Kalpataru posts Rs 71 crore Q2 loss as pre-sales dip 5%

Mumbai-based Kalpataru Limited reported a consolidated net loss of about Rs 71 crore for the September quarter of FY27, the three months ended 30 September 2026. The board considered the results on 29 October 2026, after giving notice to the BSE on 23 October. Revenue from operations for the quarter was Rs 437 crore. Pre-sales fell 5% year on year to Rs 1,258 crore.

Sales, collections and margins

The company said area sold in the quarter rose 7% to 0.84 million square feet, from 0.78 million square feet a year earlier. The average sale realisation was Rs 15,046 per square foot. Collections were Rs 1,189 crore, against Rs 1,182 crore in the same quarter last year, which the company described as flat. For the half year, pre-sales were Rs 2,587 crore, against Rs 2,577 crore in the first half of FY26. Collections for the half year rose 9% to Rs 2,554 crore.

In the stock exchange filing, the company put adjusted EBITDA for the quarter at Rs 73 crore. For the half year, revenue was Rs 909 crore and adjusted EBITDA was Rs 167 crore. The loss for the half year was about Rs 100 crore. The company also reported a one-time charge of Rs 10.48 crore. It arose because the company opted for a concessional tax rate under Section 200 of the Income-tax Act, 2025, from FY 2026-27, which required the remeasurement of deferred tax balances.

Revenue recognition explains some of the swings. The company follows the project completion method for projects launched after April 2022. Under this method, revenue is recorded only when the occupation certificate is received. Reported revenue can therefore vary sharply from one quarter to the next.

Debt and use of IPO money

Net debt stood at Rs 8,323 crore on 30 September 2026, up from Rs 8,229 crore at the end of June, when the net debt-to-equity ratio was 2.0 times. At 30 September, the ratio was 2.1 times. The company said it has fully used its IPO proceeds of Rs 1,590 crore. Of this, Rs 333.26 crore went to the company's own debt repayment and Rs 859.24 crore to repay debt of its subsidiaries. Rs 325.36 crore was allocated to general corporate purposes and Rs 72.14 crore to issue expenses.

Statutory auditors KKC & Associates LLP issued an unmodified conclusion on the review. The company said the Q2 and H1 figures are provisional and remain subject to a limited review. Managing Director Parag Munot said, "We delivered a resilient performance during Q2 and H1 FY27, reflecting the strength of our brand, execution capabilities, and continued demand across our key markets."

What buyers and investors should track

• Whether the limited review changes any of the provisional figures.
• Pre-sales and collections in the second half of FY27, given that Q2 pre-sales fell.
• The pace of debt reduction, since net debt rose in the quarter.
• Delivery timelines for projects launched this year, including Kalpataru Elaara in Goregaon West, which the company launched in Q2. The company has not confirmed delivery timing for it.

For buyers in Mumbai, a launch is not a guarantee of delivery. The company's disclosures show steady bookings and collections, but the loss and higher debt mean that project timelines and cash flow deserve attention when comparing offers.

The next step is the investor call on 30 October 2026. The company has also closed its trading window for designated persons from 1 October 2026, and it will remain closed until 48 hours after the results were declared. The company has not yet announced the date of its Q3 FY27 results.