Kalpataru Limited concluded its 38th Annual General Meeting (AGM) on August 03, 2026, approving its financial statements for FY26 and authorizing significant corporate actions including asset disposals by a material subsidiary and related-party guarantees from its promoter.

The meeting was conducted through Video Conferencing (VC) / Other Audio Visual Means (OAVM) in compliance with Ministry of Corporate Affairs circulars and SEBI Listing Regulations. It commenced at 04:00 p.m. IST and concluded at 05:12 p.m. IST. Mr. Mofatraj P. Munot, Non-Executive Chairman, chaired the proceedings, while Gajendra Mewara, Company Secretary & Compliance Officer, assisted in conducting the meeting. Sixty-nine members were present via VC, satisfying the quorum requirements. The deemed venue was the company’s registered office in Mumbai.

Ordinary Business Resolutions

Shareholders passed ordinary resolutions to adopt the audited standalone and consolidated financial statements for the financial year ended March 31, 2026, along with the reports of the Board of Directors and Auditors. The reports contained no qualifications or adverse remarks. Additionally, shareholders re-appointed Narendra Kumar Lodha (DIN: 00318630) as a director liable to retire by rotation.

The Board also sought ratification for the remuneration payable to the Cost Auditor for FY 2026-27 and appointed Messrs. Rathi & Associates as the Secretarial Auditors of the company.

Special Business and Related Party Transactions

A key special resolution approved the payment of commission/remuneration to Independent Directors. Another critical special resolution authorized the sale, disposal, and/or leasing of assets of Kalpataru Properties Limited (KPL), a material subsidiary, exceeding 20% of its assets on an aggregate basis during a financial year.

Under ordinary business, shareholders approved two material related-party transactions involving Parag M. Munot, Managing Director and Promoter:

Voting Process and Compliance

Remote e-voting was facilitated through MUFG Intime India Private Limited, the Registrar and Transfer Agent. The voting window opened on July 30, 2026, at 09:00 a.m. IST and closed on August 02, 2026, at 05:00 p.m. IST. Yogesh Singhvi, Practicing Company Secretary, was appointed as the Scrutinizer to ensure a fair and transparent voting process.

Parag M. Munot and Chandrashekhar Joglekar, Chief Financial Officer, addressed member queries regarding the company’s performance during FY25-26. The combined e-voting results and Scrutinizer’s Report will be submitted to stock exchanges within two working days, as per Regulation 44(3) of the SEBI Listing Regulations and Section 108 of the Companies Act, 2013.

Kalpataru Limited reported a narrowed consolidated net loss of ₹26.5 crore for the first quarter ended June 30, 2026 (Q1FY27), improving significantly from the ₹49.4 crore consolidated loss recorded in Q1FY26. The Mumbai-based real estate developer posted consolidated revenue from operations of ₹472 crore, up from ₹443 crore in the corresponding period of the previous fiscal year. This performance reflects strong operational momentum in its residential portfolio, particularly in the Mumbai Metropolitan Region (MMR) and Pune, despite a contraction in average realization per square foot.

The company submitted this intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, to the National Stock Exchange of India Limited and BSE Limited on August 03, 2026. The filing includes an investor presentation detailing unaudited standalone and consolidated financial results for analysts and investors.

Financial Performance

The following table summarizes Kalpataru's key consolidated financial metrics for the quarter:

While statutory EBITDA remained negative at ₹(31) crore, adjusted EBITDA — which adds back finance costs included in cost of sales and other operational expenses — stood at ₹95 crore. This represents a 20.1% adjusted EBITDA margin, down from 23.4% in Q1FY26 where adjusted EBITDA was ₹104 crore. The decline in margin aligns with the drop in average realization prices. Net debt as of June 30, 2026, stood at ₹8,229 crore, maintaining a Net Debt-to-Equity ratio of 2.0x, unchanged from March 2026.

Operational Highlights

Sales activity remained robust during the quarter. Pre-sales reached ₹1,329 crore, marking a 6% increase year-on-year from ₹1,249 crore in Q1FY26. Sales collections were even stronger, rising 17% to ₹1,365 crore against ₹1,165 crore in the prior year period. The company sold 0.82 million square feet (msf) of area, a substantial 48% jump from 0.56 msf in Q1FY26. However, the average realization per square foot declined 28% to ₹16,177 from ₹22,476, indicating a shift in the mix of units sold towards more affordable segments or higher-volume, lower-price-point transactions.

Portfolio and Business Development

Kalpataru launched two new projects in Q1FY27: Kalpataru Vian in Lokhandwala, Mumbai, and Tower C of Estella at Kalpataru Parkcity in Thane, adding approximately 1.25 msf of saleable area. The company also signed a development agreement for a society redevelopment cluster in Kandivali (E), covering ~2.8 acres with an estimated Gross Development Value (GDV) of ~₹1,250 crore. Additionally, the annuity portfolio generated gross rental income of ~₹47 crore in the quarter.

What the Numbers Show

The divergence between rising sales volumes and collections and falling average realization suggests Kalpataru is prioritizing market share and cash flow generation over premium pricing in the current quarter. With 66% of its ongoing portfolio priced below ₹3 crore, the company is well-positioned to capture demand in the mid-income segment. The significant improvement in consolidated net loss — from ₹49.4 crore to ₹26.5 crore — despite lower margins indicates effective cost management, reinforcing the resilience of its core operating model.