Keystone Realtors Q2 FY27: PAT ₹52.4 & Rev ₹470 Cr

Metric	Value
Revenue	₹470 Cr
Net Profit (PAT)	₹52.4

📢 Key Event
Keystone Realtors reported strong Q1 FY27 financials with revenue of ₹470 crores (+72% YoY), EBITDA of ₹105.1 crores (+259% YoY), and PAT of ₹52.4 crores (+221% YoY), alongside healthy balance sheet metrics and upgraded credit ratings.

🔄 What Changed
Revenue grew 72% YoY to ₹470 crores, EBITDA surged 259% YoY to ₹105.1 crores, PAT increased 221% YoY to ₹52.4 crores, and gross debt-to-equity improved to 0.3:1 from prior period, with net debt-to-equity at 0.02:1; collections reached ₹599 crores (97% efficiency); credit ratings upgraded to AA- by CRISIL and ICRA; pipeline expanded with new projects totaling over INR 8,000 crores GDV.

🔮 What's Next
Management targets INR 10,000 crores presales by FY30, with plotted developments targeting INR 500-750 crores annual presales and INR 150-200 crores margins; revenue recognition shifts to percentage of completion method from April 1, 2025, with 98% of future revenue from this method; OCF guidance remains INR 1,000 crores, expected to rise from Q2 onward; gross debt-to-equity target is 0.75:1; interest rate hikes deemed non-dampening due to premium segment resilience and long-term customer focus.

💡 Investor Takeaway
Keystone Realtors is executing a high-margin, premium-focused growth strategy with strong financial momentum, robust pipeline, and improving leverage, positioning it for sustained value creation for shareholders through scalable project launches and disciplined capital allocation.

Keystone Realtors reported Q1 FY27 revenue of ₹470 crores (+72% YoY), EBITDA of ₹105.1 crores (+259% YoY), and PAT of ₹52.4 crores (+221% YoY), driven by strong collections of ₹599 crores (97% efficiency) and a healthy balance sheet with gross debt-to-equity at 0.3:1 and net debt-to-equity at 0.02:1, upgraded to AA- ratings by CRISIL and ICRA, while advancing key projects including 28 HQ in Prabhadevi and Rustomjee Ozone Skye with combined GDV of INR 547 crores, and expanding its pipeline to include Urban Woods (INR 300+ crores), Avinash Towers, Urbania, GTB Nagar Phase 1, and Dindoshi cluster projects totaling over INR 8,000 crores GDV, supported by ESG certifications and sustainable cash flow management.

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About Keystone Realtors Limited (RUSTOMJEE)

Realty · Realty · Listed on NSE

Market Cap: ₹5,126.49 Cr P/E: 35.6

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