Kalpataru's FY26 revenue surges 54% to ₹3,436 Cr; Q4 revenue up nearly 3x
Kalpataru Limited reported FY26 revenue of ₹3,436 Cr (up 54%) and Q4 revenue of ₹1,694 Cr (up nearly 3x). FY26 PAT was ₹80 Cr. Q4 saw record pre-sales of ₹1,833 Cr and collections of ₹1,487 Cr. The company aims for 5.5 million sq ft delivery in FY27 and has a pipeline of ₹7,800 Cr GDV for new launches.
The substantial increase in revenue, record sales figures, and positive outlook on future projects and debt management are material developments for investors and the company's market position.
The company reported strong financial performance with significant year-on-year growth in revenue and improved margins. Record pre-sales and collections, along with a robust project pipeline and successful debt refinancing, indicate positive future prospects.
Kalpataru Limited announced its Audited Standalone and Consolidated Financial Results for the quarter and financial year ended March 31, 2026. The company reported a significant increase in revenue, with full-year revenue reaching ₹3,436 crores, a 54% year-on-year growth. The fourth quarter (Q4 FY26) saw revenue from operations at ₹1,694 crores, nearly a three-fold increase from ₹601 crores in the same period last year.
Adjusted EBITDA for the full year stood at ₹1,022 crores, reflecting a 30% margin, while Q4 adjusted EBITDA reached ₹612 crores with a margin of 36%. Profit After Tax (PAT) for the full year was ₹80 crores, with Q4 PAT at ₹194 crores. The company highlighted that the robust Q4 performance was driven by newer projects reaching the handover stage, leading to revenue recognition under the project completion method. This delivery-led revenue recognition is expected to be a recurring feature.
Fiscal Year 2026 was described as a landmark year, achieving the strongest operational performance in the company's history, coinciding with its listing. Q4 FY26 recorded the highest ever quarterly pre-sales of ₹1,833 crores, a 6% year-on-year increase, with collections reaching a record ₹1,487 crores, a 41% growth. For the full year FY26, pre-sales reached ₹5,280 crores (up 17%) and collections grew by 34% to ₹4,960 crores. The company's four-year pre-sales CAGR is 26%, and collections CAGR is 33%.
Kalpataru launched four towers in three projects and one new project, Estella, totaling 1.8 million square feet saleable area in FY26. For FY27, the company has a pipeline of new launches totaling 5 million square feet with a Gross Development Value (GDV) of ₹7,800 crores. In terms of project completions, Q4 saw occupation certificates for 1.37 million square feet across six towers at Kalpataru Vivant, one tower at Kalpataru Elitus, and one phase at Kalpataru Aria. For FY26, the company completed 5.15 million square feet, with occupation certificates for 3,000 units. A target of delivering approximately 5.5 million square feet in FY27 is set.
The company secured a development agreement for the redevelopment of Shri Mahalakshmi Cooperative Housing Society in Andheri West, Mumbai, with an estimated GDV of ₹1,400 crores and a potential carpet area of 0.4 million square feet.
As of March 31, 2026, the company's gross debt was ₹9,168 crores, with cash and cash equivalents at ₹1,062 crores, resulting in a net debt of ₹8,106 crores and a net debt to equity ratio of 2x. The company has refinanced approximately ₹3,500 crores of debt since its listing, achieving an interest rate delta of 3.5% and a 120 basis points drop in the overall blended cost of debt, leading to annualized savings of approximately ₹125 crores. Further refinancing of around ₹1,300 crores is expected in the coming quarter.
The company anticipates that as projects receive Occupation Certificates (OCs), there will be a significant influx of cash and profit recognition, improving the net debt to equity ratio. They expect to maintain the net debt level for FY27 and attempt to reduce it marginally at the absolute level. The company plans to provide formal guidance for FY27 at a subsequent date, considering the current macroeconomic environment.
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