Rustomjee posts record Rs 1,423 crore Q2 pre-sales, Rs 101 crore PAT

Keystone Realtors Limited, operating as Rustomjee, reported record Q2FY27 pre-sales of Rs 1,423 crore and consolidated profit after tax of Rs 101 crore, as luxury and super-premium projects produced 84% year-on-year growth in sales. Quarterly earnings before interest, tax, depreciation and amortisation also doubled to Rs 74 crore.

What drove Rustomjee's record Q2FY27 pre-sales?

Rustomjee's record Q2FY27 pre-sales were driven by demand for its luxury and super-premium projects, which lifted sales to Rs 1,423 crore, up 84% year on year. Management described this as the company's highest-ever quarterly pre-sales performance for the quarter ended September 30, 2026. The result came after the company carried momentum from FY26 into the first half of FY27.

For H1FY27, Rustomjee reported pre-sales of Rs 2,041 crore, a year-on-year increase of 11%, and said this represented about 41% of its full-year FY27 pre-sales guidance. The comparison shows that the second quarter accounted for Rs 1,423 crore of the first-half total of Rs 2,041 crore. Collections were Rs 541 crore in Q2FY27 and Rs 1,141 crore in H1FY27, while operating cash flows were Rs 125 crore and Rs 193 crore, respectively.

How did Rustomjee's profitability change in Q2FY27?

Rustomjee's consolidated profitability rose materially in Q2FY27, with EBITDA increasing 100% year on year to Rs 74 crore from Rs 37 crore in Q2FY26. EBITDA margin expanded to 14.5% from 7.1% over the same comparison, a 7.4-percentage-point increase. Consolidated revenue from operations for Q2FY27 was Rs 497 crore.

Consolidated profit after tax rose to Rs 101 crore in Q2FY27 from Rs 10 crore a year earlier. For H1FY27, revenue from operations reached Rs 967 crore, up 25% year on year, while EBITDA was Rs 179 crore, up 171%. The first-half EBITDA margin was 17.8%, compared with 8.2% in H1FY26, and first-half profit after tax was Rs 153 crore.

What projects did Rustomjee add and launch?

Rustomjee commenced two projects in Q2FY27 with estimated gross development value, or GDV, of Rs 2,242 crore. One of the two projects is commercial, and management said the addition broadens the commercial portfolio to complement residential sales with recurring annuity income. The company had also added two projects during H1FY27 with estimated GDV of Rs 547 crore.

In Q3FY27, Rustomjee launched one tower at Urbania with estimated GDV of Rs 886 crore. Management said its remaining FY27 launch pipeline, together with the festive season, is expected to support its objective of achieving FY27 pre-sales guidance. The disclosure identifies redevelopment in the Mumbai Metropolitan Region, or MMR, as a core strategic focus for future acquisitions and project launches.

How quickly did Rustomjee complete its projects?

Rustomjee completed three Real Estate Regulatory Authority, or RERA, projects in Q2FY27 with total construction area of 1.32 million square feet. These completions formed most of the four RERA projects completed in H1FY27, which together covered 1.39 million square feet. The company said the projects were completed nine to 15 months ahead of their respective RERA timelines.

The completion figures sit alongside a broader project portfolio that Rustomjee said includes 41 completed projects, 19 ongoing projects and 19 forthcoming projects across the MMR. Since incorporation in 1995, the company said it has delivered more than 30 million square feet, with more than 45 million square feet of construction area in its pipeline. These portfolio figures cover housing categories from mass market to luxury.

What does Rustomjee disclose about debt and credit ratings?

Rustomjee reported gross debt of approximately Rs 838 crore at Q2FY27, with a gross debt-to-equity ratio of 0.28:1 and net debt-to-equity ratio of 0.04:1. These are balance-sheet measures reported as of the second quarter rather than cash-flow figures for the quarter. The company also reported Q2FY27 operating cash flows of Rs 125 crore.

Rustomjee maintained dual AA- ratings with stable outlooks from CRISIL and ICRA. Management said its asset-light model, stakeholder management, customer-focused approach, technology, vendor relationships and leadership team would support growth in the MMR. That outlook is management's view and is linked to its stated focus on redevelopment and regional expansion.

Conclusion

Rustomjee's Q2FY27 disclosure combines record pre-sales of Rs 1,423 crore with a doubling of EBITDA to Rs 74 crore and profit after tax of Rs 101 crore, compared with Rs 10 crore in Q2FY26. The company also reported an EBITDA margin increase to 14.5% from 7.1%, while H1FY27 pre-sales rose 11% to Rs 2,041 crore.

The next milestones are execution of the two Q2FY27 projects with Rs 2,242 crore of estimated GDV, progress at the Rs 886 crore Urbania tower launched in Q3FY27, and further launches during the rest of FY27. Management has said H1FY27 pre-sales represented 41% of its full-year guidance, making delivery against that disclosed objective a key point to watch.