Keystone Realtors Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
RUSTOMJEE · price
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Keystone Realtors reported consolidated revenue of Rs 2,634 crore for FY2026, up 31.5% from Rs 2,004 crore in FY2025, driven by higher sales in the real estate business. However, profit after tax fell nearly 50% to Rs 95 crore from Rs 188 crore in the prior year. Operating margins compressed sharply to 12.3% from 21.3% previously, while net profit margins dropped to 3.7% from 9.4%. Finance costs increased 53.6% to Rs 791 crore due to higher debt levels for project funding. The auditors issued an unmodified (clean) opinion on the financial statements. The company also issued Rs 333 crore in listed NCDs secured against unsold units in the Rustomjee Crown project.
Despite strong topline growth, the sharp decline in profitability and margin compression due to higher interest costs is a concern for investors. The clean audit opinion provides assurance on financial reporting accuracy, but the elevated debt levels and reduced earnings warrant close monitoring of cash flows and debt servicing capacity.