This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Veegaland Developers Limited specializes in multi-storied residential developments in Kerala, categorizing its residential portfolio into mid-premium, premium, ultra-premium, luxe-series, and ultra-luxury apartment segments. The company caters to diverse customer demographics, ranging from first-time homebuyers and young professionals to high-net-worth individuals, NRIs, and senior executives. Geographically, its operations are concentrated across key urban micro-markets in Kerala, primarily Kochi, Thiruvananthapuram, Kozhikode, and Thrissur. Veegaland operates an asset-light execution model where civil construction, architectural design, structural engineering, and MEP services are outsourced to independent third-party contractors and external consultants, while its in-house team of 45 engineers oversees project monitoring, quality control, and site execution. At scale, as of June 30, 2026, the company's portfolio comprises 10 Completed Projects (11.05 lakh sq. ft. saleable area), 12 Ongoing Projects (18.57 lakh sq. ft. saleable area across 994 units), and 3 Upcoming Projects (4.62 lakh sq. ft. estimated saleable area), alongside 6.51 acres of land reserves. In Fiscal 2026, Veegaland generated ₹ 250.98 Crore (₹ 25,097.62 lakh) in revenue from operations, achieving a sales value of ₹ 393.62 Crore (₹ 39,361.92 lakh) across 490,697 sq. ft. of area sold.
Veegaland's primary competitive moat stems from its strong brand heritage as part of the established V-Guard Group founded by Kochouseph Thomas Chittilappilly, alongside its ranking as Kerala's fastest-selling real estate developer. Its focus on biophilic design principles, 100% sales absorption track record across completed projects, robust K-RERA compliance, and localized execution capabilities across Kerala's core urban centers create strong buyer trust, high sales velocity, and referral-driven bookings.
Veegaland Developers Limited is a real estate development company engaged in the planning, development, and sale of multi-storied residential apartment projects in Kerala under the brand 'Veegaland Homes'. Formed as part of the V-Guard Group, the company focuses on building eco-friendly biophilic urban homes across core micro-markets including Kochi, Thiruvananthapuram, Kozhikode, and Thrissur.
Source: p.226, 231, 236, 238
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Premium | 47.14 | p.55, 231 |
| Ultra-premium | 35.78 | p.55, 231 |
| Luxe-series | 9.53 | p.55, 231 |
| Mid-premium | 7.55 | p.55, 231 |
According to the ICRA Report, India's residential real estate market reached ₹ 239,000.00 Crore (₹ 23.90 trillion) in FY2026 and is projected to expand to ₹ 559,000.00 Crore (₹ 55.90 trillion) by FY2032, driven by rapid urbanization, rising disposable income, and nuclear family formation. Within Kerala, key urban centers like Kochi, Thiruvananthapuram, Kozhikode, and Thrissur are experiencing strong structural housing demand, supported by expanding IT parks, Global Capability Centers (GCCs), NRI investments, and major infrastructure developments such as Vizhinjam International Seaport and metro expansions. The market is witnessing a notable shift toward premium and biophilic residential apartments, with domestic end-users accounting for nearly 60% of home purchases in cities like Kochi.
Growth rate: 15.2% CAGR (FY2026-FY2032F for Indian residential real estate market)
Market size: ₹ 239,000.00 Crore (Indian residential real estate market in FY2026) / ₹ 394,400.00 Crore (Total Indian real estate market in FY2026)
Sector slug: real-estate
Source: p.166, 179, 180, 214
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| Shriram Properties Limited | 7.43 | 12.91 | 7.16 | p.151, 152, 223 | |
| Puravankara Limited | 1.48 | 84.24 | 3.23 | p.151, 152, 223 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| standalone | FY26 | 26.6146 | 10.6% | 250.9762 | yes | 77.9031 | |
| standalone | FY25 | 20.4259 | 10.62% | 192.3753 | yes | 51.7079 | |
| standalone | FY24 | 7.8688 | 7.1% | 110.7676 | yes | -7.0079 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
How will the ₹ 210.00 Crore Fresh Issue proceeds be utilized?
