Keystone Realtors Q1 FY27 Investor Presentation

Performance Highlights (Q1 FY27)

Operational Metrics:

Pre-Sales Value: ₹6.17 Billion
Collections: ₹5.99 Billion (4% YoY growth)
Area Sold: 0.32 Million Sq. Ft.
Operating Cash Flow (OCF): ₹0.68 Billion
Projects Launched: Nil (0) in the quarter
Projects Added: 2 new projects with Estimated GDV of ₹5.47 Billion

Financial Metrics:

Revenue from Operations: ₹4.70 Billion (72% YoY growth from ₹2.73 Bn in Q1FY26)
Total Income: ₹4.93 Billion
EBITDA: ₹1.05 Billion (259% YoY growth from ₹0.29 Bn in Q1FY26)
EBITDA Margin: 21.3% (vs. 10.1% in Q1FY26)
PAT: ₹0.52 Billion (221% YoY growth from ₹0.16 Bn in Q1FY26)
PAT after Share of Profits from JVs/Associates: ₹0.52 Billion

Strategic and Business Updates

Company Overview:

30+ years in real estate with focus on Mumbai Metropolitan Region (MMR)
29+ million sq. ft. of construction area developed
320+ completed buildings with 19,000+ homes delivered (including 1,900+ rehoused)
46 million sq. ft. construction area in pipeline

Redevelopment Focus:

76% of forthcoming projects (by GDV) are redevelopment (excluding township)
Added 5 cluster redevelopment projects with GDV of ~₹166 Bn: GTB Nagar Cluster, Lokhandwala Cluster, Dindoshi Nagar Cluster, Om Nagar Cluster, Malad (W) Cluster
Mumbai housing society redevelopment represents ~₹1,300 Bn opportunity by 2030

Growth Strategy:

Vision to achieve ₹10,000 Crore (₹100 Bn) pre-sales by FY30
Premiumization: ~93% of forthcoming residential portfolio in Emerging Premium & Premium segments
Diversification into plotted development (Kasara, Igatpuri) and commercial assets (annuity)
Asset-light model through JDAs/JVs; targeting project additions of 2x previous year's pre-sales

Project Pipeline:

Ongoing Projects (as of June 30, 2026):

17 projects with 8.73 Mn Sq. Ft. under development
Total GDV: ₹193.52 Bn
Sold Percentage: 52%
Sold Receivables: ₹43.71 Bn
Estimated Unsold Inventory: ₹115.67 Bn
Cost to Complete: ₹80.49 Bn

Forthcoming Projects (as of June 30, 2026):

21 projects with 22.78 Mn Sq. Ft. planned
Total GDV: ₹430.04 Bn
Cost to Complete: ₹266.78 Bn
Residential represents 19.72 Mn Sq. Ft. (₹367.79 Bn GDV)
Commercial represents 3.06 Mn Sq. Ft. (₹62.25 Bn GDV)

Category-wise Ongoing Project Performance:

| Residential | 15 | 8.44 | 53% | 180.99 | 42.55 | 104.80 | 75.27 |

| Commercial | 2 | 0.29 | 14% | 12.53 | 1.16 | 10.87 | 5.22 |

| Total | 17 | 8.73 | 52% | 193.52 | 43.71 | 115.67 | 80.49 |

New Project Additions in Q1FY27:

1. Utkarsh CHSL Dindoshi Nagar Cluster (Goregaon East): Emerging Premium, Redevelopment, GDV ₹1.60 Bn, DA Done

2. Plotted Development (Igatpuri): Mass Market, Plotted Development, GDV ₹3.87 Bn, Agreement done

Project Additions History:

Added 27 projects from FY23 with estimated GDV of ~₹311 Bn
21 out of 27 projects are redevelopment
Entered new micro markets: Igatpuri, Chembur, Mahim, Versova, Dombivli, Kasara, Nagpur, Sion, Lokhandwala, Sewri, Dindoshi, Goregaon East, Goregaon West

Launch Pipeline for FY27:

8 projects planned with 5.18 Mn Sq. Ft. saleable area
Estimated GDV to be launched: ~₹80 Bn
Projects include Urban Woods Phase 2, Avinash Tower, Urbania Phase 2, 28 HQ Prabhadevi, Ozone Skye, GTB Nagar Phase 1, Dindoshi Cluster, Om Nagar Phase 1

Financial Position

Debt Profile (as of June 30, 2026):

Gross Debt: ₹8,759 Mn
Cash and Cash Equivalents: ₹8,032 Mn
Net Debt: ₹728 Mn
Equity: ₹29,248 Mn
Gross Debt to Equity Ratio: 0.30:1
Net Debt to Equity Ratio: 0.02:1
Debt in JV Companies (KRL Share): ₹908 Mn
Average Cost of Borrowing: 9.6% PA (reduced by 230 bps in last 3 years)

Credit Rating: Dual "AA- / Stable" by both CRISIL Ratings and ICRA

Embedded EBITDA Margins (Ongoing Projects):

Sold Inventory (yet to be recognized): 21% EBITDA margin
Unsold Inventory: 35% EBITDA margin

ESG Initiatives

Environmental Goals:

Target 100% green-certified portfolio (IGBC/LEED/GRIHA/GNFZ) by 2030
Net Zero water, waste, energy or carbon for all new developments by 2050
Carbon neutrality by 2050
Current certifications: IGBC Silver for Urbania D&L; IGBC Silver Pre-Certification for Crown and La-Fam Thane; IGBC Gold Pre-Certification for Rustomjee Crescent

Social Initiatives:

Zero fatalities and nil high consequence incidents reported
11 million safe man hours without lost time injuries or fatalities
"Apne Ghar" labor housing facility for 500 workers at Urbania site
Kawale Village Dam project providing water to 1,800 farmer families

Governance:

Implemented anti-bribery, EHS, sustainability, diversity and inclusion policies
ESG audits conducted periodically
Pre-assessment completed for GRESB rating

Management Structure

Promoters and Directors:

Boman R. Irani (Chairman & MD): 30+ years real estate experience, Chairman of CREDAI
Chandresh Mehta (Executive Director): 30+ years experience, directs redevelopment initiatives
Percy Chowdhry (Executive Director): 27+ years experience, directs Sales, Marketing and HR

Independent Directors:

Ramesh Tainwala (formerly CEO of Samsonite International)
Rahul Divan (Founding partner of Rahul Gautam Divan & Associates)
Seema Mohapatra (formerly trustee at BBC World Service Trust India)

Guidance vs Actual (Q1FY27)

| Metric | Guidance FY27 | Actual Q1FY27 |

| Pre-Sales | ₹50 Bn | ₹6.2 Bn |

| Launches (GDV) | ₹80 Bn | Nil |

| Project Additions (GDV) | ₹80 Bn | ~₹5.5 Bn |

| Gross Debt/Equity Ratio | <0.75:1 | 0.30:1 |

Capital Structure Impact

No material changes to capital structure disclosed in this presentation. The company maintains an asset-light model with optimal leverage.

Cash Flow Implications

Operating cash flow generation of ₹0.68 Bn in Q1FY27
₹48 Bn of sold receivables locked-in
Projected incremental cash flows from pipeline: ₹246.20 Bn

Forward-Looking Statements

The presentation contains forward-looking statements about growth targets, project pipelines, and market opportunities. These are subject to changes in industry structure, economic environment, regulatory approvals, and other factors.