Kolte-Patil posts Rs 152 crore H1 profit, Rs 466 crore net cash

Kolte-Patil posted Rs 152 crore of profit after tax, post minority interest, in H1 FY27 versus a Rs 27 crore loss in H1 FY26, and reported Rs 466 crore of net cash at September 2026. The result followed Rs 1,288 crore of total income, about 1.63 million square feet of project completions and Rs 437 crore of operating cash flow.

How did Kolte-Patil's H1 FY27 earnings change?

Kolte-Patil moved from a Rs 27 crore loss after minority interest in H1 FY26 to a Rs 152 crore profit after minority interest in H1 FY27. Total income rose to Rs 1,288 crore from Rs 259 crore, an increase of Rs 1,029 crore. The presentation defines total income as revenue from operations plus other income.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) changed to Rs 223 crore in H1 FY27 from negative Rs 18 crore a year earlier. The adjusted EBITDA margin was 17.3%, compared with negative 6.9% in H1 FY26, while the profit-after-tax margin post minority interest was 11.8%, against negative 10.6%.

The Q2 FY27 result was positive but smaller than the half-year aggregate. Q2 total income was Rs 352 crore against Rs 162 crore in Q2 FY26, adjusted EBITDA was Rs 17 crore against negative Rs 7 crore, and profit after tax post minority interest was Rs 5 crore against a Rs 10 crore loss. Q2's 1.5% profit-after-tax margin was below the 11.8% H1 FY27 margin.

What drove Kolte-Patil's H1 FY27 profit turnaround?

Kolte-Patil attributed the H1 FY27 income increase to revenue recognition from about 1.63 million square feet of project completions across Pune and Mumbai. Management said recognition occurred in line with its cited CCM and described the Rs 1,288 crore total income as the highest half-year figure reported by the business.

Management also attributed the 17.3% H1 FY27 adjusted EBITDA margin to a favourable project mix, including a higher contribution from higher-margin Life Republic developments. Life Republic generated Rs 383 crore of pre-sales in H1 FY27 on 0.52 million square feet, at an average realisation of Rs 7,390 per square foot.

Pune excluding Life Republic was the largest pre-sales contributor, reporting Rs 1,022 crore from 1.31 million square feet. The Mumbai Metropolitan Region (MMR) reported Rs 230 crore from 0.12 million square feet and had the highest average realisation, at Rs 19,066 per square foot, against the company-wide average of Rs 8,368 per square foot on Rs 1,636 crore of pre-sales.

How did Kolte-Patil generate operating cash flow?

Kolte-Patil generated Rs 437 crore of operating cash flow in H1 FY27 from Rs 1,509 crore of collections. Construction cost used Rs 783 crore, other expenses used Rs 126 crore and direct and indirect taxes totalled Rs 163 crore. Collections were Rs 127 crore below H1 pre-sales of Rs 1,636 crore.

Q2 FY27 operating cash flow was Rs 225 crore on Rs 795 crore of collections, Rs 440 crore of construction cost, Rs 48 crore of other expenses and Rs 82 crore of taxes. The quarter therefore contributed Rs 225 crore of the Rs 437 crore H1 operating cash flow and Rs 795 crore of the Rs 1,509 crore half-year collections.

The H1 cash-flow statement began with Rs 1,174 crore and ended with a Rs 1,171 crore closing balance after operating, financing and investing flows. Management noted that the closing balance included about Rs 78 crore relating to associate companies that are not consolidated, as well as about Rs 45 crore of bank deposits maturing more than 12 months after the balance-sheet date.

How did Kolte-Patil reach net cash at September 2026?

Kolte-Patil reported gross debt of Rs 909 crore at September 2026, down from Rs 1,022 crore in H1 FY26. It also reported Rs 432 crore of zero-coupon non-convertible debentures (NCDs) and Rs 943 crore of cash, cash equivalents and current investments. These offsets produced reported net debt of negative Rs 466 crore, equivalent to net cash of Rs 466 crore.

The comparable H1 FY26 position was net cash of Rs 362 crore, based on Rs 1,022 crore of gross debt, Rs 521 crore of zero-coupon NCDs and Rs 863 crore of cash, cash equivalents and current investments. Net worth increased to Rs 1,359 crore from Rs 1,222 crore, while gross debt decreased by Rs 113 crore.

Financing activities used Rs 322 crore in H1 FY27, including Rs 267 crore for zero-coupon NCD redemption or subscription, Rs 28 crore of interest, Rs 25 crore of equity subscription and Rs 9 crore of dividend. Investing activities used another Rs 118 crore, comprising Rs 45 crore for transferable development rights, premiums, approvals and new business development, and Rs 73 crore for joint-venture partner, land-cost and private-equity payouts.

What sales base and development pipeline does Kolte-Patil have?

Kolte-Patil recorded Rs 1,509 crore of H1 FY27 collections across its regions, with Life Republic contributing Rs 606 crore, Pune excluding Life Republic Rs 721 crore, MMR Rs 159 crore and Bengaluru Rs 23 crore. Bengaluru recorded Rs 1 crore of pre-sales value with no disclosed pre-sales volume, at an average realisation of Rs 16,311 per square foot.

At September 30, 2026, the portfolio comprised 35.36 million square feet of saleable area with estimated gross development value (GDV) of Rs 32,100 crore. Life Republic represented 15.90 million square feet and Pune excluding Life Republic 16.34 million square feet, together accounting for 32.24 million square feet, while Mumbai accounted for 2.89 million square feet.

Kolte-Patil added six society redevelopment projects in Mumbai's western and central suburbs and Navi Mumbai during the year to date. Management estimates the six projects at about Rs 6,000 crore of GDV and about 2 million square feet of saleable area, subject to current floor-space-index norms and changes. Santacruz West, at about Rs 1,930 crore of GDV, is the largest disclosed project.

Conclusion

Kolte-Patil's H1 FY27 performance combined higher recognised income, a return to profit and positive operating cash generation. The presentation links the outcome to about 1.63 million square feet of completions and a greater Life Republic contribution, while the half-year also included Rs 440 crore of combined financing and investing cash outflows.

Next, readers can watch whether project completions continue to support revenue recognition and whether collections fund construction and the six added MMR redevelopment projects. Management estimates those redevelopment projects at about Rs 6,000 crore of GDV, while the September 2026 portfolio carried estimated GDV of Rs 32,100 crore across 35.36 million square feet of saleable area.