Keystone Realtor

Q4 FY26Realty

Keystone Realtor Q4 FY26 earnings call: Revenue & Margins

Q4 FY26 earnings call: what management said on revenue, margins and capex.

Revenue: ₹1,596Cr; +172.8% YoY; +500% QoQ
Net profit: ₹64Cr; −4.5% YoY; +1180% QoQ
Margin: 5%; −3 pp YoY; +1.3 pp QoQ

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Price₹364

Market cap₹4.5K Cr

P/E38.0

Updated24 Sept 2026

Read4 min read

The short version

Keystone Realtors targets INR 10,000 crores in presales by FY 2030, aiming a 26% annual CAGR from FY 2027 onwards. Keystone Realtors has shown strong presales CAGR of 36% over 3 years, reaching INR4,022 crores in FY '26.

From Keystone Realtor's Q4 FY26 earnings-call transcript · updated 24 Sept 2026.

Revenue & Sales Performance

Keystone Realtors targets INR 10,000 crores in presales by FY 2030, aiming a 26% annual CAGR from FY 2027 onwards.
FY 2027 presales guidance is INR 5,000 crores, a 25% growth over FY 2026.
From FY 2028 onwards, revenue recognition will increasingly adopt the percentage of completion method, reaching 100% by FY 2028, potentially accelerating revenue.
Project launches for FY 2027 are targeted at INR 8,000 crores with acquisitions over INR 8,000 crores.
The company expects steady operational cash flow growth, with OCF targeting over INR 1,000 crores for FY 2027 (up from INR 700 crores in FY 2026).

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Profitability & Margins

Keystone Realtors has shown strong presales CAGR of 36% over 3 years, reaching INR4,022 crores in FY '26.

Keystone Realtors has shown strong presales CAGR of 36% over 3 years, reaching INR4,022 crores in FY '26.
Revenue recognition is transitioning to 100% percentage of completion method by FY '28, potentially accelerating revenue growth from FY '28 onwards.
FY '27 operational cash flow (OCF) guidance is around INR1,000 crores, up from INR715 crores in FY '26, indicating improving cash generation.
EBITDA margins expected to improve with new projects targeting 20% EBITDA.
Net debt expected to peak at INR1,300–1,400 crores in FY '27 and managed prudently with a conservative debt-to-equity ratio (targeting ~0.75:1).
Business development pipeline is robust with INR10,400 crores GDV added in FY '26 and ongoing focus on asset-light, high-margin redevelopment projects (~35% gross margin).

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Capital Expenditure Plans

Keystone Realtors is making significant capital investments in ongoing and forthcoming projects, including large cluster redevelopments and township developments across multiple locations.
FY '26 construction spend accelerated to nearly INR1,000 crores (up from INR829 crores in FY '25), reflecting commitment to delivery velocity.
Acquisitions planned at roughly INR8,000+ crores for the year, supporting project pipeline expansion.
Capital allocation is disciplined, with equity investment in large projects targeted not to exceed 10-11% of project GDV.
Commercial annuity portfolio development is strategic, targeting INR100 crores lease income by 2030 while avoiding balance sheet pressure and limiting debt.

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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' gross debt as of March 31, 2026, stood at INR 755 crores with a gross debt-to-equity…

Keystone Realtors' gross debt as of March 31, 2026, stood at INR 755 crores with a gross debt-to-equity ratio of 0.26:1, comfortably within guidance.
They expect peak gross debt to rise to INR 1,300-1,400 crores by FY '27 due to new project launches and construction finance disbursements.
Average annual debt for FY '27 is expected around INR 1,000 crores with finance cost estimated at about INR 95 crores, assuming 9.5% cost of debt.
The company plans to keep net debt within a guided debt-to-equity ratio of approximately 0.75:1, up from previously 1:1.

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Order Book & Pipeline

The company has a robust pipeline with ongoing and forthcoming projects.
Ongoing pipeline unsold value: approximately INR 835 crores.
Forthcoming pipeline GDV: about INR 6,500 crores (may launch half of this over next 4 years).
Total estimated commercial pipeline in ongoing + forthcoming projects around INR 7,500 crores.
Out of that, about INR 4,000 crores expected to be launched in the next 4 years.
Legacy projects are nearing completion: by FY '27, only 12% of revenue expected from legacy projects, 88% from current projects.
New launches contribute significantly to sales: FY '26 sales INR 4,022 crores, with INR 1,620 crores from new launches.

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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 Q4 FY26 results — key figures

Keystone Realtor Q4 FY26 reported results vs Q4 FY25, ₹ crore
₹ Cr	Q4 FY26	Q4 FY25	YoY	Q3 FY26	QoQ
Revenue	1,596	585	+172.8%	266	+500%
Operating profit (EBITDA)	81	48	+68.8%	10	+710%
Operating margin	5%	8%	-3 pp	3.7%	+1.3 pp
Profit before tax	67	87	-23%	10	+570%
Net profit (PAT)	64	67	-4.5%	5	+1180%
EPS (₹)	4.15	5.14	-19.3%	0.27	+1437%

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 Q4 FY26 results?

What is Keystone Realtor share price analysis?

Keystone Realtor currently shows a neutral. The stock trades at a P/E of 38.0 with a market cap of ₹4,466 Cr. Investors should review the full earnings analysis for detailed insights.

Is Keystone Realtor planning capital expenditure?

Keystone Realtors is making significant capital investments in ongoing and forthcoming projects, including large cluster redevelopments and township developments across multiple locations.

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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 Q4 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 Q4 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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from the top-ranked stocks

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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 Q4 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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