Kolte-Patil Developers suffers Rs 17 crore loss in Q1 FY26, sales dip

Kolte-Patil Developers reports a Rs 16.99 crore loss in Q1 FY26, with a 75% YoY revenue decline; Blackstone's entry into the company marks a turning point

Pune-based Kolte-Patil Developers has incurred a loss (attributable to owners of the company) of Rs 16.99 crore in the first quarter of the financial year 2026 (Q1 FY26), compared with a profit of Rs 6.23 crore in Q1 FY25. This marks the company's first quarter earnings since Blackstone acquired a majority stake for Rs 1,800 crore, marking its entry into the Indian residential real estate sector.

 

The company’s revenue (from operations) also dipped by 75.82 per cent year-on-year (YoY) to Rs 82.36 crore. Its total expenses during the quarter under review stood at Rs 119.27 crore, down by 64.48 per cent YoY.

 

Earlier, the real estate developer reported sales worth Rs 616 crore for Q1 FY26, down by 13.3 per cent YoY. It sold an area of 0.84 million square feet (msf) during Q1 FY26, down 12.5 per cent YoY.

 

The company’s sales during Q1 FY26 came from its sustenance sales and 0.53 msf of contribution from its Life Republic Integrated Township project in Pune.

 

 

Kolte-Patil’s sales realisation in Q1 FY26 also declined to Rs 7,337 per square foot, against the realisation of Rs 7,407 per square foot in Q1 FY25. The company’s collections in Q1 FY26 declined by 10.1 per cent YoY, to Rs 550 crore.

 

On a consolidated basis, the company’s debt-equity ratio stood at 0.89 times as of 30 June 2025, compared with the ratio of 1.52 times as of 30 June 2024.

 

On Tuesday (29 July), the company’s board of directors also approved fundraising of up to Rs 250 crore through an issue of secured, rated, listed, redeemable non-convertible debentures of face value Rs 1 lakh each, on a private placement basis in one or more tranches.

 

In June, BREP Asia III India Holding Co., a Blackstone entity, bought a 14.3 per cent stake in Kolte-Patil Developers for Rs 417.03 crore through a preferential allotment of shares. The entity will take another 25.7 per cent stake from the promoters' group for ₹750 crore. An open offer will be launched to acquire up to 26 per cent stake in Kolte-Patil Developers from public shareholders for ₹758.56 crore, the global investment firm had stated at the time of the transaction.

 

The company has a pipeline of planned launches across Pune and Mumbai in the coming quarters, which is expected to drive growth in FY26. It is expecting the upcoming projects and sustenance inventory to drive sales as the year progresses.