Akshay Anand

[Cockroach Janta Party - CJP @Cockroachisback]

Dhruv Rathee has been detained.

The Dictator is TERRIFIED of young people who question its wrongdoings and refuse to stay silent!

[Zohran Kwame Mamdani @ZohranKMamdani]

114

[Steven Lubka ☀️ @DzambhalaHODL]

We did it, we finally did it

[SHREEKARAM Investments 🪙 @RealShreekaram]

🚨 SEBI-approved ₹250 cr Kerala real estate IPO

Veegaland Developers, promoted by Kochouseph Thomas Chittilappilly, is preparing 100% fresh-issue mainboard IPO

♾ IPO
🔹 IPO type: Mainboard IPO
🔹 Listing: BSE + NSE
🔹 Issue type: 100% book-built fresh issue
🔹 Total issue: Up to ₹250 cr
🔹 Fresh issue: Up to ₹250 cr
🔹 OFS: Nil
🔹 Face value: ₹10/share

🔹 BRLM: Cumulative Capital
🔹 Registrar: MUFG Intime India
🔹 DRHP: Dec 30, 2025
🔹 SEBI approval: Jun 1, 2026

♾ Issue reservation
🔹 QIB: Not more than 50%
🔹 NII/HNI: Not less than 15%
🔹 Retail: Not less than 35%

🔹 Up to 60% of the QIB portion may be allocated to anchor investors

♾ Company
🔹 Incorporated in 2007 and entered real estate development in 2011
🔹 Operates under the Veegaland Homes brand
🔹 Develops multi-storey residential apartments across:
• Mid-premium
• Premium
• Ultra-premium
• Luxe
• Ultra-luxury

🔹 Entire project portfolio is currently concentrated in Kerala
🔹 Presence across:
• Kochi
• Thiruvananthapuram
• Kozhikode
• Thrissur

🛡️ Promoter Kochouseph Thomas Chittilappilly is also founder of V-Guard Industries & Wonderla Holidays

♾ Project portfolio
As of Oct 31, 2025:
🔹 Completed projects: 10
🔹 Ongoing projects: 9
🔹 Upcoming projects: 4
🔹 Total projects: 23

🔹 Completed saleable area: ~11.05 lakh sq ft
🔹 Ongoing saleable area: ~12.68 lakh sq ft
🔹 Upcoming saleable area: ~7.65 lakh sq ft
🔹 Total portfolio: ~31.38 lakh sq ft

Ongoing projects:
🔹 Elanza - Thrissur
🔹 Symphony - Kozhikode
🔹 Green Capitol - Thiruvananthapuram
🔹 Maybell - Kochi
🔹 Green Heights - Kochi
🔹 Green Fort - Kochi
🔹 Queens Park - Kochi
🔹 Casabella - Kochi
🔹 Flora - Kochi

🔹 Ongoing portfolio: 695 units
🔹 Units sold to customers: 509
🔹 ~72.7% of ongoing saleable area was booked including JDA allocation

♾ Business performance
Sales value:
🔹 FY23: ₹109.62 cr
🔹 FY24: ₹189.16 cr
🔹 FY25: ₹342.05 cr
🔹 H1 FY26: ₹186.60 cr

Gross collections:
🔹 FY23: ₹155.39 cr
🔹 FY24: ₹125.31 cr
🔹 FY25: ₹207.54 cr
🔹 H1 FY26: ₹113.79 cr

Units sold:
🔹 FY23: 111
🔹 FY24: 169
🔹 FY25: 273
🔹 H1 FY26: 135

Sales area:
🔹 FY23: 1.64 lakh sq ft
🔹 FY24: 2.73 lakh sq ft
🔹 FY25: 4.72 lakh sq ft
🔹 H1 FY26: 2.46 lakh sq ft

Average sale price:
🔹 FY23: ₹6,674/sq ft
🔹 FY24: ₹6,937/sq ft
🔹 FY25: ₹7,245/sq ft
🔹 H1 FY26: ₹7,598/sq ft

🔹 Both sales volumes and average realised price increased materially between FY23 and FY25

