Keystone Realtors records ₹1,068 crore presales in Q1FY26, net profit falls 44%

Keystone Realtors Ltd, also known as the Rustomjee Group, reported pre-sales of ₹1,068 crore in Q1FY26, even as its consolidated net profit fell 44%

Mumbai-based real estate developer Keystone Realtors Ltd, also known as Rustomjee Group, reported its highest-ever quarterly pre-sales of ₹1,068 crore in Q1FY26, up 75% year-on-year. However, its consolidated net profit fell 44% to ₹14.51 crore from ₹25.82 crore in the same quarter last year.

Mumbai-based Rustomjee Group, also known as Keystone Realtors, said it operates across a wide spectrum of housing segments and is confident of continuing as a dominant developer and a preferred partner in redevelopment projects (Picture for representational purposes only) (Rustomjee Group)

Total income dropped to ₹288.64 crore in Q1FY26 from ₹437.20 crore a year ago.

"Our company's net debt is zero, gross debt is above ₹300 crore, we have launched several large-scale projects, and have a good pipeline. Our credit rating has improved from A to A+. The income and profit declined as it was not able to recognise revenue because of the project completion method. For new projects, the company is shifting to the percentage of completion method for recognising the revenue as this would ‘reflect a true picture’ of the company's financial performance," Boman Irani, CMD, Keystone Realtors, said.

The company has completed 37 projects while it is constructing 18 projects, mostly in Mumbai Metropolitan Region (MMR). The company has delivered over 26 million square feet of construction area, with a pipeline of more than 47 million square feet of construction area in the works.

Outlook

According to the company, the Mumbai Metropolitan Region (MMR) real estate market is on a strong growth path, offering significant opportunities. With a focus on redevelopment, regional expansion, and its competitive strengths, the company said it is well-positioned for sustained success.

"Our asset-light business model, effective stakeholder management, customer-centric approach, technological advancements, reliable vendor relationships, and experienced leadership team will continue to drive growth and deliver exceptional value. Keystone operates across a wide spectrum of housing segments and is confident of continuing as a dominant developer and a preferred partner in (re)development projects," the company said in a statement.