Keystone Realtors LimitedQ1 FY27 Results & Financial Update
Keystone Realtors Limited: Q1 FY27 consolidated results and company financials – revenue ₹470.29 Cr, PAT ₹52.37 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Keystone Realtors Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Profit after tax was ₹52.37 Cr for the reported quarter. EPS was ₹4.21 for the reported quarter.
Delivered Q1 FY27 pre-sales of INR 617 crores and collections of INR 599 crores (97% efficiency) with zero new planned launches during the quarter.
Revenue rose 72% year-on-year to INR 470 crores, EBITDA expanded 259% to INR 105.1 crores (margin at 21.3%), and PAT surged 221% to INR 52.4 crores.
Both CRISIL and ICRA upgraded the company's credit rating to AA- with a stable outlook.
01 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹470.29 Cr |
| Total income | ₹493.26 Cr |
| Profit before tax | ₹69.24 Cr |
| Profit after tax | ₹52.37 Cr |
| EPS | ₹4.21 |
02 · Why it moved
Why the quarter looked the way it did
What drove margins
Unsold inventory in mass market projects like Virar carries ~60% gross margins due to FSI given via JDAs where approval costs were largely incurred previously and historical sales represent a small sold portion.
Legacy low-margin projects are expected to contribute only 15% of revenue in FY27 (winding down), while current projects carry ~35% gross margins and 20% PBT.
03 · Demand, customers & order book
Where demand is coming from
Demand in luxury and premium segments remained equivalent and strong, while mid-mass and aspirational projects experienced steady walk-ins and expected performance in Thane and Dombivli.
Management observed that during market softening, customers increasingly gravitate toward established brands rather than reducing overall engagement.
04 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Land and approval investments increased 54% year-on-year to INR 232 crores in Q1 FY27 compared to INR 151 crores in Q1 FY26, signaling readiness for upcoming launches.
Projects Rustomjee Balmoral and Rustomjee 180 Bayview successfully completed their fastest 1 million safe man-hours.
05 · Reported developments
What changed operationally
Closed the quarter with free cash of approximately INR 803 crores, a gross debt-to-equity ratio of 0.3:1, and a net debt-to-equity ratio of 0.02:1.
Construction spends increased 26% year-on-year on a quarterly basis to INR 299 crores, supporting an ongoing development area of about 12 million square feet across 17 projects.
Added two new projects during the quarter with an estimated GDV of INR 547 crores, including a plotted development at Igatpuri (~62 acres) and an addition to the Dindoshi cluster.
06 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Generated operating cash flow (OCF) of INR 68 crores during Q1 FY27, with noticeable OCF acceleration expected in Q3 and Q4.
Gross debt stood at approximately INR 876 crores as of June 30, 2026, maintaining a conservative gross debt-to-equity ratio of 0.3:1 against a guidance cap of 0.75:1.
07 · Management guidance & targets
What management is targeting from here
Planned launches across MMR including Urban Woods, Avinash Towers (Versova), Urbania (Thane), 28 HQ (Prabhadevi), Rustomjee Ozone Skye (Goregaon West), GTB Nagar Phase 1, Dindoshi cluster, and Om Nagar (Andheri East) target an estimated GDV of INR 8,000+ crores.
The annual operating cash flow guidance of INR 1,000 crores remains intact.
Targeting annual pre-sales of INR 500 crores to INR 750 crores from the plotted development vertical, with margins exceeding INR 150 crores to INR 200 crores year-on-year.
08 · Management call deep dive
What management said on the conference call
Operating takeaways
14 key pointsPlanned launches across MMR including Urban Woods, Avinash Towers (Versova), Urbania (Thane), 28 HQ (Prabhadevi), Rustomjee Ozone Skye (Goregaon West), GTB Nagar Phase 1, Dindoshi cluster, and Om Nagar (Andheri East) target an estimated GDV of INR 8,000+ crores.
Future plotted development projects will be launched only when ~70% ready so buyers can commence living within a year, avoiding crowded belts and focusing on high-upside micro-markets.
Effective April 1, 2025, new projects follow the percentage of completion method, while remaining legacy projects (5-6 projects) are expected to recognize ~95% of their remaining revenue in FY27.
The company maintains strict guardrails requiring ~35% gross margins (varying by segment), asset-light investment capped at ~10% of total GDV prior to project launch, and clear visibility on launch timelines.
Demand in luxury and premium segments remained equivalent and strong, while mid-mass and aspirational projects experienced steady walk-ins and expected performance in Thane and Dombivli.
Management observed that during market softening, customers increasingly gravitate toward established brands rather than reducing overall engagement.
Land and approval investments increased 54% year-on-year to INR 232 crores in Q1 FY27 compared to INR 151 crores in Q1 FY26, signaling readiness for upcoming launches.
Projects Rustomjee Balmoral and Rustomjee 180 Bayview successfully completed their fastest 1 million safe man-hours.
Unsold inventory in mass market projects like Virar carries ~60% gross margins due to FSI given via JDAs where approval costs were largely incurred previously and historical sales represent a small sold portion.
Legacy low-margin projects are expected to contribute only 15% of revenue in FY27 (winding down), while current projects carry ~35% gross margins and 20% PBT.
Generated operating cash flow (OCF) of INR 68 crores during Q1 FY27, with noticeable OCF acceleration expected in Q3 and Q4.
Gross debt stood at approximately INR 876 crores as of June 30, 2026, maintaining a conservative gross debt-to-equity ratio of 0.3:1 against a guidance cap of 0.75:1.
The annual operating cash flow guidance of INR 1,000 crores remains intact.
Targeting annual pre-sales of INR 500 crores to INR 750 crores from the plotted development vertical, with margins exceeding INR 150 crores to INR 200 crores year-on-year.
Important analyst Q&A
2 key pointsGTB Nagar has cleared the High Power Committee (HPC) and awaits final signatures for launch in Q1/early Q2 FY27, while Dindoshi is scheduled for the next HPC meeting and expected to launch within 2.5 to 3 months thereafter.
Given the small debt profile (0.3:1 D/E) and AA- credit ratings, interest rate hikes would have an insignificant impact on margins; from a customer perspective, home buyers look at 15-20 year horizons, making demand in premium/luxury segments largely resilient.
09 · Key Q&A
The quarter, answered directly
What is the clearest takeaway from Q1 FY27?
Profit after tax was ₹52.37 Cr for the reported quarter. EPS was ₹4.21 for the reported quarter.
What drove revenue or demand?
Demand in luxury and premium segments remained equivalent and strong, while mid-mass and aspirational projects experienced steady walk-ins and expected performance in Thane and Dombivli.
What mattered most for margins or profitability?
Unsold inventory in mass market projects like Virar carries ~60% gross margins due to FSI given via JDAs where approval costs were largely incurred previously and historical sales represent a small sold portion.
What changed operationally beyond the headline numbers?
Land and approval investments increased 54% year-on-year to INR 232 crores in Q1 FY27 compared to INR 151 crores in Q1 FY26, signaling readiness for upcoming launches.
What is management guiding or targeting from here?
Planned launches across MMR including Urban Woods, Avinash Towers (Versova), Urbania (Thane), 28 HQ (Prabhadevi), Rustomjee Ozone Skye (Goregaon West), GTB Nagar Phase 1, Dindoshi cluster, and Om Nagar (Andheri East) target an estimated GDV of INR 8,000+ crores.
10 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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