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Kalpataru MD, chairman, board of directors and AGM

NSE: KALPATARUBSE: 544423RealtySmall Cap

Last close ₹245.40down ₹6.20 (2.46%)BSE ₹245.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹251.60.

52-week range of traded prices to 23 Oct 2026
₹238.75Low, 23 Oct 2026₹410.70High, 23 Oct 2025
Market cap
₹5,053 Cr695th largest listed
P/E
43.3
P/B
1.2
Dividend yield
Nonein the last 12 months
ROE
3.5%
ROCE
0.4%
Debt to equity
2.25
Volume, NSE
1,41,95283.4% delivered

Kalpataru board of directors

At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • ChairpersonMOFATRAJ PUKHRAJ MUNOTRelated to the promoter
  • Managing directorPARAG MOFATRAJ MUNOT
  • Company Secretary and Compliance OfficerGajendra Mewara

8 directors4 independent2 executive2 non-executive

  • MOFATRAJ PUKHRAJ MUNOT · ChairpersonNon-executive · joined Dec 1988 · reappointed Sep 2025 · 2 listed boards · 2 committee seats, 1 as chair
  • PARAG MOFATRAJ MUNOT · Managing directorExecutive · joined Oct 1990 · reappointed Sep 2025 · 2 listed boards · 2 committee seats
  • IMTIAZ ISMAIL KANGANon-executive · joined Sep 2002 · 1 listed board
  • NARENDRA KUMAR LODHAExecutive · joined Aug 2024 · 1 listed board · 1 committee seat
  • ANJALI KARAMNARAYAN SETHIndependent · joined May 2022 · 49 months as independent · 3 listed boards · 3 as independent · 4 committee seats, 1 as chair
  • SUNIL REWACHAND CHANDIRAMANIIndependent · joined Dec 2024 · 18 months as independent · 4 listed boards · 4 as independent · 7 committee seats, 3 as chair
  • NARAYAN KEELVEEDHI SESHADRIIndependent · joined Aug 2024 · 22 months as independent · 6 listed boards · 4 as independent · 8 committee seats, 5 as chair
  • SATISH RAJARAM BHUJBALIndependent · joined Jan 2025 · 17 months as independent · 1 listed board · 1 as independent · 2 committee seats

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 12 May 20268 of 8 present4 independent · 26 days in between
    • 15 Apr 20268 of 8 present4 independent · 67 days in between
    • 6 Feb 20267 of 8 present3 independent

  • Audit Committee

    Chair NARAYAN KEELVEEDHI SESHADRI

    PARAG MOFATRAJ MUNOT, SUNIL REWACHAND CHANDIRAMANI, ANJALI KARAMNARAYAN SETH

    • 12 May 20264 of 4 present3 independent · 26 days in between
    • 15 Apr 20264 of 4 present3 independent · 43 days in between
    • 2 Mar 20264 of 4 present3 independent · 23 days in between
    • 6 Feb 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair NARAYAN KEELVEEDHI SESHADRI

    ANJALI KARAMNARAYAN SETH, MOFATRAJ PUKHRAJ MUNOT, SUNIL REWACHAND CHANDIRAMANI

    • 12 May 20264 of 4 present3 independent · 70 days in between
    • 2 Mar 20264 of 4 present3 independent
    • 6 Feb 20264 of 4 present3 independent

  • Stakeholders Relationship Committee

    Chair MOFATRAJ PUKHRAJ MUNOT

    NARAYAN KEELVEEDHI SESHADRI, NARENDRA KUMAR LODHA, SATISH RAJARAM BHUJBAL

    • 12 May 20264 of 4 present3 independent · 94 days in between
    • 6 Feb 20263 of 4 present1 independent

  • Risk Management Committee

    Chair NARAYAN KEELVEEDHI SESHADRI

    PARAG MOFATRAJ MUNOT, NARENDRA KUMAR LODHA, ANJALI KARAMNARAYAN SETH, CHANDRASHEKHAR JOGLEKAR

    • 6 Feb 20264 of 4 present2 independent

  • Corporate Social Responsibility Committee

    Chair ANJALI KARAMNARAYAN SETH

    MOFATRAJ PUKHRAJ MUNOT, NARENDRA KUMAR LODHA, IMTIAZ ISMAIL KANGA

    • 12 May 20264 of 4 present1 independent · 94 days in between
    • 6 Feb 20264 of 4 present1 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Jun 2026.

