Developer Results
Keystone Realtors Q2 FY27 Sales Bookings Rise 84% to ₹1,423 Crore
Mumbai-based Keystone Realtors, which operates under the Rustomjee brand, reported pre-sales of ₹1,423 crore for the July–September 2026 quarter (Q2 FY27), up 84% from ₹772 crore a year earlier. Collections for the same quarter fell to ₹541 crore from ₹669 crore.
| Q2 FY27 pre-sales (bookings) | ₹1,423 crore, up 84% from ₹772 crore in Q2 FY26 |
|---|---|
| Q2 FY27 area sold | 0.65 million sq. ft., up 31% from 0.5 million sq. ft. |
| Q2 FY27 collections | ₹541 crore, down from ₹669 crore a year earlier |
| H1 FY27 pre-sales | ₹2,041 crore, up 11% from ₹1,839 crore in H1 FY26; company calls it an all-time high |
| H1 FY27 collections | ₹1,141 crore, down from ₹1,245 crore in H1 FY26 |
| H1 pre-sales as share of full-year guidance | 41%, per the company |
| Projects launched or started in Q2 | Rustomjee Ozone Skye (Malad West) launched; construction started on commercial project 25HQ (Prabhadevi); combined saleable area 0.54 million sq. ft., estimated GDV ₹2,196 crore |
| RERA projects completed in Q2 | Three, with 1.32 million sq. ft. of construction area, six to 12 months ahead of RERA timelines |
What was reported
Keystone Realtors reported its business update for the second quarter of FY27 on October 8, 2026. The quarter ran from July 1 to September 30, 2026. The company said pre-sales (bookings) for the quarter reached ₹1,423 crore, compared with ₹772 crore in the same quarter of FY26. That is an 84% increase.
Area sold rose 31% year on year to 0.65 million sq. ft., from 0.5 million sq. ft. The company attributed the sales momentum to its luxury and super-premium projects.
Collections, which are the cash received from buyers, moved the other way. Q2 collections were ₹541 crore, down from ₹669 crore a year earlier.
Half-year numbers
For the first half of FY27 (April to September 2026), pre-sales were ₹2,041 crore, up 11% from ₹1,839 crore in the same period of FY26. Keystone described this as an all-time high for the half-year. The company said H1 pre-sales equalled 41% of its full-year guidance.
H1 FY27 collections were ₹1,141 crore, compared with ₹1,245 crore in H1 FY26, a decline of about 8%.
Projects and completions
During Q2, the company launched Rustomjee Ozone Skye in Malad West, a residential project in the western suburbs of Mumbai. It also began construction on commercial project 25HQ in Prabhadevi. Together, the two projects have 0.54 million sq. ft. of saleable area and an estimated gross development value (GDV) of ₹2,196 crore. GDV is the total expected sales value of a project, not a figure the company has confirmed as revenue.
Keystone also said three RERA-registered projects were completed in the quarter, with a combined construction area of 1.32 million sq. ft. The company said these were finished six to 12 months ahead of their RERA timelines.
In H1 FY27, the company added two other projects with a combined saleable area of 1.41 million sq. ft. and an estimated GDV of ₹547 crore: Utkarsh CHSL at Dindoshi Nagar Cluster in Goregaon East, and a plotted development at Igatpuri.
Company statement
Boman Irani, chairman and managing director of Keystone Realtors, said the company has a strong pipeline of launches for the rest of FY27. He said the company was confident of acquiring and delivering new projects efficiently, and that Mumbai redevelopment remains a core strategic focus.
What it means for buyers and investors
For buyers, the update shows continued demand for Keystone's higher-priced residential projects in Mumbai, which the company says drove the quarter's bookings. The falling collections figure is worth noting. Bookings are signed sales, while collections show cash received against those sales and construction progress. A gap between the two can reflect the timing of new launches, since fresh bookings often pay in instalments over the construction period.
For investors, NDTV Profit reported that the market would watch whether pre-sales momentum holds, along with collections and upcoming launches. This was market commentary, not a company forecast.
What comes next
Keystone has not given specific dates for the launches it plans for the rest of FY27. It also has not published a timeline for acquiring or delivering new projects. The next scheduled update would be the company's quarterly business report for the period ending December 31, 2026, though the company has not confirmed that date in the materials reviewed here.
Frequently asked questions
Is ₹1,423 crore the revenue Keystone earned in the quarter?
No. The ₹1,423 crore is pre-sales, or bookings, meaning the value of units sold in the quarter. Revenue is recognised as construction progresses. Collections, which are cash received, were ₹541 crore in Q2.
Why did bookings rise while collections fell?
The company's reports give the two figures but do not fully explain the gap. Collections depend on payment schedules and construction stages, so a quarter of new bookings can add to sales before most of the cash arrives.
What is Rustomjee Ozone Skye?
It is a project launched by Keystone Realtors in Malad West, Mumbai, during Q2 FY27.
What does 'completed ahead of RERA timelines' mean?
RERA is the Real Estate (Regulation and Development) Act, which requires registered projects to meet stated completion dates. Keystone says three projects were finished six to 12 months before their registered deadlines.
Are these figures audited?
The quarterly business update is a company disclosure. The reports reviewed do not state whether the figures are audited. Readers should check the company's formal financial filings for audited numbers.