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Nimish Maheshwari

Market & Forensics Analyst

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a> is investing INR 1,800 crore to acquire a 66% stake in <a href="https://www.smartkarma.com/entities/kolte-patil-developers-ltd" target="_blank" data-smartkarma-citation="entities:6819:1" rel="noopener">Kolte Patil Developers (KPDL IN)</a>, marking its first big move into India’s residential real estate market.</li>
<li>This deal signals rising institutional interest in India’s housing sector and sets the stage for a potential residential REIT, similar to Blackstone’s office REIT playbook.</li>
<li>The residential segment, long seen as fragmented and informal, may now see valuation re-ratings, increased M&amp;A activity, and formalization driven by global capital.</li>
</ul>



Blackstone (BX US) is investing INR 1,800 crore to acquire a 66% stake in Kolte Patil Developers (KPDL IN), marking its first big move into India’s residential real estate market.
This deal signals rising institutional interest in India’s housing sector and sets the stage for a potential residential REIT, similar to Blackstone’s office REIT playbook.
The residential segment, long seen as fragmented and informal, may now see valuation re-ratings, increased M&amp;A activity, and formalization driven by global capital.


Blackstone's ₹1,800 Crore Residential Bet on Kolte-Patil

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

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Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

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Equity Bottom-Up

Kolte Patil Developers / Equity Bottom-Up

<ul>
<li>Kolte Patil reported a decent Q2FY25 with highest ever quarterly pre-sales of INR 770cr, a growth of 22% YoY. Pre-sales volume corresponding to this was 1.03 MSF (Million Square Feet).</li>
<li>Notably, demand for premium projects has been strong. For H1FY25, 30% of pre-sales has come from 24K luxury segment. This compares to 12% in FY22.</li>
<li>Year-To-Date, new launch activity has been decent with the launch of 2.2 MSF of saleable area. This includes Kolte Patil's entry in Navi Mumbai with a project launch in Vashi. </li>
</ul>


Kolte Patil reported a decent Q2FY25 with highest ever quarterly pre-sales of INR 770cr, a growth of 22% YoY. Pre-sales volume corresponding to this was 1.03 MSF (Million Square Feet).
Notably, demand for premium projects has been strong. For H1FY25, 30% of pre-sales has come from 24K luxury segment. This compares to 12% in FY22.
Year-To-Date, new launch activity has been decent with the launch of 2.2 MSF of saleable area. This includes Kolte Patil's entry in Navi Mumbai with a project launch in Vashi. 


Kolte Patil: On Track as Per FY25 Guidance

<ul>
<li>Kolte Patil reported a decent Q1FY25 with pre-sales of INR 711cr. This was lower than expected, however, adjusted for weak new launch activity, it was healthy.</li>
<li>Q1FY25 pre-sales was mostly led by sustenance sales. New launches worth INR 1500cr have been initiated mostly in Q2FY25, thus will start reflecting in 2HFY25 pre-sales numbers.</li>
<li>With highest-ever quarterly collection at INR 612cr, operating cash flows has remained strong. The balance sheet remains robust with negative net debt, allowing Kolte Patil to aggressively pursue new projects.</li>
</ul>


Kolte Patil reported a decent Q1FY25 with pre-sales of INR 711cr. This was lower than expected, however, adjusted for weak new launch activity, it was healthy.
Q1FY25 pre-sales was mostly led by sustenance sales. New launches worth INR 1500cr have been initiated mostly in Q2FY25, thus will start reflecting in 2HFY25 pre-sales numbers.
With highest-ever quarterly collection at INR 612cr, operating cash flows has remained strong. The balance sheet remains robust with negative net debt, allowing Kolte Patil to aggressively pursue new projects.


Kolte Patil: New Launches Were Tepid In Q1 But FY25 Is On Track For Strong Performance

<ul>
<li>Kolte Patil reported a muted Q4FY24 with sales value flattish at INR 743cr vs INR 746cr QoQ. However, overall FY24 ended strong with sales value growing at 25%+ YoY.</li>
<li>New project acquisition ended FY24 at INR 6000cr+, which was below the guidance of INR 8000cr. However, Kolte Patil remains upbeat and has guided to do INR 8000cr in FY25.</li>
<li>Even with lower than expected project acquisitions, Kolte Patil is well positioned with INR 25000cr worth of projects portfolio. It has guided for 25% CAGR in sales value through FY25-27.</li>
</ul>


Kolte Patil reported a muted Q4FY24 with sales value flattish at INR 743cr vs INR 746cr QoQ. However, overall FY24 ended strong with sales value growing at 25%+ YoY.
New project acquisition ended FY24 at INR 6000cr+, which was below the guidance of INR 8000cr. However, Kolte Patil remains upbeat and has guided to do INR 8000cr in FY25.
Even with lower than expected project acquisitions, Kolte Patil is well positioned with INR 25000cr worth of projects portfolio. It has guided for 25% CAGR in sales value through FY25-27.


