Kolte-Patil Developers Ltd

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.

Financial highlights

• Q1 FY27 unaudited results released.
• Total income: ₹937 crore for the quarter.
• EBITDA: ₹206 crore, 22% margin.
• PAT: ₹146 crore, 16% margin.
• Pre-sales value: ₹617 crore.
• Collections: ₹715 crore, up 30% YoY.
• Average realization: ₹9,442/sq ft, up 29% YoY.
• Launches: 0.78 million sq ft saleable area.
• Life Republic and MMR contribute ~34% and 30% to pre-sales.

Expansion & portfolio

• Six redevelopment projects signed in Mumbai with estimated GDV ~₹6,000 crore.
• MMR region prioritized; largest annual Mumbai development addition.
• Six launches expected over 6–12 months, subject to approvals.
• Launched The Winds in Bhugaon, Pune; new phase of Little Earth.

Strategic partnership & outlook

• Blackstone acquired 40% stake in Kolte-Patil in FY26.
• Focus on larger project opportunities with calibrated residential formats.
• Disciplined capital allocation and execution amid positive sector fundamentals.

Option grant under KPESOS-2021

• NRC approved grant of 139,826 KPESOS-2021 options to eligible employees.
• Options cover 139,826 equity shares of Rs 10 each.
• Exercise price fixed at Rs 10 per option.
• Vesting to occur per grant letters' NRC-approved schedule.
• Exercise window remains two years from vesting.
• No options exercised to date.
• KPESOS-2021 formulated and approved by shareholders under SEBI SBEB Regulations 2021.
• Grant date: 10 August 2026.

Fund-raising and deviation status

• Mode of fund raising: preferential issue.
• Purpose: confirmation of funds utilization; no deviation reported.
• Monitoring arrangement: monitoring agency engaged.
• Shareholder approval: special resolution at AGM.
• Utilisation timeline: extended by one year.
• Status: no deviation in use of funds raised reported.