Keystone Realtors sees higher area sold in Q3 FY26 even as pre-sales dip

Keystone Realtors Limited reported strong volume growth but softer value metrics in the December quarter, pointing to a possible shift in its sales mix. In Q3FY26, the Mumbai-based developer saw a 13% year-on-year increase in area sold to 0.46 million sq ft, even as pre-sales declined 3% to ₹837 crore and collections fell 3% to ₹524 crore.

On a nine-month basis (9MFY26), the performance remained robust. Area sold jumped 43% year-on-year to 1.59 million sq ft, while pre-sales rose 23% to ₹2,676 crore and collections increased 12% to ₹1,768

crore.

The company said it has achieved 67% of its full-year FY26 pre-sales guidance in the first nine months.

Following the Q3 business update, shares of the company were trading 0.61% down at ₹518.60 as of 12 pm. The stock has lost 21.93% in the past six months.

“The company continues to demonstrate strong operational momentum,” said Boman Irani, CMD, Keystone Realtors, adding that Q3FY26 marked a quarter of robust performance driven by disciplined execution.

On the launches front, the company launched one project in Q3FY26 with an estimated GDV of ₹919 crore, taking YTD launches to five projects with a combined GDV of ₹5,836 crore, achieving about 83% of its full-year launch guidance within nine months, Irani added.

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Business development activity also remained strong and focused entirely on redevelopment. The company added one project in Q3FY26 with a saleable area of 0.13 million sq ft and GDV of ₹382 crore. For YTD FY26, Keystone has added four redevelopment projects with a cumulative saleable area of 3.48 million sq ft and an estimated GDV of ₹8,649 crore, surpassing its full-year business development guidance.

Highlighting strategy, Irani said, “Redevelopment in Mumbai continues to remain a core strategic focus,” citing strong execution capabilities and a robust pipeline to support growth through the remainder of FY26.

The company added that all figures are provisional and subject to audit.

Q2 Result

For the September quarter (Q2FY26), Keystone Realtors had reported a sharp deterioration in profitability. Net profit plunged 87% year-on-year to ₹8.5 crore, from ₹66.3 crore a year earlier.

Revenue declined 6.3% YoY to ₹499.3 crore, while EBITDA fell 81% to ₹15.2 crore from ₹80.6 crore in the year-ago period. EBITDA margin contracted sharply to 3%, from 15% in the corresponding quarter last year.