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Keystone Realtors Results: Latest Quarterly Results & Analysis

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Keystone Realtors Ltd. 05 Aug 2025 15:05 PM
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Q1FY26 Quarterly Result Announced for Keystone Realtors Ltd.

Realty company Keystone Realtors announced Q1FY26 results

FInancial Highlights:

  • Revenue from Operations: Rs 2.73 billion (i.e. Rs 273 crore).
  • EBITDA: Rs 0.29 billion (i.e. Rs 29 crore).
  • PAT: Rs 0.16 billion (i.e. Rs 16 crore)

Operational Highlights:

  • Pre-Sales: Rs 10.68 billion (i.e. Rs 1,068 crore).
  • Collections: Rs 5.75 billion (i.e. Rs 575 crore).
  • Operating Cash Flows: Rs 1.18 billion (i.e. Rs 118 crore).

Boman Irani, Chairman and Managing Director, Keystone Realtors, said: “We are pleased to report a strong start to FY26, marked by three significant first-time milestones (highest quarterly ever): (a) Our highest-ever quarterly pre-sales of Rs 10.68 billion and (b) Our highest-ever quarterly new launches worth Rs 39.67 billion. Our pre-sales (INR 10.68 billion) is a 75% growth on the same quarter last year and collections (INR 5.75 billion) is a 19% growth on the same quarter last year. The 3rd milestone is the launch of three new projects during the quarter with a total GDV of Rs 39.67 billion, twice the launch value recorded in the same period last year. This momentum is a clear reflection of the strength of our product portfolio and the resilience of our overall strategy. In line with our proactive approach to business development, we added three new projects in Q1FY26 (including two cluster redevelopment projects) with a combined GDV of Rs 77.27 billion, which exceeds our entire FY26 business development guidance by more than 1.25x. This reinforces the success of our asset-light, capital-efficient model with a sharp focus on redevelopment within Mumbai MMR. As one of the most trusted names in this space, Rustomjee is uniquely positioned to unlock long-term value in a fast-evolving market. With a healthy balance sheet and strong capitalization, we remain well-equipped to pursue emerging opportunities and create sustainable value for all stakeholders. We are confident of carrying forward this momentum and delivering yet another year of strong and consistent growth.”

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Realty company Keystone Realtors announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • PAT increases to Rs 0.67 billion (Rs 67 crore) in Q4FY25 from Rs 0.31 billion (Rs 31 crore) in Q4FY24
  • Revenue from Operations - Rs 5.85 billion (i.e. Rs 585 crore)
  • EBITDA - Rs 1.07 billion (i.e. Rs 107 crore)

FY25 Financial Highlights:

  • Revenue from Operations - Rs 20.04 billion (i.e. Rs 2,004 crore)
  • EBITDA - Rs 3.32 billion (i.e. Rs 332 crore)
  • PAT - Rs 1.88 billion (i.e. Rs 188 crore)
  • EBITDA margins up 15.6% in FY25 from 7.2% in FY24
  • Added 9 projects with GDV of Rs 47.83 billion (Rs 4,783 crore) in FY25
  • Launched 7 projects with a GDV of Rs 50.19 billion (Rs 5,019 crore) in FY25

Commenting on the company’s performance, Boman Irani, Chairman and Managing Director, Keystone Realtors said, "I’m pleased to share that we have successfully achieved most of our guidance on operational parameters for FY25 with the Pre-Sales guidance for FY25 demonstrating strong execution and market alignment in the pre-sales phase, thanks to a series of strong launches of 7 projects having GDV of Rs 50.19 billion in FY25. I’m excited to report that our Pre-Sales for Q4FY25 have reached Rs 8.54 billion and for FY25 Pre-Sales have reached Rs 30.28 billion reflecting a 34% YoY growth. This performance is a testament to the resilience of our strategy and the continued momentum we’re experiencing. With collections efficiency of ~77% we have strong collections of Rs 23.27 billion in FY25 compared to Rs 22.03 billion in FY24. In FY25, we added 9 projects with GDV of Rs 47.83 billion further reinforcing our growth trajectory. In FY25 we completed 5 projects with construction area totaling 0.72 mn sqft. The Board of Directors has recommended a final dividend of Rs 1.50/- per fully paid-up equity share of Rs 10/- each for the financial year ended March 31, 2025, subject to approval of the shareholders in the ensuing Annual General Meeting of the Company. The demand for our products remains robust, and we’re excited about the strong pipeline of upcoming launches for FY26. Our asset-light model, with a focus on redevelopment opportunities, particularly in Mumbai MMR, continues to be a key driver of growth. As the most trusted partner in this space, we are strategically positioned to leverage the vast redevelopment potential in the region. With a solid balance sheet and strong capitalization, we are fully equipped to seize opportunities and continue creating sustainable value for all our stakeholders. Together, we are on an exciting journey of growth, and we are determined to maintain our upward trajectory and exceed expectations. Let’s embrace the opportunities ahead and continue to build on our momentum”

