Kalpataru IPO Review & Analysis, Issue Details, Live GMP Today, Live Subscription Status Today, Date, Share Price, Lot Size

Kalpataru is an integrated real estate development company engaged in the end-to-end value chain of real estate—from land acquisition, planning, designing, and execution to sales and marketing. It is a leading developer in the Mumbai Metropolitan Region (MMR), with a presence across all micro-markets in the area (Source: Anarock Report).

Between 2019 and 2023, MMR ranked first among the top seven Indian real estate markets in supply, absorption, and average base selling price. Kalpataru ranked as the 5th largest developer in the MCGM area and the 4th largest in Thane by units supplied in the same period.

As of March 31, 2024, the company (including its Promoters) completed 113 projects covering over 24.10 million sq. ft. (msf) of Developable Area across cities such as Mumbai, Thane, Pune, Panvel, Hyderabad, Indore, Bengaluru, and Jodhpur.

Part of the Kalpataru Group, which operates in EPC contracting, power transmission, railways, civil infrastructure, and facility management across 73 countries, the company benefits from group synergies and construction expertise. The Kalpataru brand, known for trust, quality, and reliability, is licensed from Kalpataru Business Solutions Pvt Ltd.

Project development spans luxury, premium, and mid-income residential, commercial, and retail segments, including integrated townships and gated communities. Residential offerings include villas, duplexes, apartments, and plots, with a major focus on MMR, which accounts for 67.71% of the residential Developable Area, aggregating to 33.69 msf.

Commercial projects follow a develop, lease and/or sell model, while retail developments are developed, managed, and leased, especially in shopping malls. As of March 31, 2024, Land Reserves stood at 1,886.10 acres, which are currently not part of any active or planned development.

Kalpataru also pursues an asset-light development strategy via redevelopment, Joint Development Agreements (JDAs), and Joint Ventures (JVs). As of March 2024, the portfolio included 7 redevelopment (2.30 msf), 2 JV (3.55 msf), and 6 JDA (6.53 msf) projects, contributing 4.62%, 7.13%, and 13.12% respectively to the total Developable Area across project stages.

The project pipeline includes 22.02 msf of Ongoing Projects and 19.93 msf of Forthcoming Projects, scheduled for launch through FY 2025–2027. Beyond MMR and Pune, projects are also located in Hyderabad, Noida, Nagpur, Surat, and Udaipur.

Kalpataru follows a research-driven approach in design and planning, optimizing layout, FSI utilization, unit sizing, amenities, and sales strategy, all executed through an in-house integrated real estate development model.

The Bankers to the Company are Axis Bank Limited, ICICI Bank Limited and IndusInd Bank Limited.

Industry Analysis: Indian Real Estate with Focus on Sustainability, MMR, and Surat

India’s real estate sector is expanding rapidly, often at a significant environmental cost. The growing need for sustainable, eco-friendly buildings is crucial to mitigate this impact, particularly in the post-COVID era, which emphasized the importance of resilient and healthy living spaces.

Green buildings help reduce energy and water usage, lower operational costs, and enhance indoor air quality. The Indian Green Building Council (IGBC), formed by the Confederation of Indian Industry (CII) in 2001, promotes sustainable construction through rating systems like Green Homes, Green New Buildings, and Green Townships, aiming for a sustainable built environment by 2025.

India’s top seven cities—Mumbai MMR, Pune, Bengaluru, Hyderabad, NCR, Chennai, and Kolkata—have witnessed strong growth in both supply and absorption between 2019 and 2023.

Mumbai, India’s financial and commercial hub, contributes over 6% to the national GDP and hosts major institutions like RBI, NSE, BSE, and top conglomerates. It’s also a center for media, BFSI, IT, and logistics.

MMR’s real estate spans diverse micro-markets—from the city core to suburbs and extended zones like Thane and Navi Mumbai. Infrastructure upgrades, including the Mumbai Trans Harbour Link, Metro lines, and Coastal Road, have improved connectivity and enhanced real estate prospects.

The Municipal Corporation of Greater Mumbai (MCGM) area, covering Cuffe Parade to Dahisar and Mankhurd, has seen a steady increase in supply and absorption since 2019.

Sub-markets like Athwa Lines, Vesu, and Ghod Dod Road in the Southwest are premium areas with ongoing projects from key developers like Avadh Group and Rajhans Group. The West Zone includes emerging markets like Adajan, Pal, and Palanpur.

India’s residential real estate, particularly in MMR and Surat, faces complex challenges around affordability, regulatory compliance, infrastructure bottlenecks, and environmental sustainability. A collaborative approach involving policy reform, innovation in housing finance, and commitment to green development is essential to ensure long-term sectoral growth while preserving quality of life.

1. Market Leadership in MMR and Pune
A prominent real estate developer in the Mumbai Metropolitan Region (MMR) with presence across all micro-markets and price points. Ranked 5th in MCGM and 4th in Thane by units supplied between 2019–2023 (Source: Anarock Report). As of March 31, 2024, 68 Completed Projects in MMR and Pune account for 93.33% of total completed Developable Area. The active Development Portfolio spans 47.24 msf, or 94.93% of total Developable Area, in these two key markets.