♾ IPO money
🔹 ₹111.60 cr - part-funding development expenses of ongoing and upcoming residential projects

🔹 ₹18.49 cr - acquisition of an identified land parcel for residential development

🔹 Balance - unidentified land acquisitions + general corporate purposes

🔹 Unidentified land acquisition and GCP will each be restricted to prescribed limits, with their combined utilisation capped at 35% of gross proceeds

♾ Promoters
🔹 Kochouseph Thomas Chittilappilly: 67.25%
🔹 K. Chittilappilly Trust: 24.74%

🔹 Combined promoter holding: 92% pre-IPO
🔹 Their percentage holding will dilute only because new shares are being issued

♾ Financials
🔹 Revenue from operations:
FY23: ₹108.91 cr
FY24: ₹110.77 cr
FY25: ₹192.38 cr
H1 FY26: ₹124.16 cr

🔹 FY25 revenue growth: +73.67% YoY

🔹 EBITDA:
FY23: ₹24.22 cr
FY24: ₹16.72 cr
FY25: ₹33.77 cr
H1 FY26: ₹18.92 cr

🔹 PAT:
FY23: ₹14.53 cr
FY24: ₹7.87 cr
FY25: ₹20.43 cr
H1 FY26: ₹11.53 cr

🔹 Net worth:
FY23: ₹37.24 cr
FY24: ₹45.07 cr
FY25: ₹65.44 cr
Sep 2025: ₹251.73 cr

🔹 Total borrowings:
FY23: ₹122.15 cr
FY24: ₹120.23 cr
FY25: ₹176.97 cr
Sep 2025: ₹48.57 cr

🔹 FY25 saw a strong recovery in revenue and PAT after relatively weak FY24 profitability

🔸 Real estate rev is milestone/project-progress linked, so year-to-year profit can fluctuate sharply depending on project execution and revenue recognition

♾ Margins and ratios
🔹 EBITDA margin:
FY23: 22.00%
FY24: 14.59%
FY25: 17.21%
H1 FY26: 15.12%

🔹 PAT margin:
FY23: 13.20%
FY24: 6.87%
FY25: 10.41%
H1 FY26: 9.21%

🔹 ROE:
FY23: 48.44%
FY24: 19.12%
FY25: 36.96%
H1 FY26: 7.27%*

🔹 ROCE:
FY23: 14.88%
FY24: 9.85%
FY25: 13.75%
H1 FY26: 6.21%*

🔹 Debt/equity:
FY23: 3.28x
FY24: 2.67x
FY25: 2.70x
Sep 2025: 0.19x

*H1 ratios are not annualised

🔹 Leverage reduced sharply by Sep 2025

🔸 But this needs context: the company raised ₹175 cr through a rights issue in Aug 2025 and subsequently repaid substantial borrowings, so sharp improvement in debt/equity was driven heavily by fresh promoter equity rather than operating cash generation alone

♾ Cash flow
🔹 Operating cash flow:
FY23: +₹42.16 cr
FY24: +₹8.83 cr
FY25: -₹44.00 cr
H1 FY26: -₹17.75 cr

🔹 PAT:
FY25: ₹20.43 cr
H1 FY26: ₹11.53 cr

🔸 Reported profits remained positive while operating cash flow turned substantially negative in FY25 and remained negative in H1 FY26

🔹 Financing cash flow in H1 FY26 was +₹43.65 cr

🔹 During H1 FY26, received ₹175 cr from rights issue and repaid ~₹128.40 cr of borrowings

🔹 Net debt as of Sep 2025 was only ~₹6.16 cr after adjusting borrowings for cash and cash equivalents

🔸 Real estate is working-capital and project-funding intensive, so collections, construction spending and operating cash conversion need to be tracked alongside PAT

♾ Valuation
🔹 FY25 EPS: ₹8.17
🔹 FY25 NAV/share: ₹130.89
🔹 H1 FY26 EPS: ₹4.28, not annualised

♾ Peer
DRHP-listed peers:
🔹 Shriram Properties
🔹 Puravankara

FY25:
🔹 Veegaland EPS: ₹8.17
🔹 Shriram Properties EPS: ₹4.53
🔹 Puravankara EPS: negative

