Earning Call Transcript for Q1FY2027

Date: August 7, 2026 The Bombay Stock Exchange Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers 5th Floor, Exchange Plaza, Dalal Street Bandra Kurla Complex Bandra (East) Mumbai – 400 001 Mumbai-400051 Script Code: 543669 Script Code: RUSTOMJEE Sub: Q1 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 August 4, 2026 with respect to unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter ended June 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 Q1 FY27 Earnings Conference Call” August 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. PRITESH SHETH – AXIS CAPITAL Page 1 of 15 Keystone Realtors Limited August 04, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Keystone Realtors Limited Q1 FY27 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 now hand over the conference to Mr. Pritesh Sheth from Axis Capital. Thank you, and over to you, sir. Pritesh Sheth: Thank you, Shruti. Good afternoon, everyone, and welcome to the call. From the management of Keystone Realtors, we have with us Mr. Boman Irani, Chairman and Managing Director; Mr. Chandresh Mehta, Executive Director; Mr. Percy Chowdhry, Executive Director; and Mr. Sajal Gupta, the Group CFO. I'll now hand over the call to management for their opening remarks. Over to you, Boman sir. Boman Irani: Hello. Pritesh Sheth: Yes, Boman sir. Over to you for the opening remarks. Boman Irani: Sorry, we lost you, Pritesh. Should I just take over? This is Boman Irani. Pritesh Sheth: Yes, yes, sir. Please take over. Boman Irani: Excellent. Thank you. Good afternoon, everyone. I'm Boman Irani, Chairman & Managing Director of Keystone Realtors Limited. I welcome you all to our Q1 FY27 earnings call. I thank you sincerely for taking the time and being with us today. Let me begin with the key highlights of our operational performance for Q1 FY27. We have delivered pre-sales of INR 617 crores and we've had collections of INR 599 crores. We've added two new projects. One is our plotted development at Igatpuri and the other is part of a larger cluster in Dindoshi with a combined GDV of about INR 547 crores. Our financial statements reflect the margin profile that we have consistently guided. This marks an important evolution of our reported financial performance. Against the backdrop, we have delivered a strong start to FY27. Revenue for Q1 FY27 stood at INR 470 crores, up about 72% year-on-year. EBITDA grew at INR 105.1 crores from INR 30 crores in Q1 FY26, an increase of 259% year-on-year. EBITDA margins expanded to 21.3% from 10.1% in Q1 FY26. PAT grew to INR 52.4 crores from INR 16.3 crores in Q1 FY26. This is an increase of 221% year-on-year. Our balance sheet remains robust with gross debt-to-equity ratio of 0.3:1 and net debt-to-equity ratio of just 0.02:1. This further reinforces our strong financial position. I'm happy to state that both CRISIL and ICRA have assigned us a AA- credit rating with a stable outlook. Page 2 of 15 Keystone Realtors Limited August 04, 2026 Let me walk you through the key metrics for Q1 FY27. In Q1 FY27, despite no new planned launches, we recorded a pre-sales of INR 617 crores, driven by the resilient sustained sales, reflecting continued confidence from home buyers in our projects. The company is navigating a high base effect with a focus on sustainable cash flow and pipeline growth. Cash flows remain resilient. Our collections are nearly matching the pre-sales figures for the quarter, rising 4% to INR 599 crores on a year-on-year basis, at collection efficiency of 97%. This indicates a very strong execution on ground. The key strategic focus area continues to be accelerating the pace of construction, not only to uphold and exceed our delivery commitments, enhancing customer satisfaction, but most importantly, to optimize our collection cycle. With faster progress on construction milestones, we are witnessing a direct positive impact on cash flows. Our construction spends have increased from INR 238 crores in FY26 Q1 to INR 299 crores in Q1 of FY27, 26% growth year-on-year on quarterly basis. This reflects our commitment to the delivery velocity. I would like to mention that a total of about 12 million square feet of construction area is under development in 17 ongoing projects. Our projects Rustomjee Balmoral and Rustomjee 180 Bayview have successfully completed fastest 1 million safe man-hours. Our gross debt-to-equity ratio remains comfortably within the guidance and is at 0.3:1. This is a reflection of financial discipline, which becomes increasing valuable in an environment where the cost of capital really matters. There were no new launches planned in Q1 FY27. However, the company has a very strong launch pipeline planned across the MMR over the coming quarters. This is expected to enhance our market position and drive sustainable growth, while creating value for our customers and stakeholders alike. With that in context, I'm pleased to share 2 significant milestones achieved during July 2026. We performed the Bhoomi Poojan and construction activity has commenced on our commercial project named 28 HQ, which is located in Prabhadevi. In addition, we have started work and received the RERA approval for our residential project, Rustomjee Ozone Skye located in Goregaon West, adjoining our project, Rustomjee Ozone, which we completed in 2012-13. We are now ready for launch for this project. To drive future growth, the company added 2 new projects to its portfolio during the quarter, having the estimated GDV of INR 547 crores. We are investing time and resources to be ready for the next phase of growth. As mentioned earlier, one of these was an addition to our cluster development in Dindoshi, which will make that project even larger now. Page 3 of 15 Keystone Realtors Limited August 04, 2026 Our strategic additions further strengthen our leadership in cluster development, which continues to be a key scale multiplier for our company. At the same point of time, our entry into the Igatpuri micro market through our plotted development vertical is approximately 62 acres and this expands our presence in the high-growth lifestyle real estate segment. With its proximity to Mumbai, Pune and Nashik, strong connectivity through the road network and rail network and increasing appeal as a leisure and second home destination, Igatpuri offers significant long-term potential and living charm in the short run. The venture is well aligned with our business model as plotted developments typically deliver faster cash flow cycles, improved profitability and our return ratios. They also act as a velocity multiplier supporting our long-term growth strategy. You know th [Showing first 8,000 characters — download PDF for full document]