Kalpataru

KALPATARU.NS

Real Estate - Development · Real Estate

Price

₹277.60

+1.15 (+0.42%)

Market Cap

₹57.16B

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 31, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Exceptional

Stability

Weak

Valuation

Weak

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Share count falling — buybacks

−4.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 205.9M (2022) → 196.9M (2026)

Winston Score History

The full picture

Kalpataru Ltd. is an Indian real estate development company that builds and sells residential apartments, primarily in Mumbai and other major Indian cities. The company is known for developing premium and luxury housing projects under the Kalpataru brand, serving homebuyers looking for quality living spaces in urban areas. It is one of the well-recognized real estate names in western India, with a track record spanning several decades.

The company makes money by selling residential units in its development projects, collecting revenue as construction progresses and homes are handed over to buyers. It operates mainly in Maharashtra, with a growing presence in other Indian metros like Pune and Hyderabad. Kalpataru's brand reputation and land bank in prime Mumbai locations give it a competitive edge in a crowded market. Key growth depends on sustained urban housing demand in India, though the business faces risks from rising construction costs, regulatory changes, and the capital-intensive nature of real estate development.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+55.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

89.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹12.0B cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Kalpataru is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

17.2%

Thin — 17.2% gross margin

Profit after running costs

Operating Margin

-6.7%

Losing money on operations — -6.7%

Return on the money invested

ROCE

0.6%

Weak — 0.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+80.6%

Fast-growing sales (+80.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/4 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

440%

Turns 440% of profit into real cash

Spare cash per sale

FCF Margin

13.8%

Converts sales into free cash efficiently (13.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

2.23

Heavy debt load (2.23)

Covers its interest

Interest Cover

1.36x

Dangerous — barely covers interest (1.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

45.4x

Expensive — P/E 45.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

-11.5

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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