Keystone Realtors FY26: Pre-sales reach Rs 40.22bn

FY26 scale-up in bookings and collections

Keystone Realtors, the Mumbai-based developer behind the Rustomjee brand, reported an exceptional FY26 on the operational front, led by record pre-sales and higher collections. The company’s FY26 pre-sales stood at Rs 40.22 billion, marking 33% year-on-year growth. Collections for FY26 were reported at Rs 26.22 billion, up 13% year-on-year. The FY26 numbers matter for real estate companies because pre-sales and collections are closely watched indicators of demand and cash conversion.

FY2024-25 update and the FY2030 target

In a separate update from Mumbai, Keystone Realtors said it had recorded a 33% year-on-year growth in pre-sales bookings to Rs 40.22 billion in the financial year 2024-25. Following this performance, the developer set a pre-sales target of Rs 100.00 billion by 2029-30. The company’s stated target provides a longer-term reference point for tracking launch execution and redevelopment additions in the MMR region.

Record March-quarter pre-sales highlighted by the company

Keystone Realtors also reported its highest-ever quarterly pre-sales in the January-March quarter at Rs 13.46 billion, up 58% year-on-year. The March quarter performance is notable because it came alongside the full-year record and adds context to how the year progressed. While the data provided does not include unit-wise project details, the quarterly peak indicates strong conversion in at least one part of the year.

Q1 FY26: best-ever quarterly pre-sales, launches stepped up

The company reported record-breaking Q1 FY26 operational results, with pre-sales reaching Rs 10.68 billion, up 75% year-on-year. Collections grew 19% year-on-year to Rs 5.75 billion, while operating cash flow in the quarter was Rs 1.18 billion. Management also flagged that this was its “highest-ever quarterly new launches” worth Rs 39.67 billion, and that it launched three projects during the quarter with a total GDV of Rs 39.67 billion. Separately, Keystone Realtors said it launched three new projects and secured three housing society redevelopment projects.

Q1 FY26 financials: profit fell as income dropped

Keystone Realtors’ Q1 FY26 financial performance was weaker than its operational momentum. The company reported a consolidated net profit of Rs 0.145 billion (Rs 14.51 crore), down 44% from Rs 0.258 billion in the year-ago period. Total income fell to Rs 2.886 billion from Rs 4.372 billion in Q1 FY25, and revenue from operations was reported at Rs 2.731 billion. The company attributed the income and profit decline to its inability to recognise revenue because of the project completion method. Reported Q1 FY26 EBITDA was Rs 0.29 billion and PAT was Rs 0.16 billion.

H1 FY26: progress against guidance and higher area sold

For H1 FY26, Keystone Realtors reported pre-sales of Rs 18.31 billion, up 40% from Rs 13.11 billion in H1 FY25. The company said it had achieved 46% of its full-year FY26 pre-sales guidance in the first half. Area sold in Q2 FY26 was 0.50 million square feet (up 9% YoY), while H1 FY26 area sold was 1.13 million square feet (up 61% YoY). Collections in Q2 FY26 were Rs 6.01 billion versus Rs 5.52 billion in Q2 FY25, while H1 FY26 collections were Rs 11.77 billion, up 13% year-on-year.

Q3 FY26: area rose but pre-sales and collections slipped

In Q3 FY26, Keystone Realtors reported mixed operational results. Area sold grew 13% year-on-year to 0.46 million square feet. But pre-sales declined 3% year-on-year to Rs 8.37 billion, compared with Rs 8.63 billion in Q3 FY25. Collections also declined 3.3% to Rs 5.24 billion versus Rs 5.42 billion in the corresponding quarter of the previous year.

Launch pipeline and redevelopment additions in MMR

Across the first half, management commentary highlighted continued focus on launches and redevelopment additions. In Q2 FY26, the company said it launched one project with an estimated GDV of Rs 9.49 billion, taking the total to four projects in H1 FY26 with combined estimated GDV of Rs 49.16 billion. It also said it had achieved about 70% of its full-year FY26 launches guidance within the first half. Separately, the company said it was actively seeking more land acquisitions in the MMR region.

Key reported metrics at a glance

The following table consolidates the main figures provided across periods, presented in a single unit (Rs billion).

Market impact: what the numbers signal for investors

Operationally, the company’s FY26 record pre-sales and higher collections indicate a stronger booking cycle and improved cash conversion versus the previous year. The Q1 surge, alongside large launch value and multiple new projects, suggests that supply additions played a key role in driving bookings. At the same time, Q3 FY26 shows that quarterly momentum can soften even when area sold rises, highlighting the difference between volumes and value realisation. On reported financials, the Q1 FY26 profit and income decline points to timing differences in revenue recognition under the project completion method, which can create a gap between sales bookings and reported revenue in any given quarter. Investors tracking realty companies often reconcile these differences by watching both operational metrics and cash flow trends.

Why Keystone’s FY2030 target matters

Keystone Realtors’ stated pre-sales target of Rs 100.00 billion by 2029-30 sets a measurable goal against which execution can be tracked. The company’s updates on launches, redevelopment wins, and land acquisition intent in MMR become more relevant in that context. Progress updates such as achieving 46% of full-year FY26 pre-sales guidance in H1 FY26 provide interim markers for how consistently the company can deliver against its stated plans.

Conclusion

Keystone Realtors’ reported data shows a strong FY26 operational outcome, led by record pre-sales of Rs 40.22 billion and collections of Rs 26.22 billion, alongside a standout Q1 and a softer Q3. The next key checkpoints will be subsequent quarterly operational updates, progress on the stated launches pipeline, and any further disclosures tied to its Rs 100.00 billion pre-sales target for 2029-30.