The company will deploy ₹ 119.83 Crore toward funding construction expenses for ongoing projects and the balance for strategic land acquisitions and general corporate purposes.
p.35, 129
What is the geographic concentration risk of the company's real estate portfolio?
100% of completed, ongoing, and upcoming projects are situated in Kerala across Kochi, Thiruvananthapuram, Kozhikode, and Thrissur.
p.41, 237
What drove the PAT growth to ₹ 26.61 Crore in Fiscal 2026?
PAT grew 30.30% in FY26 driven by 30.46% higher operational revenue from ongoing project handovers and fixed cost operating leverage.
p.238, 245
Why did operating cash flows turn deeply negative in FY26?
Operating cash flow was negative ₹ -74.26 Crore due to ₹ 21.03 Crore capex and substantial upfront cash deployment for land bank additions and ongoing construction ahead of billing milestones.
p.311, 351
What the issue priced at, on the figures in the document.
Pe basis: To be determined upon finalisation of Price Band based on Basic EPS of ₹8.77 and Diluted EPS of ₹8.77 for Fiscal 2026
The company selected listed peers in the residential real estate development industry in India, specifically Shriram Properties Limited and Puravankara Limited.
Source: p.150, 151, 152
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2007-08-10 | Sheela Grace Kochouseph and Mithun Kochouseph Chittilappilly | 90000 | 10 | Initial Subscription | p.104, 105 |
| 2011-02-21 | Kochouseph Thomas Chittilappilly and others | 4910000 | 10 | Further Issue | p.105 |
| 2025-08-21 | Kochouseph Thomas Chittilappilly and K. Chittilappilly Trust | 1750000 | 1000 | Rights Issue | p.105, 126 |
| 2025-09-25 | Existing Shareholders | 27000000 | 0 | Bonus Issue (4:1) | p.106, 126 |
Ceo: Kochouseph Thomas Chittilappilly (Executive Director & Chairman) / Mithun Kochouseph Chittilappilly (Managing Director)
Pending proceedings involving Company: Tax proceedings of ₹ 0.35 Crore (₹ 35.20 lakh) and 1 criminal proceeding (Section 138 NI Act) with no quantifiable monetary liability. Pending proceedings involving Promoters/Directors: Tax proceedings of ₹ 0.56 Crore (₹ 55.90 lakh).
Auditor name: Walker Chandiok & Co LLP, Chartered Accountants
Skin in game: Promoters hold 31,050,000 Equity Shares representing 92.00% of the pre-Issue paid-up Equity Share capital.
Statutory Auditor Walker Chandiok & Co LLP issued unmodified examination reports on the Restated Standalone Financial Information for Fiscals 2026, 2025, and 2024. CARO 2020 reports noted minor statutory dues delays in Provident Fund deposit and technical delay in quarterly stock statement filing with working capital banks.
Source: p.108, 248, 250, 309, 351
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Kochouseph Thomas Chittilappilly | 0.36 | Managerial Remuneration / Sitting Fees | Promoter / Chairman | Strategic leadership and corporate governance | p.362 |
| Mithun Kochouseph Chittilappilly | 0.3261 | Managerial Remuneration | Promoter / Managing Director | Executive management and business expansion | p.362 |
CARO reports disclosed minor delays in depositing Provident Fund dues (₹ 0.02 Crore in FY26), though no undisputed statutory dues were outstanding for more than six months as of March 31, 2026.
Source: p.248, 309
A change between the two filings is a disclosure in itself.
Trading at 23.8x earnings against its own median of 25.9x: 1.8 standard deviations below its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 63.69% to 63.69% across these quarters.
FII held steady from 0.55% to 0.55% across these quarters.
MF held steady from 0.73% to 0.73% across these quarters.
Other held steady from 35.03% to 35.03% across these quarters.
What this sector is read on: Pre-sales value, Pre-sales area, Collections, Realisation per sq ft, Launches, Net debt, Occupancy, NOI. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the Real estate, REITs and InvITs framework (from the listed sector). Primary valuation lens: NAV for developers; distribution yield and NAV for REITs.
Read more closely in this sector: Pre-sales against collections · Land bought on debt · Joint development share.
The same read, applied to the companies this one competes with.