Rustomjee Sustains Growth with Strong Sales and New Project Launches

Keystone Realtors Limited, a prominent MMR based real-estate company engaged in the development of residential and commercial projects, announced its financial results for Q2FY26. Keystone Realtors Limited has commenced FY26 on a strong and promising note, delivering outstanding results across key performance metrics.

Operational Highlights for Q2FY26

• Pre-Sales – INR 7.72 bn (i.e. INR 772 Crores)
• Collections - INR 6.69 bn (i.e. INR 669 Crores)
• Operating Cash Flows – INR 1.09 bn (i.e. INR 109 Crores)

Operational Highlights for H1FY26

• Pre-Sales – INR 18.39 bn (i.e. INR 1,839 Crores)
• Collections - INR 12.45 bn (i.e. INR 1,245 Crores)
• Operating Cash Flows – INR 2.27 bn (i.e. INR 227 Crores)  

Also Read: Shriram Properties Q2 FY26 Financial Results

Financial Highlights - Consolidated for Q2FY26

• Revenue from Operations - INR 4.99 bn (i.e. INR 499 Crores)
• EBITDA - INR 0.37 bn (i.e. INR 37 Crores)
• PAT - INR 0.10 bn (i.e. INR 10 Crores) 

Financial Highlights - Consolidated for H1FY26

•Revenue from Operations - INR 7.72 bn (i.e. INR 772 Crores)
•EBITDA - INR 0.66 bn (i.e. INR 66 Crores)
• PAT - INR 0.26 bn (i.e. INR 26 Crores)  

New Additions, Launches and Completions

In H1FY26, we added 3 projects with an estimated GDV of INR 77.27 bn (i.e. INR 7,727 Crores). surpassing our full year FY26 guidance of INR 60 bn (i.e. INR 6,000 Crores).
During Q2FY26 we launched 1 project with an estimated GDV of INR 9.49 bn (i.e. INR 949 Crores). With this, we have launched a total of 4 projects in H1FY26 with an estimated GDV of INR 49.16 bn. (i.e. INR 4,916 Crores) About 70% of the full-year FY26 launches guidance of INR 70 bn (i.e. INR 7,000 Crores) has already been achieved in H1FY26.

Secured Debt

Gross Debt stands at ~INR 5.88 bn (i.e. INR 588 Crores) and Gross Debt/Equity ratio is 0.21 as on Q2FY26. Net Debt stands at NIL.

Credit Rating

In addition to ICRA’s Credit rating of “A+ (with Stable Outlook)”, India Ratings has assigned a Credit rating of “A+ (with Positive Outlook)”.

Also Read: India's Housing Market Q3 FY25: Prices, Demands & Trends

Commenting on the company’s performance, Boman Irani, Chairman and Managing Director, Keystone Realtors Limited, said “We are pleased with the company’s strong performance in Q2 FY25-26, which reflects both the dedication of our teams and the trust our customers continue to place in us. Building on the remarkable momentum of FY25, our pre-sales reached INR 772 Crores in Q2 FY26, marking a 10% YoY growth on quarterly basis, and INR 1,839 Crores for H1 FY26, representing a robust 40% growth YoY on a half-yearly basis. During this quarter, we successfully launched one new project with an estimated GDV of INR 949 Crores, taking our cumulative launches for H1 FY26 to four projects with a total GDV of INR 4,916 Crores. In line with our proactive business development strategy, we also added three new projects in H1 FY26, including two cluster redevelopment projects, with a combined GDV of INR 7,727 Crores, thereby exceeding our full-year guidance within the first half itself. We continue to witness strong demand across our portfolio, driven by the strength of our brand, thoughtful design, and customer-centric approach. With a robust pipeline of upcoming launches for the remainder of FY26, we remain confident of sustaining our growth trajectory. At Rustomjee, we remain steadfast in our vision to create enduring value - for our customers, investors and all stakeholders, through responsible growth, design innovation and operational excellence.”

Outlook
Mumbai Metropolitan Region (MMR) real estate industry is on a promising growth trajectory, offering abundant opportunities for the Rustomjee Group. With a strong focus on redevelopment, expansion within the MMR region, and the competitive advantage of our unique strengths, we are well-positioned for sustained success. Our asset-light business model, effective stakeholder management, customer-centric approach, technological advancements, reliable vendor relationships, and experienced leadership team will continue to drive growth and deliver exceptional value. Keystone operates across a wide spectrum of housing segments and is confident of continuing as a dominant developer and a preferred partner in (re)development projects.