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Keystone Realtors Limited (RUSTOMJEE)

₹344.20 -0.65% last close, 16 Oct

📊 NSE: RUSTOMJEE 🏢 Construction 📢 Latest filing: 09 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 04 Nov 2026 (board meeting)

Keystone Realtors Limited's board meets on 4 Nov 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Keystone Realtors' revenue was ₹470 Cr (+72.2% year on year, -70.5% on the previous quarter), and net profit ₹52.4 Cr (+220.7% year on year); the operating margin was 17.5%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹470	+72.2%	-70.5%
Operating profit	₹82.2	+498.7%	+1.5%
Net profit	₹52.4	+220.7%	-18.2%
EPS (₹)	4.21	+266.1%	+1.4%
Operating margin	17.5%	—	—

Full quarterly financials → Results calendar →

RUSTOMJEE delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 61.65% of the RUSTOMJEE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.17%. That is close to its usual level. Turnover was only ₹73 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.

61.65%Delivery, 16 Oct

59.17%Own 20-session average

0.2×Volume vs its average

₹344.20NSE close · -0.65%

Delivery in the last 5 sessions: 60.4% · 46.8% · 69.0% · 58.4% · 61.6%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Keystone Realtors Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 09 Oct 2026, 05:49 PM

Keystone Realtors Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MUFG Intime India confirms that dematerialisation requests received during the period were processed and verified. Physical certificates received were mutilated, cancelled, and the depository names were registered within the prescribed statutory timelines.

Regulation 74(5) demat compliance confirmed for the quarter ended September 30, 2026
Certificate received from RTA MUFG Intime India dated October 3, 2026
Filing submitted to exchanges on October 9, 2026

💡 This is a standard quarterly compliance filing requiring no action; investors should track upcoming Q2 FY27 operational updates and financial results.

Q2FY27 Pre-Sales Jump 84% YoY to Record ₹1,423 Cr; Launches Added ₹2,196 Cr GDV

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 08 Oct 2026, 11:19 AM

Keystone Realtors (Rustomjee) reported its highest-ever quarterly pre-sales of ₹1,423 Cr (₹14.23 bn) for Q2FY27, up 84% YoY, driven by luxury and super-premium developments. For H1FY27, pre-sales reached ₹2,041 Cr, achieving 41% of its full-year guidance. However, quarterly collections declined 19% YoY to ₹541 Cr. The company added two new projects/commencements with an estimated Gross Development Value (GDV) of ₹2,196 Cr, representing ~77% of TTM revenue.

Q2FY27 pre-sales surged 84% YoY to a record ₹14.23 bn (0.65 mn sq ft sold)
H1FY27 pre-sales stood at ₹20.41 bn, up 11% YoY and meeting 41% of FY27 guidance
Collections declined 19% YoY in Q2FY27 to ₹5.41 bn (H1 collections down 8% YoY to ₹11.41 bn)
Added 2 project launches/commencements with 0.54 mn sq ft saleable area and ₹21.96 bn GDV (~77.5% of TTM revenue)
Completed 3 RERA projects in Q2FY27 spanning 1.32 mn sq ft, delivered 6 to 12 months ahead of schedule

💡 Track whether collections rebound in H2FY27 to match the surge in pre-sales, and monitor upcoming launch execution in the festive season.

Keystone Realtors Appoints Walker Chandiok & Co as Statutory Auditors for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 18 Sep 2026, 09:12 PM

Keystone Realtors Limited announced that shareholders approved the appointment of M/s. Walker Chandiok & Co. LLP as the company's Statutory Auditors for a 5-year term at the 31st AGM held on September 18, 2026. The new auditor will serve from the conclusion of the 31st AGM until the 36th AGM. This follows the completion of the second statutory term of outgoing auditors M/s. Price Waterhouse Chartered Accountants LLP. This is a standard statutory rotation under Indian company law with no adverse qualifications cited.

