Rustomjee Q3FY26 results: Profit falls 78% on sharp revenue decline
Lower revenues in the December quarter dragged Keystone Realtors' profit sharply lower, even as nine-month pre-sales growth remained strong
 "Rustomjee Q3FY26 results: Profit falls 78% on sharp revenue decline")
Keystone Realtors (Rustomjee) posted a profit (attributable to the owners of the parent) of Rs 3.38 crore for the third quarter of the fiscal year 2026 (Q3 FY26), down 77.57 per cent year-on-year (YoY) on account of lower revenues for the quarter.
The Mumbai-based real estate firm’s revenue (from operations) during the quarter fell by 42.63 per cent YoY to Rs 266.17 crore. Its expenses too fell sharply, by 35.58 per cent YoY, to Rs 281.84 crore. "Revenue recognition is largely dependent on project completion. So, the subsequent quarters will have spur when there are completions," the company stated.
Rustomjee’s pre-sales during the quarter also declined by 3 per cent YoY to Rs 837 crore. In the first nine months of FY26 (9M FY26), the pre-sales grew by 23 per cent YoY, to Rs 2,676 crore, with the company achieving 67 per cent of its annual pre-sale guidance. The company stated that it is "very confident of Q4 FY26 performance."
Boman Irani, chairperson and managing director, Keystone Realtors, said, “We continue to see strong demand across our portfolio, fueled by the strength of our brand, thoughtful design, and customer-focused approach. With a robust pipeline of upcoming launches for the remainder of FY26, we remain confident in sustaining our growth trajectory.”
The company’s collections for Q3 FY26 stood at Rs 524 crore, down by 3 per cent YoY. In 9M FY26, the collections grew by 12 per cent YoY, to Rs 1,768 crore.
In Q3 FY26, Rustomjee launched one project (in Thane) with an estimated gross development value (GDV) of Rs 920 crore, while in 9M FY26, it launched five projects with an estimated GDV of Rs 5,835 crore.
In terms of business development, the company added four projects in 9M FY26 with an estimated GDV of Rs 8,649 crore, surpassing its annual guidance for the same.
Rustomjee’s revenue for 9M FY26 declined by 26.82 per cent to Rs 1,038.57 crore, while its profit for the same period dipped by 75.32 per cent to Rs 26.44 crore.
Compared to Q2 FY26 (quarter-on-quarter), the revenue dropped by 47 per cent, while the profit fell by 60.46 per cent. Rustomjee’s shares listed on the Bombay Stock Exchange closed at Rs 490.60 per equity share on Wednesday (4 February).