Keystone Realtors Ltd Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 5 Aug 2026 | Realty | Market Cap: ₹4.9K Cr
Keystone Realtors has demonstrated strong pre-sales growth, achieving Rs. Keystone Realtors has demonstrated strong growth with a 53% increase in pre-sales for the first nine months of FY25, reaching ₹2,174 crores.
From Keystone Realtors Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹371
Market Cap
₹4.9K Cr
P/E Ratio
41.7
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Keystone Realtors Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.6K Cr, net profit ₹64 Cr.
Full financials →📊 Revenue & Sales Performance
- →Keystone Realtors has demonstrated strong pre-sales growth, achieving Rs. 2,174 crores in the first nine months of FY25, a 53% YoY increase.
- →The company aims to surpass the full-year launch guidance of Rs. 6,000 crores with 8 project launches planned for FY25.
- →Launch pipeline remains robust with 3 additional launches expected in Q4 FY25.
- →Future growth driven by expansion in premium, aspirational, mid-mass, and affordable segments with a balanced portfolio:
- → - Approx. 40% premium/super-premium
- → - 40%-45% mid-mass and aspirational
- → - 10%-15% affordable segment
- →Growth focus on new and emerging micro markets such as Mahim-Matunga, Chembur, eastern suburbs, and Navi Mumbai.
- →New project acquisitions over the last 2+ years totaling about Rs. 16,000 crores GDV support sustained pipeline growth.
- →Strong demand expected to continue for premium and super-premium segments over next few quarters based on data and market feedback.
📈 Profitability & Margins
- →Keystone Realtors has demonstrated strong growth with a 53% increase in pre-sales for the first nine months of FY25, reaching ₹2,174 crores.
- →EBITDA grew by 134% year-on-year in the first nine months of FY25, from ₹96 crores to ₹225 crores.
- →Profit After Tax (PAT) increased by 50% year-on-year in the same period, from ₹81 crores to ₹121 crores.
- →The company expects to surpass its full-year guidance of ₹6,000 crores for project launches in FY25.
- →Strong operating cash flow of ₹353 crores supports accelerated project launches.
- →Focus on sustainable growth backed by a robust balance sheet with zero net debt and ₹854 crores in free cash.
- →Growth pipeline supported by ongoing and upcoming projects valued above ₹41,000 crores.
- →Robust demand forecast in premium and aspirational segments with no slowdown expected in near term.
- →Earnings and operating profits expected to continue upward trajectory fueled by new project launches and market expansion.
🏗️ Capital Expenditure Plans
- →During the nine months of FY25, Keystone Realtors invested ₹396 crores in new projects, which is 1.5x higher than the same period last year, positioning for a strong project pipeline ready to launch.
- →The company plans to continue adding projects, focusing on the mid-mass and aspirational segments, with 73% of acquisitions over the last 2 years and nine months in these categories.
- →Upcoming launches for FY25 include 3 projects in Q4 totaling around ₹6,000 crores GDV, aiming to surpass guidance.
- →Keystone is committed to asset-light models, especially focusing on redevelopment opportunities rather than land acquisition, except for select future upcoming areas.
- →The company is exploring new markets like Mahim-Matunga, eastern waterways near Navi Mumbai airport, Chembur, Dombivli, and Virar for future growth.
- →A planned launch or two in affluent markets and mega launches are expected in FY26.
- →Continuous investment in sustainability and green building initiatives remains a strategic focus.
💰 Fundraising & Capital Structure
- →No explicit mention of any current or planned fundraising through new debt or equity in the transcript.
- →The company highlights a strong liquidity position with Rs. 854 crores in free cash and a gross debt of Rs. 373 crores, resulting in a very low gross debt to equity ratio of 0.14:1 and net zero debt.
- →Keystones states it has a strong balance sheet and is well-capitalized to seize growth opportunities.
- →The company continues to focus on asset-light models and sustainable growth without indicating a need for external equity or debt raising in the near term.
- →Credit rating is maintained at (A) with a positive outlook by ICRA, supporting financial stability.
- →Overall, the transcript reflects confidence in internal capital generation and no immediate plans for fresh fundraising via debt or equity.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were Keystone Realtors Ltd Q3 FY25 results?
Keystone Realtors has demonstrated strong pre-sales growth, achieving Rs. Keystone Realtors has demonstrated strong growth with a 53% increase in pre-sales for the first nine months of FY25, reaching ₹2,174 crores.
What is Keystone Realtors Ltd share price analysis?
Keystone Realtors Ltd currently shows a neutral. The stock trades at a P/E of 41.7 with a market cap of ₹4,902 Cr. Investors should review the full earnings analysis for detailed insights.
Is Keystone Realtors Ltd planning capital expenditure?
During the nine months of FY25, Keystone Realtors invested ₹396 crores in new projects, which is 1.5x higher than the same period last year, positioning for a strong project pipeline ready to launch.
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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.