Appointment of Walker Chandiok & Co. LLP approved for a term of 5 consecutive years
Auditor tenure runs from the conclusion of the 31st AGM to the conclusion of the 36th AGM
Outgoing auditors Price Waterhouse Chartered Accountants LLP completed their second term on September 18, 2026

💡 Track the upcoming Q2 FY27 financial results review for any reporting or accounting changes introduced by the new statutory auditors.

Keystone Realtors Concludes 31st AGM; Takes Up 16 Resolutions Including NCD Borrowings

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Sep 2026, 09:06 PM

Keystone Realtors Limited conducted its 31st Annual General Meeting on September 18, 2026, transacting 16 agenda items via remote and post-meeting e-voting. Key agenda items included the re-appointment and remuneration approvals for Chairman & MD Boman Irani and Executive Directors Chandresh Mehta and Percy Chowdhry. In addition, shareholders took up a special resolution authorizing borrowings via Non-Convertible Debentures (NCDs) or bonds. Detailed voting results and the scrutinizer's report are pending submission.

Held 31st Annual General Meeting on September 18, 2026, concluding at 05:11 p.m. IST
16 total resolutions transacted, including adoption of FY26 financial statements and director re-appointments
Special resolution presented to authorize borrowings via Non-Convertible Debentures/Bonds
Remote e-voting was conducted from September 14, 2026 (09:00 a.m.) to September 17, 2026 (05:00 p.m.) with a cut-off date of September 11, 2026

💡 Track the upcoming disclosure of final voting results to confirm shareholder approval of the NCD borrowing enabling resolution.

Keystone Realtors Concludes 31st AGM; Takes Up 16 Resolutions Including NCD Borrowings

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Sep 2026, 09:04 PM

Keystone Realtors Limited held its 31st Annual General Meeting on September 18, 2026, through video conferencing. Shareholders took up 16 agenda items, including adoption of FY26 financials, re-appointment of Key Management Personnel including CMD Boman Irani, and an enabling resolution to authorize borrowings via Non-Convertible Debentures (NCDs)/bonds. Remote e-voting was conducted from September 14 to September 17, 2026, and final voting results will be declared post submission of the scrutinizer's report.

31st AGM held virtually on September 18, 2026, concluding at 05:11 p.m. IST
16 agenda items transacted, comprising 6 ordinary and 10 special resolutions
Key special resolutions include enabling borrowing via NCDs/bonds and remuneration approvals for executive directors
Remote e-voting was held from September 14, 2026 (09:00 a.m.) to September 17, 2026 (05:00 p.m.) with a cut-off date of September 11, 2026

💡 Track the upcoming disclosure of voting results and scrutinizer report to confirm shareholder approval of all 16 resolutions, particularly the NCD borrowing authorization.

Keystone Realtors Incorporates One Landmark House LLP with 50% Profit Sharing for ₹50,000

🟡 NEUTRAL ⭐ 3/10

EXPANSION 📅 09 Sep 2026, 05:17 PM

Keystone Realtors Limited has jointly incorporated a new Limited Liability Partnership named One Landmark House LLP on September 8, 2026. The company holds a 50% profit-sharing ratio in the entity for an initial partner contribution of Rs. 50,000. The newly formed entity operates in the real estate sector and is intended for business expansion. Given the nominal investment size, this development has an immaterial near-term financial impact relative to Keystone's TTM revenue of Rs. 2,832 Cr.

Jointly incorporated One Landmark House LLP on September 8, 2026
Acquired a 50% profit-sharing ratio in the newly incorporated entity
Initial cash contribution of Rs. 50,000 as partner capital
Target entity currently has NIL turnover and operates in real estate

💡 Track subsequent disclosures to identify specific real estate projects or land parcels routed through One Landmark House LLP.

