Kalpataru Limited (KALPATARU) Q3 25/26 earnings summary

Executive summary

• Q3 FY 2026 pre-sales were INR 870 crore, down 14% year-over-year, mainly due to delayed project launches from regulatory approvals.

• Collections in Q3 FY 2026 grew 17% year-over-year to INR 1,100 crore; nine-month collections rose 30% to INR 3,409 crore.

• The portfolio includes 29 projects with 41 million sq. ft. saleable area, and 83 completed projects (~23.3 msf), providing strong future inflow visibility.

• Major launches included two towers at Thane's Eternia and continued momentum at Kalpataru One Worli.

• Over 2,000 apartments handed over in nine months, with a major delivery cycle underway.

• Among the top 5 developers in Mumbai's real estate market, with a diversified presence across MMR and Pune and a strong pipeline of residential projects.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 were approved by the Board on 6 February 2026.

Financial highlights

• Q3 FY 2026 revenue from operations was INR 505 crore, down from INR 588 crore year-over-year; nine-month revenue rose 7% to INR 1,742 crore.

• Adjusted EBITDA for Q3 FY 2026 was INR 119 crore (23.6% margin), down from INR 205 crore; nine-month adjusted EBITDA was INR 413 crore (23.7% margin).

• Q3 FY 2026 PAT was a loss of INR 67 crore; nine-month PAT loss was INR 114 crore.

• Standalone revenue from operations for the quarter was ₹5,588 lakh; nine months revenue was ₹15,173 lakh. Consolidated revenue for the quarter was ₹50,492 lakh; nine months revenue was ₹174,189 lakh.

• Standalone net profit for the quarter was ₹281 lakh; nine months net loss was ₹1,502 lakh. Consolidated net loss for the quarter was ₹6,704 lakh; nine months net loss was ₹11,391 lakh.

Outlook and guidance

• FY 2026 is expected to end 20%-22% below initial pre-sales guidance and about 10% below collections target due to regulatory delays.

• FY26 guidance revised downward: Pre-sales expected at ~INR 7,000 crore, collections at ~INR 5,700 crore, net debt at ~INR 7,300 crore.

• Q4 FY 2026 is projected to see higher revenue and profitability as projects using the completion method receive occupation certificates.

• Launches of approximately 9 million sq. ft. planned for FY 2027 and 2028, mainly in MMR and Pune.

• The company continues to monitor the impact of new Labour Codes and will update accounting as further clarifications are issued.