NewsKeystone Realtors Targets INR 1,000 Cr Operating Cash Flow in FY27, Eyes INR 100 Cr Annuity Income by 2030Keystone Realtors Targets INR 1,000 Cr Operating Cash Flow in FY27, Eyes INR 100 Cr Annuity Income by 2030
Keystone Realtors reported FY26 pre-sales of INR 4,022 Crores (+33% YoY) and record Q4FY26 pre-sales of INR 1,346 Crores (+58% YoY), with operating cash flows of INR 715 Crores. The company targets ~INR 1,000 Crores in operating cash flow for FY27 and INR 100 Crores in commercial annuity income by 2030, while aiming to become a Rs. 10,000 crore pre-sales company by FY30. Crisil upgraded its credit rating to AA-/Stable.
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Keystone Realtors Limited's Board of Directors, at its meeting held on May 12, 2026, approved the Audited Financial Results — both Consolidated and Standalone — for the quarter and year ended March 31, 2026. The results were submitted to BSE Limited and the National Stock Exchange of India Limited pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statutory auditors, M/s. Price Waterhouse Chartered Accountants LLP, issued an audit report with an unmodified opinion on both the Consolidated and Standalone Financial Results. In a significant forward-looking disclosure, the company has indicated that operational cash flow is expected to grow to around INR 1,000 Crores in FY27, up from INR 700 Crores in FY26, while also targeting INR 100 Crores in commercial annuity income by 2030.
Operational Performance
Keystone Realtors delivered strong operational metrics for FY26, with pre-sales reaching INR 40.22 bn (INR 4,022 Crores), reflecting 33% YoY growth and a 2.5x increase over three years at a CAGR of 36%. The company also reported its highest-ever Q4FY26 pre-sales of INR 13.46 bn (INR 1,346 Crores), a 58% YoY growth on a quarterly basis. The following table summarises the key operational highlights:
| Metric: | Q4FY26 | FY26 |
|---|---|---|
| Pre-Sales: | INR 13.46 bn (INR 1,346 Crores) | INR 40.22 bn (INR 4,022 Crores) |
| Pre-Sales Growth (YoY): | 58% | 33% |
| Collections: | INR 8.53 bn (INR 853 Crores) | INR 26.22 bn (INR 2,622 Crores) |
| Collections Growth (YoY): | 14% | 13% |
| Operating Cash Flows: | INR 4.86 bn (INR 486 Crores) | INR 7.15 bn (INR 715 Crores) |
During FY26, the company launched 7 projects with a total GDV of INR 98.13 bn (INR 9,813 Crores), representing 140% of its full-year FY26 guidance of INR 70 bn (INR 7,000 Crores) and 96% YoY growth. It added 5 projects with a total GDV of INR 104.20 bn (INR 10,420 Crores), 174% of its full-year FY26 guidance of INR 60 bn (INR 6,000 Crores), and a growth of 118% YoY. During Q4FY26, 2 projects were launched with an estimated GDV of INR 39.78 bn (INR 3,978 Crores), and 1 project was added with an estimated GDV of INR 17.72 bn (INR 1,772 Crores). The company also completed 6 projects in FY26 with a total construction area of 2.23 mn Sqft.
