Veegaland Developers IPO

Mainboard • Equity • Fresh capital only

LISTEDMAINBOARDEquity

Veegaland Developers

Price band

₹130 – ₹140

Lot size

107 shares

Min investment

₹14,980

Issue size

₹210 Cr

About the company

Veegaland Developers Limited was started in 2007. It is a real estate development company that plans, builds and delivers residential, commercial and mixed use projects. Its projects fall into three groups. As on 30 June 2026 it had 10 completed projects, 12 ongoing projects and 3 upcoming projects. The 10 completed projects were all residential and added up to 11.05 lakh square feet of saleable area, covering 692 units. Of those 692 units, 43 went to landowners under joint development agreements, which is the arrangement where a developer builds on someone else's land and shares the finished units with them. The company says it works through an integrated model covering the whole project cycle, from sourcing land to construction to handing over, with in house teams for the main functions. As on 30 June 2026 it had 127 full time employees.

Veegaland Developers Limited is a real estate developer working on residential, commercial and mixed use projects. Running since 2007, it had completed 10 residential projects totalling 11.05 lakh square feet and 692 units as on 30 June 2026, with 12 ongoing and 3 upcoming projects.

IPO details

Issue price: ₹140
Price band: ₹130 – ₹140
Face value: ₹10
Lot size: 107
Min investment: ₹14,980
Issue size: ₹210 Cr
Sale type: Fresh capital only
Listing on: BSE, NSE
BSE scrip code: 7959
NSE symbol: VEEGALAND.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	107	₹14,980
Retail (Max)	13	1,391	₹1,94,740
S-HNI (Min)	14	1,498	₹2,09,720
B-HNI (Min)	67	7,169	₹10,03,660

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII	Not less than 15% of the Net Issue

Objects of the issue

1Funding a part of the expense to be incurred in the development of the Ongoing Projects and Upcoming Projects119.83

2Funding unidentified acquisition of land and general corporate purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	483.81	326.65	221.01
Total Income	254.16	196.22	114.61
Profit After Tax	26.61	20.43	7.87
EBITDA	42.64	33.77	16.72
NET Worth	266.90	65.44	45.07
Reserves and Surplus	233.15	60.44	40.07
Total Borrowing	85.59	176.97	120.23

Key performance indicators

P/E Ratio

25.64

EPS (₹)

5.46

RoE

16.02%

RoCE

11.89%

RoNW

16.02%

PAT Margin

10.47%

EBITDA Margin

16.78%

Debt / Equity

0.32

NAV (₹)

79.08

✓ Strengths

• Profit has grown strongly, from Rs 7.87 crore in FY2024 to Rs 20.43 crore in FY2025 and Rs 26.61 crore in FY2026.

• Sales have more than doubled in two years, from Rs 114.61 crore in FY2024 to Rs 196.22 crore in FY2025 and Rs 254.16 crore in FY2026.

• EBITDA improved from Rs 16.72 crore in FY2024 to Rs 42.64 crore in FY2026.

• The company cut its debt by more than half in one year, from Rs 176.97 crore in FY2025 to Rs 85.59 crore in FY2026.

• Net worth rose sharply from Rs 65.44 crore to Rs 266.90 crore in FY2026.

• The PAT margin of 10.47% is healthy for a construction and development business.

• There is a visible pipeline, with 12 ongoing projects and 3 upcoming projects on top of the 10 already completed.

• The whole issue is fresh capital with no offer for sale, and Rs 119.83 crore of it goes into building out the ongoing and upcoming projects.

⚠ Risks

• The issue is priced at about 25.64 times earnings on an EPS of Rs 5.46, while RoCE is only 11.89%, so the return on capital is modest for that valuation.

• A part of the money is kept for an unidentified acquisition of land along with general corporate purposes. No specific land has been named, so investors do not know where that money will go.

• Net worth jumped from Rs 65.44 crore to Rs 266.90 crore in a single year, so the earlier year ratios are not comparable with the latest year.

• Real estate is capital heavy and cyclical. Money stays locked in land and construction for years before a project earns anything.

• Project delivery depends on approvals, land titles and RERA compliance. Delays in any of these push out both revenue and cash flow.

• The company works partly through joint development agreements, where a share of the finished units goes to the landowner. Of the 692 units completed so far, 43 went to landowners.

• The completed portfolio is still modest at 10 projects and 11.05 lakh square feet, so the company is small compared with listed national developers.

• The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.

• Home demand and buyer sentiment move with interest rates, and a rise in home loan rates slows bookings quickly.

Promoters & holding

Kochouseph Thomas Chittilappilly and K.Chittilappilly Trust

Pre-issue promoter holding

92%

Post-issue promoter holding

63.69%

Data refreshed 07 Nov 2026, 04:57 pm IST. GMP is unofficial market sentiment, not investment advice.