  • KKC & Associates LLPPeer-review certificate valid to Jul 2027

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Kalpataru AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Kalpataru share news and announcements

Annual general meeting, 3 Aug 2026

54,390 shareholders on the register on 27 Jul 2026; present: 15 promoters and 54 others; votes counted by YOGESH SINGHVI / NA.The company's voting result (opens in a new tab)

  1. Consideration and Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2026, together with the reports of the Board of Directors and Auditors thereonMoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.13%

    Turnout: all 94.78% · promoters 100.00% · institutions 96.67% · other public 1.15%

  2. Consideration and Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended on March 31, 2026, and the report of Auditors thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.13%

    Turnout: all 94.78% · promoters 100.00% · institutions 96.67% · other public 1.15%

  3. Re-appointment of Mr. Narendra Kumar Lodha (DIN: 00318630), as a Director liable to retire by rotation
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.30%

    Turnout: all 94.78% · promoters 100.00% · institutions 96.67% · other public 1.15%

  4. Ratification of remuneration payable to Cost Auditor of the Company for FY 2026-27
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.37%

    Turnout: all 94.78% · promoters 100.00% · institutions 96.67% · other public 1.15%

  5. Appointment of Messrs. Rathi & Associates as the Secretarial Auditors of the Company
    Ordinary
    99.57% for0.43% against

    Against: promoters 0.00% · institutions 3.07% · other public 0.97%

    Turnout: all 94.78% · promoters 100.00% · institutions 96.67% · other public 1.15%

  6. Approval for Payment of Commission/ Remuneration to Independent Directors
    Special
    99.57% for0.43% against

    Against: promoters 0.00% · institutions 3.07% · other public 1.90%

    Turnout: all 94.78% · promoters 100.00% · institutions 96.67% · other public 1.15%

  7. Approval for Sale, Disposal and/or Leasing of Assets of Kalpataru Properties Limited (“KPL”), a Material Subsidiary of the Company, exceeding 20% of its assets on an aggregate basis during a financial yearMoreLess
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.43%

    Turnout: all 94.78% · promoters 100.00% · institutions 96.67% · other public 1.15%

  8. Approval of Material Related Party Transaction involving provision of Shortfall Undertaking by Mr. Parag M. Munot, Managing Director and Promoter of the Company in connection with the term loan facilities availed by the CompanyMoreLess
    OrdinaryPromoters have an interest in it
    96.94% for3.06% against

    Against: promoters 0.00% · institutions 3.07% · other public 1.91%

    Turnout: all 13.45% · promoters 0.00% · institutions 96.67% · other public 1.14%

  9. Approval of Material Related Party Transaction involving provision of Personal Guarantee by Mr. Parag M. Munot, Managing Director and Promoter of the Company, in connection with the financial facilities proposed to be availed by Kalpataru Properties Limited (“KPL”), a wholly owned subsidiary of the CompanyMoreLess
    OrdinaryPromoters have an interest in it
    96.94% for3.06% against

    Against: promoters 0.00% · institutions 3.07% · other public 1.91%

    Turnout: all 13.45% · promoters 0.00% · institutions 96.67% · other public 1.14%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 1 Feb 2026, 4 resolutions

57,470 shareholders on the register on 26 Dec 2025; votes counted by Yogesh Singhvi / Not Applicable.The company's voting result (opens in a new tab)

  1. Approval of Material Related Party Transaction(s) proposed to be entered into between the Company, Kalpataru Properties (Thane) Private Limited, a wholly owned subsidiary and Agile Real Estate Dev Private Limited, a subsidiary of the CompanyMoreLess
    OrdinaryPromoters have an interest in it
    99.65% for0.35% against

    Against: promoters 0.00% · institutions 0.35% · other public 2.74%

    Turnout: all 13.53% · promoters 0.00% · institutions 93.36% · other public 0.55%

  2. Approval of Material Related Party Transaction(s) between the Company and Agile Real Estate Dev Private Limited, a subsidiary of the Company
    OrdinaryPromoters have an interest in it
    99.65% for0.35% against

