Rustomjee Group Sees Strong Q1 Sales & Profit Dips

Keystone Realtors Ltd, also known as the Rustomjee Group, posted strong pre-sales of Rs.1,068 crore during the first quarter of FY26, even as consolidated net profit fell by 44 percent. The fall in profitability was due to the revenue recognition policy followed by the company under the project completion method, where income from work-in-progress projects was booked delayed.

"Our net debt company is zero, gross debt is over Rs.300 crore, we have launched a few large-size projects, and have a good pipeline. Our credit rating has improved from A to A+," said Boman Irani, Chairman and Managing Director at Keystone Realtors. 

Key Highlights:

• Keystone Realtors reported Rs.1,068 crore in pre-sales for Q1 FY26, despite a 44 percent drop in consolidated net profit due to revenue recognition delays
• The company is shifting to a percentage of completion revenue method to better reflect its financial health and ongoing project progress
• With 26 million sq. ft. delivered and 47 million sq. ft. in the pipeline, Keystone remains focused on growth in Mumbai’s redevelopment and housing market

In order to provide a better picture of its financial health, the company is switching to the percentage of completion method for its newer projects.

Operating mainly in the Mumbai Metropolitan Region (MMR), the business has delivered 37 projects and is developing another 18. It has already handed over more than 26 million sq. ft. of construction and has 47 million sq. ft. under development in the pipeline.

Keystone emphasized the momentum of growth in the MMR real estate market and the firm's focus on regional expansion and redevelopment initiatives.

Also Read: Mumbai Real Estate market maintains momentum in July 2025

“These factors combined with our asset-light business model, successful stakeholder management, customer-driven focus, technological advancements, stable vendor relationships, and seasoned leadership team will continue to grow and provide outstanding value," the company said in a release.

Keystone is optimistic about its continued leadership as a market leader and partner of choice in redevelopment in MMR's changing real estate scenario.