Keystone Realtor Q2FY27: operating margin climbs to 29.4%, but H1 pre-sales cover only 41% of annual target (NSE: RUSTOMJEE)
On 4 November 2026, Keystone Realtor (NSE: RUSTOMJEE, BSE: 543669) filed its Q2FY27 results. Consolidated revenue was ₹49,669 lakh — roughly ₹497 crore — broadly flat compared with the same quarter a year earlier. The operating margin expanded to 29.4%, and profit after tax rose 919% to ₹10,075 lakh, driven by a ₹7,324 lakh profit from associates versus a loss in the year-ago quarter. The filing is available on BSE with the same date.
Margin expansion from 9.5% to 29.4% in two quarters
The Q2 numbers mark a sharp step up from the quarter that preceded them. The Q1FY27 filing of 4 August 2026 had reported consolidated revenue of ₹47,029 lakh (+72.2% YoY) and an operating margin of 18.3%, compared with 9.5% a year earlier. By Q2, the margin figure pushed to 29.4%. Both figures come from the respective quarterly filing documents on BSE — the Q1 filing dated 4 August 2026 and the Q2 filing dated 4 November 2026.
The associates windfall in Q2 PAT
The Q2FY27 filing attributes almost three-quarters of the quarter’s PAT to associates. Of the ₹10,075 lakh consolidated PAT, ₹7,324 lakh came from the share of profit of associates; in the corresponding quarter last year the line had shown a loss. The standalone operating performance, while improved, was therefore supplemented by a non-operating item that swelled the bottom line.
Q1 filing conflicted on consolidated PAT
The Q1FY27 XBRL filing (4 August 2026) reported a consolidated PAT of ₹0, even though the company’s press release for the same quarter disclosed PAT of ₹52 crore. The platform noted that the apparent conflict needed reconciliation. The Q2 filing does not carry a similar discrepancy, but the Q1 reporting oddity remains on the record.
Credit profile strengthened before the QIP
Between June and August 2026, three rating actions appeared in rapid succession:
- 30 June 2026: ICRA upgraded the long-term rating to [ICRA]AA- (Stable) from [ICRA]A+ (Stable), covering term loans of ₹395 crore, an overdraft of ₹4.1 crore, unallocated limits of ₹600.9 crore, non-convertible debentures of ₹325 crore, and the issuer rating.
- 14 July 2026: CRISIL assigned/reaffirmed CRISIL AA-/Stable to bank loan facilities and reaffirmed the same rating for ₹335 crore of NCDs.
- 22 July 2026: India Ratings withdrew its IND A+/Positive rating on a ₹3,000 million term loan facility, with the rating affirmed immediately before withdrawal.
On 26 August 2026, the board approved an issuance of rated, secured non-convertible debentures aggregating up to ₹405 crore on a private-placement basis. Then, on 8 October 2026, the company announced a qualified institutions placement (QIP) to raise up to ₹450 crore, with a floor price of ₹404.19 per equity share.
Pre-sales target affirmed, but H1 covers 41% of FY27 goal
An operational update filed on 14 October 2026 reaffirmed the company’s FY27 targets: pre-sales of ₹50 Bn, launches/GDV additions of ₹80 Bn, and a gross debt-to-equity ratio below 0.75:1.
The 4 November Q2 results filing stated that the quarter saw record pre-sales and launch momentum — and then disclosed that H1 pre-sales had reached only 41% of the full-year guidance. No revised target was provided.
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The filing evidence
| Date | What the filing said | Detail | Source |
|---|---|---|---|
| 4 Aug 2026 | Q1FY27 consolidated revenue was ₹47,029 lakh, +72.2% YoY, while operating margin rose to 18.3% from 9.5%; EPS increased to ₹4.21, but 33.2% of consolidated PBT came from other income and the XBRL PAT field reports ₹0. | filing | |
| 4 Aug 2026 | Q1FY27 revenue rose 72% YoY to ₹470.29 crore and EBITDA margin expanded to 22.4%, but the XBRL-reported consolidated PAT of ₹0 conflicts with the release's ₹52 crore PAT disclosure and requires reconciliation. | filing | |
| 4 Aug 2026 | Consolidated revenue ₹470 Cr (+72% YoY) driven by project deliveries, but consolidated PAT is zero as other income (33% of PBT) clouds operating earnings; standalone profit plunges 52% on sharply lower revenue. | filing | |
| 4 Nov 2026 | Q2FY27 revenue was ₹49,669 lakh, broadly flat YoY, while operating margin expanded to 29.4% and PAT rose 919% to ₹10,075 lakh, primarily because associates contributed ₹7,324 lakh versus a loss last year. | filing | |
| 4 Nov 2026 | Q2FY27 revenue was INR 497 crore, EBITDA rose 100% YoY to INR 74 crore at a 14.5% margin, and PAT reached INR 101 crore; the key trajectory is record pre-sales and launch momentum, though H1 pre-sales are only 41% of FY27 guidance. | filing | |
