Pre-sales (Q4)
₹1,833 crore
+6% YoY
Highest ever quarterly pre-sales, driven by strong demand in MMR.
KALPATARU
Other
15 May 2026
Kalpataru Limited — Q4 FY26
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.
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2-Min Summary
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.
Key Numbers
Collections (Q4)
₹1,487 crore
+41% YoY
Record quarterly collections, reflecting robust execution and customer deliveries.
Deliveries (FY26)
5.15 msf
+100% YoY
Nearly doubled delivery volume vs prior year; 3,000 units received OC.
Future Inflows (Ongoing Projects)
₹27,000 crore
N/A
Includes balance collections and unsold inventory value across 20 ongoing projects.
Management Guidance
FY27 delivery target of ~5.5 msf
Management guided for approximately 5.5 million square feet of project completions in FY27, providing clear cash flow visibility.
growthNew launches of 5 msf with GDV ₹7,800 crore
Planned launches in FY27 totaling 5 million square feet, with GDV of ₹7,800 crore, spread across H1 and H2.
revenueNet debt-to-equity ratio to be lower than 2x in FY27
Management expects net debt-to-equity to improve from 2x, with absolute net debt not increasing and potentially reducing marginally.
otherRefinancing of ~₹1,300 crore in coming quarter
Plans to refinance another ₹1,300 crore of debt, continuing the strategy that reduced blended cost by 120 bps.
otherKey Risks
Geopolitical tensions and work-from-home impact
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.
medium · analyst_questionCost escalation and supply chain issues
Construction costs have risen 2-4% due to geopolitical issues; management says impact is manageable but remains a risk.
low · analyst_questionHigh net debt and leverage
Net debt of ₹8,160 crore and 2x debt-to-equity; management expects only marginal reduction, leaving balance sheet stretched.
medium · data_observationDependence on MMR region
Heavy geographic concentration in MMR (23,500 crore of inflows); any regional downturn could significantly impact performance.
medium · analyst_questionNotable 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.