    Against: promoters 0.00% · institutions 0.35% · other public 2.90%

    Turnout: all 13.53% · promoters 0.00% · institutions 93.36% · other public 0.55%

  3. Approval of Material Related Party Transaction(s) between the Company and Prime Properties Private Limited, Arena Enviro Farms Private Limited, Aseem Properties LLP, Marck Stationery Manufacturing LLP, (“Promoter Group Entities”), Mr. Parag M. Munot, Promoter and Managing Director of the CompanyMoreLess
    OrdinaryPromoters have an interest in it
    99.65% for0.35% against

    Against: promoters 0.00% · institutions 0.35% · other public 2.92%

    Turnout: all 13.53% · promoters 0.00% · institutions 93.36% · other public 0.55%

  4. Approval of Material Related Party Transaction(s) between the Company and Agile Real Estate Private Limited, a subsidiary of the Company
    OrdinaryPromoters have an interest in it
    99.65% for0.35% against

    Against: promoters 0.00% · institutions 0.35% · other public 2.65%

    Turnout: all 13.53% · promoters 0.00% · institutions 93.36% · other public 0.55%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 29 Sep 2025, 5 resolutions

61,552 shareholders on the register on 22 Sep 2025; present: 15 promoters and 86 others; votes counted by Ms. Ruchita Shah / Ruchita.The company's voting result (opens in a new tab)

  1. Consideration and adoption of a) the Audited Standalone Financial Statements of the Company for financial year ended on March 31, 2025, together with the reports of the Auditor and of the Board of Directors thereon; and b) the Audited Consolidated Financial Statements of the Company for the financial year ended on March 31, 2025, and the report of Auditor thereon;MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.06%

    Turnout: all 92.12% · promoters 100.00% · institutions 71.78% · other public 9.50%

  2. To appoint Mr. Mofatraj P. Munot (DIN: 00046905), who retires by rotation, as a Non-Executive Director of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.09%

    Turnout: all 92.12% · promoters 100.00% · institutions 71.78% · other public 9.49%

  3. To ratify remuneration of Cost Auditor for Financial Year ending on March 31, 2026
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.07%

    Turnout: all 92.12% · promoters 100.00% · institutions 71.78% · other public 9.49%

  4. To appoint Secretarial Auditor
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.07%

    Turnout: all 92.12% · promoters 100.00% · institutions 71.78% · other public 9.49%

  5. To approve Material Related Party transactions of the Company with its Subsidiary
    OrdinaryPromoters have an interest in it
    99.03% for0.97% against

    Against: promoters 0.00% · institutions 1.01% · other public 0.09%

    Turnout: all 10.78% · promoters 0.00% · institutions 71.78% · other public 9.49%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 30 Aug 2025, 6 resolutions

66,988 shareholders on the register on 25 Jul 2025; votes counted by Mr. Yogesh Singhvi / Yogesh.The company's voting result (opens in a new tab)

  1. To ratify 'Kalpataru Limited Employee Stock Option Scheme 2024'
    Special
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 1.89% · other public 1.08%

    Turnout: all 87.76% · promoters 100.00% · institutions 44.63% · other public 4.55%

  2. To ratify grant of employee stock options to the employees of Subsidiary Company(ies) under ‘Kalpataru Limited Employee Stock Option Scheme 2024’
    Special
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 1.89% · other public 1.14%

    Turnout: all 87.76% · promoters 100.00% · institutions 44.63% · other public 4.55%

  3. To approve grant of employee stock options to the eligible employees of the Group Companies, including Associate Company(ies) of the Company under ‘Kalpataru Limited Employees Stock Option Scheme 2024’MoreLess
    Special
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 1.89% · other public 1.14%

    Turnout: all 87.76% · promoters 100.00% · institutions 44.63% · other public 4.54%

  4. To approve Material Related Party transaction of a Wholly Owned Subsidiary of the Company with a Related Party of the Company
    OrdinaryPromoters have an interest in it
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.56%

    Turnout: all 6.42% · promoters 0.00% · institutions 44.63% · other public 4.54%

  5. To approve Material Related Party Transaction between the Company and Agile Real Estate Private Limited, Subsidiary of the Company
    OrdinaryPromoters have an interest in it
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.60%

    Turnout: all 6.42% · promoters 0.00% · institutions 44.63% · other public 4.54%

  6. To approve Material Related Party Transaction between Subsidiaries of the Company
    OrdinaryPromoters have an interest in it
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.54%

    Turnout: all 6.42% · promoters 0.00% · institutions 44.63% · other public 4.54%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.

