Shares of Keystone Realtors Ltd rose nearly 3 per cent in Wednesday’s session after the company reported a sharp increase in sales and pre-sales volumes for the first half of FY26, driven by new project additions across Mumbai’s redevelopment segment.
The stock climbed to an intraday high of ₹634, marking its highest level since September 1, before easing to ₹619.4 on the NSE at 11:07 AM. The counter has gained for a second consecutive day even as the Nifty Realty index declined nearly 1.5 per cent. Keystone’s market capitalisation stood at ₹7,789 crore.
During the first half of FY26, Keystone Realtors achieved sales of 1.13 million sq. ft, up 61 per cent year-on-year compared to 0.70 million sq. ft in H1 FY25. Pre-sales grew 40 per cent to ₹1,831 crore, while collections increased 13 per cent to ₹1,177 crore.
In the second quarter alone, the company recorded sales of 0.50 million sq. ft, representing a 9 per cent increase over the same quarter last year. Pre-sales for Q2 stood at ₹763 crore, up 9 per cent year-on-year, with collections of ₹601 crore, also reflecting a 9 per cent growth.
Company data indicates steady construction progress across its portfolio and strong demand in redevelopment-led projects within Mumbai’s prime micro-markets.
In H1 FY26, the company added three major redevelopment projects—GTB Nagar (Sion), Lokhandwala Cluster (Andheri West), and Swarganga CHSL (Goregaon East)—with a total saleable area of 3.25 million sq. ft and an estimated gross development value (GDV) of ₹7,727 crore.
The cumulative project additions have already surpassed Keystone’s full-year FY26 business development guidance. These projects expand the company’s redevelopment footprint across western and central suburbs, which continue to dominate Mumbai’s redevelopment-driven growth.
In the second quarter, Keystone launched “Thirty3.15” at Bandra West, offering a saleable area of 0.2 million sq. ft and an estimated GDV of ₹950 crore. In total, the company launched four projects in H1 FY26 with a combined GDV of ₹4,920 crore.
Chairman and Managing Director Boman Irani said the company’s pipeline positions it well for the upcoming festive season. He stated that redevelopment continues to be a strategic focus area, providing long-term growth visibility and consistent value creation in Mumbai’s urban market.
Brokerage firm JM Financial noted that the company’s pre-sales of ₹760 crore in Q2 FY26 were marginally ahead of expectations and reaffirmed its ‘Buy’ rating on the stock. The report added that Keystone’s growth was supported by new project launches and an expanding redevelopment portfolio.
Analysts expect redevelopment to remain the primary growth driver for the company, supported by strong sales visibility and disciplined project execution.
At ₹622.35, the stock was trading 0.74 per cent higher in the afternoon session. It has traded between ₹480.05 and ₹801.05 over the past year. While the broader realty index showed weakness, Keystone’s operational update has led to renewed investor interest.
Market participants expect steady demand momentum across premium redevelopment projects, with Keystone maintaining a consistent launch pipeline. Analysts suggest the company’s focus on Mumbai’s high-density redevelopment market positions it to benefit from sustained urban housing demand.
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