Thank you, Michelle. Good morning, ladies and gentlemen.

Welcome to Q4 and FY26 results call of Kalpataru Limited. We have with us today the management of Kalpataru Limited represented by Mr.

Parag Munot, Managing Director, Mr. Narendra Lodha, Executive Director, and Mr.

Chandrashekhar Joglekar, Director Finance and CFO. I would like to state that any forward-looking statements made during the discussion today are based on our current expectations, assumptions, and projections about future events and are subject to risks and uncertainties beyond our control.

With that, I will now hand over the call to Mr. Munot for the opening remarks, post which we shall open the floor for Q&A.

Over to you, sir.

Thank you, Advait. Good morning, everyone, and a warm welcome to all of you.

It's a privilege to report that fiscal year 2026 has been a landmark year for Kalpataru Limited, representing the strongest operational performance in our company's history. Coincidentally, it is also the year in which we got listed.

Our momentum peaked in the fourth quarter where we achieved our highest ever quarterly presales of 1,833 crores. While this reflects a steady 6% year-on-year increase, the standout highlight is our cash flow efficiency.

Collections for quarter four reached a record 1,487 crores, a robust 41% growth that underscores our execution capabilities. Looking at the full year, the numbers tell a story of consistent, high-quality scaling.

FY26 presale reached 5,280 crores, up 17%, while collections grew by 34% to 4,960 crores. The consistency of our performance is best reflected in our multi-year trends.

Our 4-year presales compounded annual growth rate stands at 26%, while our collections compounded annual growth rate of 33% continues to outpace sales growth, reflecting our deep commitment to delivery and operational excellence. Turning to our portfolio, our portfolio comprises 31 projects with a total saleable area of 43 million square feet.

Of these, 20 are ongoing projects with a saleable area of approximately 24 million square feet, of which about 11.4 million square feet has already been sold. These ongoing projects represent a gross development value of nearly 36,000 crores, translating into total future inflows of approximately 27,000 crores.

This includes both balance collections from sold inventory as well as the expected value of unsold units. The MMR region continues to be our largest contributor, with 15 projects accounting for 23,500 crores of total expected inflows.

Pune and other markets together contribute around 3,500 crores. In addition, our ready-to-move-in projects and forthcoming launches together at approximately 30,000 crores.

Total future inflows across the portfolio is about 57,000 crores. This strong visibility provides us with a solid foundation for sustained growth, healthy cash flows, and future balance sheet strengthening going forward.

Now I will talk about our new launches. During FY26, we launched four phases in three projects, namely Eternia at Kalpataru Parkcity, Kalpataru Aria, and Srishti Nama, and launched one new project, Estella at Kalpataru Parkcity, together totaling to 1.8 million square feet saleable area.

A few projects which were earlier envisaged to be launched in FY26 have now spilled over to H1 FY27 and will be launched in due course post receipt of regulatory approvals. For FY27, we have an exciting pipeline of new launches of 5 million square feet amounting to a total GDV of 7,800 crores.

Turning to project completions, quarter four was a period of intense delivery. We secured occupation certificates for approximately 1.37 million square feet spanning six towers at Kalpataru Vivant, one tower at Kalpataru Elitus, and one phase at Kalpataru Aria.

This capped off an extraordinary year for our execution team. In FY26, we completed 5.15 million square feet, nearly double of our delivery volume from the previous years.

More importantly, we received occupation certificates for 3,000 units, a testament to our commitment to project timelines and customer delivery. Looking ahead, we intend to maintain this pace.

We have a target of delivering roughly 5.5 million square feet in FY27. This consistent delivery pipeline provides us with exceptional visibility into our operating cash flows and sets a clear path for profit recognition in the coming quarters.

On the business development front, I am pleased to share that we have secured the development agreement for the redevelopment of Shri Mahalaxmi Co-operative Housing Society. This project is situated on a prime 3-acre land parcel just off Veera Desai Road in Andheri West, one of Mumbai's most sought after residential and commercial hubs.

With a potential carpet area of approximately 0.4 million square feet, we estimate the gross development value to be in the region of 1,400 crores. I want to emphasize that our approach to business development remains highly disciplined.

