Keystone Realtors Q1 FY27 Results: Revenue Up 72% YoY; PAT Surges 221% YoY to ₹52 Crore

What Happened ?

Keystone Realtors Limited announced its Q1 FY27 financial results, reporting revenue from operations of ₹470 crore, up 72% YoY. EBITDA surged to ₹105 crore from ₹29 crore in Q1 FY26, with EBITDA margin expanding to 21.3%. PAT stood at ₹52 crore, up 221% YoY, marking the highest-ever Q1 PAT. Pre-sales were ₹617 crore, while collections stood at ₹599 crore. The company added two new projects with GDV of ₹547 crore and has a launch pipeline of ₹8,000 crore across MMR.

key details

• Revenue from operations up 72% YoY to ₹470 crore.
• EBITDA up 262% YoY to ₹105 crore; EBITDA margin at 21.3% (up from 10.1%).
• PAT up 221% YoY to ₹52 crore – highest-ever Q1 PAT.
• Pre-sales at ₹617 crore; collections at ₹599 crore; operating cash flow at ₹68 crore.
• Added 2 new projects with GDV of ₹547 crore.
• Robust launch pipeline of ₹8,000 crore GDV across MMR.
• Completed 1 project (0.07 mn sq. ft.).
• Gross Debt/Equity at 0.30:1; Net Debt/Equity at 0.02:1.
• Dual “AA- (Stable)” credit ratings: ICRA upgraded from “A+ (Stable)” to “AA- (Stable)” alongside CRISIL’s “AA- (Stable)”.
• 41 completed projects; 17 ongoing; 21 forthcoming.
• Over 29+ million sq. ft. delivered; pipeline of 46+ million sq. ft.

Note:

• The company’s asset-light business model, strong balance sheet, and healthy liquidity position support growth opportunities and efficient execution of the development pipeline.

Risk Analysis

Summary:

• While the company delivered strong Q1 performance, risks include project execution timelines, regulatory approvals, and market conditions.

Key Risks:

• Project execution and completion timelines.
• Regulatory approvals and clearances for new projects.
• Market conditions affecting real estate demand in MMR.
• Construction cost inflation and raw material price volatility.
• Competition from other real estate developers.
• Interest rate movements affecting buyer affordability.

Worst Case:

• Delays in project approvals or execution, or a slowdown in MMR real estate demand, could impact revenue and profitability.

Risk Level: Medium

Company Commentary

Management highlighted that:

• Mr. Boman Irani, Chairman and Managing Director, Keystone Realtors Limited: “Q1FY27 marks a steady start to the year as we build on the strong momentum achieved in FY26. During the quarter, we recorded pre-sales of INR 6.17 billion, supported by resilient sustenance sales and continued homebuyer confidence in our projects.”
• “Looking ahead, we have a robust pipeline of launches having an estimated GDV of INR 80 billion planned across the MMR over the coming quarters. These launches are expected to strengthen our market position and support our objective of achieving the pre-sales guidance for FY27.”
• “Backed by our execution capabilities, disciplined project delivery, and favourable market fundamentals, we remain well positioned to drive sustainable growth.”
• “We delivered robust growth across key financial parameters. Our Revenue from Operations increased by 72% YoY from INR 2.73 billion in Q1FY26 to INR 4.70 billion in Q1FY27. EBITDA increased from INR 0.29 billion to INR 1.05 billion, reflecting a significant YoY growth. Our EBITDA margin is 21.3% in Q1FY27 compared to 10.1% in Q1FY26.”
• “We also delivered strong bottom-line growth, with PAT increased from INR 0.16 billion in Q1FY26 to INR 0.52 billion in Q1FY27, representing a significant YoY growth. Our highest ever Q1 PAT performance.”
• “These results reflect the strength of our business model, disciplined execution, and continued focus on driving sustainable growth and value creation for our stakeholders.”