Listed Developer Update
Kalpataru Shares Hit Record Low of Rs 237.9 After Weak Q2 FY27 Results
Kalpataru Limited shares fell to an all-time intraday low of Rs 237.9 on 30 October 2026, one day after the Mumbai developer reported a sharp fall in consolidated revenue and a wider net loss for the quarter ended 30 September 2026. Pre-sales dipped while half-year collections rose.
| Share price low | Rs 237.9 intraday on 30 October 2026, reported as an all-time low |
|---|---|
| Q2 FY27 consolidated revenue | Rs 437.17 crore, down from Rs 793.77 crore a year earlier (about 45% lower) |
| Q2 FY27 consolidated net loss | Rs 70.67 crore, against a net profit of Rs 4.96 crore a year earlier |
| Q2 FY27 pre-sales | Rs 1,258 crore, down 5% from Rs 1,329 crore |
| Q2 FY27 collections | Rs 1,189 crore, flat against Rs 1,182 crore |
| H1 FY27 collections | Rs 2,554 crore, up 9% year on year |
| Adjusted EBITDA (Q2 FY27) | Rs 73 crore, margin 16.6% |
| Results released | 29 October 2026 |
| Approximate market capitalisation | About Rs 5,012 crore at a quoted price of Rs 243.40 |
What happened
Shares of Kalpataru Limited, a Mumbai-based real estate developer listed on the National Stock Exchange, touched an intraday low of Rs 237.9 on 30 October 2026. This was an all-time low for the stock and also a 52-week low. The fall during that session was about 3.39%.
The decline came the day after the company released its unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026, on 29 October 2026. The stock has been in a downtrend since 16 October 2026, when it traded at Rs 262.80.
Business Standard's share-price data lists Rs 237.90 as the all-time low, dated 30 October 2026. An automated stock-analytics service also cut its rating on the stock to Strong Sell from Sell, effective 12 October 2026. That rating is an automated output, not a regulator or company action.
Q2 FY27 results in detail
Consolidated revenue from operations fell to Rs 437.17 crore in the quarter, from Rs 793.77 crore in the same quarter last year. The company reported a consolidated net loss of Rs 70.67 crore, compared with a net profit of Rs 4.96 crore a year earlier. The net loss was also wider than the Rs 29.04 crore loss reported for the previous quarter, Q1 FY27.
Several items shaped the quarter:
- Adjusted EBITDA was Rs 73 crore, with a margin of 16.6%.
- A switch to a new concessional tax regime added a Rs 10.48 crore impact to the quarter.
- Standalone revenue rose 16.05% year on year to Rs 56.19 crore, driven by residential unit sales, but the standalone net loss was Rs 18.31 crore.
Statutory auditors KKC & Associates LLP issued an unmodified conclusion on the results. Managing Director Parag Munot said the company delivered a resilient performance in Q2 and H1, citing brand strength, execution and continued demand.
Operating figures: pre-sales and collections
Operating figures, which the company publishes separately from its accounts, showed a mixed picture:
| Measure | Q2 FY27 | Comparison |
|---|---|---|
| Pre-sales value | Rs 1,258 crore | Down 5% from Rs 1,329 crore in Q2 FY26 |
| Collections | Rs 1,189 crore | Flat against Rs 1,182 crore in Q2 FY26 |
| Area sold | 0.84 msf | Up 7% year on year |
For the first half of FY27, pre-sales were Rs 2,587 crore, compared with Rs 2,577 crore a year earlier. Collections reached Rs 2,554 crore, up 9%. Area sold in H1 FY27 was 1.66 million sq ft, up 24% from 1.34 million sq ft. Average realisation was Rs 15,046 per sq ft in Q2 and Rs 15,607 per sq ft in H1.
Share-price sequence
The stock has set a series of lows over the past six weeks:
- 15 September 2026: closed near Rs 256.10, then an all-time low.
- 16 September 2026: a low of Rs 250.00 on one charting platform.
- 22 October 2026: an all-time low of Rs 248.35.
- 23 October 2026: an intraday low of Rs 239.
- 30 October 2026: an intraday low of Rs 237.9.
The all-time high recorded by Business Standard was Rs 458.10 on 9 July 2025. The stock is trading below its 5-, 20-, 50-, 100- and 200-day moving averages.
What it changes for home buyers
A listed developer's share price does not directly change the status of any project, and no regulator has issued a statement linking the share-price fall to buyer risk. Buyers looking at a Kalpataru project would be best served by checking the project's own RERA registration and its approved plans.
The figures most relevant to project delivery are collections and bookings. Consolidated revenue can move for accounting reasons, so it does not, on its own, show how many homes were delivered or how much cash was received from customers. Collections in H1 FY27 rose 9%, while Q2 collections were flat.
What it changes for investors
The main concerns raised in the automated analysis were leverage, weak returns and quarterly profit swings. Net gearing was reported at 86.50% as of 31 December 2024.
Kalpataru Limited is a separate company from Kalpataru Projects International, which is a different listed group company. The two should not be confused when reading share-price or results coverage.
Background on the company
The Kalpataru Group was founded in 1969. As of 31 December 2024, the company had 120 completed projects aggregating more than 25.87 million sq ft of developable area across Mumbai, Thane, Panvel and Pune, according to its IPO disclosures. Its Rs 1,590 crore IPO proceeds have been fully utilised, the company has said.
During the quarter, the company launched Kalpataru Elaara, a residential project in Goregaon West, Mumbai, offering 2 and 3 BHK flats. It also signed a cluster redevelopment in Kandivali East, reported at Rs 1,250 crore.
What comes next
The company held an investor call on 30 October 2026, following the results. The next quarterly results date and any full-year guidance for FY27 had not been announced as of 2 November 2026. Investors and buyers should watch the company's next results release and the quarterly operating figures for pre-sales and collections, which show whether the Q2 softness continues.
Frequently asked questions
What was Kalpataru's share price low on 30 October 2026?
The stock touched an intraday low of Rs 237.9 on 30 October 2026, described as an all-time low and a 52-week low. The intraday fall was about 3.39%.
Why did Kalpataru shares fall?
The fall followed the company's Q2 FY27 results, released on 29 October 2026, which showed consolidated revenue down about 45% and a net loss of Rs 70.67 crore. Automated stock-analytics commentary has also pointed to high leverage and weak returns, but these are not company or regulator statements.
Did Kalpataru's pre-sales and collections change in Q2 FY27?
Q2 FY27 pre-sales were Rs 1,258 crore, down 5% year on year. Collections were Rs 1,189 crore, flat against the prior year. For H1 FY27, collections rose 9% to Rs 2,554 crore.
Does the share-price fall affect homes already booked with Kalpataru?
No regulator has linked the share-price fall to buyer risk. Buyers should check the project's RERA registration and approved plans, and track the company's collection and delivery figures.
What is the next event for Kalpataru investors?
The company held an investor call on 30 October 2026. A date for the next quarterly results and FY27 guidance had not been announced as of 2 November 2026.