Keystone Realtors to Attend Elara India Dialogue on September 2, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 27 Aug 2026, 04:21 PM

Keystone Realtors Limited has scheduled an institutional investor meeting at the 'Ashwamedh – Elara India Dialogue 2026' on September 2, 2026. The interactions will be held physically at Grand Hyatt, Mumbai, in one-on-one and group formats. The company confirmed that no unpublished price-sensitive information will be shared during the sessions.

Investor conference scheduled for September 2, 2026
Participation in 'Ashwamedh – Elara India Dialogue 2026' in Mumbai
Interaction type includes both One on One and Group physical meetings
Company confirmed only publicly available information will be discussed

💡 Track subsequent post-meet presentation filings or disclosures for any qualitative management commentary on MMR pre-sales and redevelopment pipelines.

Rustomjee Board Approves ₹405 Cr NCD Fundraise on Private Placement Basis

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 26 Aug 2026, 06:16 PM

Keystone Realtors Limited (Rustomjee) announced that its Board of Directors has approved raising up to ₹405 Crores via senior, secured, redeemable, listed, rated Non-Convertible Debentures (NCDs) on a private placement basis. The proposed issuance represents approximately 14.3% of the company's TTM revenue (₹2,832 Cr) and around 61.7% of its current reported debt of ₹656 Cr. The funds will support ongoing project development and redevelopment expansion across the Mumbai Metropolitan Region (MMR). As an NCD issuance, it avoids equity dilution while adding leverage to the balance sheet.

Board approved issuance of senior, secured, redeemable, rated NCDs up to ₹405 Crores
Issuance will be conducted on a private placement basis
Board meeting commenced at 05:30 PM and concluded at 06:00 PM on August 26, 2026
Fundraise represents ~14.3% of TTM revenue (₹2,832 Cr) and ~7.6% of market cap (₹5,323 Cr)

💡 Track subsequent disclosures regarding the specific coupon rate, tenure, credit rating assigned to the debentures, and final allotment details.

Keystone Realtors Convenes 31st AGM on Sep 18, 2026; Proposes Re-appointment of Key Leadership

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Aug 2026, 05:42 PM

Keystone Realtors Limited has issued the notice for its 31st Annual General Meeting scheduled for September 18, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 financial statements and the appointment of M/s. Walker Chandiok & Co. LLP as Statutory Auditors for a 5-year term until 2031. Shareholders will also vote on the re-appointment and remuneration scales of key promoters/executives, including CMD Boman Irani (proposed remuneration of ₹5.15 Cr to ₹7.50 Cr p.a.) and Executive Directors Chandresh Mehta (₹5.15 Cr to ₹7.50 Cr p.a.) and Percy Chowdhry (₹3.08 Cr to ₹4.50 Cr p.a.).

31st Annual General Meeting scheduled for Friday, September 18, 2026 at 4:00 PM IST via VC/OAVM.
Proposed appointment of M/s. Walker Chandiok & Co. LLP as Statutory Auditors for a 5-year term ending at the 2031 AGM.
Shareholder approval sought for CMD Boman Irani's remuneration scale of ₹5.15 Crores to ₹7.50 Crores per annum from April 1, 2026 to March 31, 2029.
Approval sought for Executive Director Chandresh Mehta's remuneration scale of ₹5.15 Crores to ₹7.50 Crores per annum and Percy Chowdhry's scale of ₹3.08 Crores to ₹4.50 Crores per annum.

💡 Investors should track the voting results of the AGM on September 18, 2026, particularly regarding executive remuneration approvals and statutory auditor appointment.

Keystone Realtors Issues Notice for 31st AGM; Proposes CMD & ED Re-appointments and Remuneration

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 25 Aug 2026, 05:40 PM

Keystone Realtors Limited has scheduled its 31st Annual General Meeting (AGM) for September 18, 2026, via video conferencing. Key agenda items include the re-appointment of Mr. Boman Irani as Chairman and Managing Director and Mr. Chandresh Mehta and Mr. Percy Chowdhry as Executive Directors for a 5-year term from May 2027 to May 2032. Proposed annual remuneration scales for FY27–FY29 are ₹5.15–₹7.50 Cr each for Mr. Irani and Mr. Mehta, and ₹3.08–₹4.50 Cr for Mr. Chowdhry. The company has also proposed appointing M/s. Walker Chandiok & Co. LLP as statutory auditors for a 5-year term until 2031.

