Keystone Realtors Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Keystone Realtors Ltd filed with BSE on 18 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Keystone Realtors reported FY26 presales of INR4,022 crores, up 33% year-on-year, with Q4 presales at INR1,346 crores, up 58% year-on-year and the company's highest ever quarterly presales. The company maintained a net cash positive position with a gross debt-to-equity ratio of 0.26:1 and received a Crisil rating of AA- with a stable outlook. Management outlined a target to reach INR10,000 crores in annual presales by FY30, alongside a transition in accounting policy from the project completion method to the percentage of completion method.
Numbers mentioned
Presales: INR4,022 crores (FY26)
p. 3
“The presales that we have done this year are INR4,022 crores.”
Boman Irani, page 3 of the filed PDF · View the filing
Q4 presales: INR1,346 crores (Q4 FY26)
p. 3
“Q4 presales are at INR1,346 crores, which is a 58% year-on-year jump.”
Boman Irani, page 3 of the filed PDF · View the filing
Gross debt-to-equity ratio: 0.26:1 (FY26)
p. 3
“Our gross debt-to-equity ratio is at 0.26:1.”
Boman Irani, page 3 of the filed PDF · View the filing
Credit rating: AA- with stable outlook
p. 3
“We have recently been given a rating of AA- with a stable outlook by Crisil, indicating sound financial health of the company.”
Boman Irani, page 3 of the filed PDF · View the filing
Total collections: INR2,622 crores (FY26)
p. 4
“Our total collections in FY '26 stood at INR2,622 crores, again, a 13% increase year-on-year.”
Boman Irani, page 4 of the filed PDF · View the filing
Q4 collections: INR853 crores (Q4 FY26)
p. 4
“Q4 collections interestingly, were at INR853 crores, up 14% year-on-year.”
Boman Irani, page 4 of the filed PDF · View the filing
Operational cash flows: INR715 crores (FY26)
p. 4
“Our operational cash flows for FY '26 stands at about INR715 crores.”
Boman Irani, page 4 of the filed PDF · View the filing
Project launches GDV: INR9,813 crores (FY26)
p. 4
“Our total aggregate 7 projects launched in FY '26 was a combined estimated GDV of about INR9,813 crores.”
Boman Irani, page 4 of the filed PDF · View the filing
Business development GDV added: INR10,400 crores (FY26)
p. 4
“We've added 5 projects with a total estimated GDV of INR10,400 crores in FY '26.”
Boman Irani, page 4 of the filed PDF · View the filing
Revenue from operations: INR1,596 crores (Q4 FY26)
p. 6
“On the financial performance, our revenue from operations in Q4 FY '26 stood at INR1,596 crores and for FY '26 at INR2,635 crores.”
Boman Irani, page 6 of the filed PDF · View the filing
Construction spend: INR997 crores (FY26)
p. 7
“Our construction spend has accelerated from INR829 crores in FY '25 to INR997 crores, that's almost INR1,000 crores in FY '26.”
Boman Irani, page 7 of the filed PDF · View the filing
Gross debt: INR755 crores (as of 31 March 2026)
p. 7
“As of 31st March '26, our gross debt stood at INR755 crores with a gross debt-to-equity ratio being 0.26:1, which is very comfortably within the guidance.”
Boman Irani, page 7 of the filed PDF · View the filing
Free cash: INR818 crores (FY26 year end)
p. 7
“We ended the year with free cash of about INR818 crores.”
Boman Irani, page 7 of the filed PDF · View the filing
Sales mix new launches vs sustenance: INR1,620 crores from new launches, INR2,400 crores from pre-existing pipeline (FY26)
p. 16
“So out of the total sales of INR4,022 crores, INR1,620 crores is from the new launches and the balance INR2,400 crores is from the pre-existing pipeline that we had at the start of the year.”
Sajal Gupta, page 16 of the filed PDF · View the filing
Finance cost: INR33 crores (Q4 FY26)
p. 17
“Okay. And sir, can you guide on the finance cost? This current quarter, you had a INR33 crores finance cost.”
Rajakumar V., page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Presales — INR10,000 crores · FY30
stated firmly by Boman Irani
p. 5
“our company, Keystone Realtors will achieve and be in the INR10,000 crores presale club by FY '30.”
Boman Irani, page 5 of the filed PDF · View the filing
Presales — INR5,000 crores · FY27
stated firmly by Boman Irani
p. 5
“We've delivered about INR4,000 crores in FY '26. FY '27 guidance is INR5,000 crores.”
