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Kalpataru IPO
Kalpataru Ltd
₹13,932 /36 sharesMinimum Investment
Kalpataru IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹414.00 | ₹414.00 | ₹0.00 (0.00%) |
Kalpataru IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 24 Jun ‘25 - 26 Jun ‘25 | ₹13,932 | 36 | ₹387 - ₹414 |
| Issue Size | IPO Doc |
|---|---|
| 1590.00Cr | RHP PDF |
Subscription rate
As of 26 Jun'25, 05:00 PM
| Qualified Institutional Buyers | 3.12x |
| Non-Institutional Investor | 1.31x |
| Retail Individual Investor | 1.27x |
| Employees | 0.69x |
| Total | 2.25x |
About Kalpataru
Founded in
1988
Managing director
Mr Parag M. Munot
Parent organisation
Kalpataru Ltd
Kalpataru Ltd IPO
https://www.youtube.com/watch?v=LT4-DZztiKY
Strengths & Financials of Kalpataru
Strengths
Risks
Kalpataru claims to have a well-established brand presence that allows it to achieve significant sales during the construction phase of its projects. The company generally aims to sell over 80 percent of a project's saleable area before receiving the occupation certificate, which it claims supports operating cash flows and reduces reliance on construction finance.
Kalpataru claims to have a strong pipeline of projects that provides visibility into near-term cash flows. As of FY24, the company had 25 ongoing projects, 10 forthcoming projects, and five planned projects across diverse micro-markets in the MMR, many of which are expected to benefit from major regional infrastructure upgrades. The company further claims that this pipeline supports sustained revenue generation while reinforcing its presence in high-demand areas.
Kalpataru claims to have proven end-to-end execution capabilities through an integrated development model backed by in-house teams across land acquisition, design, approvals, construction, quality control, and sales. The company also claims to work with global consultants and vendors, and has developed customer-focused innovations like the Kalpataru Roots experience centre to support home-buying decisions.
Kalpataru claims to be a leading real estate company in the implementation of green and sustainable building practices. The company states that it integrates environment-friendly measures such as rainwater harvesting, low-flow plumbing, solar panels, electric vehicle (EV) charging points, and reflective roofing across its projects. As of FY24, Kalpataru claims to have secured a total of 39 green building certifications covering 27.15 million square feet, including certifications from the Indian Green Building Council (IGBC) and the Leadership in Energy and Environmental Design (LEED).
Kalpataru has incurred net losses amounting to Rs 113.81 crore in FY24, Rs 226.79 crore in FY23, and Rs 121.55 crore in FY22. Any further continuation of these losses could significantly harm the company’s financial condition and results of operations.
Kalpataru's business is heavily concentrated in MMR and Pune. Together, they accounted for 94.93 percent, 94.93 percent, and 95.00 percent of the company’s real estate development projects in FY24, FY23, and FY22, respectively. Furthermore, MMR alone accounted for 72.50 percent of the company’s ongoing projects in FY24, 72.50 percent in FY23, and 69.68 percent in FY23. Any business or economic disruption in these regions could severely impact the company’s ability to sell or develop projects, thus affecting its financial performance and future growth.
The company’s sales from residential projects accounted for Rs 3,118.37 crore (97.39 percent) of its total sales in FY24, Rs 2,869.13 crore (97.02 percent) in FY23, and Rs 2,092.98 crore (99.00 percent) in FY22. Any downturn in the residential real estate market or failure to align with evolving customer preferences could materially impact Kalpataru’s revenue and overall business performance.
The company reported negative cash flow from investing activities amounting to Rs 132.53 crore in FY24 and Rs 31.95 crore in FY23. Additionally, negative cash flow from financing activities amounted to Rs 257.93 crore in FY24, Rs 2,101.01 crore in FY23, and Rs 513.51 crore in FY22. Furthermore, the company reported a net decrease in cash and cash equivalents amounting to Rs 14.00 crore in FY24 and Rs 6.94 crore in FY22. If cash outflows continue to exceed inflows in the future, the company may face liquidity challenges.
The company, its subsidiaries, joint ventures, associates, group companies, directors, and promoters are involved in certain ongoing legal proceedings, including criminal and tax-related matters. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Kalpataru relies heavily on third-party vendors for critical construction materials such as steel, cement, aggregates, ready-mix concrete, and interior fittings. In FY23 and FY24, the company faced procurement challenges due to transporter strikes across India and geopolitical disturbances like the Israel war, which led to fluctuations in aggregate prices and disrupted reinforced concrete supply. Any continued volatility or delays in material availability could lead to cost and time overruns, thereby adversely impacting the company’s project timelines, profitability, and overall financial health.
A significant portion of Kalpataru’s working capital is funded through presales. It accounted for Rs 2,685.92 crore (83.88 percent) of the company’s total sales in FY24, Rs 2,207.44 crore (74.64 percent) in FY23, and Rs 1,559.22 crore (73.75 percent) in FY22. Any decline in presales, project cancellations, or adverse changes in regulations governing the utilisation of presale proceeds could increase the company’s reliance on external borrowings, thereby impacting its liquidity, financial condition, and operational performance.
As of FY24, the company had contingent liabilities amounting to Rs 281.52 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
As of June 30, 2024, the company had outstanding financial indebtedness amounting to Rs 10,747.69 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Kalpataru Financials
*All values are in Rs. Cr
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Application Details of Kalpataru IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹387 - 414 | ₹2 Lakh |
| Employee | ₹349 - 376 | ₹2 Lakh |
| High Networth Individual | ₹387 - 414 | ₹2 - 5 Lakh |
For Kalpataru IPO, eligible investors can apply as Regular & Employee.