B-Right Real Estate lands ₹143 cr FSI sale with Keystone Realtors
Step-down subsidiary Parth Construction sells 176 units in Jogeshwari project; deal equals 84% of FY26 revenue.
What's new
- Parth Construction (B-Right step-down) signs binding agreement to sell 176 units (8,800 sqm FSI) to Keystone Realtors.
- Consideration of ₹143.45 crore; Ambika Nagar SRA project has cumulative pre-sales of ₹506.73 cr.
- Phase 1 fully sold; project completion by March 2028.
Why this matters
For a micro-cap with ₹980 cr market cap and ₹169.9 cr annual revenue, this single deal is 84% of revenue. It provides immediate cash inflow and validates the project's execution pace.
What we're watching
- Completion timeline (March 2028) and potential further monetization of remaining inventory.
- Impact on B-Right's debt-equity ratio (0.55) as cash flows in.
- Whether Keystone Realtors is a new or repeat counterparty.
The full read
B-Right Real Estate's step-down subsidiary Parth Construction signed a binding agreement to sell 176 units, 8,800 sqm of FSI, to Keystone Realtors for ₹143.45 crore. The units are part of the Ambika Nagar SRA redevelopment in Jogeshwari East, Mumbai, where cumulative pre-sales have hit ₹506.73 crore and Phase 1 is fully sold. For a micro-cap with a ₹980 crore market cap and just ₹169.9 crore in FY26 revenue, this deal is 84% of annual revenue and 14.5% of market cap — a material surprise. The agreement locks in cash flow and de-risks the project's monetisation well before the March 2028 completion date.
Questions answered
- How does this deal compare to B-Right's revenue?
- The ₹143.45 crore consideration is 84% of B-Right's FY26 revenue of ₹169.9 crore, making it a transformational transaction for the micro-cap.
- Is the agreement binding?
- Yes, the analyst rationale confirms it is a binding agreement, not a letter of intent or non-binding MoU.
- What is the project status?
- The Ambika Nagar SRA project has cumulative pre-sales of ₹506.73 crore, with Phase 1 fully sold out. Completion is expected by March 2028.
- Who is the buyer?
- The buyer is Keystone Realtors, a real estate developer.