Kalpataru
Book Building issueMainboard₹1,590 Cr issue
+0.02%
Listing gain over issue price
Issue size
₹1,590 Cr
1 lot at cut-off
₹14,904
Lot size
36shares
Open
24 Jun 2025
Close
26 Jun 2025
Allotment
27 Jun 2025
Listing
01 Jul 2025
Listing performance
Issue price
₹414
Listed at
₹414.10
Listing-day close
₹433.80
Latest price
₹245.40
Close on 23 Oct 2026
Listing gain
+0.02%
Return since issue
-40.72%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Jun 2025 – 26 Jun 2025
- Listing date
- 01 Jul 2025
- Face value
- ₹10 per share
- Issue price
- ₹414 per share
- Lot size
- 36 shares
- Issue type
- Book Building issue
- Total issue size
- ₹1,590 Cr
- Market cap at offer price
- ₹8,524 Cr
- Promoter holding
- 100.00% → 81.30% pre-issue → post-issue
- ISIN
- INE227J01012
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- 91, Kalpataru Synergy, Opposite Grand Hyatt, Santa, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,71,09,783 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 36 shares per lot, in multiples, at ₹414
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 36 | ₹14,904 |
| Retail (max) | 13 | 468 | ₹1,93,752 |
| S-HNI (min) | 14 | 504 | ₹2,08,656 |
| S-HNI (max) | 67 | 2,412 | ₹9,98,568 |
| B-HNI (min) | 68 | 2,448 | ₹10,13,472 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,71,09,783
Anchor portion
₹708 Cr
at ₹414 per share
Valuation and performance
Valuation at offer price
₹414 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | −6.96 | 0.36 |
| P/E (×) | — | 1,150.00 |
| Price to book (×) | 5.62 | — |
| Market cap | — | ₹8,524 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period
- Return on net worth
- −10.15%
- EBITDA margin
- −4.04%
- NAV per share
- ₹72.96
- Price to book
- 5.62
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Kalpataru
Kalpataru Limited, incorporated in 1988 as a private limited company and converted to public company status in 1995, is a prominent real estate developer based in Mumbai. The company operates across all micro-markets in the Mumbai Metropolitan Region (MMR) and is present in Pune. As of December 31, 2024, Kalpataru Limited was engaged in 25 Ongoing Projects, 6 Forthcoming Projects, and 5 Planned Projects, with a total Developable Area of approximately 48.96 million square feet. The company focuses on developing luxury, premium, and mid-income residential properties, commercial spaces, retail projects, integrated townships, lifestyle gated communities, and redevelopment projects. The company has a portfolio concentrated in the MMR (94.84% of projects) with residential projects constituting 95.41% of total Developable Area.
Company Analysis
from RHPKalpataru Limited is an integrated real estate development company engaged in the identification, acquisition, planning, designing, execution, sales, and marketing of luxury, premium, and mid-income residential, commercial, and retail projects, primarily in the Mumbai Metropolitan Region and Pune.
Kalpataru Limited, incorporated in 1988 as a private limited company and converted to public company status in 1995, is a prominent real estate developer based in Mumbai. The company operates across all micro-markets in the Mumbai Metropolitan Region (MMR) and is present in Pune. As of December 31, 2024, Kalpataru Limited was engaged in 25 Ongoing Projects, 6 Forthcoming Projects, and 5 Planned Projects, with a total Developable Area of approximately 48.96 million square feet. The company focuses on developing luxury, premium, and mid-income residential properties, commercial spaces, retail projects, integrated townships, lifestyle gated communities, and redevelopment projects. The company has a portfolio concentrated in the MMR (94.84% of projects) with residential projects constituting 95.41% of total Developable Area.
Real estate developmentResidential real estateCommercial real estateRetail real estateIntegrated townships and lifestyle gated communities
Objects of the Issue
- Repayment/pre-payment, in full or in part, of certain borrowings availed by our Company ₹3,332.58 million p.26
- Repayment/pre-payment, in full or in part, of certain borrowings availed by our Subsidiaries ₹8,592.42 million p.26
- General corporate purposes [●] p.26
- Repayment/pre-payment of borrowings availed by the Company and certain Subsidiaries ₹11,925.00 million p.47
- General corporate purposes p.76
- Repayment/pre-payment, in full or in part, of certain borrowings availed by our Company and our Subsidiaries ₹11,925.00 million p.130
- General corporate purposes p.130
- Repayment, prepayment or redemption, of all or a portion of borrowings availed by our Company and some of our Subsidiaries p.239
Issue Structure
- Total Issue
- ₹15,900 million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹10 aggregating up to ₹15,900 million
- Offer for Sale
- Not applicable
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
Kalpataru Limited generates revenue through the development and sale of residential, commercial, and retail real estate projects. The company identifies and acquires land or development rights, plans and designs projects, executes construction, and markets and sells units to customers. Revenue is recognized when customers obtain control of promised assets, typically linked to the issuance of occupancy certificates.