Kolte Patil: Medium-Term Outlook Remains Robust

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Motilal Oswal's research report onKolte Patil Developers A regional leader…: Kolte Patil Developers Ltd.</li><li>(KPDL) is one of the leading real estate developers in Pune, with a growing presence in the Mumbai Metropolitan Region (MMR) and Bengaluru markets.</li><li>In over three decades of its presence, KPDL has delivered more than 26msf of projects, with another 43msf in the pipeline at various stages (ongoing/upcoming/future).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Motilal Oswal's research report onKolte Patil Developers A regional leader…: Kolte Patil Developers Ltd.(KPDL) is one of the leading real estate developers in Pune, with a growing presence in the Mumbai Metropolitan Region (MMR) and Bengaluru markets.In over three decades of its presence, KPDL has delivered more than 26msf of projects, with another 43msf in the pipeline at various stages (ongoing/upcoming/future).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kolte Patil Developers - Unlocking the Growth Potential

India

Kolte-Patil Developers Ltd. builds residential housing, commercial complexes, and mixed residential and commercial projects.

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Kolte Patil Developers (KPDL IN)

Blackstone's ₹1,800 Crore Residential Bet on Kolte-Patil

Blackstone makes INR 1800Crs bet on India's residential real estate market via Kolte Patil Majority acquisition, signaling growing institutional...

Nimish Maheshwari

Kolte Patil: On Track as Per FY25 Guidance

Kolte Patil had a muted Q1FY25, however Q2FY25 has been decent and H2FY25 is expected to be even stronger, keeping Kolte Patil on track to post...

Ankit Agrawal, CFA

Kolte Patil: New Launches Were Tepid In Q1 But FY25 Is On Track For Strong Performance

Kolte Patil delivered robust pre-sales numbers despite tepid new launch activity. It is on track to deliver FY25 pre-sales of INR 3500cr, as per...

Ankit Agrawal, CFA

Kolte Patil: Medium-Term Outlook Remains Robust

Kolte Patil has had a strong FY24 and is on track to continue its 25%+ CAGR run-rate over the next 3 years. At the current valuation, it has...

Ankit Agrawal, CFA

Kolte Patil Developers - Unlocking the Growth Potential

(KPDL) is one of the leading real estate developers in Pune, with a growing presence in the Mumbai Metropolitan Region (MMR) and Bengaluru markets.

Motilal Oswal

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52-week Range

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Blackstone's ₹1,800 Crore Residential Bet on Kolte-Patil

​Blackstone makes INR 1800Crs bet on India's residential real estate market via Kolte Patil Majority acquisition, signaling growing institutional...

Nimish Maheshwari

Kolte Patil: On Track as Per FY25 Guidance

Kolte Patil had a muted Q1FY25, however Q2FY25 has been decent and H2FY25 is expected to be even stronger, keeping Kolte Patil on track to post...

Ankit Agrawal, CFA

Kolte Patil: New Launches Were Tepid In Q1 But FY25 Is On Track For Strong Performance

Kolte Patil delivered robust pre-sales numbers despite tepid new launch activity. It is on track to deliver FY25 pre-sales of INR 3500cr, as per...

Ankit Agrawal, CFA

Kolte Patil: Medium-Term Outlook Remains Robust

Kolte Patil has had a strong FY24 and is on track to continue its 25%+ CAGR run-rate over the next 3 years. At the current valuation, it has...

Ankit Agrawal, CFA

Kolte Patil Developers - Unlocking the Growth Potential

(KPDL) is one of the leading real estate developers in Pune, with a growing presence in the Mumbai Metropolitan Region (MMR) and Bengaluru markets.

Motilal Oswal

Blackstone makes INR 1800Crs bet on India's residential real estate market via Kolte Patil Majority acquisition, signaling growing institutional...