Keystone Realtors Q1FY26 results: Net profit declines 43.8% to ₹14.5 crore

Keystone Realtors' Q1 net profit drops to ₹14.5 crore as revenue falls 35.3% YoY; company adds ₹7,727 crore worth of new projects and exceeds full-year guidance

Keystone Realtors (Rustomjee) reported a 43.8 per cent year-on-year (Y-o-Y) decline in net profit for the first quarter of the financial year 2026 (Q1 FY26), at ₹14.5 crore.

 

Revenue also fell 35.3 per cent Y-o-Y to ₹273.1 crore. The company’s earnings before interest, taxes, depreciation and amortisation (Ebitda) stood at ₹29 crore, down from ₹58.2 crore in Q1 FY25.

 

Boman Irani, chairman and managing director, Keystone Realtors, attributed the decline to the accounting standards followed by the company, under which revenue can only be recognised upon project completion.

 

Earlier, the company reported pre-sales of ₹1,068 crore for the quarter, up 75 per cent Y-o-Y. Its collections for Q1 FY26 stood at ₹575 crore, marking a 19 per cent increase Y-o-Y.

 

 

During Q1 FY26, Keystone launched three projects with an estimated gross development value (GDV) of ₹3,967 crore — twice the value of launches in the same period last year and 57 per cent of its full-year FY26 guidance. 

 

Additionally, the company added three projects in Q1 FY26 with an estimated GDV of ₹7,727 crore, surpassing its full-year guidance of ₹6,000 crore by more than 1.25 times.

 

“In line with our proactive approach to business development, we added three new projects in Q1 FY26 (including two cluster redevelopment projects) with a combined GDV of ₹77.27 billion, which exceeds our entire FY26 business development guidance by more than 1.25x. This reinforces the success of our asset-light, capital-efficient model with a sharp focus on redevelopment within Mumbai MMR. With a healthy balance sheet and strong capitalisation, we remain well-equipped to pursue emerging opportunities and create sustainable value for all stakeholders,” Irani said.

 

The company’s gross debt stands at ₹304 crore, with a gross debt-to-equity ratio of 0.11 as of Q1 FY26. Rustomjee remains a net debt-free company.