Keystone Realtors Q1FY27 Pre-Sales at ₹6.17 Bn; Collections Up 4% YoY
Keystone Realtors reported Q1FY27 pre-sales of ₹6.17 billion, down from ₹10.68 billion in Q1FY26 due to no new launches. Collections rose 4% YoY to ₹5.99 billion. The company added two projects with ₹7.13 billion GDV and saw its credit rating upgraded to AA- by ICRA.
The decline in pre-sales is a significant factor, but the addition of new projects and an improved credit rating provide a counterbalance. The impact is moderate as it reflects a mixed performance with future growth potential.
While collections improved and credit ratings were upgraded, pre-sales saw a significant decline year-on-year due to the lack of new launches. The commentary expresses optimism for future quarters.
Keystone Realtors Limited (RUSTOMJEE) has reported its operational performance for the first quarter of Fiscal Year 2027 (Q1FY27). The company recorded pre-sales of ₹6.17 billion (bn) in Q1FY27, a decrease from ₹10.68 bn in Q1FY26. This reduction is attributed to the absence of new launches during the quarter, with pre-sales primarily driven by sustenance sales.
Collections for Q1FY27 stood at ₹5.99 bn, showing a 4% year-on-year increase from ₹5.75 bn in Q1FY26. The company highlighted that healthy collections from previously sold units and ongoing projects have bolstered cash flows and improved liquidity.
In terms of business development, Keystone Realtors added two new projects in Q1FY27, encompassing a saleable area of 1.98 million square feet (mn sq ft) and an estimated Gross Development Value (GDV) of ₹7.13 bn. These projects include "Utkarsh CHSL" at Dindoshi Nagar Cluster, Goregaon East, and a "Plotted Development" at Igatpuri. The company also completed one project, "Rustomjee Ashiana" at Juhu, with a construction area of 0.07 mn sq ft.
The company's credit rating was further strengthened, with ICRA upgrading its rating from "A+ (With Stable Outlook)" to "AA- (with Stable Outlook)", complementing its existing CRISIL rating of "AA- (with Stable Outlook)".
Mr. Boman Irani, CMD of Keystone Realtors Limited, commented on the performance, stating, "Q1FY27 marks a steady start to the year as we build on the strong momentum achieved in FY26. During the quarter, we recorded pre-sales of ₹6.17 billion, supported by resilient sustenance sales and continued homebuyer confidence in our projects. Looking ahead, we have a robust pipeline of launches planned across the MMR over the coming quarters. These launches are expected to strengthen our market position and support our objective of achieving the pre-sales guidance for FY27."
He further added, "On the business development front, we added two projects during the quarter with an estimated GDV of ₹7.13 billion, further strengthening our future launch pipeline. These additions reinforce our leadership in Mumbai's redevelopment segment and more particularly in the Cluster redevelopment segment while also expanding our presence in the plotted development space, in line with our long-term growth strategy. Supported by a strong balance sheet and a healthy liquidity position, we remain well capitalized to pursue growth opportunities, execute our development pipeline efficiently, and create long-term value for our customers, shareholders, and all stakeholders."
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