Kalpataru’s operating margin falls to -23.57% in Q2FY27
Revenue fell 7.42% QoQ while expenses rose 4.27%, pushing the consolidated net loss to Rs 70.67 cr.
Filed 29 Oct 2026, 22:58 IST · after market close · Kalpataru Ltd (KALPATARU)
Key takeaways
- Consolidated operating margin fell 13.86 percentage points QoQ to -23.57% as revenue declined 7.42% while expenses rose 4.27%.
- Net loss widened 143.35% QoQ to Rs 70.67 cr despite Rs 48.27 cr of other income.
- Kalpataru’s operating margin was 36.19 percentage points below the 12.62% median for 108 reported Consumer Discretionary peers.
Price around the results
Operating loss deepens in Q2FY27
Kalpataru reported a consolidated operating loss of Rs 103.03 cr in Q2FY27, versus Rs 45.86 cr in Q1FY27. Revenue fell 7.42% QoQ to Rs 437.17 cr, while expenses increased 4.27% to Rs 540.20 cr. The result was a 13.86 percentage-point contraction in operating margin to -23.57%.
Higher costs outweighed lower interest
The cost increase came even as revenue declined, making the operating loss the main pressure on earnings. Interest expense fell 39.09% QoQ, but depreciation rose 14.33%, and the pre-tax loss widened 125.31% to Rs 78.97 cr. The tax rate fell 6.64 percentage points to 10.51%, which softened the net loss relative to the pre-tax loss but did not prevent it from widening 143.35%.
Peer gap widens as quarterly loss grows
Kalpataru’s -23.57% operating margin was 36.19 percentage points below the 12.62% median among 108 Consumer Discretionary peers that had reported the same quarter, placing it sixth from the bottom. Other income rose 16.15% QoQ to Rs 48.27 cr, but profit before tax remained negative; the driver calculation puts other income at -61.12% of PBT because PBT was a loss. With no year-on-year comparison or post-results reaction available, the results were filed after market close on 29 October 2026.
Management points to launches and project execution
Management said the company plans six FY27 launches across Mumbai, Thane, Pune and Nagpur, covering approximately 4.92 msf of developable area and estimated GDV of Rs 7,758 cr. The company told investors that Kalpataru Vian was launched in Q1 FY27 and Kalpataru Elaara was launched in Q2 FY27. Management also said the company completed 1.58 msf in Q2FY27, taking H1FY27 completions to 2.37 msf, while its development pipeline stood at 41.6 msf.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹437 cr | ₹472 cr | -7.42% |
| Other income | ₹48 cr | ₹42 cr | +16.15% |
| Expenses | ₹540 cr | ₹518 cr | +4.27% |
| Operating profit | ₹-103 cr | ₹-46 cr | -124.66% |
| Operating margin (%) | -23.57% | -9.71% | — |
| Interest | ₹12 cr | ₹20 cr | -39.09% |
| Depreciation | ₹12 cr | ₹10 cr | +14.33% |
| Profit before tax | ₹-79 cr | ₹-35 cr | -125.31% |
| Tax | ₹-8 cr | ₹-6 cr | -38.10% |
| Net profit | ₹-71 cr | ₹-29 cr | -143.35% |
| EPS (₹) | ₹-3.14 | ₹-1.29 | -143.41% |
Operating margin of -23.57% compares with a Consumer Discretionary sector median of 12.62% across 108 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The company completed 1.58 msf in Q2 FY27, taking H1 FY27 completions to 2.37 msf.
Guidance & outlook
- The company plans six FY27 launches with approximately 4.92 msf of developable area and estimated GDV of ₹7,758 crore.
- Kalpataru Vian, Hrushikesh in Lokhandwala, Mumbai was launched in Q1 FY27.
- Kalpataru Elaara at Bangur Nagar, Goregaon West, Mumbai was launched in Q2 FY27.
Expansion
- The company has an integrated platform with a 41.6 msf development pipeline.
- The company has approximately 18.4 msf of developable area in forthcoming projects.
- The planned FY27 launches include six projects across Mumbai, Thane, Pune and Nagpur.
New initiatives
- Kalpataru adopted Maharashtra Government’s Model Sub Registration Office for seamless property registration.
What to watch
- Whether operating margin recovers from -23.57% after expenses rose 4.27% QoQ.
- Whether revenue moves back above the Q1FY27 level of Rs 472.20 cr after the Q2 decline of 7.42% QoQ.
- Progress against the company’s stated six FY27 launches covering approximately 4.92 msf and estimated GDV of Rs 7,758 cr.