Keystone Realtors delivered impressive first quarter results that drove significant investor interest. According to reports from The Economic Times, the company's consolidated net profit surged over threefold year-on-year to ₹52.37 crore in the June quarter from ₹16.33 crore in the previous year. The company's total income increased 71.5% to ₹493.26 crore from ₹288.64 crore in the first quarter last year, demonstrating strong top-line growth across all business segments. As reported by CNBC TV18, the revenue growth was primarily driven by a change in revenue recognition method, with the company now recognising revenue under the percentage of completion method (POCM), replacing the project completion method.
The company's operational efficiency showed remarkable improvement with EBITDA rising more than threefold YoY to ₹105 crore from ₹13.7 crore in the last fiscal year. As reported by Business Standard, EBITDA margins expanded sharply to 21.3% in the first quarter from 10.1% in the year-ago period, indicating significant operational leverage and improved cost management. This margin expansion reflects the company's ability to scale operations effectively while maintaining profitability, with legacy projects with lower EBITDA margins either ended or nearing completion. However, total expenses during the quarter stood at ₹424.02 crore, up 56.62% YoY, mainly due to changes in inventories and higher finance costs.
According to Business Standard, West Asian geopolitical tensions increased the company's construction costs by around 19%, as confirmed by Boman Irani, chairperson and managing director of Keystone Realtors. Despite the cost pressures, Irani emphasized that the company has accepted the cost increase but ensured that none of its ongoing projects is delayed. The company maintains its policy of not passing on costs to customers who have already purchased apartments, while revising prices for new bookings over time. Irani explained that the company typically sells around 30% of inventory within the first six months of launch, another 35-40% during the project's life, and the remaining 30% towards completion, helping manage inflation through a phased sales strategy.
According to the company's investor presentation reported by CNBC TV18, collections in the first quarter increased by 4% to ₹599 crore compared to last year's ₹575 crore, aided by inflows from previously sold units and ongoing projects. However, pre-sales of ₹617 crore in the June quarter were lower than the ₹1,068 crore recorded in the year-ago period, as the company did not launch any new projects during the quarter. The company added two new projects in the first quarter with a combined estimated gross development value of ₹547 crore, expanding its development pipeline across the Mumbai Metropolitan Region. As reported by The Economic Times, Boman Irani highlighted that the company recorded pre-sales of ₹617 crore billion, supported by resilient sustenance sales and continued homebuyer confidence in our projects.
As reported by The Economic Times, Irani emphasized that the company has posted its highest-ever quarterly profit after tax, stating that these results reflect the strength of their business model, disciplined execution, and continued focus on driving sustainable growth. The company has set business development guidance of ₹8,000 crore for FY27 and aims to become a ₹10,000-crore pre-sales company by FY30. When asked about fund-raising plans, Irani indicated the company is looking at adding one or two large projects this year but hasn't considered equity dilution yet. As of June 2026, Rustomjee's gross debt stood at ₹876 crore and its gross debt-to-equity ratio was 0.30 times, providing a strong financial foundation for future growth. Incorporated in 1995, Keystone Realtors is one of the leading real estate developers with a substantial portfolio spanning the Mumbai Metropolitan Region, having delivered over 29+ million square feet area and maintaining a pipeline of over 46 million square feet of construction area.