We are not chasing volume for the sake of scale. Instead, we are selectively pursuing high-potential projects like this one that align strictly with our internal return thresholds and brand positioning.

With that, I would now like to hand over the call to Chandrashekhar Joglekar, our CFO, for the detailed update on our financial performance. Over to you, CJ.

Thank you, Parag. Good morning, everyone, and welcome to our Q4 FY26 earnings call.

Let me start with the financial update for Q4 and FY26 both. In the fourth quarter, we reported revenue from operations of ₹1,694 crore, a nearly threefold increase from the 601 crore reported in the same period last year.

This propelled our full-year revenue to 3,436 crore, representing a 54% year-on-year growth. This surge in revenue flowed directly to our bottom line also.

Our adjusted EBITDA for Q4 reached 612 crore, with margin expanding to a very healthy 36%. For the full year, adjusted EBITDA stood at 1,022 crore, reflecting a 30% margin.

On the PAT front, we recorded a profit of 194 crore for the quarter, bringing our full-year PAT to 80 crore. It is important to contextualize these results with our accounting system.

We have shared previously, we are operating under a dual-track revenue recognition method. Whilst seven of our ongoing projects continue under the percentage of completion method, which is POCM, however, 13 newer projects, especially commenced after April 2022, follow the project completion method.

The robust Q4 performance is directly linked to these newer projects reaching the handover stage, and we expect this delivery-led revenue recognition to be a recurring phenomena in our financial narrative going forward. A significant driver of our Q4 financial performance was the successful execution of our delivery of milestones.

During the quarter, we received occupation certificates for six towers at Kalpataru Vivant at JVLR, one tower of Kalpataru Elitus, and a key phase of Kalpataru Aria, together totaling to 1.37 million square feet. In line with the guidance we provided last quarter, the full revenue and profitability for these specific developments have now been recognized in our profit and loss account in Q4.

Looking ahead, we see similar momentum building across our premium portfolio. Projects such as Kalpataru One in Worli, Amara in Juhu, Advay in Borivali, and our South Mumbai landmarks Kalpataru Privé and Kalpataru Azuro continue to see healthy sales velocity.

While these developments are also under the project completion method, the sustained sales demand today provides us with a high-margin revenue backlog for the years to come. Turning to our balance sheet position, as of March 31st, 2026, our gross debt stood at ₹9,168 crore, while cash and cash equivalents were 1,062 crore, resulting in a net debt of 8,106 crore.

Consequently, our net debt to equity ratio stands as of March 2026 at 2 times. As several of our projects start getting OCs, occupation certificates, we expect a significant influx of cash and profit recognition.

This will allow us to naturally and organically and systematically deleverage, improving our net debt to equity ratio as we transition from a high-investment phase to a high-realization phase. A key pillar of our financial strategy is the continuous optimization of our borrowing costs.

Since our listing, we have leveraged our strength and strengthened our market position to refinance approximately 3,500 crore of debt. These results are tangible.

We have achieved an interest rate delta of 3.5% of these facilities, leading to a 120 basis points drop in our overall blended cost of debt, total debt. This optimization alone adds approximately around ₹125 crore to our annualized savings, providing a significant tailwind for our profitability.

Looking ahead, we have an active pipeline for further optimization. We expect to refinance another around 1,300 crore in the coming quarter.

For fiscal FY27, our focus is clear: to build upon the foundation we established this year. Our pipeline for the new year is robust, supported by strong slate of new launches designed to sustain our presales trajectory.

Furthermore, with approximately 5.5 million square feet lined up for completion, we have clear visibility into our cash flows for the next 12 months. Considering the current global macroeconomic environment and global conditions as well as our local conditions, we would come back with the formal guidance for FY27 at a subsequent date.

In closing, I want to reiterate that Kalpataru's operational liquidity is strong. Our ongoing projects are fully financially closed, and construction across all the projects is moving at a full speed.

We are confident in our execution engine and our ability to deliver long-term value. With that, we would be happy to take questions.

Good morning, everyone. Thank you for the opportunity.

The first question is on our upcoming launches for this year which you have given in the presentation. In terms of GDV, are we looking to launch this entire thing to bring it to the market, or just specific phases out of this, if you could quantify that?

