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• Keystone Realtors reported pre-sales of INR 617 crore in Q1 FY27, compared with INR 1,068 crore in the corresponding quarter last year, supported by sustained demand across existing projects despite no new launches during the quarter.
• The company achieved collections of INR 599 crore, a 4% year-on-year increase from INR 575 crore, reflecting healthy cash flows from ongoing projects and strengthening its liquidity position.
• During the quarter, Keystone added two new projects with a combined saleable area of 1.98 million sq ft and an estimated gross development value (GDV) of INR 713 crore, while completing one residential project in Juhu.
• The developer expects multiple launches across the Mumbai Metropolitan Region (MMR) in the coming quarters, supported by an upgraded credit rating, a robust launch pipeline and sustained homebuyer demand.
Keystone Realtors Ltd, the developer of the Rustomjee brand, reported provisional pre-sales of INR 617 crore for the first quarter of FY27, marking a steady start to the financial year as the company continued to witness resilient demand across its existing portfolio. Although pre-sales were lower than the INR 1,068 crore recorded in the corresponding quarter of the previous financial year, the company said sustained sales from ongoing projects and continued homebuyer confidence provided a stable operational foundation for future growth.
The Mumbai-based developer also reported collections of INR 599 crore during the April–June quarter, registering a 4% increase over the INR 575 crore recorded in Q1 FY26. The improvement in collections reflects healthy cash generation from ongoing projects and reinforces the company's liquidity position as it prepares for an active launch pipeline during the remainder of the financial year.
Keystone strengthened its development portfolio by securing two new projects during the quarter. These include the Utkarsh CHSL cluster redevelopment project at Dindoshi Nagar in Goregaon East and a plotted development project in Igatpuri. Together, the projects add 1.98 million sq ft of saleable area and are expected to generate an estimated gross development value (GDV) of INR 713 crore. The company said these additions reinforce its leadership in Mumbai's cluster redevelopment segment while expanding its presence in the plotted development market.
On the execution front, Keystone completed the Rustomjee Ashiana project at Juhu during the quarter, adding approximately 0.07 million sq ft of completed construction area. The company said timely project execution remains central to its strategy of maintaining customer confidence while supporting sustainable business growth.
Looking ahead, Keystone plans to launch several projects across the Mumbai Metropolitan Region (MMR) over the coming quarters. The company believes its upcoming launches will strengthen its market position and support its pre-sales guidance for FY27. It also expects favourable residential market fundamentals, disciplined execution and a robust development pipeline to drive long-term growth.
Commenting on the quarterly performance, Chairman and Managing Director Boman Irani said the company had delivered a steady start to FY27, with resilient sustenance sales despite the absence of new launches during the quarter. He added that the new business development initiatives and upcoming launches would further strengthen Keystone's position in Mumbai's redevelopment market while creating long-term value for customers and shareholders.
The company also announced that ICRA upgraded its credit rating from A+ (Stable) to AA- (Stable) during the quarter, matching the CRISIL AA- (Stable) rating already assigned to the company. Keystone said the improved credit profile, along with its strong balance sheet and healthy liquidity, would support future expansion, efficient project execution and sustained value creation across its development portfolio.
Source- BSE India
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