Kalpat. Q1 FY27 Results (NSE: KALPATARU)
Signal: Loss reversed
The read
The operating trajectory is mixed: pre-sales of ₹1,329 crore rose 6% YoY, area sold rose 48% to 0.82 msf and collections rose 17% to ₹1,365 crore, but average realisation fell 28% to ₹16,177 per sq.ft.; consolidated revenue grew only 6.5% to ₹472.2 crore and EBITDA remained negative at ₹23.02 crore, so the Q4FY26 margin spike has not translated into recurring profitability.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹472.2 Cr | +6.5% | -72.1% |
| EBIT | ₹-33.28 Cr | N/A | |
| Net profit | ₹-26.52 Cr | +49.0% | |
| EPS | ₹1.29 | N/A | |
| EBIT margin | -4.9% |
P&L walk
Revenue was ₹472.2 crore, up 6.5% YoY but down 72.1% QoQ; EBITDA was negative ₹23.02 crore with a -4.9% margin, and PAT was negative ₹26.52 crore despite ₹22.84 crore of other income, indicating that reported profitability has not yet stabilised after Q4FY26.
Segments
No segment results table was disclosed; the material standalone-versus-consolidated divergence shows that group subsidiaries drive the reported business, with consolidated revenue of ₹472.2 crore versus standalone revenue of ₹46.85 crore.
Key positives
- Collections were ₹1,365 crore, up 17% YoY, ahead of pre-sales growth of 6%, indicating stronger customer cash conversion in the quarter.
- Area sold increased 48% YoY to 0.82 msf, showing volume momentum despite average sale realisation declining 28% to ₹16,177 per sq.ft.
- The company added a Kandivali East society redevelopment project with estimated GDV of approximately ₹1,250 crore and launched Kalpataru Vian and Tower C at Estella.
Key concerns
- Consolidated EBITDA remained negative at ₹23.02 crore and EBITDA margin was -4.9%, despite revenue growth of 6.5% YoY, indicating weak conversion of operational activity into reported earnings.
- Average sale realisation declined 28% YoY to ₹16,177 per sq.ft. while area sold rose 48%, suggesting the volume increase was skewed toward lower-realisation inventory or project mix.
- Net debt was ₹8,229 crore and net debt/equity was 2.0x, leaving limited balance-sheet flexibility for a developer with negative quarterly EBITDA.
- Standalone EBITDA margin of 88.6% was not representative of group economics because standalone revenue was only ₹46.85 crore and other income was ₹39.27 crore.
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