Veegaland Developers Limited

Veegaland Developers Limited is a residential real estate development company incorporated in 2007, operating as part of the diversified V-Guard Group founded by Mr. Kochouseph Thomas Chittilappilly. The company commenced residential development activities in 2011 with the launch of its luxury multi-storey residential project "Green Clouds" in Kochi. Operating under the brand name "Veegaland Homes", the company focuses on the planning, design, execution, and sale of multi-storied residential apartment projects across mid-premium, premium, ultra-premium, luxe-series, and ultra-luxury segments. Its core value proposition is anchored on delivering high-quality, eco-friendly, and biophilic homes with green construction techniques, advanced amenities, and strict compliance with RERA timelines. The underlying business model relies on land acquisition through outright purchases (which constitute the vast majority of its land bank) as well as selective Joint Development Agreements (JDAs), monetizing residential developments through construction-phase sales linked to milestone customer collections.

The company's target demographic comprises upwardly mobile urban nuclear families, corporate executives, IT and business professionals, and the substantial Non-Resident Indian (NRI) diaspora seeking contemporary residential accommodation in Kerala. Its customer profile spans multiple income tiers through its segmented product portfolio, ranging from mid-premium developments priced around Rs 7,000 to Rs 8,000 per square foot to ultra-luxury apartments. Geographically, the company's operations and land assets are focused exclusively within the primary urban micro-markets of Kerala, specifically across Kochi, Thiruvananthapuram, Kozhikode, and Thrissur. According to the industry assessment by ICRA Analytics, the company is ranked as Kerala’s fastest-selling real estate developer based on sales velocity and absorption rates across multi-district residential projects.

In relation to manufacturing infrastructure, factory locations, and capacity utilization, the "Our Business" section explicitly discloses that the company is engaged solely in real estate development and construction services, and does not own or operate manufacturing plants, factories, or industrial production units. Consequently, metrics regarding factory locations, installed industrial manufacturing capacities, and capacity utilization levels are officially "Not Applicable" to the company's business model. Instead, physical civil construction and structural works are outsourced to third-party engineering contractors, supervised under strict in-house engineering and quality-assurance frameworks.

The company's operational portfolio is balanced across various development stages. As of June 30, 2026, it holds a delivered track record of 10 Completed Projects covering 11.05 lakh square feet of saleable area across 692 residential units, all of which have achieved 100% sell-through with zero unsold finished inventory. Its execution pipeline consists of 12 Ongoing Projects representing 18.57 lakh square feet of saleable area (987 units), with 63.62% of the saleable area already contracted and sold, providing substantial forward cash flow visibility. In addition, the company maintains a pipeline of 3 Upcoming Projects ("Fortune", "Sarovar", and "East Fort") representing an estimated 4.62 lakh square feet of saleable area in advanced planning and approval phases.

Operationally, the company does not conduct formal laboratory R&D but maintains an engineering and design capability staffed by 45 technical engineers dedicated to on-site project planning, structural monitoring, and construction quality management. The operational workflow incorporates computer-aided design (CAD), Building Information Modelling (BIM), and enterprise resource planning (ERP) systems to manage supply-chain logistics, raw material procurement, and contractor billing. A defining operational hallmark of the company is its integration of sustainable architectural features, including rainwater harvesting, organic waste management, centralized solar energy grids, and green habitat design concepts.

As per financial performance, Veegaland Developers Limited has posted total income / net profits of Rs 114.61 Cr / Rs 7.87 Cr (FY24), Rs 196.22 Cr / Rs 20.43 Cr (FY25) and Rs 254.16 Cr / Rs 26.61 Cr (FY26). So as per previous financials data, the company has shown consistent top-line and bottom-line expansion with total income registering a 2-year CAGR of 48.92% and PAT surging at an 83.90% CAGR, while total borrowings reduced significantly from Rs 176.97 Cr in FY25 to Rs 85.59 Cr in FY26 (bringing down the debt-to-equity ratio from 2.70x to 0.32x). Company has an average EPS of Rs 7.63 and average RoNW of 23.52% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 1.77 as per NAV of Rs 79.08 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.43. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 86.96, 33.41, and 25.64 respectively. As per RHP, a comparison between listed peers is shown in above table.

On BRLM's front, Cumulative Capital Private Limited is associated with this IPO as the sole Book Running Lead Manager, and the Lead BRLM has handled 8 IPOs in the last three fiscal years. (as on 01.09.26)

• 1 Mr. Kochouseph Thomas Chittilappilly
• 2 K. Chittilappilly Trust