Rustomjee Reports Q2 EBITDA of ₹57.8 Crore With Margin Expanding to 11.64%

Market snapshot: Keystone Realtors Limited (Rustomjee) posted a strong operating performance in its Q2 financial results, delivering a sharp increase in EBITDA to ₹57.8 crore compared to ₹15.4 crore in the corresponding quarter of the previous year. Operating profitability saw a robust expansion, with the Q2 EBITDA margin rising to 11.64% from 3.1% YoY.

Data Snapshot

• Q2 EBITDA reached ₹57.8 crore, rising from ₹15.4 crore in the prior-year period.
• Q2 EBITDA margin expanded to 11.64% from 3.1% YoY.

What's Changed

• Q2 EBITDA grew to ₹57.8 crore, up from ₹15.4 crore in the same period last year.
• Q2 EBITDA margin expanded by 8.54 percentage points YoY to reach 11.64%.

Key Takeaways

• Significant YoY recovery in core operating profitability for Rustomjee.
• Substantial margin expansion driven by improved project execution and revenue recognition.

SAHI Perspective

Rustomjee's Q2 results underscore enhanced operational efficiency and strong project monetization across its core Mumbai real estate portfolio. The expansion of EBITDA margin to 11.64% demonstrates positive operating leverage.

Market Implications

The operating surge strengthens financial metrics for Keystone Realtors, offering a positive earnings trajectory within the urban real estate sector.

Trading Signals

Market Bias: Bullish

Directionally positive operational update supported by Q2 EBITDA surging to ₹57.8 crore vs ₹15.4 crore YoY and EBITDA margin expanding to 11.64% from 3.1%.

Overweight: Real Estate

Trigger Factors:

• Continued quarterly margin sustainability
• New residential project launches and pre-sales numbers
• Execution timelines across MMR redevelopment portfolio

Time Horizon: Near-term (0-3 months)

Industry Context

Real estate developers in the Mumbai Metropolitan Region (MMR) continue to benefit from structural demand for residential housing and urban redevelopment projects, supporting margin expansion for asset-light developers.

Key Risks to Watch

• Volatile construction input costs affecting project margins.
• Approval schedules or execution delays in high-density redevelopment projects.

Recent Developments

Keystone Realtors scheduled its analyst earnings conference call for November 4, 2026, following its Q2 financial results announcement. Separately, at its 31st Annual General Meeting on September 18, 2026, the company appointed M/s. Walker Chandiok & Co. LLP as its Statutory Auditors for a five-year term.

Closing Insight

With Q2 EBITDA margin rising to 11.64%, Rustomjee exhibits strong operational recovery and margin discipline, laying a solid foundation for upcoming project deliveries.

High Performance Trading with SAHI.