Whalesbook
Keystone Realtors, operating under the Rustomjee brand, has charted an ambitious course, targeting Rs 10,000 crore in pre-sales by fiscal year 2030. This goal follows a strong performance in fiscal year 2025, where the developer recorded Rs 4,022 crore in pre-sales bookings, marking a significant 33% year-on-year growth. The company also achieved its highest-ever quarterly pre-sales figure in the January-March quarter, reaching Rs 1,346 crore, a 58% jump from the previous year.
FY26 Operational Achievements
The developer's momentum continued into fiscal year 2026, which saw substantial growth across key operational metrics. Keystone Realtors successfully added five new projects with a gross development value (GDV) of Rs 10,420 crore. This figure dramatically surpassed the full-year guidance of Rs 6,000 crore by 174%, demonstrating an 118% year-on-year increase. Furthermore, seven projects were launched during the year, boasting an estimated GDV of Rs 9,813 crore, exceeding the FY26 guidance of Rs 7,000 crore by 140%.
Financial Performance Highlights
Financially, Keystone Realtors reported consolidated revenue from operations for FY26 at Rs 2,635 crore. Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at Rs 204 crore, with a profit after tax (PAT) of Rs 95 crore. Collections for FY26 reached Rs 2,622 crore, up 13% year-on-year, while operating cash flows were reported at Rs 715 crore. The company maintained a robust financial position, with gross debt at approximately Rs 755 crore and a debt-to-equity ratio of 0.26:1, ensuring a net cash-positive status throughout the year.
Expansion and Future Outlook
The company's strategic vision extends beyond its current footprint. Keystone Realtors plans to expand its operations into Pune, Nagpur, and Nashik, signaling a broad regional growth strategy. This move, coupled with disciplined execution, forms the backbone of its aspiration to become a Rs 10,000 crore pre-sales entity, creating long-term shareholder value. CMD Boman Irani highlighted that the company's market share in the Mumbai Metropolitan Region (MMR) has nearly doubled since FY23.