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KALPATARU IPO

Kalpataru Limited

IPO Doc

Start Date24-06-2025

Application Timing10am-5pm

Price Range₹387 - ₹414

Min Qty36

Min. Investment₹13932

Listing DateNA

Close Date26-06-2025

About Kalpataru Limited

Kalpataru Limited, established in 1988 and headquartered in Mumbai, is one of India’s leading real estate development companies. With a strong legacy and a diversified portfolio, the company has delivered a wide range of residential, commercial, retail, and township projects across key Indian cities — including Mumbai, Thane, Pune, Hyderabad, Bengaluru, Indore, Jodhpur, and Panvel.

Part of the renowned Kalpataru Group, the company benefits from synergies with its group entities like Kalpataru Projects International Limited, Shree Shubham Logistics Ltd., and Property Solutions (India) Pvt. Ltd. As of March 31, 2024, Kalpataru Limited has 70 completed and 40 ongoing projects, showcasing its execution strength and customer trust.

Why To Invest in Kalpataru Limited

Established Brand in Real Estate: With a history of over 35 years, Kalpataru is a trusted name in the Indian real estate sector.

Pan-India Project Presence: The company operates across Tier 1 and Tier 2 cities, giving it access to high-growth micro-markets.

Fresh Capital Infusion: Entire IPO is a fresh issue aimed at reducing debt and improving financial strength.

Employee Discount: 38 per share discount for eligible employees, showing employee-first approach and internal confidence.

Strategic Focus on Debt Reduction: 1,192.5 crore from the IPO proceeds will be used for repayment/pre-payment of borrowings, strengthening the balance sheet.

Improved Financial Indicators: While previous years show losses, recent trends highlight a gradual improvement with positive EBITDA in FY25.

Financial Table

Period Ended	31 Dec 2024	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	15,562.35	13,879.43	12,540.77	13,410.57
Revenue	1,699.49	2,029.94	3,716.61	1,248.55
Profit After Tax	5.51	-116.51	-229.43	-125.36
EBITDA	101.67	-78.01	-49.67	-35.98
Net Worth	1,579.54	1,028.23	1,221.89	1,429.01
Total Borrowing	11,056.40

Strengths And Risks

Over 35 Years of Industry Experience: Kalpataru Limited has a strong legacy since 1988, which provides it with deep market understanding, customer trust, and proven execution capabilities in the real estate sector.

Diversified Presence Across Key Cities: The company operates across high-potential real estate markets like Mumbai, Pune, Hyderabad, Bengaluru, Indore, and more ensuring a well-spread project portfolio and diversified revenue sources.

Backed by Kalpataru Group Synergies: Kalpataru Limited is part of a reputed business group that includes Kalpataru Projects International and Shree Shubham Logistics. This brings operational efficiencies and business support across verticals.

Focused Debt Reduction Strategy: A major portion of the IPO proceeds (1,192.5 Cr) will go towards loan repayment, which is expected to strengthen the company’s balance sheet and reduce financial risk.

Strong Project Pipeline: With 40 ongoing and 70 completed projects, Kalpataru has a robust development pipeline which can drive future growth and revenue visibility.

Signs of Operational Turnaround: Though recent years were financially stressed, the company reported positive EBITDA of 101.67 Cr in the 9-month period ending Dec 2024, indicating improving operational performance.

Weak Profitability Track Record: The company reported consistent net losses in FY22 and FY23. Although it turned profitable in FY25 (9 months), past performance raises concerns about sustained profitability.

High Debt Burden: Kalpataru’s total borrowings stood at over 11,000 crore as of Dec 2024. While debt reduction is a priority, current levels remain significantly high, impacting financial flexibility.

Negative EBITDA Margins Historically: Despite a recent EBITDA improvement, Kalpataru’s past margins have been negative. The EBITDA margin was -4.04% as of March 2024, signaling past operational inefficiencies.

Exposure to Real Estate Market Cyclicality: Being a real estate developer, the company’s performance is highly dependent on interest rates, economic conditions, and customer sentiment all of which are cyclical in nature.

Execution and Delivery Risk: With a large number of ongoing projects, timely delivery without cost overruns or regulatory hurdles is a constant risk in the real estate business.

FAQs

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Astha Credit & Securities Pvt Ltd NSE, BSE & MCX SEBI Reg No:

INZ000187932

Membership ID:

NSE - 12227 BSE-6844 MCX - 40000 NSDL-IN303420 CDSL-94500

CIN:

U65929MP2003PTC016241

SEBI Depository Participant Reg No:

IN-DP-611-2021

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Client Bank Account Details:

Sr. No	Name of Bank Account	Bank Account Number	IFSC Code
1	ASTHA CREDIT AND SECURITIES P LTD - USCNBA A/c	00620340000150	HDFC0000062

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KALPATARU IPO

About Kalpataru Limited

Why To Invest in Kalpataru Limited