Kalpataru shares hit all-time low after Q2 revenue fall and net loss

Shares of Kalpataru Ltd touched an all-time intraday low of ₹237.90 on 30 October 2026, a day after the Mumbai-based developer reported its unaudited results for the quarter and half year ended 30 September 2026. The stock was down about 36.6% over the past 52 weeks at that level.

What the quarter showed

In the stock exchange filing for the quarter, the company reported consolidated revenue from operations of ₹437.17 crore in Q2 FY27, against ₹793.77 crore in Q2 FY26, a fall of about 45%. It reported a consolidated net loss of ₹70.67 crore, compared with a net profit of ₹4.96 crore a year earlier. The loss also widened from ₹29.04 crore in Q1 FY27.

Adjusted EBITDA was ₹73 crore, at a margin of 16.6%. The company said a switch to a new concessional tax regime added ₹10.48 crore of impact to the quarter. Standalone revenue rose 16.05% year on year to ₹56.19 crore, driven by residential unit sales, while the standalone net loss was ₹18.31 crore.

Operating figures in the company's update were mixed. Q2 pre-sales were ₹1,258 crore, down 5% from ₹1,329 crore. Q2 collections were ₹1,189 crore, flat against ₹1,182 crore. For the half year, pre-sales were ₹2,587 crore against ₹2,577 crore, and collections reached ₹2,554 crore, up 9%. Area sold in H1 rose 24% to 1.66 million square feet, and average realisation for H1 was ₹15,607 per square foot.

Share price and ratings

The shares fell 0.90% in the week to 30 October, after a bearish trend that began on 16 October 2026, when the stock stood at ₹262.80. An automated stock-rating service cut its grade on the stock to Strong Sell from Sell on 12 October 2026. It cited high leverage, low return on equity and an interest-cover ratio below 1 times. These are the service's own measures, not statements by the company or a regulator.

At a quote of ₹243.40, the company's market value was about ₹5,012 crore. The shares remain well below their all-time high of about ₹458 reached in July 2025.

Context for buyers and investors

The company said in its results that Q2 and H1 showed a resilient performance, citing brand strength, execution and continued demand. Managing Director Parag Munot made that comment. The statutory auditors, KKC & Associates LLP, issued an unmodified conclusion on the results.

Kalpataru Ltd is a separate company from Kalpataru Projects International. Kalpataru Ltd says it has completed 120 projects covering more than 25.87 million square feet of developable area in Mumbai, Thane, Panvel and Pune as of 31 December 2024. Property consultant Anarock, in data cited in the company's IPO review, ranked it fifth by units supplied in the Mumbai city corporation area between 2019 and December 2024. Its IPO proceeds of ₹1,590 crore have been fully utilised, the company has said.

For investors, the figures to watch are collections and pre-sales, which show cash coming in from buyers, alongside the net loss and the tax impact. Revenue alone does not show how many homes were delivered or how much cash was collected in the period. The company held an investor call on 30 October 2026, after the results.

The next step is the company's next quarterly results, which will show whether the revenue fall and the loss narrowed or widened, and whether pre-sales recover from the 5% decline in the quarter.