Kalpataru LimitedQ2 FY27 Results & Financial Update
Kalpataru Limited: Q2 FY27 consolidated results and company financials – revenue ₹437.17 Cr, PAT ₹-70.67 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Chart · Market context
Kalpataru price & chart
Quarter overview
Quarterly earnings analysis
Kalpataru Limited reported consolidated revenue from operations of INR 437.17 crore for the quarter ended September 30, 2026, marking a decrease compared to INR 472.20 crore in the previous quarter ended June 30, 2026.
Total consolidated income for Q2 FY27 stood at INR 479.37 crore, compared with INR 495.04 crore in Q1 FY27, reflecting lower total inflows during the period.
The company posted a consolidated net loss (PAT) of INR 70.67 crore for the quarter, widening from a net loss of INR 29.04 crore recorded in the preceding quarter.
Consolidated profit before tax (PBT) before share of profits/losses in associates and joint ventures stood at a loss of INR 85.04 crore, compared to a loss of INR 53.77 crore in Q1 FY27.
Basic and diluted consolidated earnings per share (EPS) for the quarter were negative at INR 3.14 and INR 3.13 respectively, compared to negative INR 1.29 in the previous quarter.
During the quarter, the company recorded total consolidated expenses of INR 564.41 crore, driven by cost of sales and operational expenses of INR 388.44 crore and other expenses of INR 86.28 crore.
The board and statutory disclosures highlighted the adoption of a concessional tax rate under Section 200 of the Income-tax Act, 2025, resulting in a deferred tax credit impact recognized in the profit and loss statement.
Kalpataru Limited reported a consolidated revenue from operations of INR 437.17 crore for the quarter ended September 30, 2026, marking a 7.42% decrease compared to INR 472.20 crore in the preceding quarter ended June 30, 2026.
01 · Business model
What does Kalpataru do?
Kalpataru Limited is primarily engaged in the business of real estate development, focusing on the construction and sale of residential units within India.
The company operates through multiple subsidiaries, partnership firms, and LLPs, executing residential projects with operations concentrated in domestic metropolitan real estate markets.
Revenues are derived principally from property development operations and the monetization of residential projects across various urban locations.
02 · Historical context
What shaped the business before this quarter
As of September 30, 2026, the company completely utilized its gross IPO proceeds of INR 1,59,000 lakhs toward the repayment of certain borrowings of Kalpataru Limited and its subsidiaries, general corporate purposes, and issue expenses.
Klassik Vinyl Products LLP and Azure Tree Townships LLP ceased to be an associate and a joint venture respectively of the Group with effect from July 1, 2026.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹437.17 Cr | ₹472.20 Cr |
| Total income | ₹479.37 Cr | ₹495.04 Cr |
| Profit before tax | ₹-85.04 Cr | ₹-53.77 Cr |
| Profit after tax | ₹-70.67 Cr | ₹-29.04 Cr |
| EPS | ₹-3.14 | ₹-1.29 |
Financial interpretation
What the reported numbers mean
Profit after tax represented -16.2% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to -19.5% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹42.20 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Other income contributed INR 42.20 crore to the consolidated top line during Q2 FY27, showing an increase from INR 22.84 crore in Q1 FY27.
What drove margins
Cost of sales and other operational expenses remained high at INR 388.44 crore for the consolidated entity during the quarter.
Consolidated finance costs stood at INR 12.48 crore, while depreciation and amortization expenses were reported at INR 11.73 crore for Q2 FY27.
Cost of sales and other operational expenses stood at INR 388.44 crore for the quarter, remaining relatively flat compared to INR 389.34 crore in Q1 FY27.
Finance costs decreased significantly on a consolidated basis to INR 12.48 crore in Q2 FY27 compared to INR 20.49 crore in Q1 FY27.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Real estate development is considered the only reportable business segment, with operations entirely within a single geographical segment in India under Ind AS 108.
The company operates in a single reportable business segment, which is real estate development, with revenues derived primarily from residential units.
Geography and market mix
The group operates entirely within India and does not have operations in economic environments with different risks and returns.
06 · Reported developments
What changed operationally
The company confirmed that the gross IPO proceeds of INR 1,59,000 lakhs had been completely utilized as of September 30, 2026.
07 · Pressure points & risks
What is not going smoothly
The consolidated net loss for Q2 FY27 expanded to INR 70.67 crore from a net loss of INR 29.04 crore in Q1 FY27.
08 · Items worth noticing
The line items that can distort a quick read
Recognition of the impact of change in deferred tax assets amounting to INR 10.48 crore following the adoption of the concessional tax rate under Section 200 of the Income-tax Act, 2025.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
For the half year ended September 30, 2026, net cash generated from operating activities on a consolidated basis was INR 183.12 crore, while net cash generated from investing activities stood at INR 251.80 crore.
For the half year ended September 30, 2026, net cash used in operating activities on a standalone basis was INR 21.86 crore, while net cash used in investing activities was INR 191.07 crore.
Capital allocation & funding
As at September 30, 2026, consolidated non-current borrowings stood at INR 2,418.99 crore and current borrowings stood at INR 6,760.23 crore.
10 · Beyond the numbers
What changed beyond the numbers
Concessional Tax Rate Adoption
The company opted for the concessional tax rate under Section 200 of the Income-tax Act, 2025 from Tax Year 2026-27, resulting in a deferred tax credit impact recognized during the period.
11 · Previous-quarter changes
What changed since the previous quarter
Consolidated revenue from operations decreased from INR 472.20 crore in Q1 FY27 to INR 437.17 crore in Q2 FY27, while the net loss widened from INR 29.04 crore to INR 70.67 crore.
Consolidated revenue declined by 7.42% quarter-on-quarter to INR 437.17 crore, while net loss widened to INR 70.67 crore.
12 · Key Q&A
The quarter, answered directly
What does Kalpataru do?
Kalpataru Limited is primarily engaged in the business of real estate development, focusing on the construction and sale of residential units within India.
What is the clearest takeaway from Q2 FY27?
Kalpataru Limited reported consolidated revenue from operations of INR 437.17 crore for the quarter ended September 30, 2026, marking a decrease compared to INR 472.20 crore in the previous quarter ended June 30, 2026.
What drove revenue or demand?
Other income contributed INR 42.20 crore to the consolidated top line during Q2 FY27, showing an increase from INR 22.84 crore in Q1 FY27.
What mattered most for margins or profitability?
Cost of sales and other operational expenses remained high at INR 388.44 crore for the consolidated entity during the quarter.
What changed operationally beyond the headline numbers?
The company opted for the concessional tax rate under Section 200 of the Income-tax Act, 2025 from Tax Year 2026-27, resulting in a deferred tax credit impact recognized during the period.
What are the main pressure points disclosed for the quarter?
The consolidated net loss for Q2 FY27 expanded to INR 70.67 crore from a net loss of INR 29.04 crore in Q1 FY27.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Build your own next-quarter scenario
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Project Execution and Sales Momentum: Monitor the pace of residential unit sales and project execution milestones across key subsidiaries and developments.
- 02
Debt Servicing and Cash Flows: Track ongoing borrowing levels and cash flow generation from real estate operations.
- 03
Project Execution and Sales Velocity: Monitor residential booking rates, project completion milestones, and debt reduction progress across subsidiaries.
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