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Keystone realtors reported pre-sales of ₹ 617 crore

ICICIdirect Research 13 Jul 2026 DISCLAIMER

News: Keystone realtors reported pre-sales of ₹ 617 crore (down 42% YoY, down 54% QoQ) for Q1FY27. Collections were up 4% YoY (down 30% QoQ) at ₹ 599 crore. It added two projects having saleable area of 1.98 msf and estimated GDV of ₹ 713 crore (“Utkarsh CHSL” at Dindoshi Nagar Cluster, Goregaon East, “Plotted Development” at Igatpuri). It completed one project in Q1FY27 with construction area of 0.07 msf (“Rustomjee Ashiana” at Juhu)

View: The company reported weak pre-sales for Q1FY27 on account of absence of launches in Q1FY27 (3 projects/ 2 projects with estimated GDV of ₹ 3967 crore/ ₹ 3978 crore launched in Q1FY26/Q4FY26). It has a robust pipeline of launches across MMR over coming quarters to support its objective of achieving pre-sales guidance of ₹ 5000 crore for FY27. Its new business developments in Q1FY27 reinforces its leadership in Mumbai's redevelopment segment and more particularly in the Cluster redevelopment segment while also expanding its presence in the plotted development space

Impact: Negative

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