Keystone Realtors Limited (RUSTOMJEE) announced its Q3 FY26 earnings call transcript, held on February 4, 2026. The company reported encouraging presales performance for Q3 FY26, achieving ₹837 crores, and year-to-date FY26 presales of ₹2,676 crores, marking a 23% year-on-year growth. The company launched one new project in Q3 FY26 with an estimated Gross Development Value (GDV) of ₹919 crores, bringing the total for YTD FY26 to ₹5,835 crores, achieving 83% of its full-year launch target. Key business development initiatives in Q3 FY26 included adding a project to the Lokhandwala Cluster, bringing its total estimated GDV to approximately ₹3,900 crores. The company has added four projects in the first three quarters of FY26 with an estimated GDV of ₹8,650 crores, exceeding its annual guidance by 1.44x. Keystone Realtors is focusing on cluster redevelopment, highlighting its benefits for creating gated communities and driving efficiencies. The company also noted its increasing focus on commercial real estate, with the launch of 33 Fifteen in Bandra West (GDV ₹950 crores) and plans for another commercial launch in Prabhadevi (GDV ₹1,150 crores) in H1 FY27. Financially, for Q3 FY26, revenue from operations was ₹266 crores, and for YTD FY26, it was ₹1,039 crores. The gross margin for YTD FY26 stood at 35%. The company maintained a strong liquidity position with gross debt at ₹625 crores and free cash of approximately ₹717 crores as of December 31, 2025. Credit ratings were affirmed at A+ with a Stable Outlook by ICRA and A+ with a Positive Outlook by India Ratings. The company also highlighted progress in its ESG journey, receiving awards such as the Net Zero Carbon Award and Green Champion Award. Management expressed confidence in capturing future growth opportunities, driven by strategic clarity, execution strength, and financial discipline, aiming to create sustainable value for stakeholders.
