Keystone Realtor

Q2 FY26Realty

Keystone Realtor Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Revenue: ₹499Cr; −6.4% YoY; +82.8% QoQ
Net profit: ₹10Cr; −84.8% YoY; −37.5% QoQ
Margin: 3%; −12 pp YoY; −1.3 pp QoQ

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Price₹374

Market cap₹4.7K Cr

P/E39.9

Updated26 Aug 2026

Read4 min read

The short version

Keystone Realtors has achieved 46% of full-year presales guidance in the first half of FY '26, indicating strong demand. Keystone Realtors expects a jump in revenue starting next year due to adoption of the percentage of completion method for new projects, leading to sustained higher revenue growth.

From Keystone Realtor's Q2 FY26 earnings-call transcript · updated 26 Aug 2026.

Revenue & Sales Performance

Keystone Realtors has achieved 46% of full-year presales guidance in the first half of FY '26, indicating strong demand.
Project launches are ahead of plan, with 70% of full-year launch targets achieved, supporting revenue growth.
Adoption of the percentage of completion method for new projects is expected to cause a sustained jump in revenue starting next year.
Existing inventory of around INR 9,000 crores is expected to be sold over the next 3.5 to 4 years, providing steady cash inflows and revenue.
Business Development pipeline is strong with new projects worth INR 7,727 crores added in H1, exceeding FY '26 guidance.

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Profitability & Margins

Keystone Realtors expects a jump in revenue starting next year due to adoption of the percentage of…

Keystone Realtors expects a jump in revenue starting next year due to adoption of the percentage of completion method for new projects, leading to sustained higher revenue growth.
The bulk of legacy projects impacting profits will conclude in FY '26, improving operational profitability.
Target gross margins remain around 35%, translating to approximately 25% EBITDA and 15%-16% PAT.
Asset-light model limits investment to around 10% of project GDV, aiming for 25%+ return on equity over 3-5 years.
Presales and project launches are on track or ahead of guidance, providing strong revenue visibility.
The company maintains low leverage (debt-to-equity ratio at 0.21:1 vs. a threshold of 0.75:1), supporting disciplined growth.

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Capital Expenditure Plans

Keystone Realtors continues to invest heavily in new projects, with INR 600-680 crores invested last year.
In the first half of the current year, INR 250-300 crores have been invested, with an expectation to reach around INR 600 crores by year-end.
The company maintains minimal cash in RERA accounts (less than 1%), deploying most funds directly into project investments.
Future investments will focus on new projects to support company growth, aiming to maintain a healthy liquidity position to avoid project delays.
Business development is active in city-centric locations like South Mumbai and emerging markets such as Pune.
The company is pursuing opportunistic transactions that align commercially and strategically.

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Top-ranked in Realty

Ranked on what management guided this quarter

Guidance-ranked

1Sri Lotus₹11.4K Cr

Rev 1Mar 3

2Embassy Develop₹7.5K Cr

Rev 1Mar 3

3₹13.6K Cr

Rev 2Mar 1

4₹4.5K Cr

Rev 2Mar 1

5₹1.2K Cr

Rev 2Mar 1

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

Keystone Realtors Limited raised INR 335 crores through a listed secured Non-Convertible Debenture (NCD)…

Keystone Realtors Limited raised INR 335 crores through a listed secured Non-Convertible Debenture (NCD) at a competitive interest rate; the issue was oversubscribed and at a premium, reflecting strong investor confidence.
This fundraising was aimed at supporting the company's growth.
Despite this new debt raise, the company plans to maintain a conservative debt-to-equity ratio, targeting a threshold of 0.75:1 (i.e., borrowing not more than 75 paise per INR 1 of equity).
The management expects to maintain a healthy liquidity position, with cash balances eventually decreasing from INR 700-800 crores to about INR 200-300 crores as cash is deployed into new projects.

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Order Book & Pipeline

Keystone Realtors has a strong ongoing and expected order book driven by new project launches and business development.
In H1 FY26, they launched projects with a total GDV of INR 4,916 crores, achieving 70% of the full-year launch target.
Business Development (BD) added projects with saleable area of 3.25 million sq. ft and GDV of INR 7,727 crores, surpassing full-year BD guidance.
The company is working on 4 large cluster redevelopment projects, including Lokhandwala, Dindoshi, Malad West, and GTB Nagar, expected to launch mostly in the first 2-3 quarters of FY27.
Upcoming key launches in H2 FY26 include projects in Sewri, Thane, and Bandstand with estimated GDV of about INR 5,000 crores.

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Keystone Realtor — Quarterly revenue & net profit

Revenue Net profit

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Jun 2026Q1 FY27

Sep 2026Q2 FY27

Keystone Realtor Q2 FY26 results — key figures

Keystone Realtor Q2 FY26 reported results vs Q2 FY25, ₹ crore
₹ Cr	Q2 FY26	Q2 FY25	YoY	Q1 FY26	QoQ
Revenue	499	533	-6.4%	273	+82.8%
Operating profit (EBITDA)	15	78	-80.8%	12	+25%
Operating margin	3%	15%	-12 pp	4.3%	-1.3 pp
Profit before tax	17	88	-80.7%	16	+6.3%
Net profit (PAT)	10	66	-84.8%	16	-37.5%
EPS (₹)	0.68	5.26	-87.1%	1.15	-40.9%

Source: reported quarterly figures (Screener), ₹ crore.

Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹497 Cr, net profit ₹101 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Keystone Realtor's management said in earlier quarters

Earlier calls (8)

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Frequently Asked Questions

What were Keystone Realtor Q2 FY26 results?

What is Keystone Realtor share price analysis?

Keystone Realtor currently shows a neutral. 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?

Keystone Realtors continues to invest heavily in new projects, with INR 600-680 crores invested last year.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.

Keystone Realtor Q2 FY26 earnings call: Revenue & Margins

Guidance rank: #26 of 43 in Realty

Revenue & Sales Performance

Profitability & Margins

Capital Expenditure Plans

Top-ranked in Realty

Fundraising & Capital Structure

Order Book & Pipeline

Keystone Realtor — Quarterly revenue & net profit

Keystone Realtor Q2 FY26 results — key figures

What Keystone Realtor's management said in earlier quarters

Others in Realty this season

Potential multibaggers in Realty
on management's own guidance

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Frequently Asked Questions

Guidance rank: #26 of 43 in Realty

Revenue & Sales Performance

Profitability & Margins

Capital Expenditure Plans

Top-ranked in Realty

Fundraising & Capital Structure

Order Book & Pipeline

Keystone Realtor — Quarterly revenue & net profit

Keystone Realtor Q2 FY26 results — key figures

Continue your research

What Keystone Realtor's management said in earlier quarters

Others in Realty this season

Potential multibaggers in Realty on management's own guidance

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Keystone Realtor and 15K+ more earnings calls, for less than your morning chai

Frequently Asked Questions

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on management's own guidance

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