Kalpataru IPO Opens for Bidding at ₹414: Should You Invest?
Mumbai | June 24, 2025
The ₹1,590 crore initial public offering (IPO) of Kalpataru Projects International Ltd opens for public bidding today and will remain open until June 26. Shares are being offered in the price band of ₹387–₹414 per equity share, with a lot size of 36 shares and in multiples thereof. The IPO is entirely a fresh issue comprising 3.84 crore equity shares.
Kalpataru, a prominent Mumbai-based real estate firm, has projects spread across major Indian cities such as Pune, Hyderabad, Bengaluru, Indore, and Jodhpur. Backed by a legacy since 1988, it is known for its luxury residential developments, commercial spaces, and integrated townships.
Ahead of the public issue, the company raised ₹708 crore from anchor investors including GIC, Bain Capital, SBI Mutual Fund, and Aditya Birla Sun Life, among others. It plans to list its shares on BSE and NSE on July 1, 2025.
Kalpataru posted a modest net profit of ₹5.51 crore for the nine months ending December 31, 2024, on a revenue of ₹1,699 crore. However, it recorded a net loss of ₹116.51 crore in FY24, raising concerns over consistency. The IPO values the company at a steep P/E multiple of 500x, prompting caution from some brokerages.
The company has 40 ongoing and 70 completed projects and is part of the diversified Kalpataru Group.
Acknowledges Kalpataru’s strong brand and market position but warns that the high P/E valuation and lack of financial consistency call for caution.
Believes Kalpataru’s integrated project model and premium branding justify a long-term investment despite concerns over debt and pricing.
Cites high valuations compared to peers and potential volatility in real estate earnings as reasons to stay on the fence.
Points to robust pre-sales metrics and a high-end portfolio mix, but flags accounting shifts that skew profitability trends.
Backs Kalpataru’s turnaround and strong pipeline of projects, encouraging informed investors to consider long-term allocation.
If you’re a long-term investor with a high-risk appetite and belief in the Indian real estate growth story, Kalpataru’s IPO may offer value over time, especially if it delivers on project execution and margin improvement. However, short-term traders may be cautious due to rich valuations and past losses.
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