Keystone Realtors Limited delivered a mixed performance in Q3 FY26, showcasing strong volume growth alongside softer value metrics that suggest a potential shift in the company's sales composition. The Mumbai-based real estate developer demonstrated resilience in operational execution while navigating market dynamics during the December quarter.

Q3 FY26 Performance Overview

The company's quarterly results revealed contrasting trends across key performance indicators. While area sold expanded significantly, revenue-related metrics experienced modest declines during the period.

Nine-Month Performance Demonstrates Strength

The nine-month performance for FY26 painted a more encouraging picture, with the company achieving substantial growth across all major metrics. Keystone Realtors reported strong momentum in both volume and value parameters during this extended period.

The company achieved 67% of its full-year FY26 pre-sales guidance within the first nine months, indicating solid progress toward annual targets.

Project Launches and Business Development

Keystone Realtors maintained active project development during Q3 FY26, launching one new project with an estimated Gross Development Value (GDV) of ₹919 crore. This addition brought the year-to-date launches to five projects with a combined GDV of ₹5,836 crore, representing approximately 83% achievement of the company's full-year launch guidance.

Business development activities remained focused entirely on redevelopment opportunities. The company added one project in Q3 FY26 with the following specifications:

For the full nine-month period, Keystone has incorporated four redevelopment projects with a cumulative saleable area of 3.48 million sq ft and an estimated GDV of ₹8,649 crore, surpassing the company's full-year business development guidance.

Management Commentary and Strategic Focus

Boman Irani, Chairman and Managing Director of Keystone Realtors, emphasized the company's continued operational momentum despite market challenges. He highlighted that Q3 FY26 represented a quarter of robust performance driven by disciplined execution across all business verticals.

Irani reinforced the company's strategic direction, stating that "Redevelopment in Mumbai continues to remain a core strategic focus." He cited strong execution capabilities and a robust pipeline as key factors supporting growth through the remainder of FY26.

Market Response and Previous Quarter Context

Following the Q3 business update, shares of Keystone Realtors were trading 0.61% lower at ₹518.60 as of 12 pm. The stock has declined 21.93% over the past six months, reflecting broader market sentiment toward the real estate sector.

The Q3 performance contrasts with the company's Q2 FY26 results, which showed significant profitability challenges. In the September quarter, net profit had plunged 87% year-on-year to ₹8.50 crore from ₹66.30 crore, while revenue declined 6.30% to ₹499.30 crore. EBITDA had fallen 81% to ₹15.20 crore, with margins contracting to 3% from 15% in the corresponding quarter of the previous year.

The company noted that all reported figures are provisional and subject to audit, maintaining transparency in its financial disclosures.

Keystone Realtors has announced its operational performance for the third quarter of fiscal year 2026, reporting a marginal decline in key business metrics. The real estate developer's pre-sales and collections both witnessed year-over-year contractions during the quarter.

Q3FY26 Financial Performance

The company's operational metrics for Q3FY26 demonstrate a slight downturn compared to the corresponding period in the previous fiscal year. Both pre-sales and collections registered declines, reflecting the challenges faced during the quarter.

Pre-Sales Analysis

Keystone Realtors recorded pre-sales of ₹8.37 billion in Q3FY26, marking a 3% decrease from the ₹8.63 billion achieved in Q3FY25. This decline of ₹260 million in absolute terms indicates a marginal contraction in the company's sales performance during the quarter.

Collections Performance

The company's collections for Q3FY26 stood at ₹5.24 billion, representing a 3.3% decline from ₹5.42 billion recorded in Q3FY25. The absolute decrease in collections amounted to ₹180 million, reflecting challenges in cash flow realization during the quarter.

Year-over-Year Comparison

Both key operational metrics showed similar declining trends, with collections experiencing a slightly steeper decline at 3.3% compared to the 3% drop in pre-sales. This performance indicates that Keystone Realtors faced operational headwinds during Q3FY26, resulting in lower business volumes compared to the same period in the previous fiscal year.