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Revenue
₹1,596 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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What the record says.
Keystone Realtors delivered a stellar Q4 FY26 with pre-sales of ₹1,346 crore, up 58% YoY, and full-year pre-sales of ₹4,022 crore (+33% YoY), meeting guidance. The company achieved its highest-ever quarterly pre-sales, driven by strong demand in premium and emerging premium segments. Collections rose 13% to ₹2,622 crore, and operational cash flow stood at ₹715 crore. Management guided for FY27 pre-sales of ₹5,000 crore and reiterated the FY30 target of ₹10,000 crore, supported by a robust pipeline of cluster redevelopments and commercial annuity assets. The transition to percentage-of-completion accounting will better reflect margins. A key risk is potential input cost inflation (8-13% on certain items) due to global commodity volatility, though the company's pricing strategy provides some insulation.
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Guidance to track
- Management guided for pre-sales of ₹5,000 crore in FY27, representing ~25% growth over FY26.
- Long-term target to achieve ₹10,000 crore pre-sales by FY30, implying a CAGR of ~26% from FY27.
- Management expects to launch projects with an estimated GDV of ₹8,000 crore in FY27.
- Target to acquire projects with GDV of ₹8,000 crore or more in FY27.
Risks flagged
- Commodity price volatility (steel, aluminium, glass) could increase construction costs by ~5% overall, with certain items up 8-13%.
- Legacy low-margin projects (e.g., Crown) still contribute 62% of revenue in FY26; full transition to high-margin projects expected only by FY28.
- Middle East crisis could slow footfalls and conversions, especially in the 1-3 crore segment, though premium demand remains resilient.
Key quotes
- Our pre-sales have grown 2.5 times in just three years. We were at 1,640 crores in FY23 and today we are at 4,022 crores in FY26. That is a CAGR of 36%.
- The path to 10,000 crores begins. The first step is this year will be a pre-sales of 5,000 crores.
- Our financial performance will truly begin to mirror the operational strength we have been building.
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