Q2 2026 Keystone Realtors Ltd Earnings Call Transcript
Key Points
- Keystone Realtors Ltd (BOM:543669) achieved INR772 crores in presales for Q2 FY26, marking a 40% year-on-year growth for the first half of the year.
- The company launched a new project in Q2 with a salable area of 2.1 lakh Sq. Ft and an estimated GDV of INR949 crores, contributing to a total of four launches for the year.
- Keystone Realtors Ltd surpassed its full-year Business Development guidance by adding three new projects with a total salable area of 3.25 Million Sq. Ft and an estimated GDV of INR7,727 crores.
- The company successfully raised INR335 crores through a listed NCD at a competitive interest rate, reflecting strong investor confidence.
- Keystone Realtors Ltd reported a strong liquidity position with a gross debt-to-equity ratio of 0.21:1 and ended the quarter with a free cash flow of INR935 crores.
- Despite strong presales, the company's revenue from operations for Q2 FY26 was INR499 crores, indicating a need for improved conversion of presales into revenue.
- The company faces challenges in maintaining a consistent tax rate, with fluctuations observed in the quarterly tax rates.
- Keystone Realtors Ltd's operational profit has been limited, with a significant portion of income coming from other sources rather than core operations.
- The company has a substantial unsold inventory of INR9,000 crores, which it aims to sell over the next four years, indicating potential risks in inventory management.
- There is a potential cash outflow of INR950 crores to JV partners from ongoing projects, which could impact net cash flow.
Ladies and gentlemen, good day, and welcome to Keystone Realtors Limited Q2 FY26 earnings conference call hosted by Axis Capital Limited. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Pritesh Sheth. Thank you, and over to you, sir.
Thank you, Trisha. Good evening, everyone, and welcome to the call. As usual, we have with us the management of Keystone Realtors represented by Mr. Boman Irani, Chairman and Managing Director; Mr. Chandresh Mehta, the Executive Director; Mr. Percy Chowdhry, Executive Director; and Mr. Sajal Gupta, the Group CFO.
I'll hand over the call to the management for the initial comments, and then we can open the floor for question and answers. Over to you, Boman, sir.
Thank you, Pritesh. Good evening, everyone, and welcome to the Q2 FY26 earnings conference call. I'm Boman Irani, Chairman and Managing
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