Mutual fund votes, meeting of 3 Aug 2026, 2 fund houses so far (houses' deadline to file 15 Oct 2026)

  • Consideration and Adoption of the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2026, together with the reports of the Board of Directors and Auditors thereonMoreLess
    2 for0 against
  • Consideration and Adoption of the Audited Consolidated Financial Statements of the Company for the financial year ended on March 31, 2026, and the report of Auditors thereon
    2 for0 against
  • Re-appointment of Mr. Narendra Kumar Lodha (DIN: 00318630), as a Director liable to retire by rotation
    2 for0 against
  • Ratification of remuneration payable to Cost Auditor of the Company for FY 2026-27
    2 for0 against
  • Appointment of Messrs. Rathi & Associates as the Secretarial Auditors of the Company
    2 for0 against
  • Approval for Payment of Commission/ Remuneration to Independent Directors
    2 for0 against
  • Approval for Sale, Disposal and/or Leasing of Assets of Kalpataru Properties Limited (“KPL”), a Material Subsidiary of the Company, exceeding 20% of its assets on an aggregate basis during a financial yearMoreLess
    2 for0 against
  • Approval of Material Related Party Transaction involving provision of Shortfall Undertaking by Mr. Parag M. Munot, Managing Director and Promoter of the Company in connection with the term loan facilities availed by the CompanyMoreLess
    2 for0 against
  • Approval of Material Related Party Transaction involving provision of Personal Guarantee by Mr. Parag M. Munot, Managing Director and Promoter of the Company, in connection with the financial facilities proposed to be availed by Kalpataru Properties Limited (“KPL”), a wholly owned subsidiary of the CompanyMoreLess
    2 for0 against

