Keystone Realtors Ltd (RUSTOMJEE) Q2FY27 Concall Summary - Sep-2026 Qtr
Key Takeaways
- Future EBITDA margin expansion to 33% is heavily dependent on selling the unsold portion of the Virar project, which has a 61% margin.
- The company is close to acquiring three large redevelopment projects in Mumbai's western suburbs, each with a GDV of about Rs 1,000 crores.
- Full-year operating cash flow guidance has been revised down to Rs 700-800 crores from an earlier aspiration of Rs 1,000 crores.
Performance Overview
- Achieved the highest ever quarterly pre-sales of Rs 1,423 crores, marking an 84% year-on-year growth.
- Reported a 100% year-on-year increase in EBITDA and a significant expansion in EBITDA margins from 7.1% to 14.5%.
- Maintained a robust balance sheet with a low net debt-to-equity ratio of 0.04:1 and a dual AA- (Stable) credit rating from CRISIL and ICRA.
- Launched two major projects, Rustomjee Ozone Sky and 25 HQ, with a combined Gross Development Value (GDV) of Rs 2,242 crores.
- Advanced strategic initiatives by implementing innovative precast construction technology and expanding the fund management vertical with a new US$ 450 million fund.
Financial Metrics
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Operating Performance / Business Segments
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Key Discussions & Insights
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Outlook and Guidance
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Challenges / Concerns
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Industry / Competitive Landscape
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Overall Summary
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Tone & Disclosure
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