Keystone Realtors (Rustomjee) Q3 FY26 Results: Pre-Sales Up 23% YoY to ₹2,676 Crore; Net Profit Falls 78% on Lower Revenues
Q3 FY26 Results: Revenue Decline Overshadows Strong Nine-Month Pre-Sales
Keystone Realtors (Rustomjee) reported a profit attributable to owners of the parent of ₹3.38 crore for Q3 FY26 (quarter ended December 31, 2025), down 77.57 per cent year-on-year, as revenue from operations fell 42.63 per cent to ₹266.17 crore. The weakness in the quarter reflected timing of revenue recognition rather than weakness in underlying sales momentum.
Quarterly Performance Pressured by Collections Timing
Expenses also declined sharply, by 35.58 per cent year-on-year, to ₹281.84 crore, partially offsetting the impact of lower revenues. EBITDA stood at ₹39.1 crore in Q3 FY26, registering a decline of 37.84 per cent compared with ₹62.9 crore in the corresponding quarter last year.
Quarterly pre-sales fell 3.01 per cent year-on-year to ₹837 crore, while collections dropped 3.32 per cent year-on-year to ₹524 crore. The sequential decline in collections was marginal, indicating steady customer demand despite the December quarter's traditionally slower sales period.
Nine-Month Growth Trajectory Remains Firm
In the first nine months of FY26, pre-sales grew 23 per cent year-on-year to ₹2,676 crore, with the company achieving 67 per cent of its annual pre-sales guidance. This milestone underscores strong year-to-date performance across Rustomjee's portfolio.
The area sold during the nine-month period aggregated to 0.46 million square feet, which is higher by 13 per cent as compared with the area of 0.41 million square feet sold in the same period last year, demonstrating volume growth alongside value growth.
Project Launches Support Pipeline Momentum
During the quarter, the company launched one project with an estimated GDV of ₹919 crore. With this launch, the total number of projects launched in YTD FY26 increased to five, with an estimated GDV of ₹5,835 crore. About 83 per cent of the full-year FY26 launches guidance of ₹7,000 crore has already been achieved in YTD FY26.
Balance Sheet Remains Conservative
Gross Debt stands at ₹625 crore and Gross Debt/Equity ratio is 0.22 as on Q3 FY26, reflecting a disciplined capital structure. This conservative leverage position provides flexibility for future growth initiatives.
About Rustomjee
Keystone Realtors Limited, operating under the brand Rustomjee, was incorporated in 1995 and is based in Mumbai, India. As a flagship entity of the Rustomjee Group, the company undertakes residential and mixed-use projects in MMR under the 'Rustomjee' brand.
The Rustomjee Group has completed construction for over 26 million square feet of area, with under-construction projects comprising a saleable area of nearly 8.6 million square feet and forthcoming developments of around 23.8 million square feet in pipeline as of June 2025. The company is a prominent MMR-based real estate developer and leader in the redevelopment space, developing integrated townships, gated communities, standalone landmarks, retail spaces, commercial projects, and social infrastructure such as schools, clubhouses, and parks within townships.