Keystone Realtors (Rustomjee) Sets FY27 Pre-Sales Target of ₹5,000 Crore and ₹1,000 Crore Operating Cash Flow Goal
Keystone Realtors Targets ₹5,000 Crore Pre-Sales for FY27
For FY27, Rustomjee has guided its pre-sales to be around Rs 5,000 crore, and launches and project additions to be about Rs 8,000 crore each. The guidance came following the company's Q4 FY26 earnings call on May 12–13, 2026.
Operating Cash Flow and Collection Goals
Keystone Realtors has set ambitious operational targets including 75%-80% collection efficiency from pre-sales within a year with Q4 improvement focus, alongside confirmed business development investment of INR850-1,000 crores for FY27, representing 25% growth from current spending of INR650 crores. An operating cash flow target of ₹1,000 crore for FY27 reflects the company's focus on cash conversion alongside sales growth.
Long-Term Commercial Asset Strategy
Rustomjee is targeting about Rs 100 crore in revenue generation from commercial real estate. Its strategy is to sell enough to recover costs while retaining the profit component as an owned asset. It will not just be selling strata, but also sell to institutional investors, while retaining flexibility for future monetisation opportunities. This approach is designed to build an annuity income stream by 2030.
Geographic Expansion Beyond Mumbai
As part of its Rs 10,000-crore growth strategy, it will be looking to enter and expand across Pune, Nashik, and Nagpur, targeting around Rs 2,000-2,500 crore of sales by 2030. Keystone Realtors, operating under the Rustomjee brand, is a prominent Indian real estate developer known for its 'Rustomjee' brand. The company focuses on residential, commercial, and educational spaces, with primary operations in the Mumbai Metropolitan Region, Bengaluru, and Gujarat.
Market Backdrop: Strong FY26 Performance
Keystone Realtors reported robust operational momentum in FY26, with pre-sales rising 33% year-on-year to INR 40.22 billion and collections up 13% to INR 26.21 billion, while area sold grew 25%. In Q4 FY26, the developer delivered its highest-ever quarterly pre-sales of INR 13.46 billion and record collections of INR 8.53 billion, underscoring strong demand and effective execution. The company aggressively expanded its launch pipeline and land bank, unveiling seven projects in FY26 with an estimated gross development value of INR 98.13 billion, nearly doubling the prior year and surpassing its launch guidance. It also added five redevelopment projects with GDV of INR 104.20 billion, far exceeding business development targets and reinforcing its leadership in Mumbai's redevelopment segment.
Confidence Despite External Pressures
"Even if markets are not very conducive to stronger growth, we are confident that existing launches alone should help us comfortably cross the Rs 5,000-crore target," Irani added. Additionally, Irani said the ongoing geopolitical conflicts and recent state assembly elections in India are impacting costs and execution speed, but there is no slowdown in sales momentum.
Developer Track Record
The company was incorporated in 1995 and is based in Mumbai, India. Keystone Realtors (Rustomjee) established in 1995 is one of the prominent MMR based realtors having leadership in redevelopment space. It has successfully housed 19000+ families through several redevelopment projects. It has a substantial portfolio of projects spanning the MMR, with 39 Completed Projects, 17 Ongoing Projects and 21 Forthcoming Projects.