Keystone Realtors reported a mixed operating performance in the December quarter (Q3 FY26), marked by strong volume growth but softer value metrics, indicating a possible shift in sales mix during the period.
In Q3 FY26, the Mumbai-based developer recorded a 13% year-on-year increase in area sold to 0.46 million square feet. However, pre-sales declined 3% YoY to Rs 837 crore, while collections also fell 3% to Rs 524 crore during the quarter.
9MFY26 performance remains strong
On a nine-month basis (9MFY26), Keystone Realtors posted a robust performance. Area sold jumped 43% YoY to 1.59 million square feet, while pre-sales increased 23% to Rs 2,676 crore. Collections rose 12% year-on-year to Rs 1,768 crore over the same period.
The company stated that it has achieved 67% of its full-year FY26 pre-sales guidance within the first nine months of the financial year.
Stock movement and management commentary
Following the Q3 business update, shares of Keystone Realtors were trading 0.61% lower at Rs 518.60 as of 12 pm. The stock has declined 21.93% over the past six months.
Commenting on the performance, Chairman and Managing Director Boman Irani said that Q3 FY26 reflected continued operational momentum driven by disciplined execution, despite the moderation in value-led metrics.
Launches and business development
During the quarter, Keystone launched one project in Q3 FY26 with an estimated gross development value (GDV) of Rs 919 crore. This took year-to-date launches to five projects with a combined GDV of Rs 5,836 crore, translating to around 83% of the company’s full-year launch guidance achieved within nine months.
Business development activity remained focused entirely on redevelopment projects. The company added one redevelopment project in Q3 FY26 with a saleable area of 0.13 million square feet and a GDV of Rs 382 crore. For YTD FY26, Keystone has added four redevelopment projects with a cumulative saleable area of 3.48 million square feet and an estimated GDV of Rs 8,649 crore, surpassing its full-year business development guidance.
Q2 FY26 financial performance
In the September quarter (Q2 FY26), Keystone Realtors reported a sharp decline in profitability. Net profit fell 87% YoY to Rs 8.5 crore, compared with Rs 66.3 crore in the year-ago period. Revenue declined 6.3% YoY to Rs 499.3 crore, while EBITDA dropped 81% to Rs 15.2 crore from Rs 80.6 crore last year. The EBITDA margin contracted to 3%, down from 15% in the corresponding quarter.
The company clarified that all reported figures are provisional and subject to audit.
