&w=3840&q=100)
Real estate giant Kalpataru eyes deleveraging amid ₹1,590 cr IPO
Kalpataru's net debt stood at around Rs 10,120.52 crore as of December 31, 2024. Its debt-to-equity ratio was around 3.7x, which it expects to reduce to below 2x after the fundraise. Of the Rs 1,590 crore the company aims to raise via the IPO, Rs 1,192.5 crore will be utilised for the repayment of borrowings.
In 2022, the company sold land parcels across Thane and Pune for Rs 2,002.6 crore. Between 2023 and 2024, the company's promoters and members of the promoter group infused Rs 1,440 crore through the conversion of unsecured loans into compulsorily convertible debentures (CCDs).
On March 27, 2025, the company converted these CCDs into 2.78 crore equity shares at Rs 517.25 per share (including a premium of Rs 507.25).
'As of March, our debt-equity ratio, due to the conversion of CCDs into equity, has already come to 3.7. On the repayment of debt and raising of capital from the IPO, it will go down further below 2x,' said Chandrashekhar Joglekar, chief financial officer, Kalpataru.
He also informed that the company's cash and bank balance is around Rs 800 crore.
Further, the company is banking on its project pipeline, out of which 24.83 million square feet (msf) is ongoing, 16.33 msf is forthcoming and 7.8 msf is in the planning stage. It also has land reserves of around 1,600 acres across the Mumbai Metropolitan Region (MMR), Pune and Surat.
'In FY26 and FY27, we will be delivering many projects totalling 10 msf. That will generate a lot of net cash or surplus cash, which will be automatically utilised towards debt repayment, bringing down that debt to almost half of what it is today, depending upon how the cash flows pan out. The deleveraging strategy is very clear,' Joglekar added.
The company's IPO will open on Tuesday, June 24, 2025, and close on Thursday, June 26, 2025. The price band for the fresh issue has been fixed between Rs 387 and Rs 414 per equity share. Bids can be made for a minimum of 36 equity shares and in multiples of 36 thereafter.
So far, the company has developed over 120 projects across 10 Indian cities. Its revenue from operations in the first nine months (9M) of FY25 was Rs 1,624.7 crore, compared to Rs 1,929.98 crore in FY24. The company posted a profit of Rs 5.51 crore in 9M FY25, against a loss of Rs 116.51 crore earlier.
The management attributed the earlier losses to the revenue recognition method it follows, under which revenues are recognised only after a project is completed.
In 9M FY25, the company recorded sales of Rs 2,727.3 crore, compared to Rs 3,201.98 crore in FY24.
About 92 per cent of the company's portfolio is in the residential segment, and it aims to continue focusing on this, particularly through asset-light projects such as redevelopment, joint ventures (JVs) and joint developments (JDs). Currently, 25 per cent of Kalpataru's portfolio comprises asset-light projects, and Munot expects this share to increase.
'Redevelopment has seen strong growth now because of the Development Control Regulations (DCR) change. South Mumbai and the suburbs have become viable for redevelopment. It's the right time to go public, because only when you are listed do you have the potential to acquire more projects,' Munot said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Value Chain
4 minutes ago
- Fashion Value Chain
Sleepyhead's Purr-fect Couch for Cats and Pet Parents
Sleepyhead, the modern furniture and sleep solutions brand, has launched the Purr-fect Couch — India's first sofa designed for both humans and cats — in partnership with pet care brand Supertails. This limited-edition piece celebrates International Cat Day, merging Sleepyhead's expertise in human comfort with Supertails' insights into feline needs. Available at an introductory price of INR 30,000 on and select Bengaluru stores, each purchase includes a complimentary 6-month supply of cat food from Supertails. The design offers a blend of contemporary style and pet-focused functionality: Play Cubbies : Two cosy spaces where cats can hide while staying close to their owners. Scratch Pad : A dedicated scratching area to keep claws busy and furniture damage-free. Changeable Catnip Toys: Two dangling toy balls for endless swatting, jumping, and playful hunting. Ullas Vijay, Chief Marketing Officer, Duroflex Group, explained, 'For pet parents, cats get bored easily and most homes don't keep them engaged. Their favourite spots are often scattered — from a corner hideout to a separate scratching post. The Purr-fect Couch brings structure and shared comfort by blending our design expertise with Supertails' understanding of feline wellbeing.' Vineet Khanna, Co-founder, Supertails, added, 'Indian pet parents are prioritising their pets' wellbeing more than ever, with the pet care market projected to touch Rs 1 lakh crore in the next decade. Collaborating with Sleepyhead allowed us to create a product that reflects this shift.' Promoted across Sleepyhead's social channels, the launch targets the growing community of pet parents, aligning with the brand's unconventional design ethos. From the Pride Sofa under the 'Straight Isn't the Default' campaign to this cat-friendly innovation, Sleepyhead continues to design for modern living and meaningful connections between people and their pets.
