KL
ClosedMainboardReal Estate · Residential Real Estate Development
Kalpataru Limited
KALPATARU·₹387 – ₹414·Opens 2025-06-24
★★☆☆☆2/5
🔗 Official WebsitePrice Band: ₹387 – ₹414
Min. Investment: 14904
Issue Size: 1590
About the Company
What does this company do?
Kalpataru Limited is a Mumbai-based real estate developer incorporated in 1988, engaged in the development of residential, commercial, and mixed-use properties. The company operates primarily in Maharashtra with projects across Mumbai, Thane, Pune and other cities. It develops projects through its own balance sheet as…
IPO Details
Issue parameters, key dates and structure.
Total Issue Size
1590
38444611
Fresh Issue
1590
38444611
Proceeds go to company
Reservation Structure
QIB (Qualified Institutional Buyers)
75%
28516306
Not less than 75% of Net Issue including Anchor Investor Portion of up to 17,109,783 shares
NII / HNI (Non-Institutional Investors)
15%
5703260
Not more than 15% of Net Issue; 1/3 for applications ₹0.2–1 million, 2/3 for >₹1 million
RII (Retail Individual Investors)
10%
3802173
Not more than 10% of Net Issue
Products & Brands
Key offerings and brand portfolio of the company.
Residential Development: Development of residential apartments, row houses and plotted developments across Mumbai Metropolitan Region and other cities in Maharashtra
Financial Performance
P&L, Balance Sheet and Cash Flow — all figures in ₹ Crores.
| Particulars (₹ Cr) | 9M FY2025 (Apr-Dec 2024) | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue from Operations | 1624.736 | 1929.984 | 3633.182 | 1000.673 |
| EBITDA Margin | 0.0% | 0.0% | 0.0% | 0.0% |
| PAT (Net Profit) | 8.662 | -103.445 | -203.376 | -124.556 |
| PAT Margin | 0.5% | -5.4% | -5.6% | -12.4% |
| EPS — Basic (₹) | 0.62 | -7.41 | -14.56 | -8.92 |
| EPS — Diluted (₹) | 0.56 | -7.41 | -14.56 | -8.92 |
All figures in ₹ Crores (INR). Data sourced from DRHP/RHP.
Key Financial Ratios
Valuation and profitability metrics at the IPO price.
EPS — Basic (₹)
0.62
9M FY2025 (not annualised)
EPS — Diluted (₹)
0.56
9M FY2025 (not annualised)
P/E Ratio
—
Not meaningful; company reported losses in FY2022, FY2023, FY2024 and marginal profit in 9M FY2025
RoNW (%)
-10.15%
FY2024; PAT/Net Worth
NAV per Share (₹)
113.11
As at December 31, 2024 (pre-issue, as disclosed)
Debt/Equity
10.49
FY2024; Total Borrowings / Net Worth
EBITDA Margin (%)
—
Not available from provided data
PAT Margin (%)
-5.36%
FY2024
Revenue CAGR
38.8%
FY2022 to FY2024 2-yr CAGR
Objectives of the Issue
How the company intends to use the IPO proceeds.
⚠
Proceeds from fresh issue of up to ₹15,900 million; specific utilisation details in 'Objects of the Issue' section on page 127 of prospectus
SWOT Analysis
Internal strengths & weaknesses; external opportunities & threats.
💪Strengths
Established 'Kalpataru' brand with 35+ years of real estate development experience
Presence across multiple micro-markets in Mumbai Metropolitan Region
Diversified portfolio across residential, commercial and mixed-use segments
Strong subsidiary and JV network providing project pipeline diversity
⚠️Weaknesses
Persistent losses in FY2022, FY2023 and FY2024 with only marginal turnaround in 9M FY2025
Extremely high leverage with total borrowings of ~₹110,564 million
Issue size exceeds current net worth
Revenue recognition at point-in-time creates lumpy, unpredictable revenue streams
🚀Opportunities
Strong residential real estate demand in Mumbai Metropolitan Region
Increasing urbanisation and housing demand in Tier-1 Indian cities
IPO proceeds to reduce debt and fund future development activities
Growing premium and luxury housing segment in Mumbai
🔥Threats
Rising interest rates increasing borrowing costs
Regulatory changes in RERA and real estate sector
Income tax department searches and pending litigation creating regulatory uncertainty
Competition from other established real estate developers in Mumbai market
Competitive Strengths
Key advantages highlighted in the DRHP.
✓
Established brand 'Kalpataru' with over three decades of presence in the Indian real estate market
✓
Diversified portfolio spanning residential, commercial and mixed-use developments across key Maharashtra markets
✓
Strong pipeline of projects through subsidiaries, joint ventures and associate entities providing revenue visibility
✓
Experienced promoter and management team with deep domain expertise in real estate development
✓
Presence across multiple micro-markets in the Mumbai Metropolitan Region providing geographic diversification
Promoters & Shareholding
Pre & post-IPO shareholding pattern. Click a promoter card to learn more.
Promoters
Shareholding Pattern
18.67%
PrePost
Key Risks
Material risk factors to consider before applying.
⚠
Significant total borrowings of ₹110,563.95 million as at December 31, 2024, creating high leverage and interest burden
⚠
Company has reported restated losses in each of FY2022, FY2023, and FY2024, raising profitability concerns
⚠
Revenue recognition policy linked to occupancy certificate creates lumpiness and unpredictability in reported revenues
⚠
The IPO issue size of ₹15,900 million exceeds the company's net worth of ₹15,795.36 million as at December 31, 2024
⚠
Outstanding litigation proceedings involving the company, subsidiaries, directors and promoters with significant aggregate amounts
⚠
Income Tax Department conducted searches at premises of the Company and certain Directors and Promoters in August 2023 under Section 132 of the Income Tax Act
◆ Neutral
Should You Apply?
Kalpataru Limited is a 35-year-old Mumbai-based real estate developer with a diversified portfolio of residential and commercial projects across the Mumbai Metropolitan Region. The company has reported restated losses in each of FY2022, FY2023 and FY2024, with only a marginal profit of ₹86.62 million in 9M FY2025, while carrying extremely high debt of ₹110,564 million against a net worth of ₹15,795 million. At the issue price of ₹414, the IPO is valued at a significant premium to its NAV of ₹113.11 per share, and the issue size itself exceeds the company's net worth, raising concerns about dilution and valuation. Given persistent losses, high leverage, pending income tax searches and regulatory litigation, investors are advised to remain cautious; the stock is rated Neutral with a 2-star rating.
⚠️ This is not investment advice. CheckIPO provides information for educational purposes only. Always consult a SEBI-registered financial advisor before investing.
IPO Timeline
Key milestones from opening to listing.
📅
IPO Opens
2025-06-24
🔒
IPO Closes
2025-06-26
🏛️
Listing
2025-07-01
Lead Managers & Registrar
Institutions managing the issue and handling allotment.
Book Running Lead Managers (3)
ICICI Securities
JM Financial
Nomura
Registrar to the Issue
📋
MUFG Intime India Private Limited (Formerly Link Intime India Private Limited)
Registrar to the Issue
Company Details
Registered information and contact details.
Company Name
Kalpataru Limited
CIN
U45200MH1988PLC050144
Registered Office
91, Kalpataru Synergy, opposite Grand Hyatt, Santacruz (East), Mumbai 400 055, Maharashtra, India
Contact Person
Abhishek Thareja
Phone
+91 22 3064 5000
Website
www.kalpataru.com