Keystone Realtors , operating under the Rustomjee brand, has reported robust growth in the first half of FY26, with presales reaching INR 1,839.00 crores, marking a 40% year-on-year increase. The company has already achieved 46% of its full-year presales guidance in just six months.

Strong Performance and Strategic Launches

Keystone Realtors achieved INR 772.00 crores in presales for Q2 FY26, contributing to the impressive half-yearly figure. The company launched one new project in Q2 with an estimated Gross Development Value (GDV) of INR 949.00 crores, bringing the total launches for H1 FY26 to four projects with a combined GDV of INR 4,916.00 crores.

Surpassing Business Development Targets

In a significant achievement, Keystone Realtors has already surpassed its full-year Business Development guidance for FY26. The company added three new redevelopment projects worth INR 7,727.00 crores in GDV during the first half of the fiscal year, showcasing its strong position in the redevelopment segment within the Mumbai Metropolitan Region (MMR).

Financial Highlights

The company maintained a strong liquidity position with a gross debt of INR 588.00 crores as of September 30, 2025, translating to a gross debt-to-equity ratio of 0.21:1. Notably, Keystone Realtors ended the quarter with a free cash flow of INR 935.00 crores and zero net debt.

Strategic Funding and Credit Rating Upgrade

Keystone Realtors successfully raised INR 335.00 crores through oversubscribed Non-Convertible Debentures (NCDs), demonstrating strong investor confidence. The company's credit rating was also enhanced to A+ with a Positive Outlook by India Ratings, reflecting its robust financial profile and disciplined approach to capital allocation.

Future Outlook

The company is well-positioned for future growth, with a focus on cluster redevelopment projects in Mumbai. Keystone Realtors has four large cluster projects in the pipeline, including developments in Lokhandwala, GTB Nagar, Dindoshi, and Malad West, with a combined GDV of approximately INR 11,550.00 crores.

Boman Irani, Chairman and Managing Director of Keystone Realtors, expressed confidence in the company's growth trajectory, stating, "We are very confident that the MMR continues to be a growing market. Even today, the kind of apartments that are being purchased are actually higher-value apartments."

With a strong project pipeline and a disciplined execution approach, Keystone Realtors appears well-equipped to capitalize on the growing demand in the Mumbai real estate market, particularly in the redevelopment segment.

Upcoming Launches

The company plans to launch projects in Sewri, Thane, and Bandstand in the second half of FY26, with an estimated combined GDV of around INR 5,000.00 crores. These launches are expected to further strengthen Keystone Realtors' market position and contribute to its growth momentum.

As the real estate sector in Mumbai continues to evolve, Keystone Realtors' focus on strategic locations and redevelopment projects positions it well to meet the changing demands of homebuyers in the region.

Keystone Realtors Limited , a prominent player in the real estate sector, has announced its unaudited financial results for the quarter and half-year ended September 30. The company's Board of Directors approved both consolidated and standalone financial results at their meeting held on November 12.

Pre-Sales and Project Launches

Keystone Realtors reported pre-sales of INR 772 crores in Q2, marking a 10% growth over the same quarter in the previous year. For the first half of the fiscal year, pre-sales reached INR 1,839 crores, representing a 40% growth over the same period last year. The company launched one project with a Gross Development Value (GDV) of INR 949 crores in Q2, bringing total launches for the first half to four projects worth INR 4,916 crores, achieving 70% of full-year guidance.

Financial Performance

The company's financial performance for Q2 shows a decline in revenue compared to the previous quarter. Here's a breakdown of the key financial metrics:

Keystone Realtors experienced a decrease in revenue, dropping from ₹642.20 crore in Q1 to ₹499.00 crore in Q2, representing a 22.30% decline. Net profit also saw a significant reduction, falling by 85.05% to ₹10.00 crore from ₹66.90 crore in the previous quarter.

Project Additions and Debt Position

The company added three new projects in the first half with a combined GDV of INR 7,727 crores, surpassing the full-year guidance of INR 6,000 crores. Gross debt stands at INR 588 crores with a debt-to-equity ratio of 0.21, while net debt is nil. India Ratings assigned a credit rating of A+ with a positive outlook.

Non-Convertible Debentures (NCDs) Issuance

During the quarter, Keystone Realtors allotted 33,500 fully paid-up, senior, secured, redeemable, listed, rated non-convertible debentures (NCDs). These NCDs have a face value of ₹100,000 each, amounting to a total of ₹335.00 crore. The company has listed these NCDs on the BSE Limited.

The NCDs are secured against:

1. First ranking exclusive charge on unsold units
2. Outstanding cash flows from sold units
3. Related rights

Operational Overview

Keystone Realtors operates exclusively in the real estate and allied activities business. The company's financial results encompass operations from:

• 56 subsidiaries
• 2 associates
• 5 joint ventures
• 2 jointly controlled entities

Audit Review

PriceWaterhouseCoopers Chartered Accountants LLP conducted a limited review of the unaudited financial results and issued a report with an unmodified opinion.

Market Implications

While the company experienced a decline in revenue and profitability in Q2, the growth in pre-sales and successful project launches indicate positive momentum in the company's core business. The issuance of NCDs and the strong credit rating suggest that Keystone Realtors is taking steps to secure funding, which could be used for ongoing projects or new developments in the real estate sector.