Rustomjee posts record 1,423 cr pre-sales in Q2, targets Rs 5,000 cr for FY27

Mumbai: Real estate developer Rustomjee Group, listed as Keystone Realtors, has reported its highest-ever quarterly pre-sales of Rs 1,423 crore in the second quarter of the financial year 2026-27, registering an 84% year-on-year increase, driven by demand for its luxury and super-premium residential projects.

The company is targeting pre-sales of Rs 5,000 crore during the current financial year and is working on new projects with an estimated gross development value (GDV) of Rs 8,000 crore. It is also looking to add projects worth another Rs 8,000 crore to its portfolio during the year, Boman Irani, CMD, Keystone Realtors, told ET.

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The company’s consolidated net profit rose to Rs 101 crore in the September quarter, compared with Rs 10 crore in the corresponding period last year. Revenue from operations stood at Rs 497 crore, while operating profit doubled to Rs 74 crore from Rs 37 crore a year earlier.

The developer’s operating margin improved to 14.5% during the quarter from 7.1% a year ago.

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“Supported by a strong balance sheet and a healthy liquidity, we remain well capitalized to pursue growth opportunities, execute our development pipeline efficiently…The Mumbai region property market is on a strong growth trajectory, presenting significant opportunities for us. By strategically focusing on redevelopment, expanding our footprint across MMR, and leveraging our core strengths, we are well-positioned for sustained growth,” said Irani said.

For the first half of financial year, Rustomjee recorded pre-sales of Rs 2,041 crore, an increase of 11% year-on-year. This represents around 41% of its full-year pre-sales guidance. Revenue from operations during the six-month period increased 25% to Rs 967 crore, while operating profit rose 171% to Rs 179 crore. Net profit stood at Rs 153 crore.

Collections during the quarter stood at Rs 541 crore, while operating cash flows were Rs 125 crore. For the first half, collections were Rs 1,141 crore and operating cash flows amounted to Rs 193 crore.

Redevelopment in Mumbai remains a core strategic focus for the company, which is looking to expand its presence across the Mumbai Metropolitan Region

During the quarter, the company commenced two projects with an estimated GDV of Rs 2,242 crore, including one commercial project. It also added two projects during the first half, with an estimated GDV of Rs 547 crore.

The developer completed three projects during the quarter, covering a total construction area of 1.32 million sq ft. With this, it completed four projects spanning 1.39 million sq ft during the first half of the financial year. The projects were completed nine to 15 months ahead of their respective RERA timelines, the company said.

Rustomjee’s gross debt stood at Rs 838 crore at the end of the September quarter, with a gross debt-to-equity ratio of 0.28:1 and net debt-to-equity ratio of 0.04:1.