Business Segments
Development and sale of luxury, premium, and mid-income residential properties
Development and sale of commercial real estate projects
Development and sale of retail real estate projects
Development and sale of luxury, premium and mid-income residential housing units across MMR, Pune and other cities
Development of commercial office space for sale and lease
Development of retail shopping centers and malls
Redevelopment of old buildings in MMR involving rehabilitation of existing occupants and development of new residential units
Development and sale of residential real estate projects across different price points and micro-markets in Mumbai Metropolitan Region and Pune
Development and sale of commercial real estate projects
Development, construction, and sale of residential apartments and projects across various price points including ultra-luxury, luxury, high-end and mid-end categories
Development and operation of commercial office spaces and business centers
Development of mall and retail properties
Development of luxury, premium, and mid-income residential projects including multi-storey apartments, lifestyle gated communities, and plotted developments
Development of commercial office spaces and business centers
Development of shopping malls characterized by aesthetic design, high quality infrastructure with leisure and entertainment options
Development of multi-use developments in city centers or close proximity consisting of residences, commercial office space, retail properties, and hospitality facilities
Development, sale, and management of villas, apartments, and plots with amenities such as clubs, spas, and recreation facilities
Development and sale of residential units under various project brands
Development and sale of commercial spaces and office properties
Development of mixed-use projects and retail spaces
Development of residential and commercial properties including work-in-progress, finished stock, and raw materials; land and development rights sales
Earning rental income from investment properties held for capital appreciation; provision of license fees and service charges from leasing residential and commercial premises
Cultivation and production of agricultural produce including rice, pulses, cotton, soybean, and ornamental plants
Development and sale of residential, commercial, and retail properties; leasing of premises
Development and sale of luxury, premium, and mid-income residential properties including villas, duplexes, apartments, and plots of varying sizes. As of December 31, 2024, 68.31% of the Developable Area of residential projects within the Development Portfolio were located within MMR, aggregating 33.45 msf.
Development, leasing and/or sale of commercial office units and spaces adopting a model of developing, leasing and/or selling commercial units.
Development, management and lease of retail shopping mall units within shopping centers.
Development, sale or lease and management of residential, commercial and retail developments within integrated township and lifestyle gated community projects.
SWOT Analysis
Strengths
- • Residential market dominance with 95.41% of developable area(p.43)
- • Strong sales generation with 94.35% from residential projects(p.43)
- • Diversified portfolio across luxury, premium and mid-income segments(p.43)
- • Green building certifications across 39 projects(p.77)
- • Established portfolio of 75 completed projects(p.53)
- • Strong presales collections at 96.13% of total sales(p.71)
- • Prominent real estate company in MMR with diversified portfolio across micro-markets and price points(p.143)
- • Well-established brand with ability to sell throughout construction phase(p.143)
- • Strong project pipeline with visibility towards near-term cash flows(p.143)
- • Proven end-to-end execution capabilities with continuous innovation and timely delivery(p.143)
- • Leading in green and sustainable building implementation(p.143)
- • Affiliation with Kalpataru Group enhances reputation and enables synergies(p.143)
- • Experienced and qualified management team with strong HR practices(p.143)
- • Prominent position in MMR across all micro-markets with diversified portfolio(p.230)
- • Fifth largest developer in MCGM and seventh largest in Thane by units supplied(p.230)
- • Strong brand enabling sales throughout construction phase and commanding price premiums(p.232)
- • Integrated end-to-end execution capabilities with in-house resources(p.235)
- • Established expertise in green and sustainable building with founding IGBC membership(p.229)
