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Muted H1 sets a cautious tone for FY26 Operational performance

* KPDL achieved presales of INR6.7b, down 13% YoY while was up by 9% QoQ (41% below our estimates) due to absence of launches in the quarter. In 1HFY26, presales were at INR12.9b, down 13% YoY.

* Area sold in the quarter was at 0.86msf, down 17% YoY but up 2% QoQ (45% below our estimates). In 1HFY26, volumes were at 1.7msf, down 15% YoY.

* KPDL’s flagship integrated township project, Life Republic (LR) registered sales volumes of 0.51msf in Q2FY26. In 1HFY26, LR registered volumes sold of 1.03msf.

* 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.

* Collections were at INR6b, up 8% YoY and 8% QoQ (19% below estimates). In 1HFY26, they were at INR11.5b, down 1% YoY.

* In 2QFY26, OCF declined 2% YoY to INR1.9b. in 1HFY26, OCF was down 20% YoY to INR3.6b.

* In Oct-25, KPDL acquired 7.5 acres of land parcel in Bhugaon, Pune, with an estimated saleable area of ~1.9msf with a GDV of INR14b.

P&L highlights

* In 2QFY26, revenue stood at INR1.4b, -55%/+68% YoY/QoQ (80% below estimates). In 1HFY26, revenue stood at INR2.2b, down 66% YoY.

* EBITDA loss stood at INR372m vs profit of INR162m YoY. In 1HFY26, EBITDA loss stood at INR632m vs profit of INR440m YoY.

* PAT loss stood at INR104m vs profit of INR97m YoY. In 1HFY26, PAT loss stood at INR274m vs profit of INR160m YoY.

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