Kalpataru Limited, headquartered in Mumbai, is a prominent real estate development company with a legacy of over three decades. It specializes in premium, luxury, and mid-income residential projects, along with select commercial and retail developments. The company has a dominant presence in the Mumbai Metropolitan Region (MMR) and Pune, supported by strong in-house capabilities across design, planning, legal, and execution. Kalpataru has a proven track record of delivering high-quality developments, with a total Developable Area of approximately 49.8 million sq. ft. as of March 31, 2024. Its diversified portfolio includes gated communities, integrated townships, and large-scale redevelopment projects. Known for its commitment to excellence, Kalpataru continues to drive growth through strategic land acquisition, customer-centric design, and sustainable practices.

For the year/period ended (Rs. in Cr.)

For year/ period ended ( in Cr.)

• Prominent real estate company in the Mumbai Metropolitan Region in Maharashtra with a portfolio of
• projects diversified across different micro-markets and price points in the Mumbai Metropolitan Region and Pune, Maharashtra
• Well-established brand with the ability to sell throughout the construction phase
• Strong project pipeline with visibility towards near term cash flows
• Proven end-to-end execution capabilities with continuous innovation and ability to deliver projects in a
• timely fashion
• Leading real estate company in implementation of green and sustainable buildings
• Our affiliation and relationship with the Kalpataru Group and the strong track record of our Promoters enhances our reputation and enables us to derive synergies in terms of expertise and experience
• Experienced and qualified management team with strong human resource practices

• Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company – ₹3,000.00 million
• Repayment/pre-payment, in full or in part, of certain borrowings availed by Subsidiaries – ₹8,925.00 million
• General corporate purposes – amount to be finalized based on issue price
• Total Net Proceeds – to be finalized upon determination of the Issue Price

The company operates in real estate segments, focusing on real estate development in metropolitan cities like Mumbai and Pune. At the upper end of the price band, INR 414, the company is expected to list at P/BV 3.66 and P/E -55.48. At this valuation and with inconsistent financial performance, the company valuation looks unjustifiable so we maintain “neutral’ instance to subscribe the IPO.