Keystone Realtors Reports 44% Q1 Profit Drop, but Pre-Sales Surge
Keystone Realtors Ltd, the real estate developer known for the Rustomjee brand, reported a significant 44% year-on-year decline in consolidated net profit for the June quarter. The company posted a net profit of ₹14.51 crore in Q1FY26, down from ₹25.82 crore in the same quarter last year. Total income also fell by 34% year-on-year to ₹288.64 crore, compared to ₹437.20 crore a year ago.
Despite these muted headline figures, the company’s operational performance remained strong. Pre-sales for the quarter surged to a record ₹1,068 crore, marking a 75% increase over the year-ago period. Boman Irani, Chairman and Managing Director of Keystone Realtors, emphasized that the company began FY26 on a strong note, driven by healthy demand trends and the successful launch of new projects.
Irani noted that the drop in revenue does not accurately reflect the underlying business momentum, as the company continues to follow the project completion method of accounting. To better align revenue with actual project progress, Keystone Realtors plans to shift to the percentage of completion method for its new launches going forward. This change is expected to provide a more accurate view of the company’s performance in future quarters.
“We remain well-capitalized and our balance sheet is healthy,” Irani stated, adding that Keystone is well-positioned to capitalize on growth opportunities in the coming quarters. The Mumbai-based developer has been expanding its footprint across the Mumbai Metropolitan Region (MMR). To date, it has delivered 26 million square feet of real estate across 37 completed projects. Currently, the company has 18 projects under execution and a future development pipeline exceeding 47 million square feet.
This strategic approach and robust project pipeline demonstrate Keystone Realtors’ commitment to sustainable growth and meeting the increasing demand for quality real estate in key markets. The company’s focus on innovation and customer satisfaction continues to drive its success, making it a leading player in the Indian real estate sector.
