Financial Highlights - Q2FY27 (Consolidated)
- Revenue from Operations: ₹497 crore (INR 4.97 billion)
- EBITDA: ₹74 crore (INR 0.74 billion), representing 100% YoY growth from ₹37 crore in Q2FY26
- EBITDA Margin: 14.5% compared to 7.1% in Q2FY26
- PAT: ₹101 crore (INR 1.01 billion), significant increase from ₹10 crore in Q2FY26
Financial Highlights - H1FY27 (Consolidated)
- Revenue from Operations: ₹967 crore (INR 9.67 billion), representing 25% YoY growth
- EBITDA: ₹179 crore (INR 1.79 billion), representing 171% YoY growth
- EBITDA Margin: 17.8% compared to 8.2% in H1FY26
- PAT: ₹153 crore (INR 1.53 billion)
Operational Metrics - Q2FY27
- Pre-Sales: ₹1,423 crore (INR 14.23 billion), 84% YoY growth
- Collections: ₹541 crore (INR 5.41 billion)
- Operating Cash Flows: ₹125 crore (INR 1.25 billion)
Operational Metrics - H1FY27
- Pre-Sales: ₹2,041 crore (INR 20.41 billion), 11% YoY growth
- Collections: ₹1,141 crore (INR 11.41 billion)
- Operating Cash Flows: ₹193 crore (INR 1.93 billion)
- Achieved 41% of full-year FY27 pre-sales guidance
Project Development Activity
- Q2FY27: Commenced 2 projects with total GDV of ₹2,242 crore (INR 22.42 billion)
- H1FY27: Added 2 projects with estimated GDV of ₹547 crore (INR 5.47 billion)
- Q3FY27: Launched one tower at Urbania with estimated GDV of ₹886 crore (INR 8.86 billion)
- One of the Q2 projects is commercial, expanding commercial portfolio for steady annuity cash flows
Project Completions
- Q2FY27: Completed 3 RERA projects with total construction area of 1.32 million square feet
- H1FY27: Completed 4 RERA projects with total construction area of 1.39 million square feet
- Projects completed 9 to 15 months ahead of RERA timeline
Debt Position
- Gross Debt: ₹838 crore (INR 8.38 billion) as of Q2FY27
- Gross Debt/Equity Ratio: 0.28:1
- Net Debt/Equity Ratio: 0.04:1
Credit Rating
- Maintained dual "AA- (with Stable Outlook)" rating from both CRISIL and ICRA
Management Commentary
Mr. Boman Irani, Chairman and Managing Director, highlighted strong performance driven by luxury and super premium projects. The company focuses on redevelopment as core strategic focus in Mumbai Metropolitan Region (MMR). The asset-light business model, stakeholder management, and experienced leadership team are cited as competitive advantages. The company is confident in maintaining growth trajectory for remainder of FY27.
Company Background
Keystone Realtors Limited, incorporated in 1995, is an MMR-based real estate developer with leadership in redevelopment space. Portfolio includes 41 Completed Projects, 19 Ongoing Projects, and 19 Forthcoming Projects across all price segments. The company has delivered over 30 million square feet with pipeline of over 45 million square feet.