Kolte-Patil Developers Ltd

Key operational highlights

• Highest-ever quarterly sales Rs 1,019 crore in Q2 FY27, up 52% YoY.
• Highest-ever H1 FY27 sales Rs 1,636 crore, up 27% YoY.
• Strongest-ever launch: Vyana at The Reserve, Pune, generating Rs 616 crore in sales.
• Mumbai expansion: signed six redevelopment projects in MMR with total GDV Rs 6,000 crore.
• Collections momentum: Q2 FY27 collections Rs 795 crore; H1 FY27 Rs 1,509 crore.
• Average realization: H1 FY27 Rs 8,368 per sq ft, up 10% YoY.

Kolte-Patil Developers Ltd: Closure of trading window from 01 October 2026 till 48 hours after declaration of the Unaudited Financial Results for the quarter and half year ended 30 September 2026

Launch performance

• Vyana at The Reserve, Pune: over Rs 600 crore sales booked in 60 hours.
• Total saleable area ~5 million sq ft; GDV ~Rs 4,000 crore.
• First phase includes 2- and 3-bed residences with lifestyle amenities.
• MMR expansion: six projects aggregating Rs 6,000 crore in GDV.
• Blackstone acquired 40% stake in FY26.

Stock option grant under KPESOS-2021

• 101,748 options granted under KPESOS-2021 to an eligible employee.
• Exercise price fixed at Rs 10 per option.
• Options vest per grant letter; exercise within 2 years from vesting.
• Scheme approved by shareholders under SEBI SBEB Regulations, 2021; administered by NRC.
• Total equity shares covered: 101,748; each option entitles one Rs 10 equity share.

Leadership change and strategic investment

• Hrishikesh Parandekar appointed Chief Executive Officer, effective 24 August 2026.
• Blackstone to acquire 40% stake in Kolte-Patil as part of FY26 strategic partnership.
• Incoming CEO has over three decades in real estate and strategic leadership.
• Appointment expected to accelerate expansion and drive long-term shareholder value.

CEO Appointment

• Appointment of Hrishikesh Parandekar as Chief Executive Officer.
• Board approved appointment on 19 August 2026.
• Effective from 24 August 2026.
• Reason: Appointment approved by the Board.
• Profile: Gold Medalist, IIM Ahmedabad; ex-MD Morgan Stanley; ex-CEO Karvy Group and Ambit.

Issue Overview

• Type: Preferential issue of Equity Shares.
• Total issue size disclosed; no revision or undersubscription reported.
• General Corporate Purposes.
• Development of new real estate projects including land acquisition.
• Payment of government premiums and FSI costs.

Utilisation of Proceeds

• Utilisation aligns with disclosures; no material deviations observed.
• GCP: partially utilised; end-quarter 41.81 of 104; 62.19 unutilised.
• Real estate development: utilised 33.91 of 265; 231.09 unutilised; ongoing.
• FSI premiums: utilised 48.03; 2.28 in quarter; end unutilised 0.00; completed.
• Total unutilised funds: 293.28.
• Unutilised funds invested in mutual funds and bank balances.

Governance & Compliance

• Approvals: shareholders approved extension of utilisation period to 22 Dec 2027.
• Deviation: NIL; no material deviation observed.
• Delays: General Corporate Purposes and Real Estate Projects ongoing; extension granted.
• GCP/viability: no other material events; no regulatory actions noted.
• EOGM note: funds to be invested in low-risk instruments temporarily.

General Corporate Purpose (GCP)

• GCP utilisation: 16.88; Advance Tax 7.54, Salaries 9.02, Consultancy 0.32.
• Board approval for GCP allocations: not explicitly stated; management certificate used.
• GCP not defined in placement document; MA relied on management certificate for classification.

Post-results call update

• Company will not host a post-Q1FY27 results conference call.
• Internal restructuring underway to strengthen governance and efficiency during leadership transition.
• Q1FY27 results release and investor presentation available on the company investor relations page.

Business Overview

• Pune-centric real estate developer with Mumbai and Bengaluru presence.
• Two brands: Kolte-Patil and 24K, serving mid-premium to premium segments.
• Strategic priorities include institutional platform, disciplined growth, geographic expansion, premiumisation, ESG, and digital enablement.

Operational Highlights

• Q1 FY27 pre-sales Rs 617 Cr; LR ~34%, Mumbai ~30% of Q1 sales.
• Launched 0.78 Mn sq ft saleable area in Pune: The Winds and Little Earth.
• Six Mumbai redevelopment projects with GDV around Rs 6,000 Cr.
• Average realization Rs 9,442 per sq ft; price revisions boosted mix.
• Collections Rs 715 Cr; operating cash flow Rs 212 Cr.

Financial Performance

• Total Income Rs 937 Cr; Adj EBITDA Rs 206 Cr; EBITDA margin 22.0%.
• PAT (Post MI) Rs 146 Cr; PAT margin 15.6%.
• Net debt negative Rs 417 Cr; cash Rs 960 Cr; CRISIL AA-/Stable rating reaffirmed.
• Operating cash flow Rs 212 Cr; Collections Rs 715 Cr.
• Completed ~1.27 Mn sq ft across Pune and Mumbai.
• Opening balance Rs 1,174 Cr; Closing balance Rs 1,160 Cr.
• Net worth Rs 1,353 Cr; Gross debt Rs 1,014 Cr; OCD/Zero Coupon NCDs Rs 471 Cr.

Capital Structure & Liquidity

• Net cash Rs 417 Cr; cash and equivalents Rs 960 Cr.
• Debt: Gross debt Rs 1,014 Cr; OCD/Zero Coupon NCDs Rs 471 Cr.
• CRISIL ratings reaffirmed: long-term AA-/Stable; short-term A1+.

Strategic Priorities & Outlook

• Institutional platform to access capital and governance for scalable growth.
• Disciplined capital allocation for premium projects and profitability.
• Geographic expansion in Pune, Mumbai, Bengaluru in high-potential micro-markets.
• Digital enablement to improve execution and customer engagement.
• Growth pipeline ~Rs 6,000 Cr; ~2 Mn sq ft saleable area; Mumbai redevelopment opportunities.

Governance & Leadership

• Blackstone strategic partnership: 40% stake acquired in FY26.