If it would also help us understand how these launches will be phased through the year. Will it be back-ended in the second half or it'll be spread equally through the year?

Out of this, whatever inventory you're bringing into the market, any indicative amount we are, or percentage, we are looking to monetize or sell within this year? That is the first question.

Hello.

Yeah.

Good morning, Adhidev.

Yeah.

These launches are spread across the entire year. In the first half also, we will be doing about three of the launches, and the balance will be approximately in the second half.

Most of them are in toto other than Kalpataru Blossoms, which is in Pune, which may happen in two phases. Otherwise, all will be launched in one phase.

We plan to achieve, as we do in our, all our launches, approximately 20%-25% in launch we sell, and that's the target we have for this year also.

Around 2,000 crores at least is what you expect from the launches at least to contribute for this year, right? On the lower end?

Yes,

yes, yes.

Yeah.

Sir, if you could just share with us, as of March '26, what is the unsold inventory we have to sell across all our ongoing projects? Means whatever we have launched so far, the value.

I know you have given in the presentation the overall value, but just whatever, I'm just trying to get at what is the inventory we have to sell going into next year across all our projects.

The inventory of ongoing projects which we need to sell is out of the balance value unsold inventory, which is of

basically value of unsold inventory is 14,000

14,000 crores. From that, we will be selling, from the ongoing, of course.

Yeah. You have 14,000 crores, which is existing, plus you have 8,000 crores of roughly inventory into the market in terms of new launches going into next year.

Expected value of unsold inventory 22,000 crores, sorry, I'm wrong, not 14,000 crores. From that, we will be selling.

Okay. Okay.

Plus the 8,000 crores of launches which you intend to bring to the market.

Fine,

fine. Sir, second question is, if you could, I know you said you'll come back with guidance, but on the debt front, any absolute number or any ratio in terms of where we want to be 12 months down the line?

Any indicative number you'd like to share?

Can you repeat, please?

Something on our net debt levels, right, from the 8,100 crores. Is there any specific target or anything we are looking to achieve, either in debt-equity ratio terms or in absolute terms 12 months down the line?

Yeah.

For FY20— Yeah,

yeah.

For FY26, we are at 2 times, and then the net debt is around 8,100 crores, as we spoke. We are also looking forward for having some investment to be done in the new projects or new BD.

We therefore will be actually having a strategy where we have some pipeline of new BD getting developed. Some amount will be invested over there.

At the same time, it will be ensured that the net debt level surely doesn't go beyond what it is today as of March '26. For March '27, it doesn't go up.

However, we would attempt to reduce it marginally at the absolute level, but not substantially. Our debt to equity ratio for FY27, we will be of course issuing a proper guidance as later, but it would be lower than 2 for sure.

Fine, fine. Just one final question, again a bookkeeping question, for FY26, right, we have the collections number.

If you could just share for the overall year the construction spend, approval cost, and interest and tax outgo which we have done for the full year, if you could share that, please.

The construction cost for the full

year

for the entire collection was 1,916 crores. As against that, our share, I mean Kalpataru's share, was 1,512 crores.

Construction cost.

This is full year you're saying, or for the quarter?

For FY26.

So 1,900 crores is the outgo totally?

Outgo on the construction cost, that is at the full projects, all projects at 100% level. Our pro rata share of Kalpataru was 1,512 crores out of that.

Okay. Sir, and other approval spend and other things, or just trying to get at the OCF we have generated for the, that is generally the intent of the question, if you could.

No,

no, I can come straight to the OCF if you want. OCF generated for the full year was 1,500 crores.

Okay.

At the 100% share level,

and

at the Kalpataru's proportionate it was 1,000 crores. 1,002 precisely.

Fine, fine. Sir, got that.

I'll come back in the queue with more questions if I have. Thank you, and all the best.

Thank you, Adidev.

Thank you.

Hi sir, good morning, and thanks for the opportunity. My first question would be on the unsold inventory, under-construction inventory of 22,000 crores.

What would be the sort of internal target as well as guidance as to in how many years will be able to monetize that? Second, with the OCF of 1,000 crores, what was used in capex, BD, and how much was used to bring down debt?

