Rustomjee Q2 pre-sales hit Rs 1,423 crore as collections fall

Rustomjee reported record Q2FY27 pre-sales of Rs 1,423 crore, up 84% from Rs 772 crore in Q2FY26, while H1FY27 collections declined 8% year on year to Rs 1,141 crore. Rustomjee cited momentum in luxury and super-premium housing, with quarterly sales value rising faster than area sold.

How did Rustomjee’s Q2FY27 pre-sales and collections change?

Rustomjee’s Q2FY27 pre-sales rose 84% year on year to Rs 1,423 crore, compared with Rs 772 crore in Q2FY26, making it the company’s highest-ever quarterly pre-sales result. The Q2 total was also higher than Rs 617 crore in Q1FY27, while area sold increased 31% year on year to 0.65 million square feet from 0.50 million square feet.

The gap between the 84% increase in pre-sales value and the 31% increase in area sold points to a higher-value sales mix in Q2FY27. Rustomjee said luxury and super-premium segments drove quarterly momentum, although the presentation does not disclose project-wise bookings, category-wise sales values or realised prices.

Collections moved in the other direction. Rustomjee collected Rs 541 crore in Q2FY27, down 19% from Rs 669 crore in Q2FY26 and below Rs 599 crore in Q1FY27. Operating cash flow was Rs 125 crore in Q2FY27, while revenue from operations was Rs 497 crore, total income was Rs 513 crore and profit after tax was Rs 101 crore.

What did Rustomjee report for H1FY27?

Rustomjee reported record H1FY27 pre-sales of Rs 2,041 crore, up 11% from Rs 1,839 crore in H1FY26. This represented 41% of its FY27 pre-sales guidance of Rs 5,000 crore, but area sold declined 14% to 0.97 million square feet from 1.13 million square feet in the preceding-year half.

H1FY27 collections fell 8% to Rs 1,141 crore from Rs 1,245 crore in H1FY26. The reported figures show that higher pre-sales did not translate into higher collections during the same six-month period, although Rustomjee did not provide an explanation of collection timing or a full-year collections target.

Revenue from operations rose 25% year on year to Rs 967 crore in H1FY27, and total income was Rs 1,006 crore. Earnings before interest, tax, depreciation and amortisation, or EBITDA, was Rs 179 crore with a 17.8% EBITDA margin, while profit after tax was Rs 153 crore and operating cash flow was Rs 193 crore.

Which launches and project additions did Rustomjee disclose?

Rustomjee reported two project launches in H1FY27 with estimated gross development value, or GDV, of Rs 2,242 crore. In Q2FY27, it commenced construction of 25HQ, its commercial project at Prabhadevi, and launched Rustomjee Ozone Skye at Malad West, with a combined estimated GDV of about Rs 2,240 crore.

Rustomjee also added two projects in H1FY27 with estimated GDV of about Rs 547 crore: Utkarsh CHSL Dindoshi Nagar Cluster at Goregaon East and a plotted development at Igatpuri. The company said its business-development approach includes cluster redevelopment, plotted assets and an annuity portfolio.

Rustomjee listed 12 million square feet of construction area under development in its ongoing portfolio. That portfolio includes luxury projects at Pali Hill, Versova and Mount Mary, super-premium projects including Balmoral at Chembur and Crescent Apartments at Pali Hill, and premium, emerging-premium and mass-market developments.

Is Rustomjee meeting its FY27 operating targets?

Rustomjee had completed 41% of its Rs 5,000 crore FY27 pre-sales guidance by H1FY27, based on Rs 2,041 crore of reported pre-sales. Its disclosed launch GDV was Rs 2,242 crore against FY27 guidance of Rs 8,000 crore, while project-addition GDV was Rs 547 crore against a separate Rs 8,000 crore target.

The company reported a gross debt-to-equity ratio of 0.28:1 at its FY27 year-to-date update, compared with guidance of below 0.75:1. This comparison places the reported ratio below the stated threshold, while launch and project-addition activity will need to increase from the H1FY27 levels to reach the annual GDV guidance.

Rustomjee’s Vision 2030 sets a pre-sales target of Rs 10,000 crore for FY30, compared with Rs 4,022 crore reported in FY26, implying an approximate 26% compound annual growth rate in the presentation. Management’s plan includes more Mumbai Metropolitan Region redevelopment, a greater premium and emerging-premium mix, and use of joint development agreements and joint ventures.

What should readers monitor after the record sales quarter?

Collections are the immediate operational measure to watch because they fell in both reported comparison periods. Rustomjee recorded Rs 541 crore of Q2FY27 collections against Rs 669 crore a year earlier, and Rs 1,141 crore for H1FY27 against Rs 1,245 crore in H1FY26, despite the Rs 2,041 crore first-half pre-sales record.

Launch execution is another disclosed variable in the FY27 plan. Rustomjee said it launched one tower at Urbania in Q3FY27 with GDV of Rs 886 crore, following the Rs 2,242 crore of launch GDV reported in H1FY27 and against its Rs 8,000 crore full-year launch-GDV guidance.

The development pipeline includes 7.32 million square feet of forthcoming residential cluster development and more than 5,400 existing homes undergoing redevelopment across ongoing and forthcoming projects. Rustomjee describes cluster redevelopment as combining multiple adjoining housing societies into unified developments, with five named cluster projects in its forthcoming portfolio.

Conclusion

Rustomjee’s Q2FY27 performance combined record pre-sales of Rs 1,423 crore with an 84% year-on-year increase in sales value and a 31% rise in area sold. H1FY27 also produced record pre-sales of Rs 2,041 crore and 25% revenue-from-operations growth, but area sold fell 14% and collections declined 8%, separating booking growth from cash collection growth.

The next disclosed milestones are progress toward Rs 5,000 crore of FY27 pre-sales and Rs 8,000 crore each of launch and project-addition GDV. Readers can also monitor execution of the Rs 886 crore Urbania tower launch in Q3FY27 and whether collections recover after the declines reported in Q2FY27 and H1FY27.