Highest ever quarterly pre-sales of INR 14.23 bn, up 84% YoY; H1 pre-sales at an all-time high

Keystone Realtors' Q2FY27 & H1FY27 operational update.

Thu 8 Oct 2026

Q2FY27 pre-sales

INR 14.23 bn, up 84% YoY from INR 7.72 bn

H1FY27 pre-sales

INR 20.41 bn vs INR 18.39 bn, up 11%; 41% of FY27 guidance achieved

Q2FY27 collections

INR 5.41 bn vs INR 6.69 bn (down 19%)

What the company reported

Keystone Realtors has shared its key operational updates for the second quarter and the first half of FY27. The company states that the numbers are provisional and subject to audit.

Pre-sales at a record

• Q2FY27 pre-sales: INR 14.23 bn, the highest ever for a quarter, against INR 7.72 bn in Q2FY26, a rise of 84% year-on-year.
• H1FY27 pre-sales: INR 20.41 bn, an all-time high for a half year, against INR 18.39 bn in H1FY26, up 11% year-on-year.
• The company says it has achieved 41% of its full-year FY27 pre-sales guidance in the first half.
• The performance, it says, was led by strong momentum from its Luxury and Super Premium projects.

Collections

• Q2FY27 collections: INR 5.41 bn against INR 6.69 bn in Q2FY26 (down 19%).
• H1FY27 collections: INR 11.41 bn against INR 12.45 bn in H1FY26 (down 8%).

So pre-sales and collections moved in opposite directions in the same periods.

Launches and construction

• Launched the project "Rustomjee Ozone Skye" at Malad West and commenced construction of the commercial project "25HQ" at Prabhadevi in Q2FY27.
• Together these add a combined total saleable area of 0.54 mn sq. ft. to ongoing projects, representing an estimated GDV of INR 21.96 bn.

Project additions

• 2 projects added in H1FY27 with a saleable area of 1.41 mn sq. ft. and an estimated GDV of INR 5.47 bn — "Utkarsh CHSL" at Dindoshi Nagar Cluster, Goregaon East and a "Plotted Development" at Igatpuri.

Completions

• 3 RERA projects completed in Q2FY27 with total construction area of 1.32 mn sq. ft. (Rustomjee La Familia A, B and C at Urbania, Thane).
• That takes H1FY27 completions to 4 RERA projects with a total construction area of 1.39 mn sq. ft.
• The company says these projects were completed 6 to 12 months ahead of their RERA timelines.

Credit rating

The company states it is dual AA- (with Stable Outlook) rated by CRISIL and ICRA.

Strategic initiatives

• A contract has been signed with Robin Village Development (RVD, a subsidiary of Tiong Seng) from Singapore to set up an in-house pre-cast plant; RVD will be the manufacturing as well as the installation contractor for this initiative.
• Mt K Kapital announced a second fund of USD 450 mn in a joint venture with Japanese partner Marubeni Corporation.

Management comment

CMD Boman Irani said Q2FY27 was another period of strong performance and that the launches are expected to strengthen the company's market position and support the objective of achieving the FY27 pre-sales guidance. He added that redevelopment in Mumbai remains a core strategic focus and that the company is well capitalised.

What investors may note

• Sale value booked (pre-sales) grew sharply, while collections and area sold declined over the same periods — the three measures do not move together in a single quarter.
• The company describes the area, pre-sales and collection figures as provisional and subject to audit.
• The update also includes project additions, completions ahead of RERA timelines, the credit rating and the fund management initiative.

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