KALPATARU

Kalpataru Limited reported a landmark Fiscal Year 2026, marking its strongest operational performance and the year of its listing. Q4 FY26 saw the highest ever quarterly pre-sales of INR 1,833 crores, a 6% year-on-year increase, alongside record collections of INR 1,487 crores, growing 41%. For the full year, pre-sales reached INR 5,280 crores (up 17%), and collections were INR 4,960 crores (up 34%), demonstrating consistent, high-quality scaling.

The company's revenue from operations in Q4 FY26 surged to INR 1,694 crores, nearly tripling from INR 601 crores in the prior year. This propelled full-year revenue to INR 3,436 crores, representing a 54% year-on-year growth. Adjusted EBITDA for Q4 reached INR 612 crores, contributing to a full-year adjusted EBITDA of INR 1,022 crores with a healthy 30% margin. PAT for Q4 was INR 194 crores, bringing the full-year PAT to INR 80 crores, largely driven by newer projects reaching handover stages under the project completion method.

Kalpataru's portfolio comprises 31 projects with a total saleable area of 43 million square feet, including 20 ongoing projects covering 24 million square feet, of which 11.4 million square feet have already been sold. These ongoing projects represent a gross development value (GDV) of INR 36,000 crores, translating into total future inflows of approximately INR 27,000 crores. Including ready-to-move-in and forthcoming launches, the total future inflows across the portfolio stand at INR 57,000 crores, providing strong revenue visibility.

In FY26, the company launched 1.8 million square feet of saleable area across four tower phases in three projects and one new project. For FY27, an exciting pipeline of 5 million square feet with a total GDV of INR 7,800 crores is planned for launch, with an anticipated 20-25% sales at launch. The company also achieved significant project completions in FY26, delivering 5.15 million square feet (nearly double previous years) and securing occupation certificates for 3,000 units, with a target of 5.5 million square feet for FY27.

Kalpataru secured a new redevelopment agreement for Shri Mahalakshmi Cooperative Housing Society in Andheri West, a prime 3-acre land parcel. This project has a potential carpet area of approximately 0.4 million square feet and an estimated GDV of INR 1,400 crores. Management emphasized a disciplined approach to business development, focusing on high-potential projects that align with internal return thresholds. The company also confirmed having additional land parcels not yet factored into current forthcoming project plans.

As of March 31, 2026, gross debt stood at INR 9,168 crores, with cash and cash equivalents of INR 1,062 crores, resulting in a net debt of INR 8,106 crores. The net debt to equity ratio was 2x, with a target to reduce it below 2x in FY27. The company successfully refinanced INR 3,500 crores of debt since listing, leading to a 120 basis points drop in the blended cost of debt and INR 125 crores in annualized savings. An additional INR 1,300 crores is targeted for refinancing in the coming quarter.

The proportionate Operating Cash Flow (OCF) generated for FY26 was INR 1,002 crores. This OCF was utilized for business development (INR 280 crores for newly acquired projects), interest payouts, tax payouts, and debt repayment (INR 1,200 crores over nine months). The company maintains strong liquidity, with over 80% of its INR 1,062 crores cash balance freely available, not locked in RERA accounts.