Consolidated Financial Performance
On a quarterly basis, Keystone Realtors reported Q4 consolidated net profit of 524M rupees, compared to 648M rupees in the same period last year. Q4 revenue came in at 15.9B rupees versus 5.8B rupees YoY, while Q4 EBITDA stood at 815M rupees against 505M rupees YoY, with EBITDA margin at 5.11% compared to 8.63% in the prior-year quarter. The following table summarises the key consolidated financial highlights for Q4FY26 and FY26:
| Metric: | Q4FY26 | Q4 (YoY) | FY26 |
|---|---|---|---|
| Revenue from Operations: | INR 15.96 bn (INR 1,596 Crores) | 5.8B rupees | INR 26.35 bn (INR 2,635 Crores) |
| EBITDA: | 815M rupees | 505M rupees | INR 2.04 bn (INR 204 Crores) |
| EBITDA Margin: | 5.11% | 8.63% | — |
| Net Profit: | 524M rupees | 648M rupees | INR 0.95 bn (INR 95 Crores) |
The following table presents the detailed consolidated financial results for the full year (INR in Lakh):
| Metric: | FY26 (Audited) | FY25 (Audited) |
|---|---|---|
| Revenue from Operations: | 1,59,597 | 2,00,410 |
| Other Income: | 1,739 | 11,734 |
| Total Income: | 1,61,336 | 2,12,144 |
| Construction Cost: | 87,566 | 1,57,369 |
| Purchase of Stock-in-Trade: | 49,659 | 2,316 |
| Changes in Inventories: | 4,559 | (15,049) |
| Employee Benefits Expense: | 3,294 | 13,038 |
| Finance Costs: | 580 | 5,148 |
| Depreciation & Amortisation: | 9,664 | 1,324 |
| Total Expenses: | 1,55,322 | 1,85,353 |
| Profit Before Share of Profit from Associates & Tax: | 6,014 | 26,791 |
| Share of Profit from Associates & JVs (net of tax): | 714 | (1,093) |
| Profit Before Tax: | 6,728 | 25,698 |
| Total Tax Expense: | 363 | 6,885 |
| Profit for the Year: | 6,365 | 18,813 |
| Other Comprehensive Income/(Loss), net of tax: | 76 | (178) |
| Total Comprehensive Income: | 6,441 | 18,635 |
| Basic EPS (₹): | 4.15 | 13.85 |
| Diluted EPS (₹): | 4.12 | 13.71 |
Profit attributable to owners of the parent stood at ₹5,242 Lakh, while non-controlling interest accounted for ₹1,123 Lakh. The paid-up equity share capital remained at ₹12,624 Lakh, with other equity (excluding revaluation reserves) at ₹2,73,708 Lakh.
Consolidated Assets and Liabilities
The consolidated balance sheet as at March 31, 2026 reflects the following position (INR in Lakh):
| Particulars: | March 31, 2026 | March 31, 2025 |
|---|---|---|
| Total Non-Current Assets: | 1,09,069 | 1,00,360 |
| Inventories: | 3,66,936 | 3,86,054 |
| Total Current Assets: | 5,63,188 | 5,64,584 |
| Total Assets: | 6,72,257 | 6,64,944 |
| Equity Share Capital: | 12,624 | 12,603 |
| Other Equity: | 2,73,708 | 2,64,596 |
| Total Equity Attributable to Owners: | 2,86,332 | 2,77,199 |
| Non-Controlling Interests: | 3,112 | 1,260 |
| Total Equity: | 2,89,444 | 2,78,459 |
| Total Non-Current Liabilities: | 65,206 | 52,479 |
| Total Current Liabilities: | 3,17,607 | 3,34,006 |
| Total Liabilities: | 3,82,813 | 3,86,485 |
| Total Equity and Liabilities: | 6,72,257 | 6,64,944 |
Key Consolidated Financial Ratios
Selected key ratios for the consolidated entity for the year ended March 31, 2026 are presented below:
| Ratio: | FY26 | FY25 |
|---|---|---|
| Debt-Equity Ratio: | 0.51 | 0.33 |
| Debt Service Coverage Ratio: | 1.85 | 1.57 |
| Interest Service Coverage Ratio: | 2.16 | 2.49 |
| Current Ratio: | 1.17 | 1.57 |
| Total Debts to Total Assets: | 0.22 | 0.14 |
| Operating Margin %: | 12.3% | 17.9% |
| Net Profit Margin %: | 3.7% | 9.4% |
| Net Worth (₹ Lakh): | 2,86,332 | 2,77,199 |
Standalone Financial Performance
On a standalone basis, Keystone Realtors reported revenue from operations of ₹66,845 Lakh for the year ended March 31, 2026, compared to ₹55,063 Lakh in the previous year. The following table presents the key standalone financials (INR in Lakh):
| Metric: | FY26 (Audited) | FY25 (Audited) |
|---|---|---|
| Revenue from Operations: | 66,845 | 55,063 |
| Other Income: | 17,898 | 20,512 |
| Total Income: | 84,743 | 75,575 |
| Total Expenses: | 79,831 | 62,707 |
| Profit Before Tax: | 4,912 | 12,868 |
| Total Tax Expense: | 840 | 3,523 |
| Profit for the Year: | 4,072 | 9,345 |
| Other Comprehensive Income/(Loss), net of tax: | (49) | (129) |
| Total Comprehensive Income: | 4,023 | 9,216 |
| Basic EPS (₹): | 3.23 | 7.53 |
| Diluted EPS (₹): | 3.20 | 7.45 |
| Net Worth (₹ Lakh): | 2,58,717 | 2,53,354 |
| Other Equity (₹ Lakh): | 2,46,093 | 2,40,751 |
The standalone balance sheet as at March 31, 2026 showed total assets of ₹4,02,730 Lakh (vs. ₹3,89,636 Lakh as at March 31, 2025), total equity of ₹2,58,717 Lakh, total non-current liabilities of ₹44,746 Lakh, and total current liabilities of ₹99,267 Lakh.
