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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,694 Cr
verified against source
Revenue YoY
177.7%
reported change
EBITDA
₹612 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Kalpataru delivered a landmark Q4 FY26 with revenue surging to ₹1,694 crore (up ~178% YoY) and EBITDA margin expanding to 36%, driven by completion of 1.37 msf across multiple projects under the project completion method. Full-year pre-sales grew 17% to ₹5,280 crore, while collections jumped 34% to ₹4,960 crore, reflecting strong execution. The company guided for ~5.5 msf deliveries in FY27 and a launch pipeline of 5 msf (GDV ₹7,800 crore). Net debt stood at ₹8,160 crore (2x equity), with management targeting a marginal reduction. A key risk is the impact of geopolitical tensions and potential work-from-home trends on demand, though footfalls remain robust so far.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for approximately 5.5 million square feet of project completions in FY27, providing clear cash flow visibility.
- Planned launches in FY27 totaling 5 million square feet, with GDV of ₹7,800 crore, spread across H1 and H2.
- Management expects net debt-to-equity to improve from 2x, with absolute net debt not increasing and potentially reducing marginally.
- Plans to refinance another ₹1,300 crore of debt, continuing the strategy that reduced blended cost by 120 bps.
Risks flagged
- Analyst raised concerns about potential demand slowdown due to geopolitical crisis and PM's work-from-home suggestion; management downplayed but acknowledged need to watch.
- Construction costs have risen 2-4% due to geopolitical issues; management says impact is manageable but remains a risk.
- Net debt of ₹8,160 crore and 2x debt-to-equity; management expects only marginal reduction, leaving balance sheet stretched.
- Heavy geographic concentration in MMR (23,500 crore of inflows); any regional downturn could significantly impact performance.
Key quotes
- Our momentum peaked in the fourth quarter where we achieved our highest ever quarterly pre-sales of 1,833 crores.
- The robust Q4 performance is directly linked to these newer projects reaching the handover stage and we expect this delivery-led revenue recognition to be a recurring phenomena in our financial narrative going forward.
- We are not chasing volume for the sake of scale. Instead, we are selectively pursuing high potential projects like this one that align strictly with our internal return thresholds and brand positioning.
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