Mutual fund votes, meeting of 1 Feb 2026, 3 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • Approval of Material Related Party Transaction(s) proposed to be entered into between the Company, Kalpataru Properties (Thane) Private Limited, a wholly owned subsidiary and Agile Real Estate Dev Private Limited, a subsidiary of the CompanyMoreLess
    Against Taurus Mutual Fund
    • Taurus Mutual FundAREDPL is an 83.33% step-down subsidiary of Kalpataru Ltd., with the remaining 16.67% equity held by New Era (third party). AREDPL is developing two projects in Thane. AREDPL had earlier raised funds through NCDs issued to HDFC Capital Affordable Real Estate Fund at an IRR of 16.5%. The group has undertaken a refinancing exercise through an ICICI Bank loan (10.5% p.a.). ICICI Bank has sanctioned the term loan of Rs. 6.0 bn (Rs. 3.9 bn to AREDPL and Rs. 2.1 bn to KPTPL, a 100% subsidiary). Resolution #1 includes corporate guarantee by Kalpataru for the AREDPL loan, and security/ corporate guarantee by AREDPL for the KPTPL loan (for the loan amount). We generally support financial support only to the extent of the company’s shareholding. The company has previously clarified, in the context of Agile Real Estate Private Limited (AREPL) (another 83.33% subsidiary), that New Era is merely a financial investor that participated in the initial land acquisition. The company should have also clarified the same for AREDPL in the current shareholder notice. The transactions will support the refinancing, and in turn lower borrowing costs. However, we raise concern the company has also extended loans to AREDPL, and AREDPL extended ICDs to KPTPL during FY26, for which no shareholder approval has been sought. The company should seek approval for the aggregate value of all transactions undertaken in FY26 involving the company, AREDPL, and KPTPL. In the absence of comprehensive shareholder approval covering all transactions, we do not support the resolution.
    1 for1 against
  • Approval of Material Related Party Transaction(s) between the Company and Agile Real Estate Dev Private Limited, a subsidiary of the Company
    1 for0 against
  • Approval of Material Related Party Transaction(s) between the Company and Prime Properties Private Limited, Arena Enviro Farms Private Limited, Aseem Properties LLP, Marck Stationery Manufacturing LLP, (“Promoter Group Entities”), Mr. Parag M. Munot, Promoter and Managing Director of the CompanyMoreLess
    1 for0 against
  • Approval of Material Related Party Transaction(s) between the Company and Agile Real Estate Private Limited, a subsidiary of the Company
    1 for0 against
7 proposals not matched to one resolution
  • Item 2, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundThe company seeks approval for extension of financial assistance by way of ICD of upto Rs. 4.0 bn to AREDPL. The facility will enable AREDPL to meet its funding requirements, including redemption of outstanding NCDs and funding of project-related expenses. AREDPL is an 83.33% step-down subsidiary, with the remaining 16.67% equity held by New Era. We generally support extension of financial support only to the extent of the company’s shareholding. We note that the company has previously clarified, in the context of Agile Real Estate Private Limited (AREPL) (another 83.33% subsidiary), that New Era is a financial investor which participated in the initial land acquisition, and that subsequent funding requirements were intended to be arranged by the company/ bank borrowings/ financial institutions. While this clarification was provided for AREPL, the shareholding structure of AREPL and AREDPL is similar. However, the company should have clarified the same for AREDPL also in the shareholder notice. We note that the proposed ICD will allow the subsidiary to retire high-cost debt and thereby lower borrowing costs. However, the company has also extended loans to AREDPL during FY26 to date. We raise concern that the company has not sought shareholder approval for the aggregate value of all related party transactions that are undertaken during FY26 involving the company and AREDPL. In the absence of comprehensive shareholder approval covering all transactions, we do not support the resolution.
