Kalpataru keeps ₹6,500 crore sales target as Q2 loss widens

Kalpataru Ltd's chief financial officer, Chandrashekhar Joglekar, told PTI on 8 November 2026 that the Mumbai-based developer still expects to meet its FY27 pre-sales guidance of ₹6,500 crore. That target is 23% above FY26 pre-sales of ₹5,280 crore. The statement came after the company reported a weak September quarter.

Results: a loss and lower revenue

The company announced unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 on 29 October 2026. Consolidated revenue from operations fell to ₹437.17 crore in Q2 FY27 from ₹793.77 crore a year earlier. Total income, which includes other income, was ₹479.37 crore against ₹815.66 crore. The consolidated net loss was ₹70.67 crore, compared with a net profit of ₹4.96 crore in Q2 FY26.

The company attributed the loss mainly to the project completion method of revenue recognition, under which revenue is booked when a project is completed rather than spread across construction. For the half year, revenue from operations was ₹909 crore and the net loss was about ₹100 crore. Adjusted EBITDA was ₹73 crore in Q2, a margin of 16.6%, and ₹167 crore for H1, a margin of 18.4%.

Sales flat, collections higher

Q2 pre-sales were ₹1,258 crore, down 5% from ₹1,329 crore a year earlier. H1 pre-sales were ₹2,587 crore against ₹2,577 crore, which is broadly flat. Area sold in Q2 rose 7% to 0.84 million sq ft. Collections were flat in Q2 at ₹1,189 crore, but rose 9% in H1 to ₹2,554 crore from ₹2,348 crore.

• Q2 FY27 pre-sales: ₹1,258 crore, down 5% YoY
• H1 FY27 pre-sales: ₹2,587 crore, against ₹2,577 crore
• H1 FY27 collections: ₹2,554 crore, up 9% YoY
• Kalpataru Park City, Thane: about ₹420 crore of H1 pre-sales, up 130%

Joglekar said about 40% of the ₹6,500 crore target has been achieved in H1 and the company expects the remaining 60% in H2, when festive-season demand is typically stronger. He said housing demand remains intact despite concerns about a possible slowdown from global economic uncertainty. Managing Director Parag Munot said net operating and gross cash flows should be broadly in line with FY26, moving in proportion to pre-sales.

Balance sheet and what to watch

Net debt stood at ₹8,323 crore as of 30 September 2026, with a net debt-to-equity ratio of 2.1x. Market data shows the stock down about 37% over one year and about 26% over six months. Analysts point to high leverage and lumpy, project-based accounting as the main risks. They also note stable collections and a higher area sold as the offsetting positives.

Investors will watch three things. The first is whether H2 pre-sales reach the 60% share the company has set out. The second is completions: the company's FY27 completion target is 5.5 million sq ft, and about 2.3 million sq ft was completed in H1. The third is whether net debt and cash flows move as management has described. The company has said a strong launch pipeline is planned for H2 FY27, but it has not given launch dates. The next results date has not been announced.