31st AGM scheduled for Friday, September 18, 2026, at 04:00 PM IST via VC/OAVM.
Proposed re-appointment of Mr. Boman Irani (CMD) and Mr. Chandresh Mehta (ED) for 5 years from May 11, 2027, to May 10, 2032.
Remuneration scale of ₹5.15 Crores – ₹7.50 Crores per annum proposed for both CMD and ED for FY27 to FY29.
Proposed appointment of M/s. Walker Chandiok & Co. LLP as Statutory Auditors for 5 consecutive years (2026–2031).
Ratification of Cost Auditor remuneration of ₹1,05,000 for FY 2026-27.

💡 Track voting outcomes of the AGM resolutions on September 18, 2026, particularly shareholder approval for managerial remuneration.

ICRA Assigns 'AA-' Rating to Proposed Rs 385 Cr NCDs, Reaffirms Existing Facilities

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 24 Aug 2026, 08:15 PM

Keystone Realtors Limited (Rustomjee) received an '[ICRA]AA- / Stable' credit rating from ICRA for its proposed Rs 385 crore Non-Convertible Debentures (NCDs). Additionally, ICRA reaffirmed the '[ICRA]AA- / Stable' rating for its existing Rs 285 crore NCDs, Rs 1,000 crore bank loan facilities, and issuer rating. The proposed Rs 385 crore NCD issuance represents ~58.7% of the company's existing reported debt of Rs 656 crore.

Assigned '[ICRA]AA- / Stable' rating to proposed Rs 385 crore Non-Convertible Debentures.
Reaffirmed '[ICRA]AA- / Stable' rating for Rs 285 crore existing NCDs (Rs 245 cr and Rs 40 cr tranches).
Reaffirmed '[ICRA]AA- / Stable' rating for Rs 1,000 crore total bank loan facilities (including Rs 395 cr term loans and Rs 600.9 cr unallocated limits).
Company's standalone Issuer Rating also reaffirmed at '[ICRA]AA- (Stable)'.

💡 Track the deployment timeline and coupon pricing for the proposed Rs 385 crore NCD issue, along with overall leverage levels relative to pre-sales cash flow generation.

10,357 Equity Shares Allotted Under Rustomjee ESOP Scheme 2022

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Aug 2026, 04:31 PM

Keystone Realtors Limited (Rustomjee) has allotted 10,357 equity shares to employees following the exercise of options under its 2022 ESOP Scheme. The allotment was approved by the Stakeholders Relationship Committee on August 12, 2026. These shares have a face value of ₹10 each and will rank equally with existing equity shares. This is a routine administrative issuance with negligible impact on the overall share capital.

10,357 equity shares allotted to eligible employees.
Face value of the allotted shares is ₹10 per share.
Allotment approved by the Stakeholders Relationship Committee on August 12, 2026.
Shares issued under the Rustomjee Employee Stock Option Plan 2022.

💡 No immediate action is required as this is a routine administrative filing. Investors may monitor the cumulative dilution from ESOPs in the annual report.

Keystone Realtors to Participate in Emkay Confluence Investor Conference on August 13, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Aug 2026, 06:07 PM

Keystone Realtors (Rustomjee) has scheduled an interaction with institutional investors and analysts for August 13, 2026, in Mumbai. The engagement will occur at the Emkay Confluence and will feature both one-on-one and group meetings. The company has stated that only information already in the public domain will be shared. This is a routine investor relations activity for the company, which currently holds a market capitalization of Rs 5,637 Cr.

