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Keystone Realtors Limited, which operates under the Rustomjee brand, has reported strong operating and financial performance in Q3FY26, supported by steady housing demand and an active launch pipeline. The Mumbai Metropolitan Region-based developer recorded pre-sales of INR 8.37 bn during the quarter, taking year-to-date FY26 pre-sales to INR 26.76 bn, marking a 23% increase over the same period last year. During the first nine months of FY26, the company launched five projects with a combined gross development value of INR 58.35 bn, achieving over four-fifths of its full-year guidance. It also added four new projects with a GDV of INR 86.49 bn, surpassing its annual acquisition target, underlining a robust expansion strategy focused on redevelopment-led growth.
Keystone Realtors Limited has delivered a strong set of operational and financial results for the third quarter of FY26, reflecting sustained residential demand and an accelerated pace of project launches and additions across the Mumbai Metropolitan Region. The company reported pre-sales of INR 8.37 bn in Q3FY26, while collections during the quarter stood at INR 5.24 bn. For the year-to-date period, pre-sales reached INR 26.76 bn, representing a 23% year-on-year increase, supported by consistent traction across its portfolio. Advertisement
The developer launched one new project during the quarter with an estimated gross development value of INR 9.19 bn. This took cumulative launches in YTD FY26 to five projects with a combined GDV of INR 58.35 bn, equivalent to around 83% of the company's full-year launch guidance of INR 70 bn. Alongside launches, Keystone continued to strengthen its development pipeline through acquisitions, adding one project in Q3FY26 with a GDV of INR 3.82 bn. Overall, four projects have been added during YTD FY26, with a cumulative GDV of INR 86.49 bn, exceeding the company's full-year acquisition guidance of INR 60 bn.
Financially, consolidated revenue from operations for Q3FY26 stood at INR 2.66 bn, while EBITDA was reported at INR 0.39 bn and profit after tax at INR 0.05 bn. For the nine-month period, revenue from operations rose to INR 10.39 bn, with EBITDA of INR 1.06 bn and PAT of INR 0.31 bn. Operating cash flows for YTD FY26 were reported at INR 2.29 bn, indicating improving cash generation alongside higher sales volumes.
The company maintained a conservative balance sheet position during the quarter. Gross debt stood at approximately INR 6.25 bn as of Q3FY26, with a gross debt-to-equity ratio of 0.22, while the business continued to remain net cash positive. In terms of credit profile, Keystone holds an A+ rating with stable outlook from ICRA, while India Ratings has assigned an A+ rating with a positive outlook, reflecting improving operating metrics and financial discipline.
Management highlighted that demand momentum remains strong, aided by brand recall, design-led offerings and a customer-centric approach. The company continues to focus on redevelopment opportunities, including cluster redevelopment projects, as a core growth driver within the MMR market. With a healthy pipeline of upcoming launches planned for the remainder of FY26, Keystone expects to sustain its growth trajectory while leveraging its asset-light model and redevelopment expertise.
Looking ahead, the company remains optimistic about medium-term prospects, citing favourable market conditions in the MMR, expanding redevelopment opportunities and its ability to execute projects efficiently. Keystone reiterated its confidence in maintaining its position as a preferred partner for redevelopment-led projects while continuing to scale across multiple housing segments.
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