Kolte Patil Developers Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Kolte Patil Developers Ltd trades at ₹387, building a base and 5 weeks into that stage. That is +3.3% against its own 200-day average. It sits at 46% of a 52-week range of ₹318 to ₹468. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (5 weeks and counting).

Today the stock is building a base — week 5 of stage 1, confirmed. At ₹387 it trades +3.3% versus its 200-day average and sits at 46% of its 52-week range (₹318–₹468).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +230% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (5 weeks and counting; last ahead the week of 2026-06-24) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 93rd percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Kolte Patil Developers Ltd trades at 62.4× P/E, at the pricey end of its own range (93rd percentile). Its long-run median P/E is 24.2×, measured across 10.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 62.4× is at the pricey end of its own range (93rd percentile), against a long-run median of 24.2× measured over 10.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −131.1% against a −13.5% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 10y, of the +11.3%/yr price move, ~−1.7%/yr came from earnings growth and ~+13.0 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Kolte Patil Developers Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE slipping at -0.1% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

31.1/100 — rank 25 of 26 in Realty - Construction & Contracting · 70% evidence confidence

Kolte Patil Developers Ltd scores 31.1 out of 100 against the 26 companies it is compared with in Realty - Construction & Contracting, ranking 25. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 3.6 + 6.1 + 10 + 11.4 = 31.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Kolte Patil Developers Ltd reported ₹249 Cr of revenue in the Mar 26 quarter, −65.4% year on year. Over 10 years it has compounded at −0.3% a year. The last full year, FY26, came in at ₹735 Cr. The last four reported quarters add to ₹735 Cr.

Kolte Patil Developers Ltd reported ₹249 Cr of revenue in the Mar 26 quarter, −65.4% year on year. Over 10 years it has compounded at −0.3% a year. The last full year, FY26, came in at ₹735 Cr. The last four reported quarters add to ₹735 Cr.

FY26 revenue came in at ₹735 Cr (−57.2% on the year), capping 10 years at −0.3% compound. The latest quarter (Mar 26) printed ₹249 Cr, −65.4% year on year.

Pace check: the last four quarters averaged −55.2% growth against the decade's −0.3% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −57.2% over the last 4 quarters against −26.8%/yr over the last 8 — rolling over.

→ Revenue slipped — did margins hold as it scaled? Next: −2.0% this quarter (−17.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Kolte Patil Developers Ltd's operating margin is −2.0% in the Mar 26 quarter, −17.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −8.0% to 29.0%. The current quarter sits inside that band.

Kolte Patil Developers Ltd's operating margin is −2.0% in the Mar 26 quarter, −17.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −8.0% to 29.0%. The current quarter sits inside that band.

The latest quarter's operating margin is −2.0%, −17.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −8.0%–29.0%.

🚨 Why the margin moved: operating margin went −17.2 pp year on year while gross margin went +2.5 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins slipped — did that reach the bottom line? Next: profit −122.7% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Kolte Patil Developers Ltd posted a net loss of ₹15.0 Cr in the Mar 26 quarter. The full FY26 year was a loss of ₹38.0 Cr. That loss is 6.0% of the quarter's revenue. The same quarter a year earlier earned ₹66.0 Cr. 6 of the last 12 reported quarters were loss-making.

Kolte Patil Developers Ltd posted a net loss of ₹15.0 Cr in the Mar 26 quarter. The full FY26 year was a loss of ₹38.0 Cr. That loss is 6.0% of the quarter's revenue. The same quarter a year earlier earned ₹66.0 Cr. 6 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹−15.0 Cr, −122.7% year on year. On the full year, FY26 printed ₹−38.0 Cr (−134.9%).

🚨 Why profit moved: revenue contributed −65.4% and the margin −17.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −200.2% vs revenue −55.2%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 272% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 272% of Kolte Patil Developers Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹217 Cr of operating cash against ₹−38.0 Cr of profit. After ₹113 Cr of capital spending, ₹104 Cr was left as free cash.

FY26: operating cash of ₹217 Cr against reported profit of ₹−38.0 Cr, leaving free cash of ₹104 Cr after ₹113 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 272% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 272%: the cash cycle tightened 1,879 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 4.3× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹190 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Kolte Patil Developers Ltd's cash conversion cycle runs 31 days in FY26, down from 1,910 days in FY21. Capital spending ran ₹190 Cr over the last 3 years. At FY26 sales of ₹735 Cr each day of that cycle holds about ₹2.0 Cr, so roughly ₹62.0 Cr sits inside the business at any moment.

FY26: debtors at 31 days, inventory at 3,673 days — roughly 120.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 31 days, tighter than FY21's 1,910.

The full loop: cash goes out to suppliers and production on day 0; stock waits 3,673 days to sell; customers pay about 31 days after that; and suppliers themselves are paid at 459 days — netting out to the 31-day cycle.

In money terms: at FY26 sales of ₹735 Cr, each day of the cycle holds about ₹2.0 Cr — so the 31-day loop keeps roughly ₹62.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹190 Cr over the last 3 fiscal years against ₹44.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹4.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 0% and the ROIC − WACC spread is −17.1 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Kolte Patil Developers Ltd earns a ROCE of 0% in FY26. Return on invested capital clears the cost of that capital by −17.1 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is −5.2% net margin on 0.10× asset turns.

FY26 ROCE is 0%.

🚨 Why the return is what it is — the wiring (FY26): −5.2% net margin × 0.10× asset turns × 6.26× balance-sheet leverage ≈ −3.3% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: −5.1% − 12.0% = a −17.1 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.98.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Kolte Patil Developers Ltd carries total debt of ₹1,183 Cr against shareholder equity of ₹1,205 Cr as of Mar 26, a debt-to-equity of 0.98. On the annual view that ratio went from 0.56 in FY22 to 0.98 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹1,183 Cr against shareholder equity of ₹1,205 Cr — a debt-to-equity of 0.98. On the annual view, debt-to-equity went from 0.56 (FY22) to 0.98 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: Foreign institutions added 6.1 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 6.1 points of Kolte Patil Developers Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 10.6% of the company. Promoters moved +4.4 points over the same window, to 73.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +6.1 points over 8 quarters to 10.6%; Promoters: +4.4 points over 8 quarters to 73.8%; Domestic institutions: −1.7 points over 8 quarters to 3.3%.

Why the register moved: rotation — foreign institutions +6.1 points against domestic institutions −1.7 points over 8 quarters, with promoters +4.4 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Kolte Patil Developers Ltd: the Z-score reads 0.58. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits inside the distress zone. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

🚨 Why it matters: a Z-score of 0.58 is inside the distress zone — the balance sheet is a real risk, not a detail.

The safety line in one sentence: the Z-score reads 0.58.

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