Mumbai, May 12: Keystone Realtors Limited, a prominent MMR-based real estate company engaged in the development of residential and commercial projects, announced its financial results for the financial year ended March 31, 2026.
Commenting on the company’s performance, Boman Irani said:
“FY26 has been an eventful and defining year for our company, one that I am proud to say fully vindicates the promises we made when we listed. Our performance metrics have surpassed guidance across all parameters. Pre-sales for FY26 grew 33% YoY and collections also recorded healthy growth during the year. On business development, we added five projects and launched seven projects during FY26, significantly exceeding our guidance across all operational parameters.
We have now set for ourselves an ambitious yet achievable aspiration of becoming a leading pre-sales company, driven by disciplined execution and long-term value creation. This journey will be powered by our three strategic enablers — the Scale Multiplier, Velocity Multiplier, and Stability Multiplier — which together will strengthen growth, accelerate delivery, and build resilience.
The redevelopment opportunity in Mumbai remains extraordinary, and Rustomjee is strategically positioned as one of the most trusted redevelopment developers in the MMR. With a strong balance sheet and a net cash positive status maintained throughout FY26, we are well capitalised and prepared to seize every opportunity ahead.
The legacy project overhang that weighed on our reported financials is now substantially behind us, and going forward we expect expansion in reported margins as the new high-margin pipeline matures and revenue recognition accelerates. The best of Rustomjee is ahead of us and we remain confident in our ability to solidify our position and deliver substantial value to all our stakeholders.”
Operational Highlights for Q4FY26
- Pre-sales recorded strong YoY growth during the quarter
- Collections increased on a YoY basis
- Healthy operating cash flow generation during the quarter
Operational Highlights for FY26
- Pre-sales grew 33% YoY
- Collections grew 13% YoY
- Positive operating cash flow momentum maintained
Financial Highlights Consolidated for Q4FY26
- Revenue from operations remained strong during the quarter
- EBITDA and PAT recorded positive performance
Financial Highlights Consolidated for FY26
- Revenue from operations, EBITDA and PAT reflected stable annual growth momentum
New Additions, Launches and Completions
- One new project was added during Q4FY26
- Five projects were added during FY26, significantly surpassing annual guidance
- Two projects were launched during Q4FY26
- Seven projects were launched during FY26, exceeding annual guidance and recording strong YoY growth
- Six projects were completed during FY26
Secured Debt
- The company maintained a net cash positive status during FY26
- Gross debt-to-equity ratio remained healthy as of Q4FY26
Credit Rating
The company’s credit rating was upgraded by CRISIL Ratings to “AA-/Stable.”
Outlook
Keystone Realtors said the Mumbai Metropolitan Region real estate market continues to offer strong redevelopment and expansion opportunities. The company remains focused on its asset-light business model, customer-centric approach, technology adoption, and strategic redevelopment capabilities to drive long-term growth and strengthen its position as a preferred redevelopment partner across the MMR region.