Keystone Realtor Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book
Published 25 Aug 2026 | Realty | Market Cap: ₹4.7K Cr
Keystone Realtors plans a strong launch pipeline across Mumbai Metropolitan Region (MMR) in coming quarters, aimed at enhancing market position and driving sustainable growth. Revenue and EBITDA expected to grow with continued strong launches and collections; Q1 FY27 showed 72% YoY revenue growth and 259% YoY EBITDA growth.
From Keystone Realtor's Q1 FY27 earnings-call transcript · updated 25 Aug 2026.
Price
₹373
Market Cap
₹4.7K Cr
P/E Ratio
39.9
Revenue Rank
Margin Rank
How does Keystone Realtor rank in Realty?
Compare Keystone Realtor against every Realty company this quarter on revenue, margins and earnings-call signals.
Keystone Realtor — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.6K Cr, net profit ₹64 Cr.
Full financials →📊 Revenue & Sales Performance
Rank 3- →Keystone Realtors plans a strong launch pipeline across Mumbai Metropolitan Region (MMR) in coming quarters, aimed at enhancing market position and driving sustainable growth.
- →The company targets INR 1,000 crores sales guidance, with a clear focus on premium, super-premium, and emerging premium housing segments.
- →Plotted developments at Igatpuri expected to generate INR 500-750 crores in annual presales with margins exceeding INR 150-200 crores year-on-year.
- →Cluster redevelopment projects and larger layouts favored for competitive advantage and higher margin profiles, supported by Maharashtra government benefits.
- →Revenue recognition is shifting predominantly to percentage of completion method, aiming for 85-98% revenue from current projects by next year, favorably impacting margins.
- →Construction acceleration and faster project completion to optimize collections and cash flow, supporting continued revenue growth.
- →Expect margin profile improvement quarter-on-quarter aligned with guidance, supported by a diversified project mix and luxury to premium segment focus.
📈 Profitability & Margins
Rank 1- →Revenue and EBITDA expected to grow with continued strong launches and collections; Q1 FY27 showed 72% YoY revenue growth and 259% YoY EBITDA growth.
- →Margin profile is improving steadily as legacy low-margin projects phase out; current projects target ~35% gross margin and 20% PBT.
- →Earnings (PAT) trajectory is positive, with Q1 FY27 PAT up 221% YoY; margin improvements expected to sustain.
- →Operating cash flow and collections are robust, supporting faster project completion and improved cash cycle.
- →Cluster redevelopment and plotted development projects are expected to drive higher returns and profitability.
- →Net debt expected to increase moderately as the company invests in growth but remains within conservative leverage (gross debt-to-equity at 0.3:1, target 0.75:1).
- →Credit rating upgrades reflect strong financial discipline and positive outlook.
- →Overall, EPS and operating profits are projected to improve quarter-by-quarter aligned with growth and margin expansion strategies.
🏗️ Capital Expenditure Plans
Yes- →Land and approval investment increased to INR 232 crores in Q1 FY27, a 54% YoY growth, indicating more launches.
- →Added 2 new projects in Q1 FY27 with estimated GDV of INR 547 crores, including an addition to an existing cluster development in Dindoshi, enlarging that project.
- →Entry into Igatpuri micro market through plotted development of ~62 acres to expand presence in lifestyle real estate segment.
- →Construction spends rose 26% YoY to INR 299 crores in Q1 FY27, reflecting accelerated construction pace and delivery focus.
- →New work initiated on commercial project 28 HQ in Prabhadevi (Bhoomi Poojan done).
- →Residential project Rustomjee Ozone Skye in Goregaon West received RERA approval and is ready for launch.
- →Focus on cluster redevelopment projects, leveraging government incentives and adding plots to existing clusters for better margins and layouts.
- →Strategic additions strengthen leadership in cluster development and support long-term growth with faster cash flow cycles and improved profitability.
💰 Fundraising & Capital Structure
No information- →No explicit mention of any current or future fundraising plans through debt or equity in the provided transcript.
- →The company maintains a conservative debt profile with a gross debt-to-equity ratio of 0.3:1 and net debt-to-equity of 0.02:1.
- →Management emphasizes financial discipline and comfortable liquidity, holding over INR 800 crores in cash.
- →They do not intend to remain in a net cash position indefinitely since deploying cash into business growth is prioritized over holding it.
- →The company has raised its debt policy bar to a maximum gross debt-to-equity of 0.75:1 but is currently well below this.
- →Credit rating is strong at AA- from CRISIL and ICRA, indicating good access to capital if needed, but no active plans stated.
- →Overall focus is on sustainable growth funded from operations rather than fresh fundraising as of now.
📋 Order Book & Pipeline
No information- →The company has ongoing construction of about 12 million square feet across 17 projects (Page 4).
- →Added two new projects in Q1 FY27 with combined GDV of approximately INR 547 crores (Page 4).
- →Launch pipeline targets INR 10,000 crores in presales by FY30 (Page 12).
- →Plotted developments expected to contribute INR 500-750 crores annually in presales with margins of INR 150-200 crores per year (Page 12).
- →Major upcoming launches include cluster developments at GTB Nagar and Malad, expected within FY27 (Page 9).
- →Approximately INR 63 billion of unrecognized revenue from sold but yet to be recognized projects, to be recognized progressively over 2-3 years (Pages 9-13).
- →The backlog includes projects transitioning to percentage of completion method, with bulk recognition expected in next 1-2 years (Page 13).
- →Focus on cluster redevelopment and emerging premium segments with selective geographic expansion, including Nagpur and MMR outskirts (Pages 7, 15).
Key Metrics
Revenue
Margin
Capex
Fundraise
Order Book
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What Keystone Realtor's management said in earlier quarters
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Frequently Asked Questions
What were Keystone Realtor Q1 FY27 results?
Keystone Realtors plans a strong launch pipeline across Mumbai Metropolitan Region (MMR) in coming quarters, aimed at enhancing market position and driving sustainable growth. Revenue and EBITDA expected to grow with continued strong launches and collections; Q1 FY27 showed 72% YoY revenue growth and 259% YoY EBITDA growth.
What is Keystone Realtor share price analysis?
Keystone Realtor currently shows a below-average growth signal. The stock trades at a P/E of 39.9 with a market cap of ₹4,690 Cr. Investors should review the full earnings analysis for detailed insights.
Is Keystone Realtor planning capital expenditure?
Land and approval investment increased to INR 232 crores in Q1 FY27, a 54% YoY growth, indicating more launches.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.