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Realty company Keystone Realtors announced Q3FY25 results

  • Revenue from Operations - Rs 4.64 billion (i.e. Rs 464 crore).
  • EBITDA - Rs 0.63 billion (i.e. Rs 63 crore).
  • PAT - Rs 0.30 billion (i.e. Rs 30 crore).

Boman Irani, Chairman and Managing Director, Keystone Realtors, said: “In FY25, the company has demonstrated remarkable progress in terms of Pre-Sales, collections, new project additions and new launches. We are thankful to all our stakeholders for their continued support and trust in us.

“I’m pleased to share that we have almost achieved the full-year Pre-Sales for FY24 within the first 9 months of FY25, thanks to a series of strong launches having GDV of Rs 4,057 crore. As we successfully close out the third quarter of FY25, we are right in line with the guidance we provided, and I’m excited to report that our Pre-Sales for Q3FY25 have reached Rs 863 crore, reflecting a 40% YoY growth. This performance is a testament to the resilience of our strategy and the continued momentum we’re experiencing. The fundamentals of our company remain strong, and we are confident in our ability to not only achieve our guidance but to surpass it. In Q3FY25, we also added two new projects, contributing an additional GDV of Rs 980 crore, further reinforcing our growth trajectory. The demand for our products remains robust, and we’re excited about the strong pipeline of upcoming launches for the remainder of FY25. Our asset-light model, with a focus on redevelopment opportunities, particularly in Mumbai, continues to be a key driver of growth. As the most trusted partner in this space, we are strategically positioned to leverage the vast redevelopment potential in the region. With a solid balance sheet and strong capitalization, we are fully equipped to seize opportunities and continue creating sustainable value for all our stakeholders. Together, we are on an exciting journey of growth, and we are determined to maintain our upward trajectory and exceed expectations. Let’s embrace the opportunities ahead and continue to build on our momentum”

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Realty company Keystone Realtors announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue from Operations - Rs 5.33 billion (i.e. Rs 533 crore).
  • EBITDA - Rs 1.04 billion (i.e. Rs 104 crore).
  • PAT - Rs 0.66 billion (i.e. Rs 66 crore)

H1FY25 Financial Highlights:

  • Revenue from Operations – Rs 9.55 billion (i.e. Rs 955 crore).
  • EBITDA - Rs 1.62 billion (i.e. Rs 162 crore).
  • PAT - Rs 0.92 billion (i.e. Rs 92 crore)

Boman Irani, Chairman and Managing Director, Keystone Realtors, said: “In FY25, the company has demonstrated remarkable progress in terms of Pre-Sales, collections, new project additions and new launches. We are thankful to all our stakeholders for their continued support and trust in us.