Investor meeting scheduled for August 13, 2026, at the Emkay Confluence in Mumbai
Interaction format includes both One on One and Group Meetings
Company is targeting INR 4,000 Cr in pre-sales for FY26 as per existing guidance
Current development pipeline stands at 32.4 msf as of June 2025

💡 Investors should monitor for any post-conference presentations or transcripts that may provide qualitative updates on the execution of the 8.6 msf under-construction portfolio.

221% PAT Growth in Q1 FY27; Keystone Realtors Reports Rs 617 Cr Pre-sales

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 04:57 PM

Keystone Realtors (Rustomjee) delivered a strong Q1 FY27 with revenue growing 72% YoY to Rs 470 Cr and PAT surging 221% to Rs 52.4 Cr. Despite no new launches during the quarter, the company achieved pre-sales of Rs 617 Cr and collections of Rs 599 Cr, maintaining a high collection efficiency of 97%. The company added two new projects with a combined GDV of Rs 547 Cr, including a 62-acre plotted development in Igatpuri. Financial health remains robust with a net debt-to-equity ratio of 0.02:1 and a credit rating upgrade to AA- by ICRA.

Revenue from operations grew 72% YoY to Rs 470 Cr in Q1 FY27
EBITDA margins expanded significantly to 21.3% from 10.1% in the previous year
Added 2 new projects with an estimated GDV of Rs 547 Cr during the quarter
Construction spend increased 26% YoY to Rs 299 Cr to support 12 million sq. ft. under development
Net debt-to-equity ratio remains extremely low at 0.02:1 with free cash of Rs 803 Cr

💡 Watch for the execution and launch of the upcoming pipeline, specifically the 'Ozone Skye' and '28 HQ' projects, to see if the company can maintain its 20%+ EBITDA margin profile.

Rs 31,100 Cr GDV added since FY23; Rustomjee scales pipeline to 46 Mn Sq Ft

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 04 Aug 2026, 01:08 PM

Keystone Realtors (Rustomjee) has significantly expanded its operational footprint, with ongoing projects nearly doubling to 8.7 Mn Sq Ft over the last three years. The company has added Rs 31,100 Cr in Gross Development Value (GDV) since FY23, primarily through an asset-light redevelopment model in the Mumbai Metropolitan Region (MMR). Financial stability is highlighted by a very low Net Debt-to-Equity ratio of 0.02x and locked-in sold receivables of Rs 4,800 Cr. The company is targeting Rs 4,000 Cr in pre-sales for FY26, having achieved Rs 1,839 Cr (46%) in H1 FY26.

Added Rs 31,100 Cr (Rs 311 Bn) of GDV across 27 projects since FY23
Ongoing construction area increased from 4.9 Mn Sq Ft to 8.7 Mn Sq Ft in three years
Identified Rs 16,600 Cr (Rs 166 Bn) GDV opportunity across 5 new cluster redevelopment projects
Maintains a low Net Debt-to-Equity ratio of 0.02:1 as of June 2026
Sold receivables locked-in at Rs 4,800 Cr (Rs 48 Bn) providing cash flow visibility

💡 Monitor the execution timeline of the Rs 16,600 Cr cluster redevelopment pipeline and the pace of converting the Rs 4,800 Cr sold receivables into operating cash flow.

View All RUSTOMJEE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations for H1 FY26 was INR 772.1 Cr, representing a 19.1% decrease compared to INR 955.2 Cr in H1 FY25. The revenue is primarily driven by residential and mixed-use real estate developments in the Mumbai Metropolitan Region (MMR).

Geographic Revenue Split

100% of revenue is generated from the Mumbai Metropolitan Region (MMR), where the company focuses its residential, township, and commercial developments.

Profitability Margins

PAT after share of profits for H1 FY26 was INR 26.2 Cr (3.2% margin), a significant decline from INR 91.2 Cr (9.2% margin) in H1 FY25. The PAT margin for Q2 FY26 stood at 1.9%.

