Keystone Realtors Ltd — Q4 FY26

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.