“As we successfully complete the second quarter of FY25, I am thrilled to share that we are at a pivotal moment for our Company. Building on the remarkable momentum from FY24, our Pre-Sales have soared to Rs 700 crore in Q2FY25, which is more than doubled on YoY basis, a testament to our resilience and strategic vision. We’ve successfully launched 3 more RERA projects this quarter, totaling a GDV of Rs 2,040 crore with cumulative launch of 5 projects having GDV of Rs. 4,057 crore in H1FY25. We also added 3 more new projects contributing additional GDV of Rs 1,333 crore in Q2FY25. We have witnessed strong demand for our product in the past launches and With the festive season approaching, we’re excited about our strong pipeline of launches for the rest of FY25. I am confident that we are well-equipped to not only add new projects but also bring them to life efficiently. Going forward, we will continue to follow asset-light model, with redevelopment serving as a key driver of growth. The redevelopment potential in Mumbai is vast, and as the most preferred partner in this space, we are strategically positioned to capitalize on the current momentum. With a strong balance sheet and robust capitalization, we are fully prepared to seize these opportunities and drive sustainable value creation. Together, we’re on an exciting journey toward substantial growth and value creation for all our stakeholders. Let’s embrace the opportunities ahead and continue this upward trajectory.”

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Realty company Keystone Realtors announced Q1FY25 results:

Financial Highlights: 

  • Revenue Rs 4.22 billion (i.e. Rs 422 crore)
  • EBITDA Rs 0.58 billion (i.e. Rs 58 crore)
  • PAT Rs 0.26 billion (i.e. Rs 26 crore)

Operational Highlights:

  • Pre-Sales Rs 6.11 billion (i.e. Rs 611 crore)
  • Collections Rs 4.85 billion (i.e. Rs 485 crore)
  • Operating Cash Flows Rs 1.08 billion (i.e. Rs 108 crore)

Commenting on the company’s performance, Boman Irani, Chairman and Managing Director, Keystone Realtors, said “In FY24, the company has demonstrated remarkable progress in terms of Pre-Sales, collections, new project additions and new launches. We are thankful to all our stakeholders for their continued support and trust in us.

After a robust Performance in FY24, Rustomjee Group continued its impressive performance in Q1FY25, recording PreSales of Rs 611 crore, reflecting a robust 22% year-on-year growth. This growth is a testament to our strategic vision and the unwavering trust of our customers. In this quarter, we launched two new projects with an estimated GDV of Rs 2017 crore, perfectly aligned with our guidance of launching two projects per quarter. Additionally, we added one more project with an estimated GDV of Rs 984 crore, further strengthening our already robust project portfolio across the length and breadth of MMR. The successful raise of Rs. 800 crore equity via QIP will play pivotal role in driving our growth strategy facilitating the acquisition of new projects and New Launches, thus accelerating growth in pre-sales. With a promising pipeline of launches and our strategic foray into the plotted development in Kasara, we feel that we are at an inflection point to enter an era of high growth. We are poised for an exciting journey ahead, generating value for our stakeholders and enriching the urban living experience.”

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Realty company Keystone Realtors announced consolidated Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue Rs 8.12 billion.
  • EBITDA Rs 0.67 billion.
  • PAT Rs 0.31 billion.
  • Pre-Sales Rs 8.43 billion.
  • Collections Rs 6.70 billion.

FY24 Financial Highlights:

  • Revenue Rs 22.22 billion.
  • EBITDA Rs 1.63 billion.
  • PAT Rs 1.12 billion.
  • Pre-Sales Rs 22.66 billion.
  • Collections Rs 22.03 billion.

Commenting on the company’s performance, Boman Irani, Chairman and Managing Director, Keystone Realtors Limited, said “In FY24, the company has demonstrated remarkable progress in terms of Pre-Sales, collections, new additions and new launches. We are thankful to all our stakeholders for their continued support and trust in us.

In FY 2024, Rustomjee Group accomplished an exceptional performance, recording Pre-Sales of Rs 2,266 crore which is a remarkable growth of 41% YoY well ahead of our guidance of 25%. Going forward, we anticipate a continued upward trajectory in Pre-Sales, driven by our strong pipeline of launches and the unwavering trust of our customers. Beyond mere figures, our dedication to excellence permeates every aspect of our operations. Throughout this financial year, we launched 6(six) developments having an estimated saleable area of 1.68 mn sqft to cater to the preferences of our diverse clientele. Further, the addition of 5 new developments during Q4 has taken our Full Year additions to 10 new developments boasting an estimated saleable area of 4.1 million sqft. During the year, we have completed 12 buildings with a developable area of 4.65 million sq ft., which is the highest ever in any year. With a promising pipeline of launches, we feel that we are at an inflection point to enter an era of exponential growth, poised for an exciting journey ahead, generating value for our stakeholders and enriching the urban living experience.”

