Kalpataru Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Kalpataru Ltd filed with BSE on 14 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Kalpataru reported its highest ever quarterly pre-sales of INR 1,833 crores in Q4 FY26 and full-year pre-sales of INR 5,280 crores, up 17% year-on-year. Full-year revenue rose 54% to INR 3,436 crores with adjusted EBITDA margin at 30% for the year, while collections grew 34% to INR 4,960 crores. Management said net debt stood at INR 8,106 crores with a net debt-to-equity ratio of 2x as of March 2026, and said formal FY27 guidance would be issued at a later date.
Numbers mentioned
Pre-sales: INR 1,833 crores (Q4 FY26)
p. 2
“we achieved our highest ever quarterly pre-sales of INR 1,833 crores”
Parag Munot, page 2 of the filed PDF · View the filing
Collections: INR 1,487 crores (Q4 FY26)
p. 2
“Collections for Q4 reached a record INR 1,487 crores, a robust 41% growth that underscores our execution capabilities.”
Parag Munot, page 2 of the filed PDF · View the filing
Pre-sales: INR 5,280 crores (FY26)
p. 2
“FY26 presales reached INR 5,280 crores, up 17%, while collections grew by 34% to INR 4,960 crores.”
Parag Munot, page 2 of the filed PDF · View the filing
Revenue from operations: INR 1,694 crores (Q4 FY26)
p. 4
“We reported revenue from operations of INR 1,694 crores, a nearly three-fold increase from the INR 601 crore reported in the same period last year.”
Chandrashekhar Joglekar, page 4 of the filed PDF · View the filing
Full-year revenue: INR 3,436 crores (FY26)
p. 4
“This propelled our full-year revenue to INR 3,436 crores, representing a 54% year-on-year growth.”
Chandrashekhar Joglekar, page 4 of the filed PDF · View the filing
Adjusted EBITDA: INR 612 crores (Q4 FY26)
p. 4
“Our adjusted EBITDA for Q4 reached INR 612 crores, with margin expanding to a very healthy 36% for the full year.”
Chandrashekhar Joglekar, page 4 of the filed PDF · View the filing
Adjusted EBITDA: INR 1,022 crores (FY26)
p. 4
“Adjusted EBITDA stood at INR 1,022 crores, reflecting a 30% margin.”
Chandrashekhar Joglekar, page 4 of the filed PDF · View the filing
PAT: INR 194 crores (Q4 FY26)
p. 4
“We recorded a profit of INR 194 crores for the quarter, bringing our full-year PAT to INR 80 crores.”
Chandrashekhar Joglekar, page 4 of the filed PDF · View the filing
Gross debt: INR 9,168 crores (As of March 31, 2026)
p. 5
“As of March 31st, 2026, our gross debt stood at INR 9,168 crores, while cash and cash equivalents were INR 1,062 crores, resulting in a net debt of INR 8,106 crores”
Chandrashekhar Joglekar, page 5 of the filed PDF · View the filing
Net debt to equity ratio: 2x (As of March 2026)
p. 5
“consequently our net debt to equity ratio stands as of March 2026 at 2x.”
Chandrashekhar Joglekar, page 5 of the filed PDF · View the filing
OCF: INR 1,000 crores (FY26)
p. 7
“At the 100% share level. And at the proportionate level, it was INR 1,000 crores. INR 1,002 precisely.”
Chandrashekhar Joglekar, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
New launches FY27 — 5 million square feet, GDV of INR 7,800 crores · FY27
stated firmly by Parag Munot
p. 3
“For FY’27, we have an exciting pipeline of new launches of 5 million square feet, amounting to a total GDV of INR 7,800 crores.”
Parag Munot, page 3 of the filed PDF · View the filing
Project completions — 5.5 million square feet · FY27
stated as an aspiration by Parag Munot
p. 3
“We have a target of delivering roughly 5.5 million square feet in FY’27.”
Parag Munot, page 3 of the filed PDF · View the filing
Debt refinancing — around INR 1,300 crores · coming quarter
stated firmly by Chandrashekhar Joglekar
p. 5
“We expect to refinance another around INR 1,300 crores in the coming quarter.”
Chandrashekhar Joglekar, page 5 of the filed PDF · View the filing
Net debt-to-equity ratio — lower than 2x · FY27
stated conditionally by Chandrashekhar Joglekar
p. 7
“So, our debt-to-equity ratio for FY’27, we will be, of course, issuing a proper guidance a little later, but it will be lower than 2x for sure.”
Chandrashekhar Joglekar, page 7 of the filed PDF · View the filing
Net debt level — not to exceed March 2026 level · March 2027
stated firmly by Chandrashekhar Joglekar
p. 7
“it will be ensured that the net debt level surely does not go beyond what it is today as of March’26.”
Chandrashekhar Joglekar, page 7 of the filed PDF · View the filing
FY27 formal guidance — subsequent date
stated conditionally by Chandrashekhar Joglekar
p. 5
“Considering the current global macroeconomic environment and global conditions, as well as our local conditions, we would come back with the formal guidance for FY’27 at a subsequent date.”
