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Keystone Realtors, also known as the Rustomjee Group, reported its highest-ever quarterly pre-sales of INR1,068 crore in the first quarter of the fiscal year 2025-26 (Q1 FY26), marking a 75% year-on-year increase. This achievement came despite a 44% decline in consolidated net profit, which fell to INR14.51 crore. The company attributed the drop in profit to a change in accounting methods for revenue recognition and stated that it is shifting to the percentage of completion method for new projects. With a strong project pipeline and zero net debt, the company remains confident in its future growth.
In the first quarter of fiscal year 2025-26, Keystone Realtors, operating under the brand name Rustomjee, recorded its best-ever quarterly pre-sales, reaching INR1,068 crore. This represents a significant 75% year-on-year increase. Advertisement
Despite this strong sales performance, the company's consolidated net profit saw a decrease of 44%, falling to INR14.51 crore from INR25.82 crore in the same period last year. The total income for the quarter also dropped to INR288.64 crore from INR437.20 crore.
According to Boman Irani, the company's Chairman and Managing Director, the decline in income and profit was due to the company's current project, completion accounting method, which prevented it from recognizing revenue. To provide a "true picture" of its financial performance, Keystone Realtors is in the process of shifting to the percentage of completion method for its new projects.
The company highlighted its strong position with a zero net debt and a robust project pipeline. Focusing on redevelopment and expansion within the Mumbai Metropolitan Region (MMR), Keystone Realtors is optimistic about its future success, driven by an asset-light business model.
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