Boman Irani, page 5 of the filed PDF · View the filing
Project launches — INR8,000 crores · FY27
stated firmly by Boman Irani
p. 5
“Project launches will be about INR8,000 crores this year, and our acquisitions will be roughly about INR8,000-plus crores.”
Boman Irani, page 5 of the filed PDF · View the filing
Gross debt-to-equity ratio — 0.75:1 cap · FY27
stated firmly by Boman Irani
p. 5
“Our gross debt to equity will still be capped at 0.75:1.”
Boman Irani, page 5 of the filed PDF · View the filing
Operating cash flow — about INR1,000 crores · FY27
stated conditionally by Sajal Gupta
p. 12
“We are expecting the OCF in FY '27 close to about INR1,000 crores.”
Sajal Gupta, page 12 of the filed PDF · View the filing
Peak gross debt — INR1,300 crores to INR1,400 crores · FY27
stated conditionally by Sajal Gupta
p. 15
“It should not close about INR1,300 crores, INR1,400 crores as far as FY '27 is concerned.”
Sajal Gupta, page 15 of the filed PDF · View the filing
Revenue from legacy projects — 12% of FY27 revenue · FY27
stated firmly by Sajal Gupta
p. 11
“In the FY '27, all my legacy projects would have been over and my revenue profile in the FY '27 is expected to be 12% from the legacy and 88% from the current projects.”
Sajal Gupta, page 11 of the filed PDF · View the filing
Revenue recognition under percentage of completion method — 100% of revenue · FY28
stated firmly by Sajal Gupta
p. 17
“And from the FY '28 onwards, 100% of the revenue will be in the percentage of completion method.”
Sajal Gupta, page 17 of the filed PDF · View the filing
Commercial annuity lease income — about INR100 crores · by 2030
stated as an aspiration by Boman Irani
p. 9
“our aspiration is to rise to about INR100 crores. I know it's a small number, but INR100 crores to start off with by 2030.”
Boman Irani, page 9 of the filed PDF · View the filing
Green certified portfolio — 100% · by 2030
stated as an aspiration by Boman Irani
p. 6
“with clear targets of 100% green certified portfolio by 2030, we want to say that we are in the top 10 GRESB rating”
Boman Irani, page 6 of the filed PDF · View the filing
Women workforce participation — 22% · by 2029
stated as an aspiration by Boman Irani
p. 6
“We have 22% women participants in the workforce by 2029.”
Boman Irani, page 6 of the filed PDF · View the filing
Collection efficiency — 75% to 80%
stated conditionally by Sajal Gupta
p. 14
“My expectation is that from this year onwards, the collection efficiency should be in the range of 75% to 80%.”
Sajal Gupta, page 14 of the filed PDF · View the filing
Finance cost — about INR95 crores · FY27
stated conditionally by Sajal Gupta
p. 17
“And taking the average cost of debt at about 9.5% for the whole year, it should be about INR95 crores, that will be the sort of mathematics.”
Sajal Gupta, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management explained the sales trajectory, noting roughly 35% sold by plinth stage, another 40% during sustenance, and the remainder near and after occupancy certificate, with construction finance lines as a buffer for mismatches.
Answered by Sajal Gupta
Asked by Rushabh Shah: How does the company manage sold receivables versus cost to complete across project stages?
p. 8
“So number one, that may I draw your attention to the Slide number 40, which truly reflects our sales philosophy and the pattern of sales that we look at.”
Sajal Gupta, page 8 of the filed PDF · View the filing
Management said general redevelopment risks are high due to lack of experience among newer entrants, but risks specific to Rustomjee are limited given its 25-year track record.
Answered by Boman Irani
Asked by Rushabh Shah: What are the key risks in the redevelopment business?
p. 9
“What are the risks related to Rustomjee? I think very, very limited because with a 25-year track record of putting together more than 2,500 families in their new homes”
Boman Irani, page 9 of the filed PDF · View the filing
Management targets around INR100 crores in lease income from commercial assets starting by 2030, aiming to retain some assets rather than fully sell them.
Answered by Boman Irani
Asked by Ronald Siyoni: What is the company's aspiration for commercial annuity income?
p. 9
“our aspiration is to rise to about INR100 crores. I know it's a small number, but INR100 crores to start off with by 2030.”
Boman Irani, page 9 of the filed PDF · View the filing
Management identified Crown and Virar as legacy projects, noting they made up 62% of current-year revenue but will fall to 12% in FY27.
