Keystone Realtors shares were trading 0.1% down at ₹378.8 apiece at 12:27 pm on Thursday following the company's business update announcement. According to CNBC TV18, the stock has increased 6% in the past month but has fallen 29.4% this year so far. The muted market response contrasts with the previous session's 3% jump that followed the company's exceptional second quarter performance, as reported by Essential Business Intelligence. The current trading reflects investor caution despite the strong operational metrics.
The company recorded pre-sales of ₹1,423 crore in the second quarter, representing a significant 84% increase from ₹774 crore in the year-ago period, marking its highest pre-sales ever. As reported by CNBC TV18, pre-sales were also substantially higher than the ₹617 crore recorded in the first quarter of fiscal 2027. For the first half of fiscal 2027, Keystone Realtors reported pre-sales of ₹2,041 crore, an 11% increase from ₹1,839 crore in the corresponding period last year. The company achieved 41% of its full-year fiscal 2027 pre-sales guidance in the first half, driven by strong momentum from luxury and super-premium projects. The performance represents a sharp operational turnaround after a relatively slow start in Q1 FY27, where pre-sales had fallen 42% YoY to ₹617 crore.
During the quarter ended September 30, 2026, Keystone Realtors launched Rustomjee Ozone Skye in Malad West and commenced construction of its commercial project 25HQ in Prabhadevi. According to the exchange filing, these two projects added a combined saleable area of 0.54 million sq. ft., with an estimated gross development value of ₹2,196 crore. The company also added two more projects in the first half of fiscal year, with a saleable area of 1.41 million sq. ft. and an estimated GDV of ₹547 crore. These include Utkarsh CHSL at Dindoshi Nagar Cluster in Goregaon East and a plotted development project at Igatpuri. The addition of a grade-A commercial development in Q2 marks a pivot toward securing long-term recurring annuity income alongside pure residential development, providing a more defensive financial profile.
Despite the strong pre-sales performance, collections declined during the quarter. As reported by CNBC TV18, collections stood at ₹541 crore in the second quarter, compared with ₹669 crore a year earlier, representing a 19% decline. For the first half, collections were ₹1,141 crore, against ₹1,245 crore collected during the corresponding period a year ago. However, area sold showed positive momentum, increasing 31% to 0.65 million square feet from the second quarter last year. The company completed three RERA projects during the quarter, with a total construction area of 1.32 million sq. ft., which were completed six to 12 months ahead of their RERA timelines.
Boman Irani, CMD of Keystone Realtors, expressed confidence in the company's future prospects, stating that the company is well capitalized and equipped to continue delivering long-term value to all shareholders. According to CNBC TV18, Irani emphasized their ability to maintain a strong growth trajectory in both acquisitions and project launches throughout the remainder of the year. The company's fund management arm, Mt K Kapital, announced a second fund of USD 450 million in a joint venture with Japanese partner Marubeni Corporation, representing an expansion of the company's fund management platform. The filing shows that pre-sales and collections can diverge materially in any single period depending on project completion and payment milestone schedules, with the exceptionally strong pre-sales performance confirming that structural demand for premium housing in the Mumbai Metropolitan Region remains highly resilient.