Chandrashekhar Joglekar, page 5 of the filed PDF · View the filing
Sales at launch — 20%-25% · FY27 launches
stated as an aspiration by Parag Munot
p. 6
“We plan to achieve, as we do in all our launches, approximately 20%,-25% sales at launch and that is the target we have for this year also.”
Parag Munot, page 6 of the filed PDF · View the filing
Inventory monetization — most of INR 30,000 crores · next four to five years, with some in sixth year
stated as an aspiration by Chandrashekhar Joglekar
p. 8
“So, this entire INR 30,000 crores will get liquidated, most part of it, over a period of next four to five years and something will remain for sixth year actually.”
Chandrashekhar Joglekar, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management indicated roughly INR 1,800-2,000 crores of contribution expected from launches this year.
Answered by Parag Munot
Asked by Adhidev Chattopadhyay: How much of FY27 launches will be monetized this year?
p. 6
“Yes., around INR 1800-2000 cr”
Parag Munot, page 6 of the filed PDF · View the filing
CFO said unsold inventory in ongoing projects stands at INR 22,000 crores.
Answered by Chandrashekhar Joglekar
Asked by Adhidev Chattopadhyay: What is the unsold inventory across ongoing projects as of March 2026?
p. 6
“So, the inventory of ongoing projects which we need to sell is out of the balance value, unsold inventory, which is of basically INR 22,000 crores.”
Chandrashekhar Joglekar, page 6 of the filed PDF · View the filing
Management said net debt should not increase from current levels and may reduce marginally.
Answered by Chandrashekhar Joglekar
Asked by Adhidev Chattopadhyay: Is there a target for net debt levels 12 months out?
p. 7
“But at the same time, it will be ensured that the net debt level surely does not go beyond what it is today as of March’26.”
Chandrashekhar Joglekar, page 7 of the filed PDF · View the filing
CFO said the pool would grow to about INR 30,000 crores and be liquidated mostly over four to five years.
Answered by Chandrashekhar Joglekar
Asked by Sumit Kumar: What is the timeline to monetize the INR 22,000 crore inventory?
p. 8
“This Rs. 22,000 cr inventory will get added by around INR 7,000 crores to INR 8,000 crores during the year itself.”
Chandrashekhar Joglekar, page 8 of the filed PDF · View the filing
Management deferred formal guidance but said growth would continue.
Answered by Chandrashekhar Joglekar
Asked by Sumit Kumar: Can you give guidance on next year's collections?
p. 8
“But, I can tell you one thing, that it will be a growth story only.”
Chandrashekhar Joglekar, page 8 of the filed PDF · View the filing
Management said construction costs rose 2-4% but walk-ins remained robust through April.
Answered by Parag Munot
Asked by Bhavin Modi: How has the Middle East crisis and cost escalation affected the business?
p. 9
“The construction costs have increased, but it is 2% to 4% of the construction cost and it should not have an impact on us looking at the total value of sales.”
Parag Munot, page 9 of the filed PDF · View the filing
CFO said not more than 20% of the March 2026 cash balance is locked in RERA accounts.
Answered by Chandrashekhar Joglekar
Asked by Bhavin Modi: How much cash is locked in RERA accounts?
p. 9
“Out of which not more than 20% is locked into the RERA account. Rest of the cash is available for the projects freely.”
Chandrashekhar Joglekar, page 9 of the filed PDF · View the filing
Management said margins are generally 20-25% on revenue statement basis and 25-30% on cash flow basis.
Answered by Chandrashekhar Joglekar
Asked by Varun Julasaria: What margins are expected on new launches and forthcoming projects?
p. 10
“So, generally, the margins are in the range of 20% to 25%. However, that is at the revenue statement.”
Chandrashekhar Joglekar, page 10 of the filed PDF · View the filing
Management said Worli sales were strong and attributed demand to organic factors rather than payment plans alone.
Answered by Parag Munot
Asked by Harsh Pathak: How is the Worli project performing and are payment plans driving sales?
p. 11
“Worli did about INR 400 crores in Q4 FY26.”
Parag Munot, page 11 of the filed PDF · View the filing
Management said focus remains on MMR and Pune with selective evaluation elsewhere.
Answered by Parag Munot
Asked by Anuj Kashyap: What is the company's view on geographic diversification beyond MMR?
p. 12
“Our focus has always been as an organization more on the western region, MMR and Pune, which is among the top realty markets.”
Parag Munot, page 12 of the filed PDF · View the filing
Risks flagged
Construction cost increases of 2-4% due to supply chain issues
p. 9
“We had some issues in the tiles and pipes and all, but that all got streamlined.”
Parag Munot, page 9 of the filed PDF · View the filing
Geopolitical crisis creating uncertainty around footfall conversion
p. 9
“The geopolitical crisis and the little Indian narrative also, we have to wait and watch how it is.”
Parag Munot, page 9 of the filed PDF · View the filing
Slowdown in footfalls due to April vacation period and geopolitical situation
p. 11
“Barring the vacation of April and the geopolitical little slowdown, we have not seen a drastic change in the footfalls.”
Parag Munot, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.