- • Strong project pipeline with 25 ongoing and 6 forthcoming projects providing near-term cash flow visibility(p.235)
- • Extensive end-to-end execution capabilities across diverse project types(p.236)
- • Leading position in green and sustainable building development with 39 IGBC/LEED certified projects(p.236)
- • Strong geographic concentration with 94.84% of Development Portfolio in high-growth MMR and Pune(p.238)
- • Large land bank of 485.38 acres enabling future growth and multiple development approaches(p.238)
- • Adoption of advanced technologies and quality control systems for structural integrity and efficiency(p.239)
- • Experienced management team with deep real estate expertise(p.353)
- • Long-tenured key personnel providing operational stability(p.353)
- • Established CSR governance and risk management frameworks(p.349)
- • Comprehensive risk management committee addressing ESG risks(p.351)
- • Extensive related party network and group structure providing financial flexibility(p.505)
- • Active intra-group lending and liquidity management through multiple entities(p.504)
- • Diversified subsidiary portfolio with 40+ operating entities(p.507)
Weaknesses
- • History of net losses affecting financial condition(p.37)
- • Geographic concentration in MMR and Pune(p.37)
- • Incomplete land acquisition for Planned Projects(p.39)
- • Going concern warnings from auditors on multiple subsidiaries(p.39)
- • Heavy dependence on residential segment(p.41)
- • Outstanding litigation across company and subsidiaries(p.40)
- • Sustained losses across majority of subsidiary companies(p.45)
- • High total borrowings of ₹110,563.95 million(p.46)
- • Net gearing ratio of 86.50%(p.53)
- • Negative cash flows in multiple years(p.43)
- • High unsold inventory valued at ₹82,486.10 million(p.67)
- • Past delays in statutory dues and GST filings(p.61)
- • Non-ownership of 'Kalpataru' brand trademark(p.53)
- • Dependence on presales for working capital(p.71)
- • Significant accumulated losses over past years with negative profitability(p.97)
- • High financial leverage with total borrowings of ₹101,866.22 million as of April 30, 2025(p.131)
- • Current liabilities exceed non-current liabilities with significant working capital pressure(p.96)
- • Unable to trace complete set of corporate records and past resolutions(p.112)
- • Heavily dependent on Promoter group funding with ₹14,400 million unsecured loans converted to CCDs(p.113)
- • Negative EBITDA in prior years despite recent improvement(p.146)
- • Negative EBITDA and EBITDA margins in recent fiscal years(p.230)
- • Modest sales volume relative to peer competitors(p.225)
- • Limited geographic diversification beyond MMR and Pune(p.228)
- • High net gearing ratio of 86.50% as of December 31, 2024(p.239)
- • Dependence on few marquee projects for revenue contribution(p.245)
- • Multiple ongoing projects at advanced completion stages creating execution risk(p.245)
- • Significant accumulated losses over recent periods(p.382)
- • High financial leverage with substantial borrowings(p.381)
- • Negative non-controlling interest indicating losses borne by minorities(p.381)
- • Declining inventory turnover and project execution challenges(p.402)
- • High financial leverage and debt burden(p.406)
- • Significant accumulated losses reducing retained earnings(p.405)
- • Dependence on restructured loans with extended payment terms(p.411)
- • Heavy reliance on related party financing(p.423)
- • Extensive guarantees and pledges of properties as collateral(p.424)
- • Material contingent liabilities from outstanding guarantees(p.437)
- • Heavy dependence on related party financing, particularly loans from ultimate holding company Kalpataru Limited(p.448)
- • Substantial contingent liabilities through cross-collateralized guarantees provided on behalf of related parties(p.450)
- • Complex capital structure with numerous subsidiary and related party relationships creating interconnected financial risk(p.452)
- • Heavy dependence on related party financing and cross-guarantees for debt servicing(p.505)
- • Significant portion of assets pledged as collateral reducing financial flexibility(p.552)
- • Persistent unprofitability across reporting periods(p.553)
- • High leverage with net debt to equity ratio of 86.50%(p.555)
- • Significant contingent liabilities from tax and regulatory disputes(p.552)
- • Multiple subsidiaries operating at going concern risk with losses and negative net worth(p.607)
- • High leverage and significant debt servicing burden(p.605)
- • Negative cash position and liquidity constraints(p.603)
- • Recurring EPFO compliance violations and penalties(p.618)
