Keystone Realtors has delivered robust financial performance in Q3FY26, showcasing strong operational execution and strategic growth initiatives. The real estate developer reported impressive metrics across pre-sales, collections, and project launches, demonstrating the company's ability to capitalize on market opportunities while expanding its portfolio significantly.

Financial Performance Highlights

The company's financial metrics for Q3FY26 reflect strong market positioning and execution capabilities. Keystone Realtors achieved substantial growth in both pre-sales and collections, indicating healthy demand for its projects and effective cash flow management.

The 23% year-to-date increase in pre-sales to ₹8.37 billion demonstrates strong market demand for the company's residential and commercial offerings. Meanwhile, collections of ₹5.24 billion with a 12% year-to-date growth indicate effective project execution and customer payment schedules.

Project Launch and Expansion Strategy

Keystone Realtors has maintained an aggressive expansion strategy throughout the current financial year, focusing on strategic project additions and launches. The company successfully launched one new project during Q3FY26, valued at ₹9.19 billion, adding significant inventory to its development pipeline.

Portfolio Growth and Market Position

The addition of four projects worth a combined ₹86.49 billion during the current financial year represents a substantial expansion of the company's development portfolio. This strategic growth initiative positions Keystone Realtors to capitalize on continued market demand while diversifying its project mix across different segments and locations.

The company's ability to secure and launch projects of significant scale demonstrates strong land acquisition capabilities and project development expertise. The ₹9.19 billion project launched in Q3FY26 adds to the company's inventory of premium developments, supporting future revenue generation and market presence.

Operational Excellence and Market Outlook

Keystone Realtors' performance metrics indicate effective operational management and strong market positioning within the real estate sector. The consistent growth in both pre-sales and collections reflects the company's ability to attract customers while maintaining efficient project delivery and cash flow management.

The substantial project additions throughout FY26 provide a strong foundation for sustained growth, with the ₹86.49 billion worth of new projects representing significant future revenue potential. The company's strategic focus on expanding its development portfolio while maintaining operational efficiency positions it well for continued market leadership in the competitive real estate landscape.

Keystone Realtors Limited has delivered a strong operational performance in Q3FY26, showcasing robust growth momentum and strategic execution across its key business segments. The Mumbai-based real estate developer reported significant achievements in pre-sales, project launches, and business development activities during the quarter.

Financial Performance Highlights

The company's pre-sales performance demonstrated resilience with notable year-to-date growth despite quarterly variations. For YTD FY26, Keystone Realtors achieved pre-sales of ₹26.76 billion compared to ₹21.74 billion in YTD FY25, marking a substantial 23% year-on-year growth.

For Q3FY26 specifically, the company recorded pre-sales of ₹8.37 billion compared to ₹8.63 billion in Q3FY25, representing a 3% decline quarter-on-quarter. Collections for Q3FY26 stood at ₹5.24 billion versus ₹5.42 billion in the corresponding quarter of the previous year. The company has achieved 67% of its full-year FY26 pre-sales guidance within the first nine months.

Project Launches and Business Development

Keystone Realtors maintained an active launch schedule during Q3FY26, introducing "La Vie - Tower D" at Urbania, Thane, with a saleable area of 0.55 million sq ft and an estimated GDV of ₹9.19 billion. This addition brought the total launches for YTD FY26 to 5 projects with a combined estimated GDV of ₹58.35 billion, representing 83% achievement of the full-year launches guidance.

On the business development front, the company added "The Homestead CHSL" in Lokhandwala Cluster, Andheri West, during Q3FY26, featuring a saleable area of 0.13 million sq ft and estimated GDV of ₹3.82 billion. For YTD FY26, Keystone added 4 redevelopment projects with a total saleable area of 3.48 million sq ft and estimated GDV of ₹86.49 billion, surpassing the full-year FY26 business development guidance.

Project Completions and Credit Rating Enhancement

The company successfully completed 3 projects during YTD FY26, covering a total area of 1.98 million sq ft. These completions included:

• Rustomjee Paramount Wing F (Part OC) at Khar - 0.11 mn sq ft construction area
• Rustomjee Crown - Tower C (Part OC) at Prabhadevi - 1.40 mn sq ft construction area
• Rustomjee Belle Vue - Phase 1 plotted development at Kasara - 0.47 mn sq ft plot area

In addition to ICRA's existing "A+ with Stable Outlook" credit rating, India Ratings assigned the company a "A+ with Positive Outlook" rating, reflecting strengthened financial credibility.

Management Commentary

Mr. Boman Irani, Chairman and Managing Director of Keystone Realtors Limited, expressed satisfaction with the company's Q3FY26 performance, highlighting the strong operational momentum and disciplined execution. He emphasized the company's strategic focus on redevelopment projects in Mumbai, noting the immense potential for sustained value creation in this segment. The management expressed confidence in maintaining momentum across acquisitions and project launches throughout the remainder of the year, supported by a strong balance sheet and prudent capital allocation strategies.