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Veegaland Developers Ltd IPO
Veegaland Developers Ltd
₹13,910 /107 sharesMinimum investment
IPO listing details
Listed on
18 Sep '26
Issue price
₹140.00
Listing price
₹154.00
Listing gains
₹14.00 (10.00%)
Exchange
BSE
IPO details
Minimum investment
₹13,910
Price range
₹130 - ₹140
Lot size
107
Issue size
210 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers17.76x
Non-Institutional Investor17.98x
Retail Individual Investor8.88x
Total13.37x
As of 15 Sep'26, 04:55 PM
Schedule
10 Sep 2026
IPO open date
15 Sep 2026
IPO close date
16 Sep 2026
Allotment date
16 Sep 2026
Funds unblock or debit
18 Sep 2026
Tentative listing date
About
Founded in
2007
MD/CEO
Kochouseph Thomas Chittilappilly
Parent organisation
Veegaland Developers Ltd
Veegaland Developers Ltd IPO
https://www.youtube.com/watch?v=bcXmkSOYO2Y&feature=youtu.be
Veegaland Developers Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
Veegaland Developers has a record of completing and selling its residential projects. Its completed portfolio of 692 residential units, including units allocated to landowners under joint development agreements (JDAs), had achieved 100% sales. Several projects, including Exotica, Bliss, Thejus, and Springbell, were also completed before their estimated RERA completion dates.
Veegaland Developers is part of the V-Guard Group, which has interests in consumer electricals, entertainment, fashion and apparel, among other activities. This association with the V-Guard Group provides the company with an established group identity and promoter experience. Its promoter, Kochouseph Thomas Chittilappilly, has over 49 years of diversified experience and is the founder of V-Guard Industries Limited and Wonderla Holidays Limited, both publicly listed companies.
The company has demonstrated strong sales absorption across several ongoing projects. As of June 30, 2026, Green Fort was fully sold, while Green Heights and Maybell had achieved sales of 99.29% and 98.77%, respectively. The company’s sales value also increased from Rs 186.96 crore in FY24 to Rs 393.62 crore in FY26, representing a CAGR of 45.10%.
Veegaland Developers follows a mixed land acquisition strategy involving outright purchases and JDAs. This allows the company to acquire development land directly while also undertaking selected projects where landowners contribute land in exchange for an agreed share of the saleable area, reducing upfront land acquisition requirements for such projects.
The company has a portfolio spread across different stages of development. As of June 30, 2026, it had 10 completed projects, 12 ongoing projects, and three upcoming projects in Kerala. It also maintained land reserves aggregating 6.51 acres across Kochi and Kozhikode for its future development pipeline.
Veegaland Developers operates across multiple cities in Kerala rather than relying on a single local market. Its projects are located in Kochi, Thiruvananthapuram, Kozhikode, and Thrissur, providing geographic diversification within the state.
The company claims to follow an integrated development model covering the project lifecycle from land sourcing to customer handover. Its in-house team oversees planning, project monitoring, quality control and regulatory compliance, while construction and specialised design services are carried out with third-party contractors and consultants.
The company is supported by an experienced promoter and an in-house technical team. Its promoter, Kochouseph Thomas Chittilappilly, has over 49 years of diversified business experience, while the company had 45 engineers in project-monitoring roles supporting planning and execution across its residential projects.
The revenue from operations and profit after tax increased consistently in FY24, FY25, and FY26, respectively. Revenue from operations went from Rs 110.77 crore to Rs 192.37 crore and Rs 250.98 crore during the said period. PAT went from Rs 7.87 crore to Rs 20.42 crore and Rs 26.61 crore during the same period.
Veegaland Developers’ entire project portfolio is concentrated in Kerala. As of June 30, 2026, all of its completed, ongoing, and upcoming projects were located in Kerala, with no projects outside the state. Due to this extreme concentration in the state, any adverse economic, regulatory, real estate market, or climatic developments in Kerala could negatively impact the company’s project execution, sales, pricing, profitability, and cash flows.
A significant portion of Veegaland Developers’ future revenue and cash flows depends on the timely completion of its ongoing and upcoming projects. As of June 30, 2026, the company had 12 ongoing projects with 994 units and 1,857,460 sq. ft. of saleable area, of which 1,187,089 sq. ft. (63.91%) had been booked, along with three upcoming projects covering an estimated 462,010 sq. ft. Any delays in construction, statutory approvals, labour or material availability, or cost overruns could defer revenue recognition, delay customer collections, and adversely affect the company’s financial performance.
