Keystone Realtors Limited, which operates under the Rustomjee brand, has begun FY26 on a strong footing, posting healthy growth across pre-sales, project launches and business development additions. The Mumbai Metropolitan Region (MMR)-focused developer reported a 23 per cent year-on-year rise in year-to-date pre-sales, underscoring steady housing demand despite a selective and price-sensitive market.
For the third quarter of FY26, the company recorded pre-sales of Rs. 837 crore, while cumulative pre-sales for the year so far stood at Rs. 2,676 crore, compared with Rs. 2,176 crore in the corresponding period last year. The performance builds on the momentum seen in FY25 and reflects the company’s continued focus on timely launches and redevelopment-led growth.
Strong launches drive sales traction
Project launches remained a key growth driver during the year. In Q3FY26, Rustomjee launched one new project with an estimated gross development value (GDV) of Rs. 919 crore. This took the total launches in YTD FY26 to five projects with a combined GDV of Rs. 5,835 crore.
With this, the company has already achieved around 83 per cent of its full-year FY26 launch guidance of Rs. 7,000 crore, providing strong visibility for sales over the coming quarters. The early achievement of launch targets highlights the developer’s ability to execute projects on schedule and align supply with market demand.
Business development additions surpass guidance
Alongside launches, Keystone Realtors also strengthened its future pipeline through aggressive business development. During the third quarter, the company added one new project with a GDV of Rs. 382 crore. Cumulative additions for YTD FY26 now stand at four projects with a total GDV of Rs. 8,649 crore.
This figure has already surpassed the company’s full-year FY26 guidance of Rs. 6,000 crore for new additions, reflecting the growing role of redevelopment and partnership-led projects in its expansion strategy. Two of the added projects during the year are cluster redevelopment initiatives, a segment that continues to gain traction in Mumbai due to land scarcity and ageing housing stock.
Management confident of sustained demand
Commenting on the performance, Boman Irani, chairman and managing director of Keystone Realtors, said the strong results reflected both customer confidence and execution strength.
He noted that pre-sales of Rs. 837 crore in the third quarter and Rs. 2,676 crore year-to-date marked a robust 23 per cent growth over the previous year. Irani added that the company continues to see healthy demand across its portfolio, driven by brand strength, thoughtful design and a customer-focused approach.
With a strong pipeline of upcoming launches planned for the remainder of FY26, the management remains confident of sustaining growth momentum. The company reiterated its commitment to responsible expansion, design innovation and operational discipline.
Operational performance remains steady
On the operational front, Keystone Realtors reported collections of Rs. 524 crore in Q3FY26, while operating cash flows for the quarter stood at Rs. 2 crore. For YTD FY26, collections reached Rs. 1,768 crore and operating cash flows stood at Rs. 229 crore, indicating improving cash conversion as projects progress.
The steady inflow of collections supports ongoing construction activity and helps maintain balance sheet strength, a key factor in an environment where lenders and investors are closely monitoring developer leverage.
Financial performance reflects execution pace
On a consolidated basis, revenue from operations for Q3FY26 stood at Rs. 266 crore, with EBITDA of Rs. 39 crore and profit after tax of Rs. 5 crore. For the year-to-date period, revenue from operations was reported at Rs. 1,039 crore, EBITDA at Rs. 106 crore and PAT at Rs. 31 crore.
The financial numbers reflect the project execution cycle, with revenues expected to scale up further as newly launched projects move into advanced stages of construction and recognition.
Balance sheet and credit profile remain healthy
Keystone Realtors continues to maintain a conservative balance sheet. As of Q3FY26, gross debt stood at around Rs. 625 crore, with a gross debt-to-equity ratio of 0.22. The company remains net cash positive, providing financial flexibility for future growth and redevelopment opportunities.
The company’s credit profile has also strengthened. In addition to ICRA’s A+ rating with a stable outlook, India Ratings has assigned an A+ rating with a positive outlook, reflecting confidence in the company’s operating performance, cash flows and capital structure.
The management remains optimistic about the outlook for the MMR real estate market, citing strong end-user demand, redevelopment opportunities and infrastructure-led growth across the region. Rustomjee’s asset-light model, focus on partnerships, and deep experience in redevelopment are expected to remain key competitive advantages.
With a diversified presence across housing segments, improving execution metrics and a healthy pipeline already in place for FY26, Keystone Realtors is positioning itself to remain a dominant player in Mumbai’s residential market. As demand for well-located, well-designed homes continues, the company appears well placed to convert market opportunities into sustained growth.
