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Keystone Realtors
SectorConsumer Discretionary
In the news
Q2 FY27 Earnings: TCS, Developers, and Microfinance Tell Different Stories
Keystone Realtors shares down 0.1% despite 84% Q2 pre-sales surge
Keystone Realtors Q1 profit jumps 3x to ₹52.37 crore on higher revenue
Keystone Realtors Q1 pre-sales drop 42% to ₹617 cr, collections up 4%
Keystone Realtors posts record Q4 pre-sales of ₹13.46 billion
Keystone Realtors signs ₹4,521 cr GTB Nagar redevelopment deal
V2 Retail Q3 FY26: Revenue Surges 57% YoY to ₹927 Cr
The Quarter story
The two most recent quarterly results, compared side-by-side.
Profitability and cash collections surge in Q1 FY27, though rising debt leverage and inventory levels need monitoring.
EBITDA margin expands from 6.1% in Q4 FY26 to 21.3% in Q1 FY27, reflecting stronger project profitability.
Gross debt to equity ratio climbs from 0.11x in Q1 FY26 to 0.30x in Q1 FY27, increasing financial leverage.
Net collections grow from ₹3,560 in Q1 FY26 to ₹4,532 in Q1 FY27, ensuring steady cash inflows.
Net debt position shifts from a cash surplus of ₹4,104 in Q1 FY26 to a deficit of ₹728 in Q1 FY27, tightening the balance sheet.
Sold receivables rise from ₹35.69 in Q1 FY26 to ₹42.55 in Q1 FY27, indicating consistent buyer commitments.
Unsold inventory rises from ₹88.15 in Q1 FY26 to ₹104.80 in Q1 FY27, requiring faster sales execution.
Gross development value rebounds from ₹182.55 in Q4 FY26 to ₹367.79 in Q1 FY27, expanding the addressable sales pipeline.
Pre-sales value drops from ₹10.68 in Q1 FY26 to ₹6.17 in Q1 FY27, signaling a slowdown in new buyer interest.
Cash and equivalents stabilize at ₹8,032 in Q1 FY27 after peaking at ₹10,810 in Q2 FY26, maintaining liquidity buffers.
Area sold falls from 0.63 sq ft in Q1 FY26 to 0.32 sq ft in Q1 FY27, pointing to weaker unit delivery or sales pace.
Company insights, generated from the most recent coverage.
Record pre-sales will not translate into shareholder cash near term: FY26 construction spend was ₹997 Cr against Q1 FY27 operating cash flow of just ~₹68 Cr, so heavier build-out ahead absorbs the collections.
With gross debt-to-equity at 0.3x versus a 0.75x ceiling and ~₹803 Cr free cash, Keystone's surplus funds roughly ₹800 Cr of new project deployment rather than dividends — final ₹1.50 for FY25 was one-off with no standing payout policy.
Accounting policy decides who monetises record pre-sales first. Keystone moved new projects to percentage-of-completion from April 2025 (legacy projects stay on completed-contract), so sold-but-unrecognised revenue converts over roughly 2–2.5 years as construction progresses.