Keystone Realtors Q4FY26: Pre-sales up 58% YoY guidance met

What changed in the March-quarter business update

Keystone Realtors, which sells homes under the Rustomjee brand in the Mumbai Metropolitan Region (MMR), said it achieved its FY26 pre-sales guidance of around Rs 4,000 crore. In a CNBC-TV18 interaction, chairman and managing director Boman Rustom Irani said the company clocked Rs 4,022 crore of pre-sales for FY26. He also described the March quarter as the company’s best quarter on bookings, with Rs 1,346 crore of pre-sales in Q4 alone. Collections were also at a high for the year, at Rs 800 crore-plus in the same quarter, as per the management commentary.

The update comes at a time when the broader realty market has been closely watched for signs of cooling demand. The TV segment framing noted Keystone’s pre-sales growth of 58% even as area sold declined 9% year-on-year. Irani addressed market concerns by pointing to continued momentum in the company’s booking and collections run-rate.

FY26 pre-sales and collections: the key operating numbers

Irani said the company had delivered a strong Q4 performance, both on pre-sales and collections. The company’s FY26 pre-sales of Rs 4,022 crore indicates it reached the stated annual target of around Rs 4,000 crore. For the March quarter, the company reported pre-sales of Rs 1,346 crore. And collections in Q4 were Rs 800 crore-plus.

Alongside the quarterly execution, the company also highlighted additions to its project pipeline. Irani said Keystone added projects of around Rs 10,500 crore. Separately, he said Keystone expects to achieve sales of Rs 10,000 crore over the next four years.

Management commentary on growth versus the MMR market

Irani said Keystone has been growing at a pace of about 25% to 30%, while the MMR market has grown 9%. He also said the company has shown steady-state growth of 35% plus over the last three years. On market position, he added Keystone has risen to about 2% of the total market value by volume and by value, and said the company expects that share to keep improving.

These statements were made in the context of questions about whether real estate markets are slowing down. The company’s position, based on the interview, is that its execution and project pipeline should support growth even if the broader market moderates.

Q2 FY26: profit fall linked to accounting method change

Keystone’s reported profitability has also been shaped by accounting changes during FY26. In Q2 FY26, the company’s net profit declined 87.1% year-on-year to Rs 8.55 crore, while revenue dipped 6.33% year-on-year to Rs 499.3 crore. EBITDA for the quarter stood at Rs 37 crore, down 64.22% year-on-year.

Irani attributed the Q2 profit decline to a switch in accounting standards. He said the company moved to the percentage completion method in that year, from the project completion method previously, and noted that without projects completed there were no fresh profits to report.

Q1 FY26: record pre-sales and launch value

In Q1 FY26, Keystone reported revenue from operations of Rs 273 crore, EBITDA of Rs 29 crore, and PAT of Rs 16 crore. Operationally, it reported pre-sales of Rs 1,068 crore and collections of Rs 575 crore, along with operating cash flows of Rs 118 crore. Irani said the quarter marked “highest quarterly ever” milestones, including pre-sales of Rs 1,068 crore and new launches worth Rs 3,967 crore (Rs 39.67 billion).

On business development, Keystone said it added three new projects in Q1 FY26 with combined GDV of Rs 7,727 crore (Rs 77.27 billion), which it said exceeded its full-year guidance by more than 1.25 times.

Standalone FY25 versus FY24: income, margins, and profit

Standalone financials for FY25 (FY24-25) showed revenue from operations of Rs 550.63 crore, other income of Rs 205.12 crore, and total income of Rs 755.75 crore. Total expenditure stood at Rs 627.07 crore. EBITDA was Rs 184.37 crore and profit after tax was Rs 93.45 crore. The standalone table also showed EBITDA margin of 24% in FY25 versus 16% in FY24, and PBT margin of 17% versus 13%.

For FY24 (FY23-24), standalone revenue from operations was Rs 1,010.45 crore, other income was Rs 138.68 crore, and total income was Rs 1,149.13 crore. EBITDA was Rs 183.66 crore and PAT was Rs 111.50 crore.

Consolidated FY25 snapshot and dividend proposal

On a consolidated basis for FY25, revenue from operations was Rs 2,004.10 crore and other income was Rs 117.34 crore. Total expenditure was Rs 1,853.53 crore. Consolidated EBITDA was Rs 332.63 crore and profit after tax after non-controlling interest was Rs 171.96 crore.

The board recommended a final dividend of Rs 1.50 (15%) per equity share of face value Rs 10 for FY25, subject to shareholder approval at the ensuing AGM. If approved, the company said the dividend would involve a cash outflow of Rs 18.90 crore (Rs 1,890.39 lakh), and would be subject to tax deduction at source.

Equity capital changes during the year

Keystone disclosed changes in paid-up share capital during the year. Paid-up capital increased from Rs 113.89 crore (11,38,88,198 equity shares of Rs 10 each) to Rs 126.01 crore (12,60,09,410 equity shares of Rs 10 each). Following stock option allotment of 16,913 equity shares, paid-up capital increased further to Rs 126.03 crore (12,60,26,323 equity shares).

Market and stock reaction referenced in reports

A market report cited Keystone Realtors advancing 1.58% to Rs 524.40 after the company’s consolidated net profit surged 111.21% to Rs 64.80 crore, despite a 27.94% decline in revenue from operations to Rs 584.85 crore in Q4 FY25 over Q4 FY24. Separately, a PTI report said consolidated net profit in Q4 FY25 was Rs 66.95 crore, up from Rs 30.47 crore, while total income declined to Rs 642.20 crore from Rs 826.15 crore.

Operationally for Q4 FY25, pre-sales were reported at Rs 854 crore and collections at Rs 747 crore. The area sold was reported at 0.58 million square feet versus 0.38 million square feet a year earlier, and the company added three projects with GDV of Rs 1,487 crore.

Key figures at a glance

Why this update matters for investors

For a developer, pre-sales and collections are closely tracked indicators of demand and cash conversion. Keystone’s FY26 pre-sales of Rs 4,022 crore and its Q4 run-rate, along with Rs 800 crore-plus quarterly collections, were positioned by management as evidence of resilient demand and execution. At the same time, the company’s earlier Q2 FY26 profit decline shows how accounting method changes can materially influence reported earnings even when operational metrics like bookings and collections stay active.

The next set of disclosures to watch, based on what the company has already communicated, include shareholder approval for the FY25 dividend at the upcoming AGM and subsequent updates on launches, approvals, and project pipeline conversion.