Answered by Sajal Gupta
Asked by Ritwik Sheth: What defines legacy projects and how much revenue do they represent?
p. 11
“So I think legacy projects are typically the projects fundamentally like Crown that we have been mentioning, Virar that we have done basically affordable housing in partnership with the HDFC.”
Sajal Gupta, page 11 of the filed PDF · View the filing
Management guided OCF for FY27 to be close to or a little over INR1,000 crores, up from INR700 crores this year.
Answered by Sajal Gupta
Asked by Ritwik Sheth: Will margin changes affect operating cash flow in FY27?
p. 12
“This year, we have generated INR700 crores. Next year, I expect it to be a little over INR1,000 crores, but I would like to guide it at about INR1,000 crores.”
Sajal Gupta, page 12 of the filed PDF · View the filing
Management attributed the gap to Virar JDA revenue share economics and repricing expectations for Thane inventory closer to market rates.
Answered by Sajal Gupta
Asked by Sourabh Gilda: Why do emerging and mass premium segments show lower margins in sold inventory versus unsold inventory?
p. 13
“And that helps me to take the margins from the 13% up to 29%.”
Sajal Gupta, page 13 of the filed PDF · View the filing
Management said no slowdown was observed in premium and luxury segments, though the INR1-3 crore segment needs more push, and buying decisions may take longer in Q1.
Answered by Boman Irani
Asked by Akash Gupta: Is residential demand affected by the Middle East crisis?
p. 13
“we've not seen any slowdown in the premium and luxury. We are also seeing a good enough interest and the pipeline seems to be robust”
Boman Irani, page 13 of the filed PDF · View the filing
Management explained that a higher share of presales from newly launched projects makes collection efficiency appear lower, though actual collections remain strong.
Answered by Sajal Gupta
Asked by Pritesh Chheda: Why is collection efficiency declining year over year?
p. 14
“as the composition of the newly launched products in the overall pie of presales is higher, the collection efficiency may look lower.”
Sajal Gupta, page 14 of the filed PDF · View the filing
Management guided gross debt to peak around INR1,300-1,400 crores in FY27, up from INR755 crores currently.
Answered by Sajal Gupta
Asked by Pritesh Chheda: What is the expected peak net/gross debt level?
p. 15
“Peak debt number, I can tell you is like just keep the commercial part aside. It should not close about INR1,300 crores, INR1,400 crores as far as FY '27 is concerned.”
Sajal Gupta, page 15 of the filed PDF · View the filing
Management said certain material costs are up 8-13%, translating to an overall cost increase of about 5%, but the sales strategy provides a buffer.
Answered by Boman Irani
Asked by Krish Bhatia: Are there early signs of input cost pressure from commodity price volatility?
p. 16
“If you ask me what the cost increase today are, they are roughly in the region of about 8% to 13%, but not overall, 8% to 13% in certain items, et cetera, which leads to an overall cost increase of about 5%.”
Boman Irani, page 16 of the filed PDF · View the filing
Management confirmed adoption from April 2025, with the revenue mix shifting from 80% completion-method in FY26 to fully percentage-of-completion by FY28.
Answered by Sajal Gupta
Asked by Rajakumar Vaidyanathan: When was the percentage of completion method adopted and what is the transition timeline?
p. 17
“we have adopted the percentage of completion method for accounting the revenue from 1/4/2025.”
Sajal Gupta, page 17 of the filed PDF · View the filing
Risks flagged
Rising input costs and material shortages due to international supply reliance
p. 16
“obviously, costs are going up in terms of the material supply, but there's also a shortage, if I may say, of availability of materials, right?”
Boman Irani, page 16 of the filed PDF · View the filing
Currency depreciation could further increase costs
p. 16
“And if the dollar continues to spike, then that will be a further increase in the cost.”
Boman Irani, page 16 of the filed PDF · View the filing
Slower demand and need for more push in the INR1-3 crore housing segment
p. 13
“Yes, we do see that there's a lot more push right now that needs to be done, especially in the segments where you have the INR1 crores to INR3 crores homes.”
Boman Irani, page 13 of the filed PDF · View the filing
Government policy constraints limiting profitability in affordable housing
p. 16
“we do not see much happening on that front till such time as the government comes up with a reasonable ability to allow developers to make money out of doing affordable housing.”
Boman Irani, page 16 of the filed PDF · View the filing
General risks in redevelopment due to inexperienced new entrants
p. 9
“People don't know what redevelopment is all about, but everybody is getting on this gravy train only because it looks very, very attractive.”
Boman Irani, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.