- • Significant contingent liabilities and tax disputes(p.606)
- • Multiple land title disputes and litigation across projects(p.617)
- • Substantial real estate authority complaints and refund liabilities(p.619)
- • Significant litigation exposure affecting key properties and land titles(p.658)
- • Multiple disputes over land ownership and title involving subsidiaries and group companies(p.658)
- • Criminal proceedings against directors involving fraud and misrepresentation allegations(p.654)
- • Promoter and director involvement in multiple complex litigation matters(p.654)
- • Tax demands and assessments against group companies(p.653)
Opportunities
- • Expansion into high-growth cities beyond MMR and Pune(p.66)
- • Growth in multiple residential segments(p.43)
- • Selective retail and commercial development opportunities(p.43)
- • Debt reduction through IPO proceeds utilization(p.47)
- • Recovery in real estate market with inventory normalization(p.84)
- • India is fastest-growing major economy with strong residential real estate sector growth(p.157)
- • Strong housing demand driven by income growth and improved affordability(p.157)
- • Expected real GDP growth of 6.5% in 2025, highest among major global economies(p.157)
- • Opportunity to utilize Net Proceeds for debt reduction and business expansion(p.131)
- • Listing enhancement to improve visibility and brand image(p.130)
- • India's real estate market projected to grow from $180 billion in 2020 to $1,000 billion by 2030(p.158)
- • Strong urbanization trend with 50% of India's population expected to be urban by 2046(p.159)
- • Rising household incomes and improving affordability with 100+ million households moving to upper-middle and higher income brackets by 2030(p.160)
- • Demographic dividend with India's working-age population (15-59) set to peak at 65% around 2036(p.161)
- • Consolidation favoring branded developers with leading developers' share increasing from 17% in FY2017 to 34% by 9M FY2024(p.164)
- • Growing preference for branded developers with execution risk and consistent delivery track records(p.234)
- • MMR projected to record strong supply and absorption with approximately 4.59 lakh units absorbed in 2024(p.168)
- • Significant growth from redevelopment projects in capital constrained locations like South Mumbai(p.239)
- • Growing demand for mixed-use developments with evolving consumer preferences(p.240)
- • Expansion into high-growth cities beyond MMR and Pune(p.238)
- • Asset-light JV/JDA model to unlock growth with lower capital requirements(p.239)
- • Strong pipeline of upcoming project launches to capitalize on market trends(p.238)
- • Expansion into emerging real estate markets and segments(p.385)
- • Diversified portfolio across residential, commercial and agricultural properties(p.349)
- • Capital raise through IPO to strengthen balance sheet and reduce leverage(p.385)
- • Monetization of investment property portfolio generating rental income(p.399)
- • Significant advance customer payments indicating strong pre-sales(p.410)
- • Growth in residential unit sales(p.416)
- • Expansion through joint development agreements for real estate projects(p.552)
- • Monetization of investment properties through leasing(p.553)
- • Capital recycling through completed project monetization(p.552)
Threats
- • Regional economic and regulatory risks in MMR and Pune(p.38)
- • Cyclical demand for residential properties(p.41)
- • Industry-wide competition in key markets(p.38)
- • Limited land availability and high land acquisition competition in MMR and Pune(p.47)
- • Construction delays and cost overruns risk due to multiple external factors(p.48)
- • Intense competition from larger developers and price wars(p.47)
- • Regulatory changes affecting project completion and development(p.48)
- • Material price fluctuations affecting construction costs(p.56)
- • Economic downturn impacting high-income residential demand(p.69)
- • Rising interest rates reducing customer financing ability(p.69)
- • Operational dependency on third-party contractors(p.67)
- • Title disputes and land acquisition complexities(p.48)
- • Redevelopment project execution risks and stakeholder management(p.56)
- • Significant outstanding borrowings of ₹101,866.22 million creating debt servicing risk(p.131)
- • High dependence on bank financing with multiple lenders creating refinancing risk(p.131)
- • Multiple subsidiaries showing negative EBITDA indicating operational challenges(p.138)
- • Regulatory and compliance risks related to missing corporate records(p.112)
- • Real estate sector cyclicality and external economic factors beyond management control(p.131)
