore, against Rs 1,182 crore a year earlier, which the company describes as flat. For the half year, collections rose 9% to Rs 2,554 crore.
What is the company's debt position?
Net debt was Rs 8,323 crore on 30 September 2026, with a net debt to equity ratio of 2.1x. The company has used its Rs 1,590 crore IPO proceeds fully, mainly for debt repayment.
Does the Elaara launch mean homes are ready to move into?
No. A launch means the project is on sale. The company has not confirmed a delivery timeline for Kalpataru Elaara in its results update, so buyers should check the RERA filing and possession schedule before deciding.