🔹 Shriram Properties P/E: 18.76x
🔹 Puravankara was loss-making

🔸 Direct comparison is not perfect because project geography, development scale, capital structure, product positioning and revenue-recognition cycles differ

♾ Strengths
🔹 Established Kerala residential real estate brand
🔹 Portfolio spans 23 completed, ongoing and upcoming projects

🔹 FY25 revenue jumped 73.67% YoY
🔹 FY25 PAT increased from ₹7.87 cr to ₹20.43 cr

🔹 Sales value increased from ₹109.62 cr in FY23 to ₹342.05 cr in FY25
🔹 Average selling price increased from ~₹6,674/sq ft in FY23 to ~₹7,598/sq ft in H1 FY26
🔹 509 of 695 units in ongoing projects were already sold as of Oct 2025

🔹 Balance sheet leverage reduced substantially after ₹175 cr rights issue
🔹 IPO proceeds primarily directed towards project development and future land acquisition

♾ Watch-outs
🔹 100% of completed, ongoing and upcoming projects are concentrated in Kerala
🔸 Any slowdown in Kerala residential demand, regulatory changes, floods/monsoon disruption or regional economic weakness can affect the entire business

🔹 Operating cash flow was -₹44.00 cr in FY25 despite ₹20.43 cr PAT and remained -₹17.75 cr in H1 FY26
🔸 Profit-to-cash conversion is an important number to monitor

🔹 FY25 borrowings rose to ₹176.97 cr before falling to ₹48.57 cr by Sep 2025
🔸 Reduction came after ₹175 cr rights issue, so balance-sheet improvement was significantly equity-funded

🔹 Revenue, margins and return ratios have fluctuated materially across FY23-FY25
🔸 Real estate revenue recognition depends heavily on construction progress, sales and project milestones

🔹 Construction is executed through independent contractors and specialist agencies
🔸 Contractor delays, quality issues or cost overruns can affect project delivery and margins

🔹 Ongoing and upcoming projects have long execution timelines, with some RERA completion dates extending into 2028-29
🔸 Delays can defer revenue, collections and increase project costs

🔹 Construction materials formed a significant part of operating costs
🔸 Cement, steel, labour and other input inflation can pressure project margins

🔹 Business requires continuous statutory/RERA/project approvals
🔸 Approval delays or changes can affect launch and completion timelines

🔹 Related-party transactions have been sizeable in certain periods, including promoter funding and repayment of promoter loans
🔸 These transactions and future related-party dealings should continue to be monitored

♾ Final
🔹 Veegaland Developers is a Kerala-focused residential developer operating from mid-premium housing to ultra-luxury projects, with 23 completed/ongoing/upcoming projects and ~31.38 lakh sq ft of total saleable area

🔹 Positives are strong FY25 revenue growth, higher sales volumes and selling prices, substantial ongoing-project bookings, sharp reduction in leverage, established promoter background and 100% fresh-issue IPO

🔸 Main watch-outs are complete Kerala concentration, volatile real-estate earnings, negative operating cash flow in FY25 and H1 FY26, dependence on contractors/project execution, construction-cost risk and fact that recent deleveraging was supported by large ₹175 cr rights issue

🛠️ Key things to watch next are final RHP, updated FY26 restated financials, price band, valuation, latest project bookings/collections, cash-flow conversion, IPO dates, anchor book and QIB demand

⚠️ This is not a buy/sell recommendation. IPO GMP is unofficial and changes quickly. Always read the RHP/DRHP, check valuation, risks and your own financial situation before applying

#veegalanddevelopers #veegalandipo #veegalandhomes #realestate #realestatestocks #keralarealestate #residentialrealestate #housing #mainboardipo #ipoindia #ipo #nse #bse #sebi #ipoalert #nifty50 #sensex #niftybank #niftyit #nifty500 #niftysmallcap #shreekaram

[Manan Kochhar @InvestiVibe_]

Real estate company Mainboard IPO

Veegaland Developers Limited

Date : 10th to 15th September

Price Band : Rs 130-140
Lot : 107 shares

[Tanmay 🇮🇳 @Tanmay_31_]

