Keystone Realtors surpasses FY26 guidance with strong Q2 performance

Keystone Realtors Limited reported Q2 FY26 presales of INR 772 crores, bringing the first-half total to INR 1,839 crores, a 40% year-on-year growth. This already accounts for 46% of their full-year presales guidance. The company launched one new project in Q2 with a saleable area of 2.1 lakh sq. ft. and an estimated GDV of INR 949 crores, achieving 70% of its full-year launch target.

In terms of business development, Keystone Realtors added three new projects in H1 FY26 with a total saleable area of 3.25 million sq. ft. and an estimated GDV of INR 7,727 crores, exceeding its full-year guidance. The company also raised INR 335 crores through a listed NCD, oversubscribed and at a premium, reinforcing investor confidence. Consolidated revenue from operations for Q2 FY26 was INR 499 crores, with an OCF of INR 109 crores.

The company maintains a strong liquidity position with net debt at 0 and a gross debt-to-equity ratio of 0.21:1 as of September 30, 2025. Keystone Realtors aims for 35% gross margins on new projects, translating to 15-16% PAT, and a return on equity exceeding 25% over a 5-year project cycle.