Keystone Realtors Q1 Profit Falls 44% to ₹14.51 Crore

6 Aug 2025 , 11:57 AM

Keystone Realtors Ltd, the real estate developer behind the Rustomjee brand, reported a 44% year-on-year decline in consolidated net profit for the June quarter, even as it notched up its best-ever pre-sales performance.

The company posted a net profit of ₹14.51 crore in Q1FY26. This is down from ₹25.82 crore in the same quarter last year. Total income also slipped 34% year-on-year to ₹288.64 crore. This is compared to ₹437.20 crore a year ago.

Despite the muted headline numbers, the company’s operational performance remained robust. Pre-sales for the quarter surged to a record ₹1,068 crore, marking a 75% jump over the year-ago period.

Boman Irani, Chairman and Managing Director of Keystone Realtors, said the company began FY26 on a strong note, backed by healthy demand trends and the successful launch of new projects. He added that the drop in revenue does not reflect 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. Irani noted that this change will offer a more accurate view of the company’s performance in future quarters.

“We remain well-capitalized and our balance sheet is healthy,” he said, adding that Keystone is 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). So far, 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.

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