Financial Performance Highlights
Keystone Realtors Limited reported unaudited financial results for the quarter ended June 30, 2026 (Q1 FY27). Revenue from operations stood at ₹470 crores, representing a 72% year-on-year growth compared to Q1 FY26. EBITDA increased significantly to ₹105.1 crores from ₹30 crores in Q1 FY26, reflecting a 259% year-on-year growth. EBITDA margins expanded to 21.3% from 10.1% in the corresponding quarter last year. Profit after tax (PAT) grew to ₹52.4 crores from ₹16.3 crores in Q1 FY26, marking a 221% year-on-year increase and the company's highest ever Q1 PAT.
Operational Metrics
Pre-sales for Q1 FY27 amounted to ₹617 crores, driven by resilient sustained sales despite no new planned launches during the quarter. Collections reached ₹599 crores, showing a 4% year-on-year growth with collection efficiency of 97%. Construction spend increased by 26% year-on-year to ₹299 crores in Q1 FY27 from ₹238 crores in Q1 FY26. The company has approximately 12 million square feet of construction area under development across 17 ongoing projects.
New Project Additions
The company added two new projects during the quarter with an estimated Gross Development Value (GDV) of ₹547 crores. One project is a plotted development in Igatpuri spanning approximately 62 acres, marking the company's entry into this micro market. The other project is an addition to the cluster development in Dindoshi, which will make that project larger. The company also commenced construction activity on its commercial project named 28 HQ in Prabhadevi and received RERA approval for its residential project Rustomjee Ozone Skye in Goregaon West.
Balance Sheet and Credit Rating
The company maintained a strong balance sheet with gross debt of approximately ₹876 crores as of June 30, 2026. Gross debt-to-equity ratio stood at 0.3:1, well within stated guidelines. Free cash position was ₹803 crores, with net debt-to-equity ratio at 0.02:1. Both CRISIL and ICRA have assigned the company a AA- credit rating with stable outlook, representing an upgrade from ICRA's previous A+ rating.
Project Pipeline and Launch Plans
The company has a strong launch pipeline planned across MMR for the coming quarters, including Urban Woods (2 towers, ₹300+ crores), Avinash Towers in Versova, Urbania in Thane (2 towers), 28 HQ in Prabhadevi, Rustomjee Ozone Skye in Goregaon West, GTB Nagar Phase 1, Dindoshi cluster, and Om Nagar in Andheri East. These projects represent an estimated GDV of over ₹8,000 crores.
ESG Initiatives
The company achieved ISO 14001:2015 and ISO 45001:2018 certifications across all Rustomjee projects in MMR. Projects including Rustomjee Crescent, Rustomjee 180 Bayview, and Rustomjee Ocean Vista received gold pre-certification under IGBC green building rating system. In partnership with Rotary Club of Bombay Airport, the company completed the Kawale Village Dam project benefiting approximately 1,800 farming families.
Q&A Session Highlights
Management confirmed that both GTB Nagar and Dindoshi projects are expected to launch in FY27, with GTB Nagar likely in the current quarter. The company expects unrecognized revenue of approximately ₹63 billion to be recognized over an average of 2-2.5 years. Operating cash flow guidance of ₹1,000 crores for FY27 remains intact, with improvement expected from Q2 onwards. The plotted development business is expected to contribute ₹500-750 crores annually in pre-sales with margins exceeding ₹150-200 crores. Legacy projects are expected to contribute only 15% of revenue in FY27, with margin profile continuing to improve quarter-by-quarter.