Keystone Realtors has set ambitious targets for the upcoming fiscal year, projecting pre-sales of ₹4,000 crores for FY26 while expecting 25% yearly growth. The real estate developer's projections reflect confidence in market opportunities despite maintaining a cautious outlook on overall market conditions.

Financial Performance Targets

The company's pre-sales projection represents a significant milestone in its growth trajectory. The targeted 25% yearly growth rate demonstrates the company's strategic approach to expanding its market presence while balancing growth ambitions with market realities.

Debt Management and Financial Health

Keystone Realtors maintains a conservative financial approach with a gross debt-to-equity ratio of 0.22:1 as of December 31, 2025. This ratio falls within the company's guidance range, indicating disciplined financial management and a balanced approach to leveraging growth opportunities.

The low debt-to-equity ratio reflects the company's commitment to maintaining financial stability while pursuing expansion plans. This conservative leverage position provides the company with financial flexibility to navigate market uncertainties.

Strategic Outlook

Despite the ambitious growth targets, the company maintains a cautious outlook on market conditions. This balanced approach suggests that while Keystone Realtors is optimistic about its growth prospects, it remains mindful of potential market challenges and economic factors that could impact the real estate sector.

The combination of aggressive growth targets with prudent financial management positions the company to capitalize on market opportunities while maintaining operational stability.

Keystone Realtors conducted its Q3FY26 earnings conference call on February 4, 2026, providing comprehensive insights into the company's financial performance and strategic initiatives. The real estate developer demonstrated resilience with strong presales performance while navigating market challenges during the quarter.

Strong Presales Performance

The company achieved encouraging presales performance during Q3FY26, with management highlighting significant growth momentum. The presales figures reflect the strategic choices made in business development and launches, supported by continued customer confidence in the Rustomjee brand.

Project Launches and Business Development

Keystone Realtors launched one project in Q3FY26 with an estimated GDV of INR 919 crores, bringing the total launches for the year to 5 projects worth INR 5,835 crores. This achievement represents 83% of the company's full-year launch target. The company has significantly improved its go-to-market timelines, with projects typically moving from development agreement to launch within 12 months.

Cluster Redevelopment Focus

The company added another project to its Lokhandwala Cluster during Q3FY26, bringing the total estimated GDV of this cluster to approximately INR 3,900 crores. For the nine months of FY26, Keystone added 4 projects with an estimated GDV of INR 8,650 crores, representing 1.44 times their annual guidance. The company's cluster redevelopment projects include Lokhandwala, GTB Nagar, Dindoshi, and Malad West, with a combined GDV of approximately INR 12,500 crores across all four clusters.

Financial Position and Liquidity

The company maintained a strong financial position with gross debt of INR 625 crores as of December 31, 2025, translating to a gross debt-to-equity ratio of 0.22:1. Keystone ended the quarter with free cash of INR 717 crores, maintaining its net cash positive status. Construction spend increased by 18% year-on-year to INR 718 crores for the nine months of FY26.

Commercial Real Estate Expansion

The company is expanding its focus on commercial real estate as a natural extension of its development capabilities. The successful launch of 33fifteen at Bandra West, a marquee commercial project with an estimated GDV of INR 950 crores, has seen 18% of launched inventory already sold. Another commercial launch is planned for the first half of FY27 at Prabhadevi with an estimated GDV of INR 1,150 crores.

Project Completions and Awards

During the nine months of FY26, Keystone completed 3 projects covering approximately 1.98 million square feet, including Rustomjee Belle Vue, Paramount F Wing, and Rustomjee Crown Tower C. The company received multiple awards, including the Green Champion Award from IGBC and three CREDAI awards for various projects, demonstrating its commitment to quality and sustainability.