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Keystone Realtors reported a strong operational set for Q2FY27

ICICIdirect Research 09 Oct 2026 DISCLAIMER

News: Keystone Realtors reported a strong operational set for Q2FY27 with presales at ₹ 1423 crore up 84% YoY and 131% QoQ. Collections came in at ₹ 541 crore (-19% YoY and -10% QoQ). H1FY27 sales and collection at ₹ 2041 and ₹ 1141 crore up 11% and -8% YoY. H1FY27 sales forming 41% of FY27E guidance of ₹ 4500-5000 crore. Keystone launched ‘Rustomjee Ozone Skye’ in Malad and began construction of commercial project ‘25HQ’ in Prabhadevi having estimated GDV of more than ₹ 2100 crore. It secured two business developments during H1FY27 with 1.4 msf and estimated GDV of ₹ 547 crore. It has completed 3 projects in Q2FY27 with total construction area of 1.32 msf Rustomjee La Familia tower A,B & C. Company has also tied up with Singapore based Tiong Seng to set up in-house precast plant.

View: Keystone has guided for Pre-sales of 20- 25% Growth YoY to ₹4500-5000 crore in FY27E. It has further project launch pipeline of ~₹6000 crore in H2FY27E, Dhuru Wadi (GDV ₹1500 crore), Urbania Thane (₹1200 crore) Urban Woods Dombivli (₹1100 crore), Avinash Towers Versova (₹1200 crore) and phase 1 of cluster GTB Nagar, Dindoshi. Over the longer term it aspires to reach pre-sales of ₹10,000 crore by 2030. The company has a total unsold project pipeline of more than ₹50,000 crore from which it expects to generate cashflows of ₹15000 crore. Project completion before scheduled timeline speaks of company's ability to deliver quality projects earning customer confidence towards the Rustomjee Brand. 

Impact: Positive

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