Kolte-Patil Developers redeems Rs 250.90 crore NCD principal

Kolte-Patil Developers Limited fully redeemed Rs 250.90 crore of two secured non-convertible debenture issues during the previous quarter, while Kolte-Patil Developers had Rs 351.13 crore of principal outstanding across four listed series at September 30, 2026. The company said both completed redemptions included the applicable redemption premium.

How much NCD principal did Kolte-Patil Developers repay?

Kolte-Patil Developers repaid Rs 250.90 crore of principal across two secured NCD issues during the previous quarter. The company fully redeemed 11,090 secured listed NCDs subscribed by Marubeni Corporation, aggregating Rs 110.90 crore, and 14,000 secured unlisted NCDs subscribed by India Realty Excellence IV, aggregating Rs 140 crore.

The Marubeni Corporation NCDs were issued on December 22, 2023, while the India Realty Excellence IV NCDs were issued on April 10, 2023. Kolte-Patil Developers said it repaid the entire outstanding principal and applicable redemption premium on both issues in line with their issue terms. The filing does not quantify the premium paid on either fully redeemed issue.

The Rs 250.90 crore total follows directly from the two disclosed issue amounts of Rs 110.90 crore and Rs 140 crore. The redemption note describes both transactions as occurring during the previous quarter, while the remaining listed-NCD balances in the same disclosure are reported as at September 30, 2026.

Which listed NCDs remain outstanding for Kolte-Patil Developers?

Kolte-Patil Developers had Rs 351.13 crore of principal outstanding across four listed secured NCD series at September 30, 2026. INE094I07080 had the largest balance at Rs 124.86 crore, followed by INE094I07098 at Rs 94.31 crore, INE094I07049 at Rs 85.29 crore and INE094I07072 at Rs 46.67 crore.

The four series had between 10,994 and 20,650 NCDs outstanding, and each had an original face value of Rs 1 lakh per NCD. Their reduced face values at September 30, 2026 ranged from Rs 34,887 for INE094I07072 to Rs 89,213 for INE094I07080, reflecting different levels of principal redemption.

Principal-redemption progress was materially higher in the first two series than in the other two. INE094I07049 and INE094I07072 had redeemed Rs 121.21 crore and Rs 87.10 crore respectively by September 30, 2026, compared with Rs 15.10 crore for INE094I07080 and Rs 15.63 crore for INE094I07098.

Kolte-Patil Developers had also paid cumulative redemption premiums of Rs 94.13 crore across the four outstanding listed series by September 30, 2026. INE094I07049 accounted for Rs 61.77 crore of that amount, compared with Rs 23.80 crore for INE094I07072 and less than Rs 5 crore each for the other two series.

What secures Kolte-Patil Developers' remaining listed NCDs?

Kolte-Patil Developers' four listed NCD series are secured by registered mortgages over rights, title and interest in relevant project land and/or earmarked units, along with hypothecation of receivables and cash flows from those units. The relevant assets and units are identified in each debenture trust deed, or DTD, and related information memorandum or key information document.

Security cover at September 30, 2026 ranged from 1.04 times for INE094I07080 to 1.86 times for INE094I07072. INE094I07072 had the highest stated cover and the smallest outstanding principal, at Rs 46.67 crore, while INE094I07080 had the lowest cover and the largest balance, at Rs 124.86 crore.

The valuations supporting the security-cover calculation do not use the same date for all four series. INE094I07049 and INE094I07072 use project valuations as at March 31, 2026, whereas INE094I07080 and INE094I07098 use valuations as at September 30, 2026.

When will Kolte-Patil Developers redeem the remaining NCDs?

Kolte-Patil Developers said the remaining listed NCD principal and associated premium will be redeemed as revenue is collected from sales of earmarked units under the applicable DTDs. The filing does not specify one common calendar redemption date for the four series.

The redemption premium is linked to collections from the sale of the earmarked units. By September 30, 2026, the four series had paid Rs 94.13 crore of cumulative premium, indicating that premium payments, like principal redemptions, are tied to the project-backed collection mechanism disclosed by Kolte-Patil Developers.

How did Kolte-Patil Developers' reported borrowings change?

Kolte-Patil Developers' standalone current borrowings declined to Rs 908.18 crore at September 30, 2026 from Rs 1,140.64 crore at March 31, 2026. Non-current borrowings also decreased to Rs 0.64 crore from Rs 1.51 crore over the same period, although the filing does not attribute the entire movement to the two NCD redemptions.

The debt-equity ratio was 0.68 at September 30, 2026, compared with 0.96 at March 31, 2026. For the six months ended September 30, 2026, Kolte-Patil Developers reported Rs 202.64 crore of borrowing proceeds and Rs 436.58 crore of borrowing repayments in its standalone cash-flow statement.

The company reported cash and cash equivalents of Rs 128.20 crore at September 30, 2026, down from Rs 164.69 crore at March 31, 2026. Its net cash generated from operating activities was Rs 321.24 crore for the six months ended September 30, 2026, compared with Rs 183.88 crore in the corresponding six months of 2025.

Conclusion

Kolte-Patil Developers completed the redemption of Rs 250.90 crore across one listed and one unlisted secured NCD issue, while retaining Rs 351.13 crore of principal across four project-backed listed series at September 30, 2026. Those four series had security cover ranging from 1.04 times to 1.86 times and had paid Rs 94.13 crore of cumulative redemption premiums.

The disclosed item to watch is the pace of collections from sales of earmarked project units, because Kolte-Patil Developers states that these collections determine when the remaining NCD principal and linked premiums are redeemed. Readers can also track updated security-cover valuations, particularly for INE094I07049 and INE094I07072, whose reported cover at September 30, 2026 used March 31, 2026 project valuations.