Quarterly results
Keystone Realtors Q2 FY27 profit rises tenfold to Rs 101 crore on record pre-sales
Keystone Realtors, which sells under the Rustomjee brand, reported consolidated net profit of Rs 100.75 crore for the quarter ended 30 September 2026, against Rs 9.89 crore a year earlier. Record quarterly pre-sales of Rs 1,423 crore were offset by a 19% fall in collections, and most of the profit came from joint ventures and associates.
| Quarter reported | Q2 FY27, ended 30 September 2026; results announced 4 November 2026 |
|---|---|
| Consolidated net profit | Rs 100.75 crore, against Rs 9.89 crore in Q2 FY26 |
| Share of joint venture and associate profits | Rs 73.24 crore |
| Pre-sales (booking value) | Rs 1,423 crore, up 84% from Rs 772 crore in Q2 FY26, a company record for a quarter |
| Collections | Rs 541 crore, down 19% from Rs 669 crore in Q2 FY26 |
| Total income | Rs 513.09 crore, against Rs 520.90 crore a year earlier |
| EBITDA and margin | Rs 74 crore (margin 14.5%), against Rs 37 crore (margin 7.1%) |
| Gross debt | Rs 838 crore as of 30 September 2026 |
What happened
Keystone Realtors Limited, the Mumbai developer that sells under the Rustomjee brand, announced its results for the quarter ended 30 September 2026 on 4 November 2026. Consolidated net profit rose to Rs 100.75 crore from Rs 9.89 crore in the same quarter a year earlier, a tenfold increase.
Revenue from operations was Rs 496.69 crore, slightly below the Rs 499.28 crore recorded in Q2 FY26. Total income was Rs 513.09 crore, compared with Rs 520.90 crore a year earlier.
Where the profit came from
The rise in profit came mainly from the company's share of profits in joint ventures and associates, which contributed Rs 73.24 crore in the quarter. Operating revenue was broadly flat, so the jump in net profit depends largely on income from partly owned projects rather than on the core sales-and-construction line.
Operating performance also improved. EBITDA rose to Rs 74 crore from Rs 37 crore, and the EBITDA margin widened to 14.5% from 7.1%.
Bookings up, collections down
Pre-sales in Q2 FY27 were a record Rs 1,423 crore, up 84% from Rs 772 crore in Q2 FY26. Sales volume rose 31% to 0.65 million square feet from 0.50 million square feet.
Cash collected from buyers moved the other way. Collections fell 19% year on year to Rs 541 crore, against Rs 669 crore. For the first half of FY27, collections were Rs 1,141 crore, compared with Rs 1,245 crore a year earlier, and operating cash flow for the six months was Rs 193 crore.
| Measure | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Pre-sales | Rs 1,423 crore | Rs 772 crore | +84% |
| Collections | Rs 541 crore | Rs 669 crore | -19% |
| Sales volume | 0.65 million sq ft | 0.50 million sq ft | +31% |
Half-year and first-quarter figures
For the half-year ended 30 September 2026, consolidated revenue was Rs 966.98 crore, up from Rs 772.40 crore. Net profit for the half-year was Rs 153.12 crore, against Rs 26.22 crore in H1 FY26.
H1 FY27 pre-sales were Rs 2,041 crore, up 11% from Rs 1,839 crore in H1 FY26. The company said H1 pre-sales equal 41% of its FY27 guidance. In Q1 FY27, the company reported net profit of Rs 52.37 crore and pre-sales of Rs 617 crore, which was down 42% year on year.
Projects started in the quarter
The company said it began two projects in Q2 FY27 with a combined gross development value (GDV) of about Rs 2,242 crore:
- Rustomjee Ozone Skye, Malad West (Goregaon West), Mumbai. Launched on 24 August 2026 in the company's launch release. The company gives a GDV of about Rs 400 crore. The project has 158 residences in 1, 2 and 3 BHK configurations. The developer lists 2 and 3 BHK homes at 750 to 1,030 sq ft carpet area, starting at about Rs 2.63 crore (indicative, plus taxes and charges). Its MahaRERA registration is PR1180002601227, with possession stated as December 2031.
- 25HQ, Prabhadevi. A commercial project where construction started in Q2 FY27.
The company also said it completed three RERA-registered projects in Q2 FY27 with a combined 1.32 million sq ft.
Litigation and balance sheet
Proceedings linked to the Rustomjee Crown project remain before the courts. The reported results do not quantify their financial impact. The company's gross debt was Rs 838 crore as of 30 September 2026. Its credit rating is 'AA-' with a stable outlook from CRISIL and ICRA.
The company's Rustomjee Crown interest dates to its acquisition of the project's developer entity, which was reported in 2023 as a Rs 231 crore deal.
What it means for buyers and investors
Buyers: Ozone Skye is the only residential launch named in the quarter's reports. Its starting price is an indicative developer figure, and third-party listings show different starting prices. Buyers should check the price sheet and the MahaRERA record for PR1180002601227 before relying on any figure.
Investors: Record bookings show demand, but the quarter's profit came mainly from joint ventures, and collections fell. Investors may want to track whether collections recover as the Rs 2,242 crore of new projects progress.
What comes next
- The company has not announced a full-year FY27 pre-sales figure in the reports reviewed. It has said H1 pre-sales equal 41% of its FY27 guidance.
- Ozone Skye's possession date is December 2031, according to the developer.
- The Metro Line 6 (Pink Line) near Ozone Skye has been reported with a second-half 2026 opening target. Its station openings are also listed for 2028 in other sources, so the timing is unsettled.
- Next quarterly results are expected around late January to early February 2027, based on the company's recent reporting pattern.
Frequently asked questions
Why did Keystone Realtors' profit rise so much if its revenue was flat?
Most of the increase came from the company's share of profits in joint ventures and associates, which contributed Rs 73.24 crore in the quarter. Operating revenue was about Rs 497 crore, slightly below the prior year, while EBITDA rose to Rs 74 crore.
What is the difference between pre-sales and collections?
Pre-sales are the value of new bookings in the quarter. Collections are the cash received from buyers. In Q2 FY27, pre-sales rose 84% to Rs 1,423 crore, while collections fell 19% to Rs 541 crore.
What is Rustomjee Ozone Skye?
It is a residential project in Malad West (Goregaon West), Mumbai, launched on 24 August 2026. The developer describes 158 residences in 1, 2 and 3 BHK configurations, with a GDV of about Rs 400 crore.
How can a buyer check the Ozone Skye registration?
The developer lists MahaRERA registration PR1180002601227. Buyers can check the project details, possession date and approved plans on the MahaRERA website before making a decision.