Shares of Keystone Realtors Ltd. were trading higher on Wednesday, November 4, after the real estate developer reported its September quarter (Q2 FY27) results. While revenue remained largely flat year-on-year, the company posted a sharp increase in net profit and reported an improvement in its EBITDA margin.
Keystone Realtors reported revenue of ₹497 crore for Q2 FY27, marginally lower by 0.4% from ₹499 crore in the corresponding quarter last year.
Net profit, however, surged to ₹100 crore from ₹8.5 crore in the year-ago period. EBITDA increased 13.5% year-on-year to ₹58.3 crore, compared with ₹51.4 crore in Q2 FY26. The EBITDA margin also improved to 11.7% from 10.3% a year earlier.
Boman Irani, Chairman and Managing Director of Keystone Realtors, said the company recorded its highest-ever quarterly pre-sales of ₹1,423 crore in Q2 FY27, marking an 84% year-on-year growth. This also helped the company achieve record first-half pre-sales of ₹2,041 crore in H1 FY27.
The developer said it had achieved around 41% of its full-year FY27 pre-sales guidance in the first six months of the financial year. Demand for its luxury and super-premium projects was a key driver of the performance, Irani said.
During the September quarter, Keystone Realtors commenced two projects with an estimated gross development value (GDV) of ₹2,242 crore. One of these is a commercial project, which will expand the company’s commercial portfolio and help diversify its revenue mix through recurring annuity income.
The company also launched one tower at Urbania in Q3 FY27, with an estimated GDV of ₹886 crore. It expects its pipeline of upcoming launches in the remainder of FY27, along with the festive-season demand, to support its pre-sales target for the year.
Project additions and execution
Keystone Realtors added two projects with an estimated GDV of ₹547 crore during H1 FY27. The company said these strategic additions would help unlock scale and accelerate cash flows over the long term.
On the execution front, the developer completed three RERA-registered projects with a total construction area of 1.32 million square feet during Q2 FY27. This took the total number of projects completed in H1 FY27 to four, covering a combined construction area of 1.39 million square feet.
The projects were completed 9–15 months ahead of their respective RERA timelines, the company said, highlighting its execution track record.
At the time of writing, Keystone Realtors shares were trading 2.48% higher at ₹368.85. However, the stock has declined more than 30% so far in 2026.
Keystone Realtors Q2 Results: Net profit surges, pre-sales grow 84% to record ₹1,423 crore