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Keystone Realtors Q2 FY27 results: net profit ₹153.12 crore vs ₹9.89 crore, revenue up 93.7%
Keystone Realtors Limited reported consolidated revenue of ₹966.98 crore for Q2 FY27, up 93.7% from ₹499.28 crore a year ago, with EBITDA of ₹140.03 crore and a net profit of ₹153.12 crore. Profit attributable to owners was ₹153.16 crore and basic EPS was ₹12.13, against ₹0.68 in Q2 FY26. The company also filed an investor presentation recording Q2 pre-sales of ₹14.23 billion and a target of INR 10,000 Crore pre-sales by FY30.
Key points
- Consolidated revenue rose 93.7% year on year to ₹966.98 crore and was up 105.6% from ₹470.29 crore in Q1 FY27.
- EBITDA rose to ₹140.03 crore from ₹15.41 crore, and the margin was 14.5% against 3.1% a year ago.
- Net profit was ₹153.12 crore against ₹9.89 crore in Q2 FY26, and basic EPS was ₹12.13 against ₹0.68.
- Total expenses rose 78.8% to ₹900.54 crore, including cost of materials of ₹659.77 crore, up 129.3% year on year.
- At 30 September 2026, cash was ₹363.37 crore and borrowings were ₹1531.37 crore, against ₹468.21 crore and ₹1463.43 crore at 31 March 2026.
How did Keystone Realtors perform in Q2 FY27?
Keystone Realtors reported consolidated revenue of ₹966.98 crore for the quarter ended 30 September 2026, up 93.7% from ₹499.28 crore in Q2 FY26 and 105.6% from ₹470.29 crore in Q1 FY27. Total income rose 93.2% year on year to ₹1006.35 crore. EBITDA was ₹140.03 crore against ₹15.41 crore a year ago, and the EBITDA margin widened by 11.4 percentage points to 14.5%. The margin was lower than the 17.5% recorded in Q1 FY27.
Profit before tax was ₹105.81 crore against ₹17.32 crore in Q2 FY26 and ₹69.24 crore in the previous quarter. After tax of ₹27.01 crore, net profit was ₹153.12 crore, compared with ₹9.89 crore a year ago and ₹52.37 crore in Q1 FY27. Profit attributable to owners was ₹153.16 crore, and basic EPS was ₹12.13 against ₹0.68 a year ago and ₹4.21 in the previous quarter. On the standalone basis, revenue was ₹192.07 crore and the company reported a net loss of ₹3.22 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 966.98 | 470.29 | 499.28 | +93.7% | +105.6% |
| Other income | 39.37 | 22.97 | 21.62 | +82.1% | +71.4% |
| Total expenses | 900.54 | 424.02 | 503.58 | +78.8% | +112.4% |
| EBITDA | 140.03 | 82.20 | 15.41 | +808.7% | +70.4% |
| EBITDA margin | 14.5% | 17.5% | 3.1% | +11.4 pp | −3.0 pp |
| Profit before tax | 105.81 | 69.24 | 17.32 | +510.9% | +52.8% |
| Tax | 27.01 | 17.95 | 7 | +285.9% | +50.5% |
| Net profit | 153.12 | 52.37 | 9.89 | +1448.2% | +192.4% |
| EPS (₹) | 12.13 | 4.21 | 0.68 | +1683.8% | +188.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Keystone Realtors' costs and profit?
Total expenses rose 78.8% year on year to ₹900.54 crore, and cost of materials was the largest increase at ₹659.77 crore, up ₹372.03 crore or 129.3%. Employee cost rose 133.7% to ₹92.43 crore, other expenses rose 107.1% to ₹128.89 crore, and depreciation rose 181.0% to ₹11.21 crore.
