Q1FY27: Keystone consolidated PAT +221% YoY on revenue booking, but pre-sales crash 42%

Keystone Realtors' consolidated revenue came in at ₹470.3 Cr for Q1FY27, up 72.2% YoY (down 70.5% QoQ off Q4's project-completion peak). Consolidated PAT for the quarter was ₹52.4 Cr (owners' share ₹53.1 Cr), up 220.7% YoY though down 17.7% QoQ, with basic EPS of ₹4.21 versus ₹1.15 a year ago. Operating margin (company-reported) expanded to 18.3% from 9.5% a year ago (12.3% in Q4FY26), and net profit margin rose to 11.1% from roughly 5.7%/3.9% in the year-ago and prior quarters respectively. No exceptional items were disclosed in either comparison period, so this is like-for-like reported growth. Standalone (secondary) PAT was ₹6.6 Cr on revenue of ₹88.9 Cr — a fraction of consolidated, since most operating activity sits inside the project SPV structure.

Because real-estate revenue is recognised on a percentage-of-completion basis as units near handover, this quarter's jump reflects billing catch-up on projects approaching completion rather than fresh demand. The margin expansion is consistent with management's own FY27 guidance from the Q4FY26 call that reported margins and operating cash flow (~₹1,000 Cr) would improve as low-margin legacy projects wind down — on that specific guidance point, the quarter is tracking as promised.

The stock went into the print at ₹413, down 3.5% over the past month of trading.

The operational reality is weaker: pre-sales — the real demand signal for a developer — fell 42% YoY to ₹617 Cr (from ₹1,068 Cr a year ago) because the company launched no new projects in the quarter, relying entirely on sustenance sales; collections still rose 4% YoY to ₹599 Cr. Management had guided ₹5,000 Cr of FY27 presales (25% growth) alongside ₹8,000 Cr of combined launches and business development. Q1's ₹617 Cr is roughly 12% of that annual target and a YoY decline, a clear miss on the guided bookings trajectory even as the P&L print outperforms. The company did add two new projects worth ₹713 Cr in GDV during the quarter — its first incremental pipeline addition — which will be the source of any near-term launch-driven recovery. The filing carries no separate management press commentary beyond the standard board-approval notes, so forward framing here rests on the prior concall's guidance rather than fresh MD&A language. No analyst consensus estimates for the quarter's PAT or revenue could be found, so the print is not benchmarked against a street number.