Q3 2026 Keystone Realtors Ltd Earnings Call Transcript
Key Points
- Keystone Realtors Ltd (BOM:543669) achieved INR837 crores in pre-sales for Q3 FY26, contributing to a 23% year-on-year growth in pre-sales for the year-to-date FY26.
- The company launched five projects in FY26 with a total Gross Development Value (GDV) of INR5,835 crores, achieving 83% of their full-year launch target.
- Keystone Realtors Ltd has added four projects in FY26, surpassing their annual guidance by 1.44 times, reflecting the effectiveness of their asset-light, capital-efficient model.
- The company maintains a strong liquidity position with a gross debt to equity ratio of 0.22:1 and ended the quarter with free cash of INR717 crores.
- Keystone Realtors Ltd is expanding into the commercial real estate segment, with successful launches like THIRTY3.15 at Bandra West and plans for further commercial projects in FY27.
- The company's Operating Cash Flow (OCF) saw a sharp reduction in Q3 FY26 compared to previous quarters, attributed to increased construction and launch-related expenses.
- There is a noted slowdown in the demand environment in the MMR region, with some projects facing challenges in achieving expected sales volumes.
- The difference between gross and net collections has widened, with a larger proportion of collections coming from JV and DM projects, impacting reported net collections.
- The company faces challenges in the market with high price points in certain projects, requiring strategic adjustments to attract buyers.
- Keystone Realtors Ltd's focus on cluster redevelopment projects involves higher complexity and longer timelines, which could pose execution risks.
Ladies and gentlemen, good day and welcome to Keystone Realtors Limited Q3 FY26 earnings conference call hosted by Axis Capital Limited.
As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. (Operator Instructions)
I now hand the conference over to Mr. Pritesh Sheth from Axis Capital Limited.
Thank you and over to you, sir.
Thank you, Palak. Good evening, everyone, and welcome to the call. From the management of Keystone Realtors, we have with us Mr. Boman R. 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 handle the call now to the management for the initial comments, and then we can open the floor for question-and-answer. Over to you, Boman sir.
Thank
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