Veegaland Developers’ capital-intensive business requires substantial upfront investment before it can fully realise revenue from its projects. The company funds its requirements through internal accruals, customer advances, borrowings from its promoter, and loans from banks and financial institutions. Though its debt-equity ratio has sharply come down to 0.32 as of March 2026, compared with 2.70 as of March 2025 and 2.67 as of March 2024, its trajectory going forward needs to be monitored. Any tightening of credit conditions, increase in interest rates, or inability to secure additional funding could restrict the company’s ability to finance its ongoing and upcoming projects and maintain adequate liquidity.
Veegaland Developers is dependent on a limited number of suppliers, vendors, and contractors for construction materials, labour, and direct expenses. The top 10 suppliers contributed Rs 104.49 crore (41.85%) to these expenses in FY26, Rs 72.44 crore (70.56%) in FY25, and Rs 44.57 crore (65.63%) in FY24. Any disruption in the operations of key suppliers or contractors, or an inability to secure suitable alternatives on acceptable terms, could lead to project delays, cost overruns, or higher construction costs.
Veegaland Developers reported negative cash flows from operating activities of Rs 74.26 crore in FY26 and Rs 43.99 crore in FY25, compared with positive cash flows of Rs 8.83 crore in FY24. The negative cash flows in FY26 and FY25 were primarily due to working capital outflows, including increases in land inventories for future projects and trade receivables from ongoing construction and stage-wise customer billing, as well as timing differences between revenue recognition and actual cash collections. Sustained positive operating cash flows are important to fund its growth plans. Continuous negative cash flows could increase the company’s reliance on external funding and create liquidity pressures.
Veegaland Developers, its directors and promoters are involved in outstanding legal proceedings pending before various courts, tribunals, inquiry officers, and appellate tribunals. Adverse outcomes in any of these proceedings could result in financial liabilities, which could hurt the company’s reputation, business, cash flows and financial condition.
Veegaland Developers’ cash flows are dependent on timely customer payments linked to construction milestones, while cancellations and defaults could affect collections. As of June 30, 2026, the company had sold 637 units covering 1,172,182 sq. ft. of saleable area, representing 63.62% of the saleable area excluding JDA across its ongoing projects. The company recorded 9 cancellations involving receivables reversed of Rs 6.45 crore in FY26, compared with 6 cancellations and Rs 3.65 crore in reversed receivables in FY25 and 2 cancellations and Rs 0.46 crore in FY24. An increase in customer payment delays, defaults, or cancellations could increase working capital requirements and adversely affect the company’s cash flows and profitability.
Veegaland Developers operates in a highly competitive and fragmented residential real estate market in Kerala. The company competes with listed developers, regional developers, and unorganised players for land and development rights, skilled manpower, contractors, consultants, channel partners, and customers. Larger and better-capitalised competitors may be able to offer lower prices or spend more on marketing, which could put pressure on the company’s pricing, sales absorption, and profit margins.
Veegaland Developers had total outstanding borrowings of Rs 85.59 crore as of March 31, 2026. Any inability to service or repay these borrowings, or any increase in financing costs, could adversely affect the company’s financial condition and liquidity.
Application details
For Veegaland Developers IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹130 - ₹140 | Upto ₹2 Lakhs | 107 |
| High Networth Individual | ₹130 - ₹140 | ₹2 - ₹5 Lakhs | 107 |
About
Objectives of Veegaland Developers IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Funding a part of the expense to be incurred in the development of our Ongoing Projects |
119.83 |
|
Funding unidentified acquisition of land |
[.] |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of Veegaland Developers IPO
|
Book Running Lead Manager |
Cumulative Capital Private Limited |
|
Registrar to the Issue |
MUFG Intime India Private Limited |
Key Performance Indicators (KPIs) of Veegaland Developers Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
16.02 |
|
ROCE (%) |
11.89 |
|
EBITDA Margin (%) |
16.78 |
|
Debt to Equity Ratio |
0.32 |
|
PAT Margin (%) |
10.47 |
|
Return on Net Worth (RoNW) (%) |
16.02 |
|
Net Asset Value (NAV) per Equity Share (₹) |
79.08 |
|
EPS (Pre-IPO) (₹) |
7.89 |
Veegaland Developers IPO Contact Details
|
Company Name |
Veegaland Developers Limited |
|
Registered Office |
XXXV/564, 4th Floor, K C F Tower, Bharat Matha College Road,Kakkanadu, Thrikkakara, Ernakulam–682021, Kerala, India |
|
Phone |
+91 484258 4000 |
|
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Website |
Veegaland Developers IPO Registrar Contact Details
|
Company Name |
MUFG Intime India Private Limited |
|
Phone |
+91 810 811 4949 |
|
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Website |