| 30 Jun 2026 | ICRA upgrades Keystone Realtors' credit rating to AA- (Stable) from A+ (Stable) across bank facilities, NCDs, and issuer rating. | Keystone Realtors announced that ICRA has upgraded its long-term credit rating to [ICRA]AA- (Stable) from [ICRA]A+ (Stable) for its term loans of ₹395 crore, overdraft of ₹4.1 crore, unallocated limits of ₹600.9 crore, non-convertible debentures of ₹325 crore, and the issuer rating. | filing |
| 30 Jun 2026 | Keystone Realtors responds to BSE volume movement query, attributing the spike to market factors and confirming no undisclosed material event. | Keystone Realtors issued a clarification to the Bombay Stock Exchange in response to a volume movement query, stating that the price fluctuation was market-driven and that there is no pending material information required to be disclosed under SEBI LODR regulations. | filing |
| 14 Jul 2026 | CRISIL assigns/reaffirms AA-/Stable credit rating to Keystone Realtors' bank facilities and NCDs, following ICRA's upgrade to AA- just two weeks prior. | Keystone Realtors received a credit rating assignment from CRISIL for its bank loan facilities at 'CRISIL AA-/Stable' and a reaffirmation of the same 'CRISIL AA-/Stable' rating for its ₹335 crore Non-Convertible Debentures. | filing |
| 22 Jul 2026 | India Ratings withdraws Keystone Realtors' bank loan rating of 'IND A+/Positive' after receiving lender no-objection and issuer's request. | India Ratings and Research (Ind-Ra) has withdrawn the 'IND A+/Positive' credit rating assigned to Keystone Realtors' bank loan facilities (₹3,000 million term loan from ICICI Bank) effective July 22, 2026, following a withdrawal request from the company and a no-objection certificate from the lenders. The rating was affirmed at 'IND A+/Positive' immediately before withdrawal. | filing |
| 4 Aug 2026 | Q1FY27 revenue was ₹470.29 Cr and EBITDA ₹105.17 Cr at a 22.4% margin, while pre-sales fell 42% YoY to ₹6.17 Bn; the trajectory depends on converting the premium redevelopment pipeline into launches and cash flows. | filing | |
| 7 Aug 2026 | Keystone delivered strong Q1FY27 with pre-sales of ₹617 Cr, revenue growth of 72% YoY, and EBITDA margin expansion to 21.3%, while maintaining OCF guidance of ₹1,000 Cr for FY27 and detailing a ~₹8,000 Cr launch pipeline. | filing | |
| 24 Aug 2026 | ICRA reaffirms AA-/Stable rating on Keystone Realtors' bank facilities & NCDs and assigns same to new ₹385 Cr NCDs. | ICRA reaffirmed its 'ICRA AA-/Stable' rating on Keystone Realtors' existing ₹285 Cr non-convertible debentures, ₹1,000 Cr bank loan facilities, and issuer rating, and assigned the same rating to a proposed ₹385 Cr NCD issuance. | filing |
| 26 Aug 2026 | Keystone Realtors board approves raising up to Rs 405 crore via NCDs on private placement basis | The Board of Directors of Keystone Realtors approved the issuance of senior, secured, redeemable, listed, rated, non-convertible debentures aggregating up to Rs 405 crore on a private placement basis. | filing |
| 8 Oct 2026 | Keystone Realtor announces ₹450 crore QIP fundraise at floor price ₹404.19/share | The company announced a Qualified Institutions Placement (QIP) to raise up to INR 450 crore, with the floor price fixed at ₹404.19 per equity share. | filing |
| 14 Oct 2026 | Keystone Realtor (Rustomjee) reports strong 9M FY25 operating momentum with ₹50 Bn FY27 pre-sales target on track | The company reported periodic sales/pre-sales figures for the quarter/period, showing strong growth momentum in its residential and commercial real estate business. The announcement includes no order backlog or contract details, but does affirm the company's stated FY27 targets of INR 50 Bn pre-sales and INR 80 Bn launches/GDV additions, and a gross debt/equity below 0.75:1. | filing |
Quick answers
- What did Keystone Realtor disclose?
- On 4 November 2026, Keystone Realtor (NSE: RUSTOMJEE, BSE: 543669) filed its Q2FY27 results. Consolidated revenue was ₹49,669 lakh — roughly ₹497 crore — broadly flat compared with the same quarter a year earlier.
- What are the key numbers?
- The Q2 numbers mark a sharp step up from the quarter that preceded them. The Q1FY27 filing of 4 August 2026 had reported consolidated revenue of ₹47,029 lakh (+72.2% YoY) and an operating margin of 18.3%, compared with 9.5% a year earlier. By Q2, the margin figure pushed to 29.4%.
- What does Keystone Realtor say comes next?
- An operational update filed on 14 October 2026 reaffirmed the company’s FY27 targets: pre-sales of ₹50 Bn, launches/GDV additions of ₹80 Bn, and a gross debt-to-equity ratio below 0.75:1.
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