Debt Position and Credit Rating
Gross Debt stands at approximately INR 7.55 bn (INR 755 Crores), with a Gross Debt/Equity ratio of 0.26:1 as on Q4FY26. The company maintained Net Cash Positive status throughout FY26. Crisil Ratings recently upgraded the company's credit rating to "AA-/ Stable".
NCD Issuance and Key Corporate Developments
During the year ended March 31, 2026, the company allotted 33,500 fully paid-up, senior, secured, redeemable, listed, rated Non-Convertible Debentures (NCDs) of INR 1,00,000 each, amounting to INR 33,280 Lakh (net of issuance expenses of INR 293 Lakh and inclusive of premium on issue of INR 73 Lakh), listed on BSE Limited. The NCDs are secured against a first ranking exclusive charge on unsold units and outstanding cash flows from sold units in Project 'Rustomjee Crown' of its wholly owned subsidiary, Real Gem Buildtech Private Limited (RGBPL), along with a first ranking exclusive charge over the Debenture Redemption Account and ISRA (Interest Service Redemption Account), and an irrevocable and unconditional corporate guarantee by RGBPL. The statement of utilisation of NCD issue proceeds confirmed no deviation in the use of funds raised of INR 335 Crore via private placement on September 29, 2025.
Additionally, pursuant to the notification of four consolidated Labour Codes by the Government of India on November 21, 2025, the Group recognised an increase in gratuity liability as a past service cost of ₹452 Lakh (consolidated) and ₹347 Lakh (standalone) under Employee Benefit Expenses for the year ended March 31, 2026, based on actuarial valuation in accordance with Ind AS 19.
Management Commentary
Commenting on the company's performance, Mr. Boman Irani, Chairman and Managing Director, stated that FY26 was a defining year that vindicated the promises made at the time of listing, with performance metrics surpassing guidance across all parameters. He highlighted that the company's MMR market share has nearly doubled since FY23 and noted that the legacy project overhang that weighed on reported financials is now substantially behind. He added that the company has set an ambitious aspiration of becoming a Rs. 10,000 crore pre-sales company by FY30, driven by three strategic enablers — the Scale Multiplier, Velocity Multiplier, and Stability Multiplier — and that the redevelopment opportunity in Mumbai remains extraordinary, with Rustomjee strategically positioned as the most trusted redevelopment developer in the MMR. The company also sees operational cash flow growing to around INR 1,000 Crores in FY27 from INR 700 Crores in FY26, and is targeting INR 100 Crores in commercial annuity income by 2030.
Conference Call Details
The earnings results were discussed at the investor conference call held on May 12, 2026, hosted by Pritesh Sheth, SVP – Real Estate & REITs at Axis Capital. Senior management representatives on the call included Mr. Boman Irani (Chairman and Managing Director), Mr. Chandresh Mehta (Executive Director), Mr. Percy Chowdhry (Executive Director), and Mr. Sajal Gupta (Group Chief Financial Officer). The audio recording of the conference call has been filed with the exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and is accessible on the company's investor relations portal at https://www.rustomjee.com/investor-relations/financials/ . The filing was signed by Bimal K Nanda, Company Secretary and Compliance Officer (ACS – 11578).
Historical Stock Returns for Keystone Realtors
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.80% | -2.24% | -1.21% | -27.76% | -26.62% | -30.27% |
Can Keystone Realtors sustain its 33%+ pre-sales growth trajectory in FY27 given the significant gap between pre-sales (INR 4,022 Crores) and recognized revenue (INR 2,635 Crores), and when will legacy project completions fully normalize reported financials?
With the debt-equity ratio rising from 0.33 to 0.51 and net profit margin compressing sharply from 9.4% to 3.7%, how will Keystone balance its aggressive INR 10,000 Crore pre-sales target by FY30 against the risk of further leverage and margin dilution?
Given that Keystone's MMR market share has nearly doubled since FY23, which specific micro-markets or redevelopment corridors in Mumbai are likely to drive the next phase of project additions, and how competitive is the redevelopment pipeline acquisition environment?
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