Those are my two questions.

Good morning, Sumit. Basically out of the OCF, this OCF of 1,002 crore which I mentioned of the Kalpataru's pro rata share in the entire portfolio includes around 280 crores which was spent for the projects which were newly acquired as of April '25.

Therefore typically without considering that 280 crores, the OCF stands increased to 1,282 crores. From that, we have paid 280 crores, as I said, for the business development of the already acquired projects during FY25-26.

From there, the interest payouts happened because this is OCF, and from there the tax payouts happened. Therefore the debt levels, which are currently at 8,100 crores, that is after the repayment of 1,200 crores of the debt, which was done over a period of last nine months.

Sure, sir. On the target to monetize the 20,000 crore inventory, what is the timeline that we should assume?

What will happen, it's always an overlapping situation. This 22,000 inventory will get added, just we spoke a while ago, by around 7 to 8,000 crores during the year itself.

That will take it to around 30,000 crores. This entire 30,000 crores will get liquidated, most part of it, over a period of next four to five years.

Something will remain for fifth

for sixth year, actually. Just a follow-up if I may, then any sort of guidance that you can give on the collection number for next year basis this?

Sumit, as I said earlier, we will be coming with the guidance to the market. We'll have to wait and watch the situations around, and then we'll come back.

It

will be, I can tell you one thing, that it will be a growth story only. The only fact is that we will have to wait and watch and then come back to the market for the guidance.

Sir. Thank you, and all the best.

Thank you.

Hi, am I audible?

Yeah. First off, my first question is with respect to the Middle East crisis, right?

How do you see with respect to the footfall conversion? Second, with respect to the cost escalation and the supply chain issues.

Can you just throw some light on that?

Yeah. Hi, good morning.

On the construction side, I think our relationship with the vendors are strong and from long years, we have streamlined it. We had some issues in the tiles and pipes and all, but that's all got streamlined.

The construction costs have increased, but it's 2% to 4% of the construction costs, and it should not have an impact on us looking at the total value of sales. The geopolitical crisis and the little Indian narrative also, we have to wait and watch how it is.

Till now, our walk-ins has been robust in April also. As the lifecycle our projects are, which are at the maturity and mid-level, we are seeing a good robust walk-ins yet, and conversion we don't see an issue till now.

We will wait and watch in the next few months how it goes. Uh-huh.

Second with respect to the call from the PM with respect to the suggestion for work from home. Do you see this as being a silver lining for us, or do you see this more as a temporary phase not having any major impact?

I think this should not have a major impact. Our locations of our projects are such in the MMR and all that regardless of these matters, sales velocity for customers who want to grow and upgrade their apartments or a demand for a good premium project is there, it's continuous.

This will not have an impact, it can only help in the future if people want to have a bigger homes or better homes.

Got it. Sir, third is with respect to, your future launches.

I think it's around 8,000 crore. Sir, what would be the our share, our share of GDV?

Most of it is our share.

Our share other than

Kalpataru Blossoms. All the residential projects are our share,

except Kalpataru Blossoms where we are a joint development—

Which is a joint development project.

Okay. Understood.

Sir, just last thing, in your net debt position here, you have given the cash, right? Just wanted to understand how much of the cash is still locked in the RERA account which is not available to us right now?

Do you have the figure handy?

Yeah. We will give you the details, but it's not substantial.

Today our cash balances as of March '26 has been around 1,062 crores, out of which not more than 20% is locked into the RERA account. Rest of the cash is available for the projects freely.

Sir, can you just repeat the RERA number, approximate?

Out of 1,062 cash balances at the end of the year, we have around not more than 20% in the RERA accounts locked for the rules and regulations of RERA.

Understood. Got it, sir.

That's it from myself.

Yeah.

Hi sir, thank you for the opportunity. Sir, with respect to your ongoing project, you mentioned around 27,000 crore of future inflows.

I just wanted to understand how much construction cost and FSI and other costs which is pending with respect to this ongoing projects? Hello.

Varun, it will be a detailed working. It will be a little elaborate working, we'll provide you the data later.

