Operational Performance Highlights

Q2 FY27 Performance:

  • Presales: ₹1,423 crores (highest ever quarterly presales, up 84% YoY from ₹772 crores in Q2 FY26)
  • Collections: ₹541 crores
  • Revenue: ₹497 crores
  • EBITDA: ₹74 crores (100% YoY increase from ₹37 crores in Q2 FY26)
  • EBITDA Margin: 14.5% (up from 7.1% in Q2 FY26)
  • PAT: ₹101 crores (up from ₹10 crores in Q2 FY26)

H1 FY27 Performance:

  • Presales: ₹2,041 crores (up 11% from ₹1,839 crores in H1 FY26)
  • Collections: ₹1,141 crores
  • Revenue from Operations: ₹967 crores (up 25% YoY from ₹772 crores)
  • EBITDA: ₹179.4 crores (171% YoY growth from ₹66.3 crores)
  • EBITDA Margin: 17.8% (up from 8.2% in H1 FY26)
  • PAT: ₹153.1 crores (up from ₹26.2 crores in H1 FY26)

Project Launches and Development Pipeline

Q2 FY27 Launches:

  • Rustomjee Ozone Skye at Malad West (residential)
  • 25HQ at Prabhadevi (commercial)
  • Combined GDV: ₹2,242 crores

Q3 FY27 Launches:

  • Urbania tower with GDV of ₹886 crores (already launched)

Total Launches to Date in FY27:

  • GDV of approximately ₹3,128 crores

Future Launch Pipeline (Q4 FY27):

  • Urbania additional tower
  • Dombivli project
  • GTB Nagar project (first phase GDV: ₹2,500 crores)
  • Avinash Towers in Versova
  • 2 towers in Thane
  • Target: ₹8,000 crores GDV launches for full year

Business Development and Project Portfolio

New Projects Added in H1 FY27:

  • 2 new projects with estimated GDV of ₹547 crores

Cumulative Project Additions since FY23:

  • 27 projects totaling estimated GDV of ₹31,079 crores
  • 21 redevelopment projects
  • 23 projects in Luxury, Super Premium, Premium, and Emerging Premium segments

Construction Progress:

  • Construction spend: ₹547 crores in H1 FY27 (21% YoY growth from ₹452 crores)
  • 12 million square feet under development across 19 ongoing projects
  • 4 RERA projects completed in H1 FY27 (1.39 million square feet), 9-15 months ahead of RERA timeline

Financial Position and Capital Structure

As of September 30, 2026:

  • Gross Debt: ₹838 crores
  • Gross Debt-to-Equity: 0.28:1
  • Cash Balance: ₹705 crores
  • Net Debt-to-Equity: 0.04:1
  • Credit Ratings: AA- with stable outlook from both CRISIL and ICRA

Cash Flow Performance:

  • Operating Cash Flow (OCF): ₹125 crores in Q2 FY27, ₹193 crores in H1 FY27
  • Land and Approval Investments: ₹425 crores in H1 FY27 (41% YoY growth from ₹302 crores)
  • Full-year OCF Guidance: ₹700-800 crores (revised from earlier aspiration of ₹1,000 crores)

Strategic Initiatives and Business Updates

Commercial Real Estate Foray:

  • 25HQ Prabhadevi: 200,000 square feet Grade A commercial development (lease model)
  • Thane project: 1.1 million square feet commercial (lease and sale platform)
  • Target: ₹10,000 crores by 2030 including commercial developments

Construction Technology:

  • Implemented precast technology through contract with Robin Village Development (subsidiary of Tiong Seng, Singapore)
  • In-house plant for manufacturing and installation

ESG Initiatives:

  • Rustomjee Prive project received Gold pre-certification under IGBC Green Homes
  • 42% of value chain partners assessed for human rights, supplier code of conduct, and health and safety compliance
  • Software deployed for standardization of building materials

Management Guidance and Outlook

Full Year FY27 Guidance:

  • Presales: ₹5,000 crores (41% achieved in H1)
  • Collection Efficiency: 70-72%
  • Expected Collections: ₹3,000-3,100 crores
  • Land and Approval Investments: Approximately ₹1,000 crores (₹425 crores already spent in H1)

EBITDA Margin Outlook:

  • Embedded margin on sold inventory: 24%
  • Expected margin on unsold inventory: 33%
  • Primary driver: Virar project with JDA revenue composition shifting from 28% (sold) to 71% (unsold) with 61% EBITDA margin

Urbania Project Metrics:

  • LA Fam Tower (3 blocks) completed with total GDV of ₹1,300+ crores
  • EBITDA Margin: 16%
  • Mid-mass segment (₹1-1.5 crore offerings)

Business Development Focus Areas

  • Redevelopment projects in western suburbs (Versova, Bandra, Andheri, Mahim)
  • Plotted development vertical
  • 3 large projects with ~₹1,000 crores GDV each in western suburbs nearing closure
  • Expansion into eastern suburbs with infrastructure growth

Capital Allocation Strategy

  • Cash buffer maintenance: ₹250-300 crores
  • No immediate need for equity capital
  • Construction finance to be utilized for post-launch project funding
  • Investment in new projects funded through OCF and balance sheet cash

#Tags: #KeystoneRealtors #EarningsCall #Q2FY27 #RealEstate #FinancialResults #Positive