Quarter Ended: March 2026
Keystone Realtors Limited – Q4 FY26 Results
NSE
rustomjee
BSE
543669
Keystone Realtors reported a sharp jump in Q4 FY26 revenue led by project execution and inventory recognition, while annual profitability declined significantly due to higher costs and margin pressure.
key financial highlights
- Revenue from Operations:
- Revenue (Q4 FY26): ₹1,59,597 Lakhs
- QoQ Change: +499.53%
- YoY Change: +172.88%
- Previous Quarter (Q3 FY26): ₹26,617 Lakhs
- Previous Year (Q4 FY25): ₹58,485 Lakhs
- Revenue (Q4 FY26): ₹1,59,597 Lakhs
- Profit After Tax (PAT):
- PAT (Q4 FY26): ₹6,365 Lakhs
- QoQ Change: +1153.15%
- YoY Change: -4.93%
- Previous Quarter (Q3 FY26): ₹508 Lakhs
- Previous Year (Q4 FY25): ₹6,695 Lakhs
- PAT (Q4 FY26): ₹6,365 Lakhs
- QoQ Performance:
- Revenue: Revenue expanded substantially due to strong real estate project execution and higher booking conversion into recognized sales.
- Profit: Sequential profit improved sharply because of operating leverage from higher revenue absorption.
- Revenue: Revenue expanded substantially due to strong real estate project execution and higher booking conversion into recognized sales.
Margin Analysis
Drivers:
- Construction costs increased materially.
- Finance costs remained elevated.
- Inventory adjustments impacted margin structure.
- Higher employee and operational expenses affected annual profitability.
- Better revenue absorption improved quarterly operating margins.
Insight:
- Q4 operating performance improved sharply, but annual margin profile remains weaker compared to FY25 levels.
Segment insight
Business Summary:
Keystone Realtors operates primarily in the premium and luxury residential real estate segment with a strong redevelopment-led Mumbai-focused portfolio.
Key Characteristics:
- Premium residential developer
- Redevelopment-focused business model
- Mumbai Metropolitan Region concentration
- Asset-light joint development strategy
- Revenue recognition linked to project completion milestones
Earning quality check
Key Drivers:
- Operating cash flow turned significantly negative at ₹(50,905) Lakhs.
- Working capital expansion remained substantial.
- Trade receivables increased sharply.
- Inventory monetization improved partially.
- Financing cash inflows supported liquidity.
- Borrowings increased significantly during FY26.
Interpretations:
- While accounting revenue growth remained strong, cash conversion weakened materially because of aggressive project expansion and working capital requirements.
balance sheet Analysis
- Total Assets: ₹6,72,257 Lakhs
- Total Liabilities: ₹3,82,813 Lakhs
Insight:
- The balance sheet expanded moderately due to higher borrowings, project investments, and working capital deployment.
Key Observations:
- Equity increased to ₹2,89,444 Lakhs.
- Current borrowings rose sharply.
- Cash balances declined during FY26.
- Inventory remained a major balance sheet component.
- Financial liabilities increased due to project financing requirements.
key risks
- Real estate demand slowdown risk.
- High dependency on Mumbai market conditions.
- Elevated working capital requirements.
- Rising interest rate sensitivity.
- Execution delays in redevelopment projects.
- Cash flow volatility due to milestone-based revenue recognition.
management strategy signals
Focus Area:
- Accelerating project execution
- Redevelopment project expansion
- Premium housing focus
- Joint venture and asset-light growth
- Strengthening project pipeline
Financial metrics table
| Particular | Q4 FY26 | Q.O.Q | Y.O.Y |
|---|---|---|---|
| Total Income | ₹1,61,336 Lakhs | +448.87% | +151.22% |
| PBT | ₹6,728 Lakhs | +541.98% | -22.33% |
| PAT | ₹6,365 Lakhs | +1153.15% | -4.93% |
Keystone Realtors delivered an exceptionally strong Q4 FY26 operational performance driven by project execution and revenue recognition momentum.
However, the broader annual picture remains mixed due to weaker profitability, rising debt levels, negative operating cash flow, and elevated cost pressures.
The company’s long-term outlook remains linked to sustained execution strength in Mumbai redevelopment projects and its ability to improve cash flow conversion and operating margins.
Official Exchange Filing: Keystone Realtors Limited
Quarterly Performance Context
FISCAL YEAR
2025-2026
AUDIT STATUS
REVIEWED