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Realty company Keystone Realtors announced Q3FY24 & 9MFY24 results:

  • Pre-Sales during Q3FY24 is Rs 6.16 billion (up 101% QoQ) & Rs 14.23 billion for YTD Q3FY24 (26% YoY)
  • Collection during Q3FY24 is Rs 4.52 billion & Rs 15.33 billion for YTD Q3FY24 (32% YoY)
  • Launched 4 projects with an estimated GDV of ~Rs 22.4 billion in 9MFY24
  • Added 5 projects having an estimated GDV of ~Rs 51 billion in 9MFY24
  • Completed 6 RERA projects having a construction area of 3.36 mn sqft in 9MFY24
  • Generated Operating Cash Flow (OCF) of ~Rs 3.55 billion in 9MFY24 representing a YoY growth of 27%

Commenting on the company’s performance, Boman Irani, Chairman and Managing Director, Keystone Realtors, said, “For Q3FY24, the company has demonstrated good progress in terms of Pre-Sales, new project additions and new launches. We are thankful to all our stakeholders for their continued support and trust in us. "In Q3FY24, Rustomjee Group delivered a remarkable performance, achieving a substantial increase in Pre-Sales, which rose to Rs 6.16 billion, showcasing a remarkable 101% QoQ increase. Looking ahead, we estimate a sustained growth trajectory in Pre-Sales, fueled by our robust launch pipeline and the unwavering trust of our customers. Beyond the numbers, our commitment to excellence is evident in every facet of our operations. This financial Year has witnessed the launch of four projects, each meticulously curated to meet the diverse needs of our discerning customers. Moreover, the addition of five new projects in this year underscores our strategic focus on expanding our footprint and venturing into promising geographies. These projects, with an estimated GDV of ~Rs 51 billion which surpassed acquisition done in previous year, reflect our dedication to creating spaces that transcend traditional notions of living. The fact that most of these projects are redevelopment projects further strengthens our position as redevelopment developers. Additionally, the inclusion of 2-3 large projects in the Aspirational/Mid and Mass segments reflects a continued focus on these specific market segments. In the realm of completions, we take pride in having delivered six RERA projects in 9MFY24. This not only indicates our operational efficiency but also signifies the fulfillment of promises made to our homebuyers. As we navigate the growing dynamic real estate landscape, our focus remains steadfast on customer satisfaction, quality construction, and sustainable growth. With the promising launch pipeline, we are poised for an exciting journey ahead, creating value for our stakeholders and contributing to the vibrant tapestry of urban living."

Result PDF

Realty company Keystone Realtors announced Q1FY24 results:

  • Best first quarter pre-sales of ~Rs 5.0 billion, representing a YoY growth of 106%
  • Collection in Q1FY24 stood at ~Rs 4.9 billion, representing a YoY growth of 23%
  • Generated Operating Cash Flow (OCF) of ~Rs 1.1 billion in Q1FY24.
  • Added 3 new projects with GDV of ~Rs 25 billion.
  • Launched 2 new projects in Bandra East & Thane, having a GDV of Rs 8.9 billion.
  • Consolidated revenue at 2.7 billion, representing YoY growth of 61%
  • EBITDA margin and PAT% at 26% and 17% respectively of revenue

Commenting on the company’s performance, Boman Irani, Chairman, and ManagingDirector, Keystone Realtors, said, “We are pleased to announce the quarterly results for Q1FY24, which reflects a great start to the new financial year and want to thank our shareholders for their continued support and trust in us. We are thankful to our shareholders for their continued support and trust in us.

We are delighted to share that in Q1FY24 we recorded Pre-Sales of Rs 5.0 billion, signifying growth of 106% YoY as compared to Q1FY23 and our collections have been strong, standing at Rs 4.9 billion, representing a 23% YoY growth as compared to Q1FY23. We have further strengthened our strategy of executing through our asset-light expansion model with the successful addition of 3 new projects in prominent locations like Prabhadevi, Kandivali (W), and Pali Hill. The Government of Maharashtra's ambitious infrastructure investments will transform the future of MMR, opening up many micro markets with immense growth potential. Embracing this positive trajectory, we are committed to expanding into select new micro markets, ensuring a healthy growth trajectory in our project portfolio on a YoY basis.”

