Kalpataru slides after reporting a Q2 net loss of Rs 71 crore
Loss before exceptional items and tax stood at Rs 78.97 crore in Q2 FY27 as against a profit of Rs 4.78 crore reported in Q2 FY26.
Adjusted EBITDA stood at Rs 73 crore in Q2 FY27, while adjusted EBITDA margin stood at 16.6%.
For the half year ended 30 September 2026, the company reported a net loss of Rs 99.71 crore as against a net loss of Rs 46.81 crore in H1 FY26. Revenue from operations declined 28.3% to Rs 909.37 crore from Rs 1,236.97 crore.
The company recorded pre-sales of Rs 1,258 crore during Q2 FY27 as against Rs 1,329 crore in Q2 FY26, registering a decline of 5% YoY. Collections stood at Rs 1,189 crore as against Rs 1,182 crore in the year-ago quarter. Area sold increased 7% to 0.84 million square feet from 0.78 million square feet, while average sale realization stood at Rs 15,046 per square feet.
For H1 FY27, pre-sales stood at Rs 2,587 crore as against Rs 2,577 crore in H1 FY26. Collections increased 9% to Rs 2,554 crore from Rs 2,348 crore, while area sold rose 24% to 1.66 million square feet from 1.34 million square feet. Average sale realization stood at Rs 15,607 per square feet.
During the quarter, the company launched Kalpataru Elaara, a premium residential project in Goregaon West, Mumbai. The project offers 2, 3 and 4 BHK residences along with more than 25 lifestyle amenities. It is located on MG Road, off Link Road, with connectivity to Bangur Nagar Metro Station.
The company follows the Project Completion Method (PCM) for revenue recognition in projects commenced after April 2022, under which revenue is recognised upon receipt of the Occupation Certificate (OC). During Q2 and H1 FY27, the company received OCs for projects aggregating approximately 2.37 million square feet, corresponding to more than 2,200 apartments/units. Consequently, revenue and profitability pertaining to the completed towers and phases were reflected in the financial performance.
The company's net debt stood at Rs 8,323 crore as of 30 September 2026, while its net debt-to-equity ratio stood at 2.1 times.
Kalpataru is one of the largest real estate developers in the Mumbai Metropolitan Region (MMR), specializing in luxury, premium, and aspirational residential, commercial, retail, township, and redevelopment projects. Backed by the Kalpataru Group's 57-year legacy, the company has completed 85 projects spanning over 24.5 million sq. ft. and has 30 ongoing and upcoming projects covering around 42.5 million sq. ft. across key cities, including Mumbai, Pune, Noida, Hyderabad, and Nagpur.
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