Keystone Realtors Limited has announced a key senior management appointment, bringing in experienced real estate professional Mr. Pritam Chivukula to strengthen its leadership team. The company disclosed the appointment under regulatory compliance requirements on January 19, 2026.

Senior Management Appointment Details

The company has appointed Mr. Pritam Chivukula as Senior Management Personnel (SMP) with the designation of Project CEO - Commercial, effective January 19, 2026. The appointment was announced pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Professional Background and Experience

Mr. Chivukula brings substantial industry expertise to Keystone Realtors, with over 27 years of extensive experience spanning real estate development, banking, and real estate private equity sectors. He holds a PGDM (MBA) from Symbiosis Institute of Management Studies, providing him with strong educational credentials in management.

Since 2010, he has served as Co-Founder of Tridhaatu Realty & Infra Pvt. Ltd., a premium, consumer-centric real estate development company based in Mumbai. Over the past 16 years in this role, he has successfully led the organization through sustained growth and innovation, establishing a professional, systems and process-driven culture with a consistent focus on execution and value creation.

Recent Professional Experience

In his most recent tenure, Mr. Chivukula was associated with Dosti Realty as a Project Partner for select redevelopment projects. In this capacity, he provided strategic leadership and business development oversight, further enhancing his expertise in the real estate development sector.

Regulatory Compliance

The appointment disclosure was made in accordance with regulatory requirements, specifically under Regulation 30(6) read with Para A(7) of Part A of Schedule III of the SEBI Regulation. The company confirmed that Mr. Chivukula has no relationship with the existing Directors of the company.

The formal announcement was signed by Bimal K Nanda, Company Secretary and Compliance Officer (Membership No. A11578), ensuring proper regulatory compliance and documentation of the senior management change.

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.