Time of India
4 minutes ago
- Time of India
Baba Vanga's 2025-26 economic crisis warning - Is Donald Trump's trade war making it real?
Baba Vanga prediction 2025: Baba Vanga, the famous Bulgarian mystic, is believed to have accurately predicted some of the world's biggest events, including the 9/11 World Trade Centre attacks and the tragic death of Princess Diana. Among her many forecasts, she also warned of a major economic crisis between 2025 and 2026. Considering the recent trade moves by US President Donald Trump, many now believe this prediction could be on its way to becoming a reality. Trump has recently signed trade agreements with several countries, but at the same time, he has introduced average tariffs of around 20%. For Brazil and India, the tariff rate has been set as high as 50%, shaking global markets and creating uncertainty. Trump's Tough Stance on India Trump, who has often called himself a 'friend' of India, has now taken a strict approach. Not only has he imposed a 50% tariff on Indian goods, but he has also warned of penalties if India continues to buy oil from Russia. Experts say this move could hit India's energy supply and disrupt its import-export balance, leading to economic pressure. Targeting BRICS Nations The BRICS group – which includes Brazil, Russia, India, China, and South Africa – has also been a target of Trump's sharp comments. He has repeatedly questioned the trade and economic policies of these countries, sparking further tension in the global trade environment. Analysts believe such aggressive remarks and actions could make international trade relations even more fragile. Global Markets React with Volatility Following these announcements, global stock markets have seen sharp fluctuations. Investors are becoming more cautious, and many national currencies are under pressure. Market experts warn that if this tariff conflict drags on, it could push the world towards the kind of economic crisis Baba Vanga warned about for 2026. Will Baba Vanga's 2026 Crisis Prediction Come True? Over the years, Baba Vanga's predictions have sparked debate, fascination, and fear. While not all her forecasts have been proven, the unfolding trade tensions have made many wonder if her warning about a massive financial downturn could soon become a reality. The coming months will show whether the world is heading towards one of the most challenging economic periods in recent history. To stay updated on the stories that are going viral, follow Indiatimes Trending.
Time of India
4 minutes ago
- Time of India
VinFast Auto India ties up with HDFC Bank to offer dealer, customer financing ahead of EV launch
VinFast Auto India, the local arm of global electric vehicle (EV) manufacturer, on Monday signed a Memorandum of Understanding (MoU) with HDFC Bank to provide auto and inventory financing for its exclusive dealer network. According to the official press release, the agreement marks the company's first tie-up with a banking institution in India and comes ahead of its much-anticipated market debut. Under the partnership, VinFast will leverage HDFC Bank's extensive nationwide branch network and digital platforms to extend credit solutions to customers and dealers across both metropolitan and emerging markets. The move supports the company's broader strategy to drive adoption of sustainable mobility solutions in one of the world's fastest-growing EV markets. The MoU was signed by Pham Sanh Chau, CEO of VinFast Asia, and Akhilesh Kumar Roy, Business Head – Auto Loans, Inventory Finance, and Two-Wheeler Loans, HDFC Bank. 'This MoU marks a significant milestone in making electric mobility more inclusive, convenient, and future-ready for Indian consumers,' said Chau. Arvind Vohra, Group Head – Retail Assets, HDFC Bank, noted that financing will play a critical role in accelerating EV adoption. 'The MoU with VinFast will enable customers to access its well-known product range through flexible financing options,' he said. VinFast is preparing to launch its VF 6 and VF 7 models in India, as part of its push to establish a strong, customer-centric presence in the country.
