Blackstone-backed real estate developer Kolte-Patil Developers has appointed Hrishikesh Parandekar as its chief executive officer (CEO), effective 24 August 2026. According to reports from Business Standard, the company's Board of Directors approved the leadership change during a meeting held on August 19, 2026. Parandekar will spearhead the company's next phase of growth, driving business expansion, operational excellence, institutional strengthening and long-term shareholder value. The appointment marks a strategic shift in executive leadership for the Pune-based real estate developer, aiming to drive its next phase of growth through sharper focus on scale, execution, and value creation.
Parandekar joins Kolte-Patil from investment company Alpha Alternatives, where he was senior partner, leading strategic partnerships and real estate investing. As reported by Business Standard, he brings extensive experience from previous leadership roles at McKinsey & Company, Morgan Stanley, Karvy Group, Ambit Holdings, and Sugee Group. Managing Director Rajesh Patil highlighted that Parandekar's deep real estate experience, strategic acumen and institutional perspective make him well-suited to lead the company forward. Asheesh Mohta, Head of Real Estate India at Blackstone and Director on the Board of Kolte Patil Developers Limited, described the appointment as a move to strengthen the business during an important inflection point, expressing confidence in Parandekar's ability to lead the company through its next chapter of growth.
According to Business Standard, Kolte-Patil reported a net profit of ₹146.3 crore for Q1 FY27 on August 10, 2026, compared with a loss of ₹17 crore in the corresponding quarter last year. The company's revenue stood at ₹919.5 crore in Q1 FY27, compared with ₹82.4 crore in the year-ago period, driven by the completion of around 1.27 million square feet across projects in Pune and Mumbai. EBITDA turned positive at ₹190 crore, compared with an EBITDA loss of ₹26 crore in Q1 FY26, supported by timely project completions, revenue recognition and a higher contribution from the high-margin Life Republic projects. These figures demonstrate the company's consistent performance and operational turnaround during the quarter.
The company's operational performance showed strong momentum with pre-sales at ₹617 crore and collections rising 30% year-on-year to ₹715 crore. Average realisation increased 29% year-on-year to ₹9,442 per square foot during Q1FY27. The company launched 0.78 million square feet of saleable area during the quarter. However, shares of Kolte-Patil Developers closed at ₹456.70 on the NSE on August 19, down ₹17.25 or 3.64%, reflecting market volatility despite the positive financial results.
As reported by Business Standard, earlier this month, the Pune-based developer added six society redevelopment projects across the Mumbai Metropolitan Region (MMR), with a combined estimated gross development value (GDV) of ₹6,000 crore, to its portfolio. These projects span Mumbai's Western and Central suburbs and Navi Mumbai, significantly strengthening the company's presence in the Mumbai real estate market and providing substantial growth opportunities for future development. Commenting on his appointment, Hrishikesh Parandekar expressed excitement to join Kolte Patil at a defining stage in its growth journey, with his focus on driving disciplined execution, accelerating growth, and building a scalable, high-performing organization.
