Keystone Realtors, the Mumbai-based real estate developer, witnessed a notable rise in its share price on April 8, following the release of a robust business update for the fourth quarter and the full financial year 2025 (FY25). The company’s performance not only reflected resilience in a challenging market but also showcased key operational achievements, triggering investor optimism.

FY25 Performance Surpasses Guidance

The most striking highlight of Keystone Realtors’ update was the achievement of projects worth ₹4,783 crore in estimated Gross Development Value (GDV) — a figure that exceeds the company’s annual guidance for FY25. This performance signals strong execution capabilities and high market demand, reinforcing its position as a reliable player in the real estate sector.

The company completed five projects during FY25, including two RERA-certified projects in Q4 alone, amounting to 0.72 million square feet (msf) in constructed area. These completions represent the firm’s commitment to timely delivery, a vital trust factor for both homebuyers and investors.

Pre-Sales and Collections Show Solid Growth

While Q4 FY25 pre-sales stood at ₹854 crore, showing a marginal decline of 1% QoQ, they registered a 1% increase YoY. This indicates sustained demand despite seasonal or macro challenges.

More importantly, pre-sales for the full financial year touched ₹3,028 crore, reflecting a significant 34% growth compared to FY24. The strong annual performance underlines the company’s scalability and growing market acceptance.

In tandem, collections — a key indicator of liquidity and buyer confidence — came in at ₹746 crore for Q4, which is a 38% jump QoQ and 11% rise YoY. This growth showcases effective revenue realisation mechanisms and a healthy cash flow situation.

Sharp Increase in Area Sold

Another encouraging metric was the area sold, which touched 0.58 msf in Q4 FY25. This represents a 42% increase QoQ and 53% growth YoY, highlighting the company’s success in converting bookings into actual sales.

The consistent improvement in these core business parameters has helped Keystone Realtors outperform its own targets, contributing to stronger brand equity and investor sentiment.

Stock Market Reaction

The market responded positively to this strong update. Keystone Realtors' stock surged by 5.1% to reach an intraday high of ₹538.8 per share. By 12:45 PM, the stock was trading up 3.32% at ₹529.6 per share. Despite a 22.37% drop in the stock’s value year-to-date, the latest development could mark a turnaround in investor sentiment.

Market experts suggest that if the company continues this momentum and meets or beats upcoming quarterly expectations, it could regain the lost ground on the bourses.

Company Management Commentary

Commenting on the performance, Boman Irani, CMD of Keystone Realtors, said:

"Our performance metrics have surpassed the guidance in most of the parameters."

This statement reinforces the management’s confidence in sustaining growth, despite economic headwinds and competitive market dynamics.

Broader Implications for the Real Estate Sector

Keystone’s performance comes at a time when India’s real estate sector is showing signs of revival, aided by strong demand, lower unsold inventory, and policy support. With multiple developers reporting record pre-sales, the industry appears to be on a multi-year upcycle.

Keystone Realtors’ update will likely set a benchmark for other mid-cap and large-cap players in the sector. Its emphasis on completing RERA projects, robust collection efficiency, and surging pre-sales positions it well for future growth and value unlocking.

Conclusion

The business update from Keystone Realtors for Q4 and FY25 paints a promising picture. With a comprehensive beat on its annual guidance, the company is well-positioned to capitalize on market momentum in the coming quarters.

Investors and analysts will now closely watch how the company builds on this performance. If it maintains the current trajectory, Keystone Realtors could emerge as one of the top-performing real estate stocks in the next financial year.

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