Kolte-Patil Developers Limited redeems Rs 250.90 crore NCDs

Kolte-Patil Developers Limited fully redeemed Rs 250.90 crore of non-convertible debenture principal across two tranches during the previous quarter, with applicable redemption premiums, while Rs 351.13 crore of principal on four listed tranches remained outstanding at September 30, 2026. The remaining instruments are secured against specified project assets and related collections.

Which NCDs did Kolte-Patil fully redeem?

Kolte-Patil fully redeemed two NCD tranches with combined principal of Rs 250.90 crore during the previous quarter. The first was 11,090 secured, listed non-convertible debentures, or NCDs, aggregating to Rs 110.90 crore, subscribed by Marubeni Corporation and issued on December 22, 2023. Kolte-Patil said it repaid the entire outstanding principal and applicable redemption premium under the issue terms.

The second redemption covered 14,000 secured, unlisted NCDs aggregating to Rs 140 crore, subscribed by India Realty Excellence IV and issued on April 10, 2023. This tranche was also fully repaid with its applicable redemption premium. The September 30, 2026 disclosure distinguishes these completed redemptions from four listed NCD series that remained outstanding.

Kolte-Patil’s consolidated cash-flow statement records Rs 436.58 crore of borrowing repayments in the six months ended September 30, 2026, against Rs 202.64 crore of borrowing proceeds. The filing does not allocate the six-month repayment line specifically to the Marubeni Corporation and India Realty Excellence IV NCDs, but it gives context for the group’s financing cash flows.

How much listed NCD principal remains with Kolte-Patil?

Kolte-Patil had Rs 351.13 crore of principal outstanding across four listed NCD series at September 30, 2026. The largest balance was Rs 124.86 crore for International Securities Identification Number, or ISIN, INE094I07080, followed by Rs 94.31 crore for INE094I07098, Rs 85.29 crore for INE094I07049 and Rs 46.67 crore for INE094I07072.

The reduced face value per NCD differed at September 30, 2026, ranging from Rs 34,887 for INE094I07072 to Rs 89,213 for INE094I07080. Each series had an original face value of Rs 1,00,000 per NCD at issue, while outstanding counts ranged from 10,994 NCDs for INE094I07098 to 20,650 for INE094I07049.

What secures Kolte-Patil’s remaining listed NCDs?

Kolte-Patil’s remaining listed NCDs are secured by a registered mortgage over its rights, title and interest in project land and/or earmarked units identified in the relevant debenture trust deed. The security package also includes hypothecation of receivables and cash flows from earmarked units, as set out in the applicable information memorandum or key information document.

Security cover stood at 1.76 times for INE094I07049 and 1.86 times for INE094I07072 at September 30, 2026. The project valuations supporting those measures were dated March 31, 2026. In comparison, the 1.04-times cover for INE094I07080 and 1.10-times cover for INE094I07098 were based on valuations as of September 30, 2026.

The NCDs are redeemable at a premium linked to collections from sales of earmarked units. Kolte-Patil said the outstanding principal and related premium will be redeemed as revenues are collected under the applicable debenture trust deed, as amended from time to time. The filing therefore links repayment of the Rs 351.13 crore outstanding principal to project-level collections rather than providing a single fixed redemption date.

How did Kolte-Patil’s broader debt position change?

Kolte-Patil reported current borrowings of Rs 908.18 crore at September 30, 2026, down from Rs 1,140.64 crore at March 31, 2026. Non-current borrowings were Rs 0.64 crore at September 30, 2026, compared with Rs 1.51 crore six months earlier. These balance-sheet categories are broader than the listed NCD schedule and do not directly reconcile to the Rs 351.13 crore listed NCD principal.

The reported debt-to-equity ratio was 0.70 at September 30, 2026, versus 0.98 at March 31, 2026 and 0.86 a year earlier. For this measure, Kolte-Patil defines debt as current and non-current borrowings plus lease liabilities, while equity comprises share capital, other equity and non-controlling interests. Its total-debt-to-total-assets ratio was 0.12, compared with 0.16 at both March 31, 2026 and September 30, 2025.

Net cash generated from operating activities rose to Rs 322.40 crore in the six months ended September 30, 2026 from Rs 163.55 crore a year earlier. Cash and cash equivalents were Rs 186.11 crore at September 30, 2026, compared with Rs 201.57 crore at March 31, 2026, after financing cash outflows of Rs 303.32 crore and investing cash outflows of Rs 34.54 crore.

What should readers watch after Kolte-Patil’s NCD redemptions?

Readers should watch sales collections from earmarked units because Kolte-Patil has linked repayment of the remaining Rs 351.13 crore of listed NCD principal and future premium payments to those collections. The four listed series had paid cumulative redemption premiums of Rs 94.13 crore through September 30, 2026, while their cover ratios relied on project valuations dated March 31 or September 30, 2026.

A separate corporate action is the proposed amalgamation of wholly owned subsidiaries Kolte-Patil Lifespaces Private Limited and Kolte-Patil Smart Spaces Private Limited into Kolte-Patil. The board approved the draft scheme on May 22, 2026, with an appointed date of April 1, 2026, but it remains conditional on statutory and regulatory permissions, National Company Law Tribunal approval, member approval and applicable creditor consents.

Conclusion

Kolte-Patil completed repayment of Rs 250.90 crore of principal across the Marubeni Corporation and India Realty Excellence IV NCD tranches, while four listed project-linked series retained Rs 351.13 crore outstanding at September 30, 2026. The decline in current borrowings to Rs 908.18 crore from Rs 1,140.64 crore at March 31, 2026 provides wider balance-sheet context, although the filing does not allocate that movement by individual instrument.

The next disclosures to watch are collections from earmarked units, because these determine redemption of the listed NCD principal and premium under the debenture trust deeds. Progress on the proposed subsidiary amalgamation is also relevant, as the May 22, 2026 board-approved scheme remains subject to the specified approvals and consents.