Finance costs rose 296.8% from ₹15.72 crore to ₹62.38 crore, an increase of ₹46.66 crore. Other income rose 82.1% to ₹39.37 crore, up ₹17.75 crore from ₹21.62 crore. There was no exceptional item in either Q2 FY27 or Q2 FY26. Tax expense was ₹27.01 crore against ₹7 crore a year ago, an increase of ₹20.01 crore. Against the previous quarter, total expenses were up ₹476.52 crore, other income was up ₹16.40 crore, and tax was up ₹9.06 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 659.77 | 287.74 | +372.03 | +129.3% |
| Employee cost | 92.43 | 39.55 | +52.88 | +133.7% |
| Finance costs | 62.38 | 15.72 | +46.66 | +296.8% |
| Depreciation | 11.21 | 3.99 | +7.22 | +181.0% |
| Other expenses | 128.89 | 62.24 | +66.65 | +107.1% |
| Total expenses | 900.54 | 503.58 | +396.96 | +78.8% |
| Other income | 39.37 | 21.62 | +17.75 | +82.1% |
| Tax | 27.01 | 7 | +20.01 | +285.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹6989.52 crore at 30 September 2026, against ₹6722.57 crore at 31 March 2026. Total equity rose to ₹3063.24 crore from ₹2894.44 crore, and borrowings rose to ₹1531.37 crore from ₹1463.43 crore. Cash fell to ₹363.37 crore from ₹468.21 crore, while inventories rose to ₹3724.28 crore from ₹3669.36 crore.
Trade receivables declined to ₹258.24 crore from ₹338.99 crore, and trade payables fell to ₹1031.17 crore from ₹1045.11 crore. For H1 FY27, operating cash flow was -₹90.38 crore against -₹102.63 crore in H1 FY26, investing cash flow was ₹2.73 crore against -₹189.5 crore, and financing cash flow was -₹17.19 crore against ₹221.67 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 6,990 | 6,723 |
| Total equity | 3,063 | 2,894 |
| Borrowings | 1,531 | 1,463 |
| Cash and equivalents | 363.37 | 468.21 |
| Inventories | 3,724 | 3,669 |
| Trade receivables | 258.24 | 338.99 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −90.38 | −102.63 |
| Cash from investing | 2.73 | −189.50 |
| Cash from financing | −17.19 | 221.67 |
| Capital expenditure | 0 | 0 |
Source: Company's results filing (XBRL).
How has Keystone Realtors done over the last 8 quarters?
Revenue in the reported quarters has been uneven, reaching ₹1595.97 crore in Q4 FY26 and falling to ₹470.29 crore in Q1 FY27 before rising to ₹966.98 crore in Q2 FY27. Profit after tax followed a similar path, bottoming at ₹5.08 crore in Q3 FY26 and rising from ₹63.65 crore in Q4 FY26 to ₹52.37 crore in Q1 FY27 and ₹153.12 crore in Q2 FY27. Revenue rose year on year in each of the last three quarters, and profit rose year on year in each of the last two.
The EBITDA margin moved from 8.9% in Q3 FY25 to 3.1% in Q2 FY26, then rose to 17.5% in Q1 FY27 before easing to 14.5% in Q2 FY27. The current quarter therefore sits below the recent margin peak of 17.5% and above the low of 3.1%, while revenue and profit are both higher than in the two quarters immediately before Q4 FY26.
What else did the company announce?
The board met on 4 November 2026 and approved the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026. Walker Chandiok & Co LLP issued a limited review report with an unmodified opinion on the unaudited consolidated and standalone results, and the filing was submitted under SEBI's integrated filing circular. The meeting began at 12:15 PM and concluded at 12:50 PM.
The company also filed an investor presentation on 4 November 2026 on the same results, and separately intimated on 14 October 2026 that the board would consider the results for the quarter and half year ended 30 September 2026. The filings available for this result record the approval of the financial results and the investor presentation, and do not mention a dividend, a fund raise or an appointment.
What did Keystone Realtors' management say?
Management said pre-sales for Q2 FY27 were ₹14.23 Bn, up 84% year on year, and H1 pre-sales of ₹20.41 Bn were already 41% of the ₹50 Bn FY27 guidance, led by luxury and super premium projects. The company expects FY27 pre-sales of INR 50 Bn, and estimates GDV to be launched in FY27 is ~INR 80 Bn, with project additions of INR 80 Bn. Management also said gross debt/equity stayed conservative at 0.28:1 with an AA-/Stable rating.
