Rustomjee Developer Keystone Realtors Revenue Surges 172% in Q4 FY26

Synopsis: Keystone Realtors Ltd reported a sharp recovery in Q4 FY26 as the company posted strong growth in revenue and profitability driven by robust execution across its real estate projects. The Mumbai-based real estate developer witnessed significant improvement in operational performance during the quarter despite continued volatility in the real estate sector. 

Keystone Realtors Ltd, operating under the well-known “Rustomjee” brand, is one of the leading real estate developers in the Mumbai Metropolitan Region (MMR). The company focuses on residential townships, premium housing projects, redevelopment projects, and integrated real estate developments. Over the years, Keystone Realtors has built a strong presence in Mumbai’s real estate market through its premium residential offerings and large-scale redevelopment expertise. 

Keystone Realtors Ltd currently has a market capitalization of approximately Rs. 5,225 crore, with the stock trading near Rs. 415 per share down by 2.50% compared to previous close of Rs. 425.75.

The stock touched a 52-week high of Rs. 697 and a 52-week low of Rs. 359. The company has a book value of Rs. 221 per share. The stock is currently trading at a P/E ratio of 57.3, while the company reported ROCE of 9.33% and ROE of 7.53%. 

For the quarter ended March 31, 2026, Keystone Realtors reported revenue from operations of Rs. 1,596 crore compared to Rs. 588 crore in Q4 FY25, registering a sharp growth of nearly 172% year-on-year. The strong rise in revenue was driven by healthy project execution and improved sales realization across residential developments. 

Profit before tax for Q4 FY26 stood at Rs. 67.3 crore compared to Rs. 86.6 crore reported in the corresponding quarter last year. The company reported consolidated net profit of Rs. 63.7 crore in Q4 FY26 compared to Rs. 67 crore reported in Q4 FY25. Although profitability remained relatively stable on a year-on-year basis, operational performance improved significantly due to higher project revenues during the quarter. 

Q3 FY26 vs Q4 FY26 Performance 

On a sequential basis, Keystone Realtors reported a strong improvement in financial performance during Q4 FY26. Revenue from operations surged from Rs. 266.2 crore in Q3 FY26 to Rs. 1,596 crore in Q4 FY26, supported by strong project execution and revenue recognition. 

Profit before tax also increased sharply from Rs. 10.5 crore in Q3 FY26 to Rs. 67.3 crore in Q4 FY26. Net profit improved significantly from Rs. 5.1 crore in Q3 FY26 to Rs. 63.7 crore during the same period. The sharp sequential recovery reflects strong operational momentum and improved business execution during the quarter. 

Keystone Realtors delivered a strong Q4 FY26 performance with sharp growth in revenue and significant sequential recovery in profitability. The company continued to benefit from healthy housing demand and robust execution across its Mumbai-based real estate portfolio. While annual profitability remained under pressure, improving operational momentum and strong project pipelines continue to support the company’s long-term growth outlook. 

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