Keystone Realtors reported record quarterly pre-sales of ₹1,423 crore in Q2FY27, marking an 84% increase YoY. This performance contributed to H1FY27 pre-sales of ₹2,041 crore, representing 11% growth YoY and achieving 41% of the company's full-year FY27 target.

The surge in sales was driven by strong demand in luxury and super premium projects. During the quarter, the company launched new projects contributing 0.54 million sq ft of area and a gross development value (GDV) of ₹2,196 crore. However, collections declined 19% YoY to ₹541 crore in Q2FY27, compared to ₹669 crore in Q2FY26.

Project Launches and Portfolio Expansion

Keystone Realtors initiated two new projects worth ₹2,196 crore in Q2FY27: "Rustomjee Ozone Skye" at Malad West and the commencement of construction for the commercial project "25HQ" at Prabhadevi. Notably, this portfolio includes a commercial project designed to support the growth of long-term annuity cash flows. The company also completed three RERA-registered projects ahead of schedule during the reporting period, totaling 1.32 million sq ft of construction area.

In terms of business development, the company added two projects in H1FY27 with a saleable area of 1.41 million sq ft and an estimated GDV of ₹547 crore. These additions reinforce leadership in cluster redevelopment and expand presence in plotted developments.

Strategic Initiatives and Credit Profile

The company announced key strategic initiatives including a contract with Robin Village Development (RVD), a subsidiary of Tiong Seng from Singapore, to set up an in-house pre-cast plant. This move aims to enhance construction speed and quality. Additionally, Mt K Kapital announced a second fund of $450 million in a joint venture with Japanese partner Marubeni Corporation to expand its fund management business.

Keystone Realtors holds a dual credit rating of AA- (with Stable Outlook) from CRISIL and ICRA, reflecting its strong balance sheet and execution capabilities.

What the Numbers Show

The data reveals a significant acceleration in sales velocity relative to cash collections. While H1FY27 pre-sales grew by a modest 11% YoY to ₹2,041 crore, the second quarter alone accounted for ₹1,423 crore of this total. This implies that Q2FY27 pre-sales were nearly double the combined pre-sales of Q1FY27 (derived as ₹2,041 crore minus ₹1,423 crore equals ₹618 crore).

However, a divergence is visible between top-line bookings and cash flow. Despite the 84% YoY jump in pre-sales, collections fell 19% YoY to ₹541 crore. This suggests that while demand for new launches is robust, the conversion of these bookings into immediate cash receipts has lagged compared to the prior year's comparable quarter, potentially due to payment schedules or timing of installment receipts.

Keystone Realtors Limited appointed Walker Chandiok & Co. LLP as its statutory auditors for a five-year term. The appointment takes effect from the conclusion of the 31st Annual General Meeting held on September 18, 2026.

The firm will serve until the conclusion of the 36th AGM. This marks a change in statutory auditors for the company, following the completion of the second term by Price Waterhouse Chartered Accountants LLP.

Auditor Transition Details

The Board of Directors approved the appointment pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The decision was ratified by shareholders at the 31st AGM.

Price Waterhouse Chartered Accountants LLP completed its tenure at the conclusion of the meeting. The company acknowledged their contribution during their two-term engagement.

Profile of New Auditors

Walker Chandiok & Co. LLP is a Limited Liability Partnership established in 1935. Registered with the Institute of Chartered Accountants of India (ICAI), the firm holds Firm Registration No. 001076N/N500013.

The audit firm operates from its registered office in New Delhi and maintains 15 branch offices across India. It provides audit and assurance services to several large entities, including top 100 listed companies in India. No relationship between the new auditors and the company's directors was disclosed.