New Mainboard IPO

Veegaland Developers Limited

Date : 10-15 September

Price Band : 130-140
Lot Size : 107 Shares

Size : 210 Crore (Full Fresh)

FV : 10
Retail : 35%

M.Cap : 682.5 Crore

FY26 PE : 25.6×

FY24
Revenue : 114.6 Crore
PAT : 7.9 Crore

FY25
Revenue : 196.2 Crore
PAT : 20.4 Crore

FY26
Revenue : 254 Crore
PAT : 26.6 Crore

Promoter Holding Post-issue :
92%➡️63.69%

LM : Cumulative Capital

Veegaland is a real estate development company engaged in the planning, development and sale of residential
apartment projects in the state of Kerala, India. It operates under the brand name ‘Veegaland Homes", Till date It has undertaken projects in Kochi, Kozhikode, Thiruvananthapuram, and Thrissur. It's projects are developed across our mid-premium, premium, ultra-premium, luxe-series and ultra-luxury residential segments

[Paryan Sharma @Paryan_Sharma]

New Mainboard IPO
Veegaland Developers Ltd

Date: Sept 10 to Sept 15

Price Band:₹130-140
Lot Size: 107 Shares

Issue Size: ₹210 Cr
(Full Fresh Issue)

FV: ₹10
Retail Portion: 35%

Veegaland is a real estate development Company engaged in the planning, development and sale of multi-storied residential apartment projects in the state of Kerala

Market Cap: ₹682.5 Cr

Reserved Applications
Retail: 49,065
SHNI: 501
BHNI: 1,001

Promoter Holding:
92% ➡️ 63.7%

FY24 👇
Revenue: 115 Cr
PAT: 7.9 Cr

FY25 👇
Revenue: 196 Cr
PAT: 20.4 Cr

FY26 👇🏻
Revenue: 254 Cr
PAT: 26.6 Cr

#NewIPO

[David Ornstein @David_Ornstein]

🚨 Arsenal reach agreement with Aston Villa to sign Ezri Konsa. Deal for 28yo defender worth £51m + add-ons. England international said goodbyes to #AVFC team-mates & staff today. Set to take #AFC medical Thursday. W/ @J_Tanswell @gunnerblog @TheAthleticFC https://t.co/ObmcU2Uq7T

[Arsenal @Arsenal]

Built for the battle.

Konsa is a Gunner ✍️

[🚨Indian Gems @IndianGems_]

"PM Cares Fund was the sole source of funding for CJP. The agencies should conduct an audit of the PM Cares Fund to establish the facts."

— Cockroach Janta Party

[David Ornstein @David_Ornstein]

🚨 EXCL: Arsenal exploring move to sign Vinicius Junior from Real Madrid. #AFC interest early stage + clubs not yet in talks but idea approved at all levels. Much rests on contract process as no breakthrough yet & #RMFC do not want free exit @TheAthleticFC https://t.co/qYdS5vlfE6

[(fan) Trey @UTDTrey]

FUCK😭😭😭

[🚨Indian Gems @IndianGems_]

Union Education Minister Dharmendra Pradhan resigns due to the protest which was described fake and paid by Indian Media.

[Anish Gawande @anishgawande]

WHAT A DAY. WHAT A MOMENT. DHARMENDRA PRADHAN RESIGNS!

[Rajdeep Sardesai @sardesairajdeep]

BIG BREAKING NEWS: HRD minister @dpradhanbjp RESIGNS!

[Sidhant Sibal @sidhant]

BREAKING:

Union Education Minister Dharmendra Pradhan resigns.

[ANI @ANI]

Union Education Minister Dharmendra Pradhan resigns.

[Leandro Trossard @LTrossard]

To all the Arsenal fans, thank you for everything, from the bottom of my heart.

Once a Gunner, always a Gunner.

Leo

[Gabriel Martinelli @gabimartinelli]

Muito feliz por poder ajudar a equipe com um gol e com a classificação. Sem palavras para descrever. Obrigado, Brasil! Vamos juntos até o fim! 🇧🇷