Keystone Realtors Limited – Investor Presentation Summary
Key Operational Highlights
- Pre-sales value: ₹14.23 Bn in Q2FY27 (84% YoY growth) and ₹20.41 Bn in H1FY27 (11% YoY growth)
- Area sold: 0.65 Mn Sq.Ft. in Q2FY27 (31% YoY growth) and 0.97 Mn Sq.Ft. in H1FY27
- Collections: ₹5.41 Bn in Q2FY27 and ₹11.41 Bn in H1FY27
- Projects launched in Q2FY27: 2 projects with estimated GDV of ₹22.42 Bn (Rustomjee Ozone Skye at Malad West and 25HQ at Prabhadevi)
- Projects added in H1FY27: 2 projects with estimated GDV of ₹5.47 Bn (Utkarsh CHSL Dindoshi Nagar Cluster and Igatpuri Plotted Development)
- Operating cash flow: ₹1.25 Bn in Q2FY27 and ₹1.93 Bn in H1FY27
- 320+ completed buildings with 30+ msf construction area developed
- 20,000+ homes delivered including 9,500+ redeveloped family members
- Current pipeline: 45 msf construction area in pipeline
Key drivers of operational performance: Strong momentum in luxury and super premium segments, cluster redevelopment strategy, diversification into plotted development and commercial portfolio.
Segment-wise Performance
- Residential: 100% of pre-sales contribution in Q2FY27 (₹13.65 Bn) and H1FY27 (₹19.70 Bn)
- Commercial: ₹0.58 Bn pre-sales in Q2FY27 and ₹0.71 Bn in H1FY27
- Category breakdown (H1FY27): Luxury 33% (₹6.57 Bn), Super Premium 22% (₹4.24 Bn), Premium 17% (₹3.34 Bn), Emerging Premium 23% (₹4.60 Bn), Mass Market 5% (₹0.95 Bn)
Explanation of significant changes: 55% of H1FY27 pre-sales contributed by luxury and super premium categories, enabling margin expansion. 92% of Q2FY27 pre-sales came from premium category.
Financial Highlights
Revenue: ₹4.97 Bn (Q2FY27), ₹9.67 Bn (H1FY27)
EBITDA: ₹0.74 Bn (Q2FY27), ₹1.79 Bn (H1FY27)
PAT: ₹1.01 Bn (Q2FY27 after share of profits), ₹1.53 Bn (H1FY27 after share of profits)
EPS: Not specified
Margins: EBITDA margin 14.5% (Q2FY27), 17.8% (H1FY27); PAT margin 19.6% (Q2FY27), 15.2% (H1FY27)
YoY comparison: Revenue from operations grew 25% in H1FY27; EBITDA grew 171% in H1FY27; PAT grew significantly from ₹0.1 Bn in Q2FY26 to ₹1.01 Bn in Q2FY27
Drivers of financial performance: Higher revenue growth, premiumization of project portfolio, operational efficiencies.
Key Risks: Raw material price fluctuations, regulatory risks in redevelopment projects.
Geographical Revenue Split
Domestic vs Export/Regional Revenue: Not specified
Regional Breakdown: Focus on MMR (Mumbai Metropolitan Region) with entries into new micro markets - Igatpuri, Chembur, Mahim, Versova, Dombivli, Kasara, Nagpur, Sion, Lokhandwala, Sewri, Dindoshi, Goregaon East, Goregaon West.
Balance Sheet Snapshot
Net Debt/Equity: Net debt ₹(635) Mn as of September 30, 2026
Reserves: Other equity ₹29,059 Mn as of September 30, 2026
Current Assets/Liabilities: Current assets ₹57,038 Mn vs current liabilities ₹34,151 Mn as of September 30, 2026
Working Capital/Leverage Metrics: Gross debt to equity ratio 0.28:1, net debt to equity ratio negative
Financial Health Insights: Strong cash position (₹7,748 Mn), dual AA-/Stable credit ratings from CRISIL and ICRA, average borrowing cost reduced by 269 bps to 9.2% PA.
Capex & Cash Flow Health
Capital Expenditure: Not specified for future periods
Free Cash Flow: Not explicitly stated
Operating Cash Flow: ₹1.25 Bn (Q2FY27), ₹1.93 Bn (H1FY27)
Net Debt Movement: Gross debt increased from ₹7,548 Mn (Mar 2026) to ₹8,378 Mn (Sep 2026)
Investment Rationale: Focus on capacity expansion, technology upgrades, and cluster redevelopment projects.
Strategic & R&D Initiatives
Investments in Innovation: Adopting pre-cast, pre-fitted construction technology with RVD of Singapore; IT digital capabilities including SAP + Autodesk integration, cloud project controls, AI implementation
Expected impact on growth: Technology improvements to enhance execution excellence and accelerate delivery
Strategic Rationale: Expanding into high-growth markets, reducing operational costs, diversifying into plotted development and commercial assets.
Industry Trends & Business Environment
Macro/Industry Trends: 70% of open land in Mumbai already developed; redevelopment represents major supply source in MMR (70-85% of new supplies in matured micro markets); housing society redevelopment in Mumbai estimated as ₹1,300 Bn opportunity by 2030
Impact on Company: Focus on redevelopment projects in prime brownfield locations with minimal land acquisition investment; cluster redevelopment providing economies of scale and better margins.
Management Commentary & Growth Outlook
Strategic Outlook: Targeting ₹10,000 Crore pre-sales by FY30; leveraging leadership position in redevelopment; conscious shift toward premium and emerging premium segments
FY Guidance: Pre-sales ₹50 Bn, launches GDV ₹80 Bn, project additions GDV ₹80 Bn, gross debt/equity ratio <0.75:1
Market Share Targets: Not specified
Risks and Opportunities: Redevelopment dominance (83% of forthcoming projects in GDV terms are redevelopment); cluster redevelopment as scale multiplier; plotted development as velocity multiplier; commercial projects as stability multiplier.
ESG Updates
Environmental Goals: 100% green-certified portfolio by 2030; net zero water, waste, energy or carbon by 2050; carbon neutrality by 2050
Social Initiatives: Rustomjee Educate a child initiative (1,000+ children educated); Apne Ghar labor housing facility; zero fatalities and 11 mn safe man hours achieved
Governance: ESG policies implementation; board-level ESG committee planned by 2026; ISO 14001:2015 and ISO 45001:2018 certifications achieved
Current Achievements: IGBC Silver Certification for Urbania D&L; IGBC Gold Pre-Certification for Rustomjee Crescent; Net Zero Carbon Award for Belle Vue Kasara.
Information Technology
Digital Capabilities: SAP + Autodesk integration; cloud project controls across 8 live projects; RISE with SAP migration; Salesforce CRM with AI bots; Microsoft Power BI dashboards
Security: Zero Trust & Cloud SSE/DLP implementation; server consolidation; DPDP compliance preparation
AI Implementation: "Work Elevate" AI portal; enterprise "AI Next" rollout with 100+ team members trained.