IPO Details
Issue Opening Date: June 24, 2025
Issue Closing Date: June 26, 2025
Issue Size: ₹ 1,590 Cr (@ upper band Rs. 414)
Structure: Fresh Issue ₹ 1,590 Cr
Price Band: ₹ 387 – ₹ 414 per share
Lot Size: 36 shares & multiples thereafter
Application Amounts
Retail Min: ₹ 14,904 (36)
Retail Max: ₹ 1,93,752 (468)
Small HNI: ₹ 2,08,656 (504)
Big HNI: ₹ 10,13,472 (2,448)
Our ViewLong Term Subscribe for High Risk Takers
Company Overview
Kalpataru Limited is part of the Kalpataru Group of companies. It benefits from group synergies in EPC, civil infrastructure, and facility management. It is an integrated real estate developer involved in land acquisition, planning, designing, execution, sales, and marketing of projects.
It is a prominent real estate developer in the Mumbai Metropolitan Region (MMR) with projects across luxury, premium, mid-income, commercial, retail, integrated townships, lifestyle gated communities, and redevelopments. As of Dec 2024, the company had ~24.83 msf of ongoing projects, ~16.33 msf of forthcoming projects, plus additional projects in Hyderabad, Noida, and Nagpur.
Key Highlights
Prominent real estate company in MMR
Well-established brand with sales throughout construction phase
Strong project pipeline ensuring cash flow visibility
Proven end-to-end execution with timely delivery
Leader in sustainable and green buildings
Synergies from Kalpataru Group’s expertise
Objects of the Issue
Repayment/pre-payment of borrowings – Rs. 1,192.50 Cr
General corporate purposes
Our View & Risks
Kalpataru’s affiliation with Kalpataru Group strengthens its execution capabilities. Its portfolio spans luxury to mid-income housing, commercial, and integrated townships. IPO proceeds will reduce debt significantly.
Risks include intense competition, past losses, operational cost escalation, dependence on MMR, regulatory hurdles, and land acquisition challenges.
Financial Snapshot & Valuation
Topline and bottom-line have been inconsistent over the past 3 years, but profitability returned in 9MFY25. EBITDA margin stood at 6.26%. P/BV is 3.66x (NAV Rs. 113.11 as of Dec 2024). Annualized FY24 P/E ~1150x vs industry average ~64x. Competitors: Godrej Properties 92.1x, Oberoi Realty 35.91x.
Kalpataru’s strong brand and IPO-driven debt reduction are positives, but valuations are aggressive. Suitable only for high risk-tolerant long-term investors.
Quick FAQs — Kalpataru IPO
What are the IPO dates and lot size?
Opens June 24, 2025
Closes June 26, 2025
Lot size 36 shares.
What is Kalpataru’s financial condition?
Inconsistent topline and bottom-line over past 3 years; turned positive in 9MFY25.
What is Sushil Finance’s recommendation?
Long Term Subscribe for High Risk Takers.
Brief Financials
| PARTICULARS |
₹ in Million |
| As at Dec. ‘24 |
FY ’24 |
FY ‘23 |
FY ‘22 |
| Total Income |
16,994.89 |
20,299.36 |
37,166.11 |
12,485.54 |
| Total Expenditure |
16,510.15 |
21,252.79 |
38,745.16 |
13,875.86 |
| EBITDA |
1,016.67 |
(780.12) |
(496.67) |
(359.77) |
| Profit before Tax |
473.24 |
(957.03) |
(1,587.44) |
(1,382.65) |
| Profit after Tax |
55.11 |
(1,165.07) |
(2,294.33) |
(1,253.62) |
| E.P.S. (Diluted) |
0.56* |
(7.41) |
(14.56) |
(8.92) |
| P/E (x) (Diluted) |
- |
- |
- |
- |
| RONW (%) |
0.55* |
(10.15) |
(16.74) |
(8.74) |
PRICE CHART (@ ₹ 414) (Retail Category)
| LOT SIZE |
| Amount |
| 36 |
14,904 |
| 72 |
29,808 |
| 108 |
44,712 |
| 144 |
59,616 |
| 180 |
74,520 |
| 216 |
89,424 |
| 252 |
104,328 |
| 288 |
119,232 |
| 324 |
134,136 |
| 360 |
149,040 |
| 396 |
163,944 |
| 432 |
178,848 |
| 468 |
193,752 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
504 |
208,656 |
| Big HNI |
2,448 |
1,013,472 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
27/6/2025 |
| Initiation of refunds/unblocking ASBA Fund |
30/6/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
30/6/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
1/7/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