2. Established and Trusted Brand
Backed by the 55-year legacy of the Kalpataru Group, the brand is known for premium positioning, quality, and timely delivery. The "Kalpataru" name—licensed via an IP agreement with Kalpataru Business Solutions—is integrated into nearly all projects, including Kalpataru Avana, Magnus, Splendour, and Parkcity.

3. Robust Project Pipeline and Cash Flow Visibility
As of March 31, 2024, the company has 25 Ongoing Projects, 10 Forthcoming Projects, and 5 Planned Projects, ensuring strong near-term cash flow visibility with continued sales during construction phases.

4. Integrated Execution Capabilities
Employs an in-house, full-cycle development model, managing land acquisition, planning, design, construction, and marketing. Recognized for on-time project delivery and continuous innovation.

5. Sustainability Leadership
A founding member of IGBC, Kalpataru is a leader in green and sustainable construction. Projects incorporate energy efficiency, water conservation, and eco-friendly materials such as GreenPro, GreenGuard, and EPD-certified products.

6. Strong Group Synergies
Benefits from the expertise of the Kalpataru Group, founded by Mr. Mofatraj P. Munot, a veteran with over 50 years in the real estate industry. The Group operates globally in EPC, infrastructure, and facility management, with a footprint in 73 countries and a listed entity, Kalpataru Projects International Ltd.

7. Experienced Leadership and HR Practices
Led by a highly experienced management team, averaging 20+ years in the sector, with over 14 years of internal collaboration. Promoters and leadership have collectively delivered the majority of completed projects.

1. Geographic Focus with Selective Expansion
Maintains primary focus on the Mumbai Metropolitan Region (MMR) and Pune, Maharashtra, leveraging established presence in high-barrier markets, while selectively exploring growth opportunities in other high-potential Indian cities.

2. Timely Execution and Land Monetization
Aims to complete and monetize Ongoing, Forthcoming, and Planned Projects—spanning a total of 511.62 acres and 49.77 million sq. ft. of Developable Area—within defined timelines to unlock land value and align with favorable MMR market dynamics.

3. Balance Sheet Deleveraging
Targets reduction of a high net gearing ratio (90.66% as of March 31, 2024) by boosting operational cashflows through project launches, execution, and sales. Conversion of ₹14,400 million in CCDs into equity is expected to strengthen the capital base and lower debt levels.

4. Asset-Light Growth via Redevelopment and JVs
Plans to expand through asset-light models such as redevelopment, joint ventures (JV), and joint development agreements (JDA) with landowners. These models are expected to supplement traditional land acquisition strategies.

5. Residential-Focused Portfolio with Mixed-Use Potential
Continues to prioritize residential projects (95.49% of current Developable Area), while selectively incorporating retail and commercial components into mixed-use developments based on location-specific demand and market insights.

6. Sustainable and Innovative Development Approach
Emphasizes high-quality, green, and innovative real estate development, supported by continuous market research to identify early-stage trends and capitalize on emerging opportunities in target geographies.

1. Geographic Concentration Risk
As of March 31, 2024, 94.93% of the company’s real estate projects were concentrated in MMR and Pune. This exposes the business to region-specific economic, political, and regulatory disruptions, unlike diversified developers with a national footprint.

2. Land Acquisition and Supply Constraints
Land supply in MMR and Pune is limited due to high population density and geographical restrictions. Rising competition, regulatory complexities in redevelopment, and increasing land prices may hinder project viability and margin sustainability.

3. Project Execution Delays and Cost Overruns
Real estate developments are subject to long gestation periods. Delays or cost escalations in ongoing, forthcoming, or planned projects may impact revenue recognition, profitability, and investor confidence.

4. Incomplete Land Acquisition for Planned Projects
As of March 31, 2024, two planned projects (5.11% of total Developable Area) lacked complete land ownership or required change in land use approvals. Inability to acquire full land parcels or receive approvals could lead to project cancellations, financial losses, or reworking of development plans.

5. High Dependence on Residential Segment
Residential projects accounted for 95.49% of total Developable Area and 97.39% of sales across the company’s development portfolio. Overdependence on this segment makes the business vulnerable to changes in customer preferences, affordability issues, and demand fluctuations.

Kalpataru’s business is heavily concentrated in the Mumbai Metropolitan Region (MMR) and Pune, exposing it to localized economic, regulatory, and operational risks. Challenges such as limited land supply, project delays, incomplete land acquisition, and overreliance on residential real estate add further risk to its operational and financial stability.

