Keystone Realtors posts ₹101 crore Q2 profit, driven by joint venture income

Keystone Realtors Ltd, which sells homes under the Rustomjee brand, reported a consolidated net profit of ₹100.75 crore for the quarter ended 30 September 2026, against ₹9.89 crore a year earlier. The company announced the results on 4 November 2026. Its pre-sales for the quarter were a record ₹1,423 crore, up 84% from ₹772 crore a year earlier.

Most of the profit rise did not come from building and selling homes. The company's share of profits from joint ventures and associates was ₹73.24 crore in the quarter. Revenue from operations was ₹496.69 crore, slightly below ₹499.28 crore a year earlier. Total income was ₹513.09 crore, against ₹520.90 crore.

Bookings up, collections down

Sales volume rose 31% to 0.65 million sq ft from 0.50 million sq ft. For the first half of the year, pre-sales were ₹2,041 crore, up 11% from ₹1,839 crore. The company said first-half pre-sales equal 41% of its FY27 pre-sales guidance.

Collections moved the other way. They fell 19% to ₹541 crore in the quarter, from ₹669 crore. For the half-year, collections were ₹1,141 crore against ₹1,245 crore, and operating cash flow was ₹193 crore. Bookings are not cash until buyers pay, so the gap between the two is the main number to track.

On the operating side, EBITDA rose to ₹74 crore from ₹37 crore, and the EBITDA margin was 14.5%, compared with 7.1% a year earlier. For the half-year, consolidated revenue was ₹966.98 crore, up from ₹772.40 crore, and net profit was ₹153.12 crore, against ₹26.22 crore.

Projects and balance sheet

The company started two projects in the quarter with a combined gross development value (GDV) of about ₹2,200 crore. The first is Rustomjee Ozone Skye on SV Road in Malad West, Mumbai. The company launched it on 24 August 2026 with a GDV of about ₹400 crore. It has 158 homes in 2 and 3 BHK configurations, with prices starting at about ₹2.63 crore, indicative and before additional charges. The developer gives December 2031 as the possession date. Third-party listings show different dates, so buyers should check the MahaRERA record before relying on any figure.

The second is the 25HQ commercial project in Prabhadevi. The company also said it received a letter of acceptance from the Maharashtra Housing and Area Development Authority (MHADA) to redevelop 25 buildings in GTB Nagar, Sion Koliwada, with a GDV of ₹4,521 crore.

Gross debt was ₹838 crore on 30 September 2026. The company holds a stable 'AA-' rating from both CRISIL and ICRA. In the first quarter, net profit was ₹52.37 crore and pre-sales were ₹617 crore, down 42% year on year. The first-half figures show that the first quarter's weakness was offset by the second.

The company is listed on the NSE and BSE under the ticker RUSTOMJEE.

What investors will watch

• Whether collections, now ₹541 crore a quarter and down 19%, move up as the new projects progress.
• How much of future profit comes from joint ventures rather than the core operating business.
• Progress against the FY27 pre-sales guidance, where the first half stands at 41%.
• Gross debt of ₹838 crore and how operating cash flow compares with it.

The next reported quarter will show whether bookings are turning into cash. Until then, the record pre-sales figure and the fall in collections will both be part of the picture.