- • Real GDP growth projected to moderate to 6.5% in 2025 from 7% in 2024(p.157)
- • High interest rates on home loans reducing affordability for buyers(p.222)
- • Economic slowdown and unemployment risks affecting buyer demand(p.222)
- • Market saturation in some urban areas leading to intense competition and price wars(p.223)
- • Regulatory changes creating uncertainty for developers and frequent policy revisions(p.222)
- • Infrastructure delays affecting real estate development in dependent areas(p.223)
- • Flooding risks in Mumbai during monsoon seasons affecting property desirability(p.223)
- • Rising construction costs affecting project feasibility in high-cost locations(p.224)
- • Highly competitive and fragmented real estate market with larger competitors(p.268)
- • Market saturation risk in certain geographical segments(p.268)
- • Regulatory complexity and compliance requirements including RERA registration mandates(p.273)
- • Construction industry labor challenges and dependency on skilled workers(p.269)
- • Real estate market cyclicality and demand volatility(p.373)
- • Restrictive covenants limiting financial flexibility(p.373)
- • Operating cycle exceeding twelve months creating working capital pressure(p.385)
- • Dependence on regulatory approvals and compliance complexity(p.350)
- • High concentration of loans with specific financial institutions requiring ongoing restructuring support(p.406)
- • Exposure to real estate market cyclicality and economic downturns(p.416)
- • Interest rate risk from floating rate borrowings(p.406)
- • Regulatory risk from changes in real estate regulations and developer norms(p.408)
- • Concentration of development projects in specific geographic locations(p.406)
- • Significant real estate market cyclicality and project execution delays(p.552)
- • Regulatory and tax disputes in multiple jurisdictions(p.552)
- • Pending legal cases with unascertained liabilities(p.552)
- • High exposure to input cost inflation and construction cost volatility(p.552)
- • Liquidity risk from heavy debt maturity schedule(p.555)
- • Extensive litigation involving land title disputes affecting project development(p.625)
- • Regulatory non-compliance and RERA enforcement actions(p.623)
- • Material stamp duty and tax assessment demands from authorities(p.622)
- • Agricultural land ceiling legislation restricting land development(p.647)
- • Environmental compliance challenges and pollution control violations(p.631)
- • Infrastructure authority cost demands and development charges disputes(p.624)
- • Regulatory and statutory approval risks for project development(p.662)
- • Pending environmental clearance challenge from regulatory bodies(p.659)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mofatraj P. Munot | Promoter | 21.68% | — |
| Parag M. Munot | Promoter | 12.12% | — |
| Parag M. Munot | Promoter | — | — |
| Mofatraj P. Munot | Promoter | 21.68% | — |
| Parag M. Munot | Promoter | 12.12% | — |
| Kalpataru Constructions Private Limited | Promoter Group | 11.02% | — |
| Appropriate Developers Private Limited | Promoter Group | 8.32% | — |
| Shouri Investment and Trading Company Private Limited | Promoter Group | 8.17% | — |
| Mrigashish Investment and Trading Company Private Limited | Promoter Group | 8.17% | — |
| Flex-O-Poly Private Limited | Promoter Group | 8.17% | — |
| Mrigashish Constructions Private Limited | Promoter Group | 8.00% | — |
| Parag M. Munot | Promoter | — | — |
| Kalpataru Constructions Private Limited | Promoter Group | — | — |
| Ixora Properties Private Limited | Promoter Group | — | — |
| Mofatraj P. Munot | Promoter | 21.68% | — |
| Parag M. Munot | Promoter | 12.12% | — |
| Mofatraj P. Munot | Promoter | 33.80% | — |
| Parag M. Munot | Promoter | 33.80% | — |
| Mofatraj P. Munot | Promoter | 26.00% | — |
| Parag M. Munot | Promoter | 9.00% | — |
| Mofatraj P. Munot | Promoter | — | — |
| Parag M. Munot | Promoter | — | — |
| Mofatraj P. Munot | Promoter | — | — |
| Parag M. Munot | Promoter | — | — |
Leadership
Mofatraj P. Munot · Non-Executive Chairman
Parag M. Munot · Managing Director and Executive Director
Narendra Kumar Lodha · Executive Director
Chandrashekhar Joglekar · CFO
Abhishek Thareja · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Kalpataru IPO FAQs
What is the lot size of Kalpataru IPO?
The minimum lot size of Kalpataru IPO is 36 shares. One lot costs ₹14,904 at the cut-off price.
When does Kalpataru IPO open and close?
Kalpataru IPO opened for subscription on 24 Jun 2025 and closed on 26 Jun 2025.
What is the listing date of Kalpataru IPO?
Kalpataru IPO listed on 01 Jul 2025.