- POSITIVE
Annual Revenue Veegaland Developers Mar-2026 Annual Revenue is Rs 254 Cr which is growth of 29.5% YoY.
- POSITIVE
Annual Net Profit Veegaland Developers Mar-2026 Annual Net Profit is Rs 27 Cr which is growth of 30.3% YoY.
Veegaland Developers was incorporated on August 10, 2007. The company is a real estate developer engaged in planning, developing, and selling multi-storied residential apartments in Kerala under the brand “Veegaland Homes.” Its RERA-compliant projects span mid-premium to ultra-luxury segments across cities including Kochi, Thiruvananthapuram, Kozhikode, and Thrissur
| Bidding Dates |
|---|
| 10 Sep 2026 - 15 Sep 2026 |
| Subscription |
|---|
| 13.55x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,910 | 1 | 13 | 107 | 15.0 M | ₹130 - ₹140 | 63.69 % | ₹1,950.0 M - ₹2,100.0 M | RHP DOC |
Veegaland Developers IPO SUBSCRIPTION STATUS
15 Sep '26Total13.55x
Retail Individual Investor9.24x
HNI (NII) Investors18.03x
Qualified Institutional Buyers17.76x
Veegaland Developers IPO overall subscription rate was 13.55 times the total available shares
Veegaland Developers IPO retail subscription rate was 9.24 times in the retail segment
Veegaland Developers IPO non-institutional investor subscription rate was 18.03 times in the non-institutional investor category
Veegaland Developers IPO Qualified Institutional Bidder subscription rate was 17.76 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
15 Sep 2026 (Day 3) | 9.24x | 18.03x | 17.76x |
11 Sep 2026 (Day 2) | 1.65x | 0.94x | 0.45x |
10 Sep 2026 (Day 1) | 0.82x | 0.39x | 0.45x |
Veegaland Developers FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 251.0 | 26.6 | -74.3 | -95.3 | 16.8% |
| FY25 | 192.4 | 20.4 | -44.0 | -45.3 | 17.2% |
| FY24 | 110.8 | 7.9 | 8.8 | 8.4 | 14.6% |
Veegaland Developers IPO SUBSCRIPTION STATUS DETAILS
Veegaland Developers had 15.0 M shares on offer
Veegaland Developers IPO offer price was in the range ₹130 - ₹140
Veegaland Developers IPO minimum Investment was ₹13910
Veegaland Developers IPO issue size was ₹ 1,950.0 M - ₹ 2,100.0 M
Veegaland Developers had a minimum lot size of 107 Shares per application
Veegaland Developers NUMBER OF SHARES ON OFFER
Total15.0 M
Fresh Issue15.0 M
Offer for Sale0
Post Issue Promoter Holding %63.69 %
Veegaland Developers IPO IMPORTANT DATES
| Issue Open Date | 10 Sep 2026 |
| Issue close Date | 15 Sep 2026 |
| Allotment Date | 16 Sep 2026 |
| Refund Date | 17 Sep 2026 |
| Demat Account Credit Date | 17 Sep 2026 |
| Listing Date | 18 Sep 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Veegaland Developers Allotment Status | Exchange/ Registrar |
Veegaland Developers IPO subscription opened on 10 Sep 2026, and closed on 15 Sep 2026
IPO allotment for Veegaland Developers was finalized on Wednesday, 16 Sep 2026
IPO listing for Veegaland Developers was on NSE and BSE on Friday, 18 Sep 2026
Veegaland Developers IPO LISTING GAINS
| Issue Price (adjusted) | 140.0 |
| Listing Open Price | 154.0 |
| Listing Close Price | 146.3 |
| Listing Gain% | 10.0% |
| Current Gain% | 0.8% |
Veegaland Developers Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Veegaland Developers Ltd. | 141.2 | 688.2 | 25.9 | 0.9 | 2.7 | 10 | 5.5 | 254.2 | 29.5 | 26.6 | 30.3 | 5.5 | 30.3 |
| DLF Ltd. | 683 | 169063.8 | 38 | -44 | 25 | 9.7 | 5.9 | 9816 | 9.1 | 4414.7 | 1.1 | 18 | -0.9 |
| Lodha Developers Ltd. | 1165 | 116428.4 | 28.2 | 0.7 | 6.4 | 14.7 | 5.8 | 17119.5 | 20.8 | 3428.2 | 24 | 41.3 | 39.2 |
| Phoenix Mills Ltd. | 1978.4 | 70763 | 55.3 | 1.9 | 15.6 | 11.1 | 5.4 | 4593.6 | 15.9 | 1223.8 | 24.3 | 35.8 | 29 |
| Oberoi Realty Ltd. | 1858.5 | 67575.5 | 25.7 | 0.9 | 10.7 | 14 | 9.9 | 6304.3 | 15.2 | 2507.4 | 12.7 | 72.3 | 27.5 |
| Prestige Estates Projects Ltd. | 1477.8 | 63653.3 | 55.9 | 0.5 | 4.9 | 7.3 | 1.6 | 13195.5 | 70.6 | 1195.5 | 155.7 | 26.4 | 115.9 |
Annual
Balance Sheet
Ratios
Cash Flow
Veegaland Developers annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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| Indicator | Graph | Mar '26 | Mar '25 | Mar '24 |
|---|---|---|---|---|
| 254.2 | 196.2 | 114.6 | ||
Operating Exp. Ann. | 211.5 | 162.5 | 97.9 | |
Operating Profit Ann. | 39.5 | 29.9 | 12.9 | |
OPM Ann. % | 15.53% | 15.25% | 11.23% | |
| 218 | 168 | 103.4 | ||
EBITDA Ann. | 42.6 | 33.8 | 16.7 | |
EBITDA Ann. margin % | 16.78% | 17.21% | 14.59% | |
Interest Ann. | 5.7 | 5 | 5.1 | |
Depr. | 0.7 | 0.5 | 0.4 | |
PBT Ann. | 36.2 | 28.3 | 11.2 | |
Tax Ann. | 9.6 | 7.8 | 3.4 | |
| 26.6 | 20.4 | 7.9 | ||
Net Profit Ann. | 26.6 | 20.4 | 7.9 | |
NPM Ann. % | 10.60% | 10.61% | 7.10% | |
EPS Adj. latest Ann. | 5.5 | 4.2 | 1.6 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
29.6%
2Y CAGR
48.9%
Net Profit Ann.