Management said the pipeline is redevelopment-heavy, with ₹203 Bn ongoing and ₹408 Bn forthcoming GDV, and set out a target of INR 10,000 Crore Pre-Sales by FY30 at ~26% CAGR. The company expects a gross debt to equity ratio of < 0.75:1 for FY27. Management said the growth model rests on cluster redevelopment, premiumisation of the pipeline, an asset-light model with JDA and JV structures, plotted development and commercial annuity income.
How did Keystone Realtors shares react?
After the filing appeared, the stock was up 2.3% at 5 minutes, 2.9% at 15 minutes and 0.8% at 30 minutes. On the reaction day it closed 0.8% above the previous close of ₹357.25, and by the next day's close it was up 1.0% from that pre-results close. The industry median move was 1.7% on the reaction day and 3.5% by the next day's close, so the stock was 0.8 percentage points behind the sector on the reaction day and 2.5 percentage points behind by the next day's close.
Earlier results-day moves were mixed: 4.5% on 4 August 2026, -2.8% on 12 May 2026, -4.7% on 4 February 2026, 0.3% on 12 November 2025, -6.9% on 5 August 2025, 2.0% on 14 May 2025, -7.8% on 11 February 2025 and -0.0% on 11 November 2024. The Nifty Microcap 250 was up 2.2% on the reaction day. Five-day and one-month moves were not available.
| After the filing | Stock | Residential Commercial Projects median |
|---|---|---|
| 5 minutes | +2.3% | |
| 15 minutes | +2.9% | |
| 30 minutes | +0.8% | |
| Reaction day | +0.8% | +1.7% |
| Next day | +1.0% | +3.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 4 August 2026 | +4.5% |
| 12 May 2026 | −2.8% |
| 4 February 2026 | −4.7% |
| 12 November 2025 | +0.3% |
| 5 August 2025 | −6.9% |
| 14 May 2025 | +2.0% |
| 11 February 2025 | −7.8% |
| 11 November 2024 | −0.0% |
Source: MarketPing price-reaction measurement.
How did other Residential Commercial Projects companies do?
Among the 42 Residential Commercial Projects companies compared for this quarter, the median revenue growth was 15.7% as of 6 November 2026. Thirty-four peers grew more slowly than Keystone Realtors and eight grew faster, while 23 of the 42 reported higher profit. Keystone Realtors' own revenue growth of 93.7% was above the peer median.
| Keystone Realtors revenue growth (YoY) | +93.7% |
|---|---|
| Median of 42 other Residential Commercial Projects companies | +15.7% |
| Companies with slower revenue growth than Keystone Realtors | 34 of 42 |
| Companies with faster revenue growth than Keystone Realtors | 8 of 42 |
| Companies whose net profit rose | 23 of 42 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Keystone Realtors' revenue in Q2 FY27?
Revenue from operations was ₹966.98 crore, up 93.7% from ₹499.28 crore in Q2 FY26 (consolidated).
Did Keystone Realtors make a profit in Q2 FY27?
Yes. Net profit was ₹153.12 crore, against a net profit of ₹9.89 crore in Q2 FY26.
What was Keystone Realtors' EPS in Q2 FY27?
Basic earnings per share were ₹12.13, against ₹0.68 in Q2 FY26.
How did Keystone Realtors shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.8% from the previous close; the median Residential Commercial Projects stock moved +1.7%.
When did Keystone Realtors announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting (BSE, 14 October 2026) · PDF
- Board Meeting Outcome for Integrated Filing (Financial) For The Quarter And Half Year Ended September 30, 2026 (BSE, 4 November 2026) · PDF
- Integrated Filing (Financial) For The Quarter And Half Year Ended September 30, 2026 (BSE, 4 November 2026) · PDF
- The investor presentation (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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