    0 for1 against
  • Item 3, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundThe company is undertaking development of a residential project comprising ~1.0 million sq. ft. of saleable area over a 5.8-acre land parcel at Sewri, Mumbai, on a joint development basis with Prime Properties Private Limited (PPPL), a promoter group entity. In connection with the Sewri project, the company has availed a debt facility of Rs. 3.5 bn from HDFC Capital Affordable Real Estate Fund (H Care) at an IRR of 16.5%. To support the said facility, certain promoter group entities, along with the promoter, Parag M. Munot, have provided security and guarantees (upto Rs. 3.5 bn) in favour of the lender. We note that the real estate sector is capital-intensive, and project financing often requires promoter support in the form of guarantees and security. We support availing such support from the promoter group to enable the listed entity to access funding. However, we raise concern that past transactions with the promoter and promoter group entities have also included loan transactions and business support services, for which no shareholder approval has been sought. The company should seek shareholder approval for the aggregate value of all related party transactions that were or may be undertaken during FY26, involving the company and its promoter and such promoter group entities. In the absence of comprehensive shareholder approval covering all transactions, we do not support the resolution.
    0 for1 against
  • Item 4, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundAREPL is an 83.33% step-down subsidiary of Kalpataru Limited, with the remaining 16.67% held by New Era, a financial investor. AREPL is developing the housing project Kalpataru Eternia, Thane. The project was earlier funded through a term loan of Rs. 7.5 bn from PNB Housing Finance at an interest rate of 16.10% p.a. AREPL refinanced the net outstanding loan with a fresh ICICI Bank term loan of Rs. 4.0 bn. As part of the new facility, the loan is required to be secured by a guarantee (upto Rs. 4.0 bn) by the company, being the ultimate holding company. While we generally support financial support to the extent of the company’s shareholding, the company has previously clarified that New Era is only a financial investor which participated in the initial land acquisition. However, the company should have clarified the same in the shareholder notice. The company has previously obtained shareholder approval at the 2025 AGM for loan to AREPL upto Rs. 2.0 bn. Additionally, past transactions include interest income, business support services, sale of materials, license fee income, maintenance charges, and reimbursement of expenses. The current approval includes corporate guarantee, without seeking approval for the aggregate value of other transactions that were or may be undertaken during FY26, including additional loan transactions (net loan given of Rs. 3.6 bn in 9MFY26). In the absence of comprehensive approval covering all transactions with AREPL, we do not support the resolution.
    0 for1 against
  • 1) Approve material related party transactions for providing corporate guarantees and security in connection with ICICI Bank facilities availed by Agile Real Estate Development Private Limited (AREDPL), an 83.33% step-down subsidiary, upto Rs. 3.9 bn, and Kalpataru Properties (Thane) Private Limited (KPTPL), a wholly owned subsidiary, upto Rs. 2.1 bn.MoreLess
    1 for0 against
  • 2) Approve material related party transactions for providing inter-corporate deposit (ICD) to Agile Real Estate Dev Private Limited (AREDPL), an 83.33% step-down subsidiary, upto Rs. 4.0 bn.
    1 for0 against
  • 3) Approve material related party transactions involving provision of security and guarantees by promoter and promoter group entities upto Rs. 3.5 bn in connection with facilities availed by Kalpataru Ltd. (the company) from HDFC Capital Affordable Real Estate Fund (H Care).MoreLess
    1 for0 against
  • 4) Approve material related party transactions for providing corporate guarantee upto Rs 4.0 bn to Agile Real Estate Private Limited (AREPL), an 83.33% step-down subsidiary.
    1 for0 against
2 earlier meetings