1Y CHG
30.4%
2Y CAGR
83.5%
Operating Exp. Ann.
1Y CHG
30.2%
2Y CAGR
47%
Veegaland Developers IPO Reports
Veegaland Developers INFORMATION ON IPO ISSUE
About Veegaland Developers
Veegaland Developers was incorporated on August 10, 2007. The company is a real estate developer engaged in planning, developing, and selling multi-storied residential apartments in Kerala under the brand “Veegaland Homes.” Its RERA-compliant projects span mid-premium to ultra-luxury segments across cities including Kochi, Thiruvananthapuram, Kozhikode, and Thrissur
Object of the Issue
- Funding a part of the expense to be incurred in the development of their ongoing projects and upcoming projects
- Acquisition of identified land parcel for development of residential real estate projects
- Funding unidentified acquisition of land and general corporate purposes
Veegaland Developers - PROMOTERS
| Name |
|---|
| Kochouseph Thomas Chittilappilly |
| K. Chittilappilly Trust |
Veegaland Developers - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| George Joseph | Chairman & Non-Executive Independent Director |
| Kochouseph Thomas Chittilappilly | Whole-time Director |
| Bijoy Ambattu Bahuleyan | Whole-Time Director |
| Kurian Thomas | Whole-Time Director |
| Jayaraj Balakrishnan | Non-Executive Director |
| Saraladevi Mecheriparambil | Non-Executive Independent Director |
| Varriam Kandi Vijayakumar | Non- Executive Independent Director |
Veegaland Developers Book Running Lead Manager
Cumulative Capital Private Limited
veegaland.ipo@cumulativecapital.group
Veegaland Developers Registrar to the Offer
MUFG Intime India Private Limited
veegalanddevelopers.ipo@in.mpms.mufg.com
Veegaland Developers Strengths
Multi-stage development portfolio
The company follows a structured approach to land sourcing through a mix of outright acquisitions and selective joint development agreements, supporting controlled and capital-efficient growth. Land parcels are rigorously evaluated for legal, regulatory, infrastructure, and financial feasibility to secure development-ready sites in high-demand micro-markets across key cities in Kerala
Strength
Process-driven development model
The company follows an integrated, process-driven real estate development model covering the entire project lifecycle from land acquisition to customer handover. Its structured development cycle includes design, approvals, construction, quality checks, billing, and post-completion support, ensuring timely delivery and customer satisfaction
Strength
Timely completion of projects
According to the ICRA Report, the company is ranked as Kerala’s fastest-selling real estate developer and a recognized residential developer in the state as of December 8, 2025. It has consistently demonstrated the ability to complete projects within or ahead of stipulated timelines under applicable regulatory approvals
Strength
Veegaland Developers Risks
Geographically concentrated
The company’s operations are fully concentrated in Kerala, making its performance highly dependent on local real estate market conditions, regulations, economic factors, and climatic events. All completed, ongoing, and upcoming projects are located in key urban markets within Kerala, linking business outcomes closely to the state’s residential real estate dynamics
Risk
Capital intensive & operational risks
The company’s real estate business is capital intensive, requiring significant upfront investment in land, construction, approvals, and project management. Delays between initial costs and customer cash inflows may strain working capital and liquidity, potentially affecting financial performance
Risk
Expansion risks
The company may face challenges in expanding beyond its existing markets in Kerala, and unsuccessful entry into new regions could impact performance and cash flows. Geographic expansion involves risks, and the company may not be able to replicate its brand strength or execution efficiency in new markets
Risk
IPO FAQs
The promoters of the company are Kochouseph Thomas Chittilappilly and K. Chittilappilly Trust.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 130.0 - 140.0.
The IPO application opens on Sep 10, 2026 and closes on Sep 15, 2026.
The minimum lot size for the IPO is 107. The maximum lot size for the IPO is 1391.
For all category investors, the minimum application amount for this IPO is Rs. 13,910.0, the maximum value for this IPO is Rs 194,740.0.
This IPO will be allotted on Sep 16, 2026.
The refund will be credited to your account on Sep 17, 2026.
The allotted shares will be credited to your demat on Sep 17, 2026.
Veegaland Developers Ltd.’s shares listed on the stock exchanges on Sep 18, 2026.