Motilal Oswal's research report on Kolte Patil Developers
KPDL achieved presales of INR6.7b in 2QFY26, down 13% YoY and up 9% QoQ (41% below our estimate), due to the absence of launches in the quarter. In 1HFY26, presales were at INR12.9b, down 13% YoY. Area sold in 2Q was 0.86msf, down 17% YoY but up 2% QoQ (45% below our estimate). In 1H, volumes were at 1.7msf, down 15% YoY. KPDL’s flagship integrated township project, Life Republic (LR), registered sales volumes of 0.51msf in 2Q and 1.03msf in 1H. Average sales realization stood at INR7,791/sqft, up 4% YoY and 6% QoQ. In 1HFY26, realizations were at INR7,565/sqft, up 2% YoY.
Outlook
KPDL has reported stagnant pre-sales for the last few quarters. Yet, we expect the company to post a 15% CAGR in pre-sales over FY25-28E. We maintain our BUY rating with a revised TP of INR488, indicating a potential upside of 20%.
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