Mutual fund votes, meeting of 29 Sep 2025, 3 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • Consideration and adoption of a) the Audited Standalone Financial Statements of the Company for financial year ended on March 31, 2025, together with the reports of the Auditor and of the Board of Directors thereon; and b) the Audited Consolidated Financial Statements of the Company for the financial year ended on March 31, 2025, and the report of Auditor thereon;MoreLess
    2 for0 against
  • To appoint Mr. Mofatraj P. Munot (DIN: 00046905), who retires by rotation, as a Non-Executive Director of the Company
    3 for0 against
  • To ratify remuneration of Cost Auditor for Financial Year ending on March 31, 2026
    2 for0 against
  • To appoint Secretarial Auditor
    3 for0 against
  • To approve Material Related Party transactions of the Company with its Subsidiary
    Against Taurus Mutual Fund
    • Taurus Mutual FundAgile Real Estate Private Ltd. (AREPL) is an 83.33% subsidiary. The remaining stake is held by New Era (through its partners Russell Mehta and Mona Mehta). AREPL is in the business of real estate developments and requires a loan from the company for its principal business activities. Currently AREPL owns a land parcel in Kolshet Road, Thane, and is developing a township, Kalpataru Parkcity. The current outstanding receivable as of 1 April 2025 from AREPL was Rs. 12.0 bn, out of which Rs. 2.8 bn was repaid before the company listed on the stock exchanges. The company further disbursed an amount of Rs. 3.32 bn out of IPO proceeds as per the objects of the issue. AREPL may require additional funds for project execution and repayment of its existing borrowings from banks/financial institutions to the extent of Rs. 2.0 bn and accordingly the company seeks shareholder approval for provision of loan of upto Rs. 2.0 bn to AREPL. It is unclear if the financial support provided will be in proportion of Kalpataru’s 83.33% shareholding in AREPL. Further, in the past the company has entered into transactions such as purchase/sale of materials, business support services and income fee from licenses. The company must clarify whether such transactions are expected in FY26 and whether a separate approval will be sought for them. In the absence of clarity, we do not support the resolution.
    2 for1 against
2 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 30 Aug 2025, 3 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • To ratify 'Kalpataru Limited Employee Stock Option Scheme 2024'
    1 for0 against
  • To ratify grant of employee stock options to the employees of Subsidiary Company(ies) under ‘Kalpataru Limited Employee Stock Option Scheme 2024’
    1 for0 against
  • To approve grant of employee stock options to the eligible employees of the Group Companies, including Associate Company(ies) of the Company under ‘Kalpataru Limited Employees Stock Option Scheme 2024’MoreLess
    Against Taurus Mutual Fund
    • Taurus Mutual FundThrough a separate resolution, the company proposes extending the scheme to group companies including associate companies. We do not support the extension of the scheme to employees of group companies and associate companies. Further, our view on this resolution is linked to our view on resolution #1. We do not support the resolution.
    2 for1 against
  • To approve Material Related Party transaction of a Wholly Owned Subsidiary of the Company with a Related Party of the Company
    3 for0 against
  • To approve Material Related Party Transaction between the Company and Agile Real Estate Private Limited, Subsidiary of the Company
    3 for0 against
  • To approve Material Related Party Transaction between Subsidiaries of the Company
    1 for0 against
6 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundThe overall dilution of the scheme for 5,400,000 options is ~2.6% on the expanded capital base as on 27 June 2025. The company has stated that the vesting of options is time based and the Nomination and Remuneration Committee (NRC) may prescribe achievement of corporate or individual performance conditions/targets. The exercise price per option shall be determined by the NRC. If granted at face value, it represents a discount of 97.43% on the current market price (Rs. 389.25 as on 20 August 2025). We do not favour schemes where the exercise price is at a significant discount (>20%) to market price. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESOPs are issued at significant discount to market price. If the stock options are granted at a significant discount, there is no alignment between the interests of investors and those of employees. We believe as a good practice companies should grant stock options at market price, or the options should have a performance-based vesting with clearly defined performance metrics. We do not support the resolution.
    0 for1 against
  • Item 2, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundThrough a separate resolution, the company proposes extending the scheme to employees of the subsidiary companies. Our view on this resolution is linked to our view on resolution #1. We do not support the resolution.
    0 for1 against
  • Item 6, as a fund house numbered it
    1 for0 against
  • 1) Approve ratification of pre-IPO Kalpataru Limited Employee Stock Option Scheme 2024 (ESOS 2024).
    1 for0 against
  • 2) Approve extension of Kalpataru Limited Employee Stock Option Scheme 2024 (ESOS 2024) to employees of subsidiary companies.
    1 for0 against
  • 6) Approve provision of corporate guarantee of upto Rs. 6.15 bn by Agile Real Estate Private limited (AREPL) to secure loan taken by Kalpataru Properties Private Limited (KPPL).
    1 for0 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Tax disputeMVAT Department- Deputy Commissioner Appeal -3Since 31 Mar 2021
    No further update. Matter is still pending with Deputy Commissioner Appeal -3
    At the filing before: Matter is still pending with Deputy Commissioner (Appeal -3). MVAT Dept
  • Tax disputeJoint Commissioner, Goregaon_East_505, Mumbai_South_WestSince 24 Mar 2026
    No further update - Matter is still pending with Appellate Authority
    At the filing before: The Company received an Order dated December 26, 2025, in form DRC-07, from Joint Commissioner of CGST, Mumbai, with a demand of tax and applicable interest and penalty aggregating to Rs. 80,71,45,860, for financial year 2018-19, under section 74 of GST Act. The Company filed an appeal with the First Appellate Authority on 24th March, 2026 against the Order.MoreLess
  • Tax disputeCommissioner, CGST Mumbai West.Since 30 Nov 2018
    No further update, matter is still pending with CESTAT.
    At the filing before: Matter is still pending with CESTAT.
  • Tax disputeDeputy Commissioners of Income TaxSince 27 May 2026
    Matter is still pending with Income Tax Appellate Tribunal
    At the filing before: Appeal filed by Income Tax Department before Income Tax Appellate Tribunal against Order passed by the CIT(A)
  • Tax disputeDeputy Commissioners of Income TaxSince 28 May 2026
    Matter is still pending with Appellate Authority
    At the filing before: Appeal filed by the Company against the Order of the CIT(A) before the Income Tax Appellate Tribunal

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
Yes
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Jun 2026.

RaisedAmount raisedForSet asideSpentSpent elsewhere
Public IssuesJun 2025, checked by CARE RATINGS LIMITED1,590.00Repayment / pre-payment, in full or in part, of outstanding borrowings availed by the Company333.26333.26No
Public IssuesJun 2025, checked by CARE RATINGS LIMITED1,590.00Repayment / pre-payment, in full or in part, of outstanding borrowings availed by Subsidiaries of Kalpataru Limited859.24859.24No
Public IssuesJun 2025, checked by CARE RATINGS LIMITED1,590.00General corporate purposes324.75324.67No
Public IssuesJun 2025, checked by CARE RATINGS LIMITED1,590.00Issue expenses72.7571.69No
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.