Analysts/Institutional Investor Meet/Con. Call Updates

Date: November 09, 2026 The General Manager, The Vice President Listing Department, Listing Department, BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, “Exchange Planza”, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra East, Mumbai – 400 051 Scrip Code: 543669 Scrip Symbol: RUSTOMJEE Sub: Q2 FY27 - Earnings call Transcript Dear Sir/ Madam, We are enclosing herewith a copy of the transcript of the Company’s earnings conference call, which was held on November 4, 2026, with respect to unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026. The transcript is also being uploaded on the Company’s website i.e. https://www.rustomjee.com/investor-relations/financials/. This is for the information of your members, and all concerned. Thanking You. Yours faithfully, For Keystone Realtors Limited Bimal K Nanda Company Secretary and Compliance Officer ACS – 11578 Encl.: As above KEYSTONE REALTORS LIMITED Registered Office : 702, NATRAJ, M. V. Road Junction, Western Express Highway, Andheri (East), Mumbai - 400 069. Tel.: +91 22 6676 6888 | CIN : L45200MH1995PLC094208 | Website: www.rustomjee.com “Keystone Realtors Limited' Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. BOMAN IRANI – CHAIRMAN AND MANAGING DIRECTOR – KEYSTONE REALTORS LIMITED MR. CHANDRESH MEHTA – EXECUTIVE DIRECTOR – KEYSTONE REALTORS LIMITED MR. PERCY CHOWDHRY – EXECUTIVE DIRECTOR – KEYSTONE REALTORS LIMITED MR. SAJAL GUPTA – GROUP CHIEF FINANCIAL OFFICER – KEYSTONE REALTORS LIMITED MODERATOR: MR. RISHITH SHAH -- AXIS CAPITAL Page 1 of 12 Keystone Realtors Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Keystone Realtors Earnings Conference Call hosted by Axis Capital. 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. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I would now hand the conference over to Mr. Rishith Shah from Axis Capital. Thank you, and over to you, sir. Rishith Shah: Thank you, and good evening all. On behalf of Axis Capital, I welcome you all to the Q2 FY '27 Earnings Conference Call of Keystone Realtors Limited. From the management, we have with us today Mr. Boman Irani, Chairman and Managing Director; Mr. Chandresh Mehta, Executive Director; Mr. Percy Chowdhry, Executive Director and Mr. Sajal Gupta, Group Chief Financial Officer. Without further ado, I hand over the call to the management for their opening remarks. Thank you. Boman Irani: Thank you so much. Good afternoon, everybody. I'm Boman Irani, Chairman, Managing Director of Keystone Realtors Limited. Welcome to the Q2 FY '27 Earnings Conference Call. I thank you very sincerely for taking the time to be with us today. Let me begin with some key highlights of our operational performance for Q2 FY '27. We delivered presales of INR1,423 crores and collections of INR 541 crores in this quarter. This is the highest ever quarterly presales. We also launched our project Rustomjee Ozone Skye at Malad West, and commenced construction of our commercial project 25HQ at Prabhadevi with a combined GDV of INR 2,242 crores. Our financial statements have started reflecting the margin profile that we have consistently guided. This is an important evolution of our reported financial performance. Revenue for Q2 FY '27 stood at INR 497 crores. EBITDA grew to INR 74 crores in Q2 FY '27 from INR 37 crores in Q2 FY '26. This is a 100% year-on-year increase. EBITDA margins expanded to 14.5% from 7.1% in Q2 FY '26 and PAT grew to INR 101 crores from INR10 crores in Q2 FY '26. Our balance sheet remains robust with a gross debt-to-equity ratio of 0.28:1 and the net debt-to- equity ratio of just 0.04:1. This further reinforces our strong financial position and both CRISIL and ICRA have maintained a “AA- credit rating” with a stable outlook for us. I'm pleased to mention that the fund management vertical undertaken by Mt K Kapital continues its expansion with the announcement of a second fund of USD 450 million. This is our venture with the Japanese partner, Marubeni Corporation. Let me walk you through some key metrics for Q2 FY '27 and H1 FY '27. Page 2 of 12 Keystone Realtors Limited November 04, 2026 Our highest ever quarterly presales of INR 1,423 crores has been achieved in Q2 FY '27. This is up from the INR 772 crores in the corresponding period last year. This marks an 84% growth year-on-year basis. In the first half of FY '27, our presales have reached a record number of INR 2,041 crores, up from INR 1,839 crores in the same period last year. This marks 11% on a half yearly basis growth. Presales performance is driven by strong momentum from Luxury and Super Premium category and establishes and strengthens our brand recall as a premium developer. I'm happy to mention that we've already achieved 41% of our full year presales guidance of INR 5,000 crores in the first half of FY '27. Our collections remained at INR 541 crores in Q2 FY '27 and INR1,141 crores in the first half of FY '27. During H1 FY '27, we continue to strengthen our marketing effectiveness through digital innovation, differentiated customer experiences and our brand building initiatives. Our focus remains on driving qualified demand, improving marketing productivity, deepening relationships with our customers and overall taking care of our channel partners. Our new brand positioning was thoughtfully designed for families campaign generated positive media traction, delivering in PR value and strengthening relationships with leading ad and marketing publications. As mentioned earlier, we have launched our project Rustomjee Ozone Skye at Malad West and commenced construction on a commercial project 25HQ at Prabhadevi in Q2 FY '27. This represents an estimated combined GDV of INR 2,242 crores. Our strategic expansion into commercial real estate diversifies the revenue mix and balances residential growth with predictable long-term annuity streams. In Q3 FY '27, we have also launched our tower at Urbania with a GDV of INR 886 crores. With this, till date, we have launched close to GDV INR 3,128 crores of new launches. We are encouraged by the strong launch pipeline planned across MMR over the coming quarters, which positions us for sustained momentum in the second half of the financial year. To drive our future growth, the company has added 2 new projects to its portfolio in the first half of FY '27, having an estimated GDV of INR 547 crores. These strategic additions reinforce the company's leadership in cluster redevelopment and unlock scale to drive and deliver long- term value creation for us. Since FY '23, we have added 27 projects totaling an estimated GDV of INR 31,079 crores. In these, 21 are redevelopment projects. And of the 27, 23 serve the Luxury, Super Premium, Premium and Emerging Premium Housing segments, which have a strong growth potential. We remain heavily focused on accelerating our construction time line. Our construction spends have increased from INR 452 crores in H1 FY '26 to INR 547 crores in H1 FY '27. This is a 21% growth year-on-year on a half yearly basis. I would also like to mention that about 12 million square feet of construction area is under development in 19 ongoing projects. We have completed 4 RERA projects in H1 FY '27 with a Page 3 of 12 Keystone Realtors Limited November 04, 2026 total construction area of 1.39 million square feet. The projects are completed 9 to 15 months ahead of its RERA time line, and this stands a strong testimony to our execution abilities. Very, very happy to announce that we have implemented the innovative construction technology of precast by signing a contract with Robin Village Development, wh [Showing first 8,000 characters — download PDF for full document]