EBITDA Margin

EBITDA margin for H1 FY26 was 8.2% (INR 66.4 Cr), down from 16.3% (INR 161.9 Cr) in H1 FY25. Adjusted EBITDA margin for Q2 FY26 was 16.4%, reflecting core operational profitability before finance costs included in cost of sales.

Capital Expenditure

Construction spend increased by 15% YoY to INR 452 Cr in H1 FY26, compared to INR 394 Cr in H1 FY25, to support the execution of 8.6 msf of ongoing projects.

Credit Rating & Borrowing

ICRA maintains a positive outlook with an upgrade based on improved pre-sales. The company raised INR 335 Cr through its first listed NCD at a competitive interest rate to fund growth. Gross debt stood at INR 588 Cr as of September 30, 2025.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include steel, cement, and labor, which are the core components of the INR 452 Cr construction spend in H1 FY26.

Import Sources

Not disclosed in available documents; typically sourced locally within Maharashtra/India for MMR projects.

Capacity Expansion

Current execution includes 8.6 msf of under-construction area. The company has a forthcoming development pipeline of 23.8 msf as of June 2025, totaling a future saleable area of 32.4 msf.

Raw Material Costs

Construction costs rose 15% YoY to INR 452 Cr in H1 FY26. As a percentage of H1 FY26 revenue (INR 772.1 Cr), construction spend represents approximately 58.5%.

Manufacturing Efficiency

Execution efficiency is demonstrated by the completion of over 26 msf of saleable area to date. Pre-sales velocity reached INR 1,839 Cr in H1 FY26, achieving 46% of the annual target.

📈 Strategic Growth

Expected Growth Rate

33%

Growth Strategy

Growth is driven by a focus on the MMR redevelopment market using an asset-light model. The company surpassed its FY26 project addition guidance by adding INR 7,727 Cr in GDV YTD. It aims for INR 4,000 Cr in pre-sales for FY26, supported by a 23.8 msf launch pipeline.

Products & Services

Luxury residential apartments, affordable housing units, integrated townships, commercial office spaces, shopping malls, and schools.

Brand Portfolio

Rustomjee

New Products/Services

Launched one project in Q2 FY26 with an estimated GDV of INR 949 Cr; total YTD launches reached INR 4,916 Cr GDV (70% of FY26 guidance).

Market Expansion

Deepening presence in existing and new micromarkets within the Mumbai Metropolitan Region (MMR).

Strategic Alliances

Utilizes JVs and JDAs, such as the 51% JV entity for the Urbania project and the Rustomjee 180 Bayview DM project.

🌍 External Factors

Industry Trends

The MMR market is shifting toward branded developers with proven execution track records. Rustomjee is positioning itself to capture this by expanding its pipeline to 32.4 msf to meet the sharp rise in demand for quality developments.

Competitive Landscape

Competes with other branded and unorganized developers in the MMR residential and commercial segments.

Competitive Moat

The 'Rustomjee' brand equity and a 26 msf delivery track record provide a durable competitive advantage in the complex MMR redevelopment space, where trust and execution are high barriers to entry.

Macro Economic Sensitivity

Highly sensitive to interest rate cycles and GDP growth in India, which dictate home loan affordability and luxury real estate demand.

Consumer Behavior

Growing trust in branded developers and a preference for integrated townships and luxury amenities in the Mumbai market.

Geopolitical Risks

Minimal direct impact due to localized operations in MMR, though global economic shifts can affect FPI investment sentiment (FPIs hold 3.07%).

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by RERA (Real Estate Regulatory Authority) mandates, local municipal building codes in Mumbai, and environmental clearance norms for large-scale construction.

⚠️ Risk Analysis

Key Uncertainties

Execution and market risks associated with the large 23.8 msf forthcoming pipeline; potential for regulatory delays in redevelopment approvals could impact the 33% pre-sales growth target.