Sir. Sure, thank you.

Sir, on the new launches, sir, what is the margin that we are penciling in for these new launches and the forthcoming projects with what you mentioned for 28,000 crores? What is the margin that we are looking at?

Generally the margins are in the range of 20% to 25%. However, that is at a revenue statement.

Far as the cash flows are concerned, it will range around 25% to 30%, because most of the payouts towards the acquisition of these projects is already happened.

For this forthcoming project, 28,000, all the land payment and everything is done, right? There's no—

Yes, fully.

—needs to be done?

No, nothing. Nothing to be done.

How much was the capex for these BDs which we have done of 28,000?

We can provide you the data. You can connect with us later, because project-by-project it's a different number,

so. Sir, apart from this forthcoming project, do we have any other land bank which is not factored in in this forthcoming projects?

Yes, we have. Beyond these forthcoming projects, we have certain land parcels which are not considered in this picture.

Sir. Sir, I'll reach out to you offline for all that.

Thank you.

Thank you.

Hello.

audible? Hi team, good morning.

My question is on the Worli project. How is the traction there?

Have we seen any change in footfalls post the situation that has evolved in the last two months, and how are the conversions happening there?

Yeah. Hi, thank you.

Footfalls has been good. We have good sales in Worli.

I can just tell you in March itself in the total company we sold 1,000 crores, and Worli played a good part of it, about 400 crores. In April also we are looking at good footfalls.

Construction is in full swing, all approvals are in place, and we see we are on track of our guided sales targets what we've kept for Kalpataru One over the next five years.

Sure, sir. We have been offering some payment plans there, and I think some other players have also been offering the payment plans.

Do you see this as a facilitating thing for the sales conversions, or it's an organic thing that we are seeing at the project?

You're right, it's an organic thing. It's more flexibility to the customer.

He has multiple options to choose from at different pricing structure. He can take what suits him.

Sure. As a general trend across our projects, considering the mid-premium, the luxury segment, how are the footfalls?

Have we seen any change? How's the conversion velocity that we are seeing?

This payment plan option, is this something that we are also evaluating in the future launches in FY27?

Payment options we're not anticipating in the new launches, no. Usually these payment launches happen generally when your lifecycle of project has goes over, it's not usually done in the launches time.

Secondly, footfalls at all our sites actually is good at this moment. We are seeing people coming forward looking at the activities at the construction.

Barring the vacation of April and the geopolitical little slowdown, we have not seen drastic change in the footfalls.

Sir. Understood.

Thanks a lot for taking my questions.

Hello, hi, good morning. Am I audible?

Sir, just I wanted to know your viewpoint on your diversification from the standpoint view of geography. What is your view on it?

Geographically, we are heavily more dependent upon the MMR region. What is your take on geographical diversification?

Hi. Our focus is always been as an organization more on the Western region, MMR and Pune, and which is among the top realty markets and we will strongly be here, which is good.

We have a project in Hyderabad which is done well, and some of the markets we will evaluate opportunities in the future. At this moment, we are more focused on these markets, which are robust.

Sir, yes sir, you are right on that. Sir, one more additional question to it.

Sir, many realtors these days are focusing on senior living spaces. Those projects have got different skills or different things which are required in those sectors.

As an organization Kalpataru, are you considering to diversify into different senior living residence and all those stuff?

Yes, Anuj, we keep evaluating that, and we look at project level. Does that suit that project development or not?

We keep evaluating that.

Sure, sir. Do you have that point into consideration while you're designing the project and you're implementing the project?

Because sir, high net worth individuals are more concentrated in the MMR regions, and the demographic is changing right now. Accordingly, so that was the reason I was asking.

Frankly how we work is it may not be a focused senior living thing, but in our mixed-use development or our residential development also we see to it that we have the right facilities for senior members who are staying there, but we have not much on the senior living at this moment in our projects.

Sir. Thank you, sir.

Best of luck for the future quarters. Thank you.

Thank you.

Thank you to all the participants for joining our results call. We look forward regularly interacting with you.

We are very confident to achieving our goals. In case of any other further questions, feel free to reach out to our investor relations or the E&Y team for clarifications.

Thank you.