Keystone Realtors Limited: A Stellar H1 FY26 Driven by Strategic Redevelopment and Robust Growth

Keystone Realtors Limited, operating under the Rustomjee brand, has reported an exceptional performance for the second quarter and first half of the financial year 2026. The company's unaudited consolidated financial results highlight significant growth across key operational and financial metrics, reinforcing its position as a leading developer in the Mumbai Metropolitan Region (MMR).

For Q2 FY26, Keystone Realtors achieved presales of INR 772 Crore, contributing to a robust H1 FY26 presales figure of INR 1,839 Crore. This represents an impressive 40% year-on-year growth on a half-yearly basis, demonstrating strong market demand and effective sales strategies. The company has already achieved 46% of its full-year FY26 presales guidance within the first six months, indicating a strong trajectory for the remainder of the year. Revenue from operations for Q2 FY26 stood at INR 499 Crore, with a total income of INR 521 Crore. For H1 FY26, revenue from operations reached INR 772 Crore, and total income was INR 809 Crore. The company reported an EBITDA of INR 37 Crore for Q2 FY26 and INR 66 Crore for H1 FY26, with a Profit After Tax (PAT) of INR 10 Crore and INR 26 Crore for the respective periods.

Operational Excellence and Strategic Launches

The company's operational highlights extend beyond presales. In Q2 FY26, Keystone Realtors launched one new project, "33 Fifteen" at Bandra West, with a saleable area of 0.21 million square feet and an estimated Gross Development Value (GDV) of INR 949 Crore. This launch brings the total number of projects launched in H1 FY26 to four, with a combined estimated GDV of INR 4,916 Crore. Notably, the company has already achieved approximately 70% of its full-year FY26 launch guidance, well ahead of schedule.

Business development has also seen remarkable progress. In H1 FY26, Keystone Realtors added three new projects with a total saleable area of 3.25 million square feet and an estimated GDV of INR 7,727 Crore. These additions, all redevelopment projects, include "GTB Nagar" at Sion, "Lokhandwala Cluster" at Andheri West, and "Swarganga CHSL" at Dindoshi Nagar Cluster (Goregaon East). This achievement surpasses the company's full-year FY26 business development guidance, underscoring its strong sourcing capabilities and focused growth strategy within the redevelopment space.

Financial Strength and Prudent Management

Keystone Realtors maintains a robust financial profile, characterized by an asset-light, capital-efficient business model. This approach focuses on optimizing upfront capital expenditure and achieving superior returns on equity and capital employed. The company's investment strategy prioritizes land acquisition only when it meets stringent return expectations, ensuring disciplined underwriting and healthy margins across its portfolio.

As of September 30, 2025, the company's gross debt stood at INR 588 Crore, translating to a healthy gross debt-to-equity ratio of 0.21:1, which is well within its guidance range of below 0.75:1. The company's net debt remains at zero, reflecting strong liquidity and financial flexibility. Furthermore, Keystone Realtors successfully raised INR 335 Crore through a listed Non-Convertible Debenture (NCD) issue, which was oversubscribed, indicating strong investor confidence in its financial strength and long-term vision.

Consolidated Financial Summary (INR Crore)

Strategic Outlook and Future Initiatives

Keystone Realtors is strategically focused on expanding its footprint in high-potential urban zones by targeting cluster redevelopment opportunities. This model, involving the aggregation of multiple buildings and societies, unlocks significant value through scale and efficiency, enhancing livability and infrastructure for communities. The company is actively pursuing these projects, with several expected to launch in the first two to three quarters of the next financial year.

To mitigate geographical concentration risk, the company has entered new micro markets within MMR, including Chembur, Mahim, Versova, Goregaon, Dombivali, Kasara, and Nagpur. It is also exploring new markets like Pune, demonstrating a proactive approach to diversification and growth. Furthermore, Keystone Realtors is committed to its ESG journey, having constituted a Board-level ESG Committee and a Steering Committee, defined long-term ESG goals, and completed its first standalone sustainability report aligned with GRI Frameworks. Initiatives for ISO 14001 and ISO 45001 certifications are currently underway, reinforcing its commitment to environmental responsibility and workplace safety.

In conclusion, Keystone Realtors Limited's H1 FY26 performance underscores its strategic clarity, disciplined execution, and robust growth trajectory. The company's ability to consistently exceed guidance, coupled with its strong financial health and focus on high-impact redevelopment projects, positions it favorably for sustained value creation and continued leadership in the MMR real estate market.