Keystone Realtor
Keystone Realtor Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
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.
- Focus on cluster redevelopments in Mumbai’s urban areas is expected to unlock value and drive growth.
- Management targets a return on equity of above 25% on projects over 3-5 years, highlighting attractive profitability alongside growth.
Profitability & Margins
See what Keystone Realtor said on profitability & margins — free account, 30 seconds.
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.
- Capital raised includes INR 335 crores via listed NCDs at competitive interest rates, to fuel growth.
- Focus on cluster redevelopments (e.g., Lokhandwala, GTB Nagar, Dindoshi, Malad West) for large-scale urban transformation.
Top-ranked in Realty
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Keystone Realtor said on fundraising & capital structure — free account, 30 seconds.
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.
- Overall presales stood at INR 1,839 crores in H1 FY26, 46% of full-year guidance.
- The project pipeline and order book remain robust with a focus on asset-light and capital-efficient growth.
Keystone Realtor — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.6K Cr, net profit ₹64 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Keystone Realtors Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q4 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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Frequently Asked Questions
What were Keystone Realtor Q2 FY26 results?
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.
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 concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.