Keystone Realtors Limited

Board Meeting Details

The Board of Directors meeting was held on November 4, 2026, commencing at 12:15 PM and concluding at 12:50 PM. The Board approved the unaudited financial results for Q2 and H1 FY2027.

Consolidated Financial Results (₹ in Lakh)

Income Statement Highlights:

  • Q2 FY27 Revenue: ₹49,669 (Q1 FY27: ₹47,029; Q2 FY26: ₹49,928)
  • H1 FY27 Revenue: ₹96,698 (H1 FY26: ₹77,240)
  • Q2 FY27 Other Income: ₹1,640 (Q1 FY27: ₹2,297; Q2 FY26: ₹2,162)
  • Q2 FY27 Total Income: ₹51,309 (Q1 FY27: ₹49,326; Q2 FY26: ₹52,090)
  • Q2 FY27 Total Expenses: ₹47,652 (Q1 FY27: ₹42,402; Q2 FY26: ₹50,358)
  • Q2 FY27 Profit Before Tax: ₹10,981 (Q1 FY27: ₹7,032; Q2 FY26: ₹1,689)
  • Q2 FY27 Tax Expense: ₹906 (Q1 FY27: ₹1,795; Q2 FY26: ₹700)
  • Q2 FY27 Net Profit: ₹10,075 (Q1 FY27: ₹5,237; Q2 FY26: ₹989)
  • H1 FY27 Net Profit: ₹15,312 (H1 FY26: ₹2,622)

Earnings Per Share:

  • Q2 FY27 Basic EPS: ₹7.92 (Q1 FY27: ₹4.21; Q2 FY26: ₹0.68)
  • Q2 FY27 Diluted EPS: ₹7.87 (Q1 FY27: ₹4.18; Q2 FY26: ₹0.67)
  • H1 FY27 Basic EPS: ₹12.13 (H1 FY26: ₹1.83)

Balance Sheet Highlights (as of September 30, 2026):

  • Total Assets: ₹6,98,952 (March 31, 2026: ₹6,72,257)
  • Inventories: ₹3,72,428 (March 31, 2026: ₹3,66,936)
  • Trade Receivables: ₹25,824 (March 31, 2026: ₹33,899)
  • Cash & Cash Equivalents: ₹36,337 (March 31, 2026: ₹46,821)
  • Total Equity: ₹3,06,324 (March 31, 2026: ₹2,89,444)
  • Borrowings (Current + Non-current): ₹1,53,137 (March 31, 2026: ₹1,46,343)

Key Ratios (Consolidated):

  • Debt-Equity Ratio: 0.51 (Q1 FY27: 0.55; Q2 FY26: 0.43)
  • Interest Service Coverage Ratio: 3.57 (Q1 FY27: 2.42; Q2 FY26: 2.92)
  • Net Profit Margin: 20.3% (Q1 FY27: 11.1%; Q2 FY26: 2.0%)
  • Current Ratio: 1.70 (Q1 FY27: 1.76; Q2 FY26: 1.72)

Standalone Financial Results (₹ in Lakh)

Income Statement Highlights:

  • Q2 FY27 Revenue: ₹10,320 (Q1 FY27: ₹8,887; Q2 FY26: ₹33,464)
  • Q2 FY27 Other Income: ₹4,579 (Q1 FY27: ₹3,703; Q2 FY26: ₹5,762)
  • Q2 FY27 Total Income: ₹14,899 (Q1 FY27: ₹12,590; Q2 FY26: ₹39,226)
  • Q2 FY27 Total Expenses: ₹16,208 (Q1 FY27: ₹11,645; Q2 FY26: ₹36,242)
  • Q2 FY27 Loss Before Tax: ₹(1,309) (Q1 FY27 Profit: ₹945; Q2 FY26 Profit: ₹2,984)
  • Q2 FY27 Tax Credit: ₹(327) (Q1 FY27 Tax Expense: ₹285; Q2 FY26 Tax Expense: ₹770)
  • Q2 FY27 Net Loss: ₹(982) (Q1 FY27 Profit: ₹660; Q2 FY26 Profit: ₹2,214)
  • H1 FY27 Net Loss: ₹(322) (H1 FY26 Profit: ₹3,574)

Earnings Per Share:

  • Q2 FY27 Basic EPS: ₹(0.78) (Q1 FY27: ₹0.52; Q2 FY26: ₹1.76)
  • Q2 FY27 Diluted EPS: ₹(0.78) (Q1 FY27: ₹0.52; Q2 FY26: ₹1.74)

Key Ratios (Standalone):

  • Debt-Equity Ratio: 0.24 (Q1 FY27: 0.25; Q2 FY26: 0.23)
  • Net Worth: ₹2,60,013 (March 31, 2026: ₹2,58,717)
  • Current Ratio: 3.10 (Q1 FY27: 3.26; Q2 FY26: 3.61)

Capital Structure Changes

During H1 FY27, the company allotted 86,801 equity shares (face value ₹10 each) upon exercise of options granted under the Rustomjee Employee Stock Option Plan. Paid-up equity share capital increased to ₹12.632 crore from ₹12.624 crore.

Security Cover Certification

Walker Chandiok & Co LLP issued certificates pursuant to Regulation 56(1)(d) of SEBI LODR and Regulation 15(1)(t)(ii)(a) of SEBI (Debenture Trustees) Regulations, 1993:

Consolidated Security Cover (as of September 30, 2026):

  • Debt covered by certificate: ₹19.864 crore (Secured NCDs)
  • Total secured debt: ₹83.771 crore
  • Net assets pledged: ₹174.631 crore
  • Security cover: 2.02x (minimum required: 1.33x)

Standalone Security Cover (as of September 30, 2026):

  • Debt covered by certificate: ₹19.864 crore (Secured NCDs)
  • Net assets pledged: ₹57.866 crore
  • Security cover: 0.02x (minimum required: 1.33x)

Subsidiary and Associate Structure

The consolidated results include:

  • 62 subsidiaries
  • 3 associates
  • 9 joint ventures
  • 2 jointly controlled operations

Utilization of Issue Proceeds

The company reported no deviation in use of funds raised through private placement of Non-Convertible Debentures (ISIN: INE263M07109) amounting to ₹335 crore on September 29, 2025. Funds were utilized for acquisition of new land/projects, expenditure in forthcoming projects, and general corporate purposes as stated in the offer document.