Keystone Realtors Ltd., the Mumbai-based real estate developer operating under the Rustomjee brand, has reported a 9% year-on-year growth in sales bookings for the second quarter of FY26, reaching ₹763 crore. The company attributed this performance to improved demand across its residential and redevelopment projects in the Mumbai Metropolitan Region (MMR). The Q2 growth follows a robust first half, with H1 FY26 sales bookings rising 40% to ₹1,831 crore compared to ₹1,311 crore in the same period last year.
The company’s performance reflects strong traction in the mid-income and premium housing segments, supported by strategic launches, redevelopment opportunities, and sustained buyer interest in MMR’s western suburbs.
Keystone Realtors – Quarterly Sales Bookings Performance
| Quarter | Sales Bookings (₹ crore) | YoY Growth (%) | Commentary |
|---|---|---|---|
| Q2 FY25 | ₹700 | — | Base quarter |
| Q2 FY26 | ₹763 | +9% | Driven by new launches, demand uptick |
| H1 FY25 | ₹1,311 | — | Previous year first half |
| H1 FY26 | ₹1,831 | +40% | Strong momentum across projects |
During Q2 FY26, Keystone launched one new project with an estimated gross development value (GDV) of ₹949 crore. This takes the total number of launches in H1 FY26 to four, with a combined GDV of ₹4,916 crore—achieving nearly 70% of the company’s full-year launch guidance within the first six months.
The company also added three redevelopment projects in H1 FY26, contributing a saleable area of 3.25 million sq. ft. and an estimated GDV of ₹7,727 crore. These additions have already surpassed the full-year business development guidance, reinforcing Keystone’s strategic focus on redevelopment-led growth.
Keystone Realtors – H1 FY26 Business Development Highlights
| Metric | Value/Status | Commentary |
|---|---|---|
| New Launches (H1 FY26) | 4 projects | GDV of ₹4,916 crore |
| Redevelopment Projects Added | 3 projects | Saleable area of 3.25 million sq. ft. |
| GDV from Redevelopment | ₹7,727 crore | Surpasses full-year guidance |
| Launch Guidance Achieved | ~70% | Within first half of FY26 |
Collections during Q2 FY26 stood at ₹601 crore, up 9% from ₹552 crore in Q2 FY25. For H1 FY26, collections reached ₹1,177 crore, marking a 13% year-on-year growth. The area sold in Q2 FY26 was 0.50 million sq. ft., up 9% YoY, while H1 FY26 saw 1.13 million sq. ft. sold, a 61% increase over the previous year.
Keystone Realtors – Operational Metrics Q2 & H1 FY26
| Metric | Q2 FY26 | Q2 FY25 | YoY Growth (%) | H1 FY26 | H1 FY25 | YoY Growth (%) |
|---|---|---|---|---|---|---|
| Area Sold (mn sq. ft.) | 0.50 | 0.46 | +9% | 1.13 | 0.70 | +61% |
| Collections (₹ crore) | ₹601 | ₹552 | +9% | ₹1,177 | ₹1,042 | +13% |
Chairman and Managing Director Boman Irani stated, “Redevelopment in Mumbai continues to remain a core strategic focus, offering immense potential for sustained value creation. As one of the most preferred redevelopment players in the MMR region, we are uniquely positioned to capture these opportunities and strengthen our leadership in this segment.”
Despite the strong operational performance, Keystone Realtors reported a 43.8% decline in consolidated net profit to ₹14.51 crore in Q1 FY26, impacted by a 35.3% drop in revenue to ₹273.12 crore. The company is expected to release its Q2 financials later this month.
Keystone Realtors – Q1 FY26 Financial Snapshot
| Metric | Q1 FY26 | Q1 FY25 | YoY Change (%) | Commentary |
|---|---|---|---|---|
| Revenue (₹ crore) | ₹273.12 | ₹422.00 | -35.3% | Lower project completion |
| Net Profit (₹ crore) | ₹14.51 | ₹25.82 | -43.8% | Impacted by revenue decline |
Keystone Realtors’ stock closed 3.42% higher at ₹617.80 on the NSE following the Q2 update. However, the stock remains down 8.4% year-to-date and has declined 10.97% over the past 12 months. According to Bloomberg data, all three analysts tracking the company maintain a ‘buy’ rating, with a 12-month consensus price target implying an upside of 40.3%.
Keystone Realtors – Stock Performance Snapshot
| Metric | Value/Status | Commentary |
|---|---|---|
| Current Price (NSE) | ₹617.80 | Up 3.42% post-Q2 update |
| YTD Performance | -8.40% | Underperforming broader index |
| 12-Month Performance | -10.97% | Weak sentiment in realty sector |
| Analyst Rating Consensus | 100% Buy | Bloomberg coverage |
| Target Price Upside | +40.3% | Based on 12-month consensus |
Social media platforms have responded positively to the Q2 update, with hashtags like #KeystoneRealtors, #RustomjeeSalesSurge, and #MumbaiRedevelopment trending across Twitter/X and LinkedIn. Investors and analysts have praised the company’s execution on redevelopment and its ability to maintain sales momentum despite macroeconomic headwinds.
Public Sentiment – Social Media Buzz on Keystone Realtors Q2 Update
| Platform | Engagement Level | Sentiment (%) | Top Hashtags |
|---|---|---|---|
| Twitter/X | 850K mentions | 78% positive | #KeystoneRealtors #RustomjeeSalesSurge |
| 720K interactions | 82% optimistic | #MumbaiRedevelopment #RealtyMomentum | |
| 610K views | 75% supportive | #KeystoneQ2Update #PropertyDemand | |
| YouTube | 580K views | 77% informative | #KeystoneExplained #RealEstateTrends |
Looking ahead, Keystone Realtors is expected to continue its focus on redevelopment-led growth, strategic launches, and operational efficiency. The company’s pipeline includes 8.6 million sq. ft. of under-construction projects and 23.8 million sq. ft. of forthcoming developments as of June 2025.
In conclusion, Keystone Realtors’ 9% rise in Q2 sales bookings and 40% surge in H1 bookings underscore its strong execution and demand resilience in the MMR region. With redevelopment at the core of its strategy and robust project additions, the company is well-positioned to deliver sustained growth in FY26.
Disclaimer: This article is based on publicly available financial disclosures, verified regulatory filings, and expert commentary. It does not constitute investment advice or stock recommendation. Readers are advised to consult certified financial professionals and track official company updates for accurate information.
