Any current/future new fundraising through debt or equity?

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 c

Any current/future capex/capital investment/strategic investment?

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 em

Future growth expectations in sales/revenue/volumes?

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,

Future growth expectations in earnings/operating earnings/profits/EPS?

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 vi

Current/ Expected Orderbook/ Pending Orders?

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

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Keystone Realtors LtdQ3 FY25Realty

Keystone Realtors Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹388P/E: 54.4Market Cap: ₹5.0K CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 2

→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.

Margin guidance

Category 1

→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.
→Business Development pipeline is strong with new projects in prime locations, poised to fuel growth.
→Expectation of significant growth in operational profit and EPS as new project revenues ramp up and legacy burdens reduce.

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Fundraise plans

Yes

→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.
→There is no explicit mention of any immediate future fundraising through equity or additional debt beyond these points in the transcript provided.

Order book

Yes

→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.

Capex plans

Yes

→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.

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