Company Update : Keystone Realtors Ltd By JM Financial Services Ltd
Marginal beat on pre-sales
Keystone Realtors (Rustomjee) reported quarterly pre-sales of INR 7.6bn (+9% YoY; down 29% QoQ), slightly above our estimate of INR 7bn. Company achieved sales volume of 0.5msf (+9% YoY; down 21% QoQ) during the quarter and collections were at INR 6.0bn (+9% YoY; +5% QoQ). Rustomjee launched 1 project during the quarter (“Thirty3.15” at Bandra West”) having saleable area of 0.2msf and an estimated GDV of INR 9.5bn. In 1HFY26, it has launched 4 projects with an estimated GDV of INR 49.2bn.
* Steady quarter: Rustomjee reported quarterly pre-sales of INR 7.6bn (+9% YoY; down 29% QoQ), slightly above our estimate of INR 7bn. For 1HFY26, bookings stands at INR 18.3bn (+40% YoY). Company achieved sales volume of 0.5msf (+9% YoY; down 21% QoQ) during the quarter. In 2QFY26, collections were at INR 6.0bn (+9% YoY; +5% QoQ) and 1HFY26 collections stood at INR 11.8bn (+13% YoY).
* Launches and BD: Company launched 1 project during the quarter (“Thirty3.15” at Bandra West”) having saleable area of 0.2msf and an estimated GDV of INR 9.5bn. In 1HFY26, it has launched 4 projects with an estimated GDV of INR 49.2bn achieving c. 70% of FY26 guidance. On the business development front, Rustomjee has added 3 Projects with an estimated GDV of INR 77.3bn – surpassing full year guidance.
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SEBI Registration Number is INM000010361