 

Result PDF

Realty company Keystone Realtors announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Operating Cash flows stood at Rs 1.8 billion
    • Collections stood at Rs 7 billion
    • Area sold stood at 0.28 million sq ft
    • Pre-Sales stood at Rs 4.7 billion
    • Revenues from Operations Rs 3.4 billion
    • EBITDA Rs 1.1 billion
    • Profit before Tax (PBT) Rs 0.9 billion
    • Profit After Tax (PAT) Rs 0.7 billion
  • FY23:
    • Operating Cash flows stood at Rs 4.6 billion
    • Collections stood at Rs 18.6 billion
    • Area sold stood at 1.03 million sq ft
    • Pre-Sales stood at Rs 16 billion
    • In line with our strategy to focus on the Mid-Mass and Aspirational segment, the percentage of presales from these segments have been 63% of the FY23 pre-sales compared to 57% in FY22.
    • Revenues from Operations ~Rs 6.9 billion
    • EBITDA Rs 1.4 billion
    • Profit before Tax (PBT) Rs 1 billion
    • Profit After Tax (PAT) Rs 0.8 billion

Commenting on the company’s performance, Boman Irani, Chairman and Managing Director, Keystone Realtors, said, “It is indeed a pleasure to be reporting our annual performance for the first time since our listing, I want to thank our shareholders for their continued support and trust in us.

We are happy to announce that we acquired 5 new projects in FY23 of ~GDV of 34.3 billion, in line with our capital-light expansion strategy. With the recent few acquisitions, our company has entered new micro markets like Mahim, Chembur, and Kalyan-Dombivli. Strong Operational Cash Flow (OCF) of Rs 4.6 billion in FY23 and inflow of Rs 7.3 billion from Pre-IPO/IPO, has helped reduce the Net Debt to Rs 0.19 billion as of FY23. Additionally, the commitment of Rs 3.5 billion received towards the recently launched AIF has further strengthened the company’s financial position & provided growth Capital to expand and bolster our dominant position in the MMR region. We take pride in ourself being a redevelopment pioneer and have carved a niche by rehousing 1400 families in over 27 years of our existence. The Government of Maharashtra’s ambitious plan to implement substantial investments on public infrastructure projects will have a transformative impact on MMR's future and we believe that this will open multiple micro markets across MMR. We will continue to expand in these new micro markets to ensure healthy growth in Pre-Sales YoY basis”.

 

Result PDF

Realty firm Keystone Realtors announced Q3FY23 results:

  • Consolidated Q3FY23:
    • Revenues from operations Rs 1,265 million.
    • EBITDA Rs 178 million.
    • Profit Before Tax (PBT) Rs 95 million.
    • Profit After Tax (PAT) Rs 58 million.
  • Consolidated 9MFY23:
    • Revenues from operations Rs 3,413 million.
    • EBITDA Rs 329 million.
    • Profit Before Tax (PBT) Rs 126 million.
    • Profit After Tax (PAT) Rs 55 million.
  • Our net debt stood at Rs 0.98 billion last quarter and the Net debt-to-equity ratio stood at 0.06:1

Commenting on the company’s performance, Mr. Boman Irani, Chairman and Managing Director, of Keystone Realtors Limited, said “It is indeed a pleasure to be reporting to our esteemed shareholders as a listed company, an event made possible due to the commitment and hard work of our team over the years aided by the fantastic support to the public issue from all of you.

We are happy to announce that we acquired 3 new projects in the last quarter all of which are in line with our capital-light expansion strategy. Our ability to identify and capitalize on emerging trends in real estate has enabled us to establish prominence in several micro-markets in MMR. Despite the increase in interest rates, demand momentum is still strong, for branded real estate developers. Brand Rustomjee has created a niche for itself in the redevelopment space and the opportunity pipeline in a market like Mumbai places us in a unique position to cement our pre-eminent position in the years to come.”

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