KRKeystone Realtors543669Quarterly results

Keystone Realtors Q2FY27: EBITDA jumps, PAT lifted by JV share, 41% of FY27 pre-sales guidance met

Q2FY27 revenue edges down to INR 4,967 Mn from INR 4,993 Mn; EBITDA up to INR 742 Mn; PAT after JV share INR 1,008 Mn vs 99 Mn.

By ScoutQuest · Wed 4 Nov 2026, 1:17 PM IST · 1 min read

Q2FY27 Revenue from Operations

INR 4,967 Mn vs INR 4,993 Mn in Q2FY26

Q2FY27 EBITDA and Margin

INR 742 Mn; EBITDA margin 14.5% (vs INR 370 Mn and 7.1%)

Q2FY27 PAT after JV Share

INR 1,008 Mn vs INR 99 Mn

Period

Q2 & H1 FY27, ended 30 Sep 2026

Positioning

Presents itself as an MMR redevelopment-led, design-led developer, with 70%-85% of new supply in matured micro markets coming from redevelopment and 30 years of Mumbai track record.

📉 Q2FY27 consolidated revenue from operations was INR 4,967 Mn against INR 4,993 Mn in Q2FY26, a marginal decline, while EBITDA rose to INR 742 Mn from INR 370 Mn and EBITDA margin to 14.5% from 7.1%. PAT after share of profits jumped to INR 1,008 Mn from INR 99 Mn, helped by INR 732 Mn of share of profit from JVs and associates versus a INR 4 Mn loss a year earlier.

📈 For H1FY27 the company prints revenue from operations of INR 9,670 Mn versus INR 7,724 Mn in H1FY26 (up ~25%), EBITDA of INR 1,794 Mn versus INR 663 Mn (up 171%) and EBITDA margin of 17.8% versus 8.2%; PAT after share of profits was INR 1,531 Mn against INR 262 Mn. The deck footnotes that EBITDA includes other income.

🔬 Management states FY27 year-to-date pre-sales of INR 20.4 Bn, or 41% of its INR 50 Bn full-year guidance, with launches of GDV INR 22 Bn and project additions of GDV INR 5.5 Bn against INR 80 Bn guidance for each, and gross debt to equity at 0.28:1 versus a guided under 0.75:1.

📉 Operating cash flow generated was INR 1,249 Mn in Q2FY27 versus INR 1,094 Mn, but cash flow for the period was a negative INR 944 Mn after INR 1,931 Mn of project investment. Gross debt rose to INR 8,378 Mn at 30-Sep-26 from INR 7,548 Mn at 31-Mar-26 and net debt swung to INR 1,324 Mn from net cash of INR 635 Mn; the company says average cost of borrowing fell 269 bps to 9.2% and cites a dual AA-/Stable rating.

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