Keystone Realtors Q2 Pre-Sales Rise 84% to ₹1,423 Crore

Keystone Realtors Limited reported record Q2FY27 pre-sales of ₹1,423 crore, up 84% year-on-year from ₹772 crore, as sales volume increased 31% to 0.65 million square feet in the quarter ended September 30, 2026. The Mumbai-based developer also recorded ₹2,041 crore in H1FY27 pre-sales, equal to 41% of its FY27 guidance.

What did Keystone Realtors report for Q2FY27?

Keystone Realtors reported its highest-ever quarterly pre-sales of ₹1,423 crore for Q2FY27. The reported booking value was 84% higher than ₹772 crore in the corresponding quarter of the previous financial year. The company attributed the performance to demand for its luxury and premium housing projects.

Sales volume rose to 0.65 million square feet in the July-September quarter, compared with 0.5 million square feet a year earlier. This represented a 31% increase in area sold. The stronger growth in booking value than in area sold indicates that the quarter's sales mix generated a higher value per square foot than the comparable period, although the company did not disclose project-level pricing details in the update.

The operational update was announced on October 8, 2026. It relates to bookings and construction activity rather than the company's complete quarterly financial statements. Revenue, profitability, cash flow, and balance-sheet figures for Q2FY27 were not included in the business update provided.

How did the first half compare with Keystone Realtors' FY27 target?

Keystone Realtors achieved record H1FY27 pre-sales of ₹2,041 crore during April-September 2026, compared with ₹1,839 crore in the corresponding period of the preceding financial year. The first-half figure was 41% of the company's full-year pre-sales guidance for FY27.

The H1FY27 result includes the September-quarter performance and indicates that the company had crossed the ₹2,000 crore booking mark by the first six months of the financial year. The disclosed 41% achievement rate provides a reference point for investors assessing the pace of sales against management's annual guidance. The source did not state the full absolute FY27 target amount.

Collections, however, moved differently from bookings in the second quarter. The company reported Q2FY27 collections of ₹541 crore, down 19% from ₹669 crore in Q2FY26. Pre-sales represent the value of homes booked, while collections represent customer payments received during the period, so the two metrics can move at different rates depending on construction milestones and payment schedules.

Which projects were added or progressed during the quarter?

Keystone Realtors launched Rustomjee Ozone Skye in Malad West, Mumbai, during Q2FY27 and started construction on its commercial project, 25HQ, in Prabhadevi. The two developments added a combined 0.54 million square feet of saleable area to the company's ongoing projects.

The company estimated gross development value, or GDV, of ₹2,196 crore for the added saleable area. GDV refers to the estimated aggregate value of a development upon sale and is not the same as recognised revenue or profit. Actual financial recognition depends on project execution, sales progress, collections and applicable accounting requirements.

Keystone Realtors also completed three Maharashtra Real Estate Regulatory Authority, or RERA, projects during the September quarter. These projects accounted for 1.32 million square feet of total construction area. Project completions are relevant operationally because they mark delivery progress and can support handovers to buyers, subject to the respective project terms and processes.

When will Keystone Realtors discuss its Q2FY27 financial results?

Keystone Realtors is scheduled to host its Q2FY27 earnings conference call on November 4, 2026, at 4:00 pm IST. Management will discuss unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026.

The announced participants include Chairman Boman Irani and Chief Financial Officer Sajal Gupta. The call is expected to provide management commentary on the reported operating update and the financial results for the quarter. Until those unaudited results are discussed or disclosed, the available information is limited to the operational measures stated in the business update.

The forthcoming financial disclosures will be important for connecting pre-sales with reported revenue and other financial performance indicators. Real-estate developers commonly recognise revenue based on project progress and accounting conditions, which means booking growth in a quarter does not automatically translate into revenue growth in the same quarter.

What does the Q2FY27 update mean for investors and operations?

The operating update shows a marked increase in Keystone Realtors' sales bookings and area sold in Q2FY27, alongside first-half pre-sales reaching 41% of full-year guidance. The growth was supported by demand for luxury and premium projects, according to the company, and by continued additions to its Mumbai project portfolio.

At the same time, the 19% year-on-year decline in quarterly collections is a separate datapoint for investors to track. Collections affect the timing of operating cash inflows, while pre-sales reflect customer booking value. The disclosed data does not provide reasons for the lower collections or indicate a change in the company's annual collection outlook.

The launch in Malad West, construction start in Prabhadevi and completion of three RERA projects show activity across residential and commercial development stages. For customers, project completions and ongoing construction updates are relevant to delivery progress. For investors, the next detailed financial disclosure will provide the reported revenue and financial context behind the operational numbers.

Conclusion

Keystone Realtors' Q2FY27 update was led by record pre-sales of ₹1,423 crore, an 84% year-on-year increase, and a 31% rise in sales volume to 0.65 million square feet. First-half bookings of ₹2,041 crore reached 41% of FY27 guidance, while the company expanded its active development footprint and completed three RERA projects.

The next disclosed event is the Q2FY27 earnings call on November 4, 2026, at 4:00 pm IST, where management is set to discuss unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026. Investors will watch for financial details, including revenue, profitability, collections commentary and progress against annual guidance.