Date	IPO Price	Expected Listing Price	GMP	Last Updated
19 June 2025	₹ 414	₹ 414	₹ 00 (0.00%)	10:00 AM; 19 June 2025

Kalpataru IPO Details
IPO Date	June 24, 2025 to June 26, 2025
Listing Date	July 01, 2025
Face Value	₹ 10.00
Price	₹ 387 to ₹ 414 per share
Lot Size	36 Equity Shares
Total Issue Size	3,84,05,797 Equity Shares (aggregating up to ₹ 1,590.00 Cr)
Fresh Issue	3,84,05,797 Equity Shares (aggregating up to ₹ 1,590.00 Cr)
Offer for Sale	NA
Issue Type	Book Built Issue
Listing At	BSE & NSE
Share holding pre issue	16,74,89,537
Share holding post issue	20,58,95,334

Kalpataru IPO Lot Size
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

Kalpataru IPO Timeline (Tentative Schedule)
IPO Open Date	Tuesday, June 24, 2025
IPO Close Date	Thursday, June 26, 2025
Basis of Allotment	Friday, June 27, 2025
Initiation of Refunds	Monday, June 30, 2025
Credit of Shares to Demat	Monday, June 30, 2025
Listing Date	Tuesday, July 1, 2025
Cut-off time for UPI mandate confirmation	5 PM on June 26, 2025

Kalpataru IPO Reservation
Investor Category	Shares Offered	Reservation %
QIB Portion	2,84,87,193	Not Less than 75% of the Issue
Non-Institutional Investor Portion	56,97,439	Not More than 15% of the Issue
Retail Shares Offered	37,98,292	Not More than 10% of the Issue
Employee Reservation	4,22,872	-

Kalpataru IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details

Kalpataru IPO Details

Kalpataru IPO Lot Size

Kalpataru IPO Timeline (Tentative Schedule)

Kalpataru IPO Reservation

Kalpataru IPO Promoter Holding

Kalpataru IPO Subscription Status

About Kalpataru Limited

The Bankers to the Company are Axis Bank Limited, ICICI Bank Limited and IndusInd Bank Limited.

Kalpataru Limited Financial Information (Restated Consolidated)

Amount in (₹ in Million)

Key Performance Indicator

Kalpataru Limited IPO Peer Comparison

Kalpataru Limited Contact Details

Kalpataru IPO Registrar and Lead Manager(s)

Kalpataru IPO Review

Services

Services

Kalpataru IPO Promoter Holding
Share Holding Pre Issue	100.00 %
Share Holding Post Issue	81.35 %

Period Ended	Dec 31, 2024	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Reserve of Surplus	14,398.86	8,792.14	10,755.82	12,853.46
Total Assets	1,55,623.49	1,38,700.67	1,25,341.14	1,34,065.57
Total Borrowings	1,10,563.95	1,06,883.09	96,796.43	1,03,659.65
Fixed Assets	2,518.05	1,111.93	1,285.09	1,183.94
Cash	2,749.58	1,515.56	1,820.63	1,609.33
Net Borrowing	1,07,814.37	1,05,367.53	94,975.80	1,02,050.32
Revenue	16,994.89	20,299.36	37,166.11	12,485.54
EBITDA	1,513.22	-288.28	33.85	2,008.48
PAT	55.11	-1,165.07	-2,294.33	-1,253.62
EPS	0.56	-7.41	-14.56	-8.92

Key Performance Indicator
KPI	Values
EPS Pre IPO (Rs.)	₹ -7.41
EPS Post IPO (Rs.)	₹ -5.81
P/E Pre IPO	-55.87
P/E Post IPO	-71.26
ROE	-10.15 %
ROCE	%
P/BV	2.36
Debt/Equity	0.09
RoNW	-10.15 %

Kalpataru Limited IPO Peer Comparison
Company Name	EPS	ROCE	ROE	P/E (x)	P/Bv	Debt/Equity	RoNW (%)
Kalpataru Limited	₹ -5.81	%	-10.15 %	-71.26	2.46	0.09	-10.15 %
Oberoi Realty Limited	₹ 61.2	17.7 %	14.7 %	31.9	4.41	0.21	14.7 %
Macrotech Developers Limited	₹ 27.7	15.6 %	14.7 %	52.4	7.16	0.35	14.7 %
Godrej Properties Limited	₹ 46.5	7.41 %	10.2 %	52.1	4.22	0.73	10.2 %
Sunteck Realty Limited	₹ 10.3	6.28 %	4.71 %	43.5	1.95	0.12	4.71 %
Mahindra Lifespace Developers Limited	₹ 2.87	2.95 %	3.25 %	124	4.03	0.76	3.25 %
Keystone Realtors Limited	₹ 13.6	9.33 %	7.53 %	41.1	2.57	0.34	7.53 %
Prestige Estates Projects Limited	₹ 10.8	7.69 %	3.50 %	153	4.62	0.85	3.50 %

Kalpataru IPO Subscription Status
Investor Category	Shares Offered	Shares Bid For	No oF Times Subscribed
Qualified Institutional Buyers (QIB)	-	-	0
Non Institutional Investors(NIIS)	-	-	0
Retail Individual Investors (RIIs)	-	-	0
Employee Reservation	-	-	0
Total	-	-	0