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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹5024 Cr.
Stock P/E
26.7
P/B
1.8
Current Price
₹398
Book Value
₹ 226.8
Face Value
10
52W High
₹697
52W Low
₹ 359.2
Dividend Yield
0%

Keystone Realtors Overview

Business

Keystone Realtors Ltd, operating under the brand name "Rustomjee," is a prominent real estate development company in India, primarily focused on the Mumbai Metropolitan Region (MMR). The company's core business model involves acquiring land or development rights, designing, constructing, marketing, and selling residential and commercial properties. It develops a range of projects including premium residential apartments, townships, as well as commercial spaces like offices and retail outlets. The company generates revenue primarily from the sale of these developed properties to end-users and investors.

Revenue Mix

Keystone Realtors operates predominantly in the residential and commercial property development segments. While specific revenue contribution data is not provided in this context, residential development typically constitutes the largest portion of its revenue, driven by strong housing demand in its core markets. Commercial property development, including office and retail spaces, provides diversification.

Industry

The Indian real estate industry is highly competitive, fragmented yet undergoing consolidation, and cyclical. It is significantly influenced by macroeconomic factors such as GDP growth, interest rates, employment levels, and government policies (e.g., RERA, affordable housing initiatives). Keystone Realtors holds a strong position as a reputable and established developer, particularly within the Mumbai Metropolitan Region (MMR). Its "Rustomjee" brand is well-recognized, placing it among the mid-to-large-sized organized players, competing with other national and regional developers.

MOAT

Keystone Realtors' competitive advantages include:

Brand Reputation: The "Rustomjee" brand has built trust and recognition over decades, especially in the MMR, associated with quality construction and timely delivery.

Local Market Expertise: Deep understanding of the specific micro-markets within MMR, including land acquisition, regulatory nuances, and consumer preferences.

Execution Capability: A track record of successfully delivering various projects, contributing to customer confidence.

Land Bank: Strategic land parcels in key growth corridors of MMR, though specific details are proprietary.

Growth Drivers

Key factors that can drive Keystone Realtors' growth over the next 3-5 years include:

Urbanization and Demographic Trends: Continued migration to urban centers and formation of nuclear families driving demand for housing.

Favorable Government Policies: Initiatives promoting affordable housing, infrastructure development, and regulatory reforms like RERA bringing transparency.

Rising Disposable Incomes: Increasing affluence among the middle and upper-middle classes, enabling homeownership and upgrades.

Consolidation in the Industry: Organized and reputed developers like Keystone Realtors benefiting from market share gains from smaller, unorganized players.

Economic Growth: A stable or growing Indian economy typically translates to higher demand for both residential and commercial real estate.

Risks

Major risks for Keystone Realtors include:

Economic Downturn: A slowdown in the Indian economy could negatively impact consumer sentiment and demand for real estate.

Interest Rate Volatility: Rising interest rates increase home loan costs for buyers and financing costs for developers, potentially dampening sales.

Regulatory & Environmental Changes: Frequent changes in real estate regulations, environmental norms, and local municipal policies can lead to project delays and cost escalations.

High Land & Construction Costs: Volatility in land prices and raw material costs (steel, cement) can squeeze profit margins.

Competition: Intense competition from other established and new developers in its key markets.

Project Execution Risks: Delays in obtaining approvals, construction challenges, or liquidity issues can impact project timelines and profitability.

Management & Ownership

Keystone Realtors is promoted by the Shah family, with Mr. Boman R. Irani serving as the Chairman and Managing Director. The company is characterized by a strong promoter-led management team with extensive experience and deep roots in the Indian real estate sector, particularly in Mumbai. Post its Initial Public Offering (IPO), the ownership structure typically involves the promoter group holding a significant majority stake, with the remaining shares publicly held by institutional and retail investors.

Outlook

Keystone Realtors is positioned in a dynamic Indian real estate market, particularly in the premium and mid-segment within the high-demand MMR. The company benefits from a recognized brand and established operational capabilities. The outlook is cautiously positive, supported by India's long-term urbanization trends, a growing middle class, and government's focus on infrastructure and housing. However, the company remains susceptible to cyclical fluctuations in the real estate market, interest rate movements, regulatory changes, and intense competition. Its ability to manage project pipelines, maintain execution quality, and adapt to evolving market conditions will be crucial for sustained growth.

Keystone Realtors Share Price

Live · BSE / NSE · Inception: 1995
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Keystone Realtors Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 521 812 422 533 464 585 273 499 266 1596
Other Income 13 15 15 23 22 57 16 22 28 17
Total Income 533 826 437 556 486 642 289 521 294 1613
Total Expenditure 512 759 379 453 423 534 259 484 255 1514
Operating Profit 21 67 58 104 63 108 29 37 39 99
Interest 7 20 17 10 12 13 7 16 23 33
Depreciation 2 3 2 3 3 6 4 4 4 6
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 12 44 39 91 48 89 18 17 12 60
Provision for Tax 4 12 12 23 15 20 -0 7 5 4
Profit After Tax 9 33 27 68 34 70 18 10 7 57
Adjustments 22 -2 -2 -2 -18 -5 -4 -2 -3 -4
Profit After Adjustments 30 31 26 66 15 65 15 9 3 52
Adjusted Earnings Per Share 2.7 2.7 2 5.3 1.2 5.1 1.2 0.7 0.3 4.2

Keystone Realtors Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 781 1018 674 1529 2117 1211 849 1269 686 2222 2004 2634
Other Income 110 38 40 65 26 57 329 34 45 53 117 83
Total Income 891 1056 713 1595 2143 1269 1177 1303 730 2276 2121 2717
Total Expenditure 678 701 599 1294 1609 1075 735 1090 587 2046 1717 2512
Operating Profit 213 355 114 301 534 193 442 213 143 229 405 204
Interest 193 296 54 129 348 128 140 23 36 106 123 79
Depreciation 5 4 3 2 3 2 2 3 5 8 14 18
Exceptional Income / Expenses 0 0 10 6 0 0 0 0 0 0 0 0
Profit Before Tax 15 55 67 177 183 63 301 184 108 144 257 107
Provision for Tax 12 8 33 55 45 49 58 49 28 33 69 16
Profit After Tax 3 47 35 121 137 14 244 136 80 111 188 92
Adjustments -21 -18 0 0 -36 8 67 4 2 1 -16 -13
Profit After Adjustments -18 29 35 121 102 22 310 140 82 112 172 79
Adjusted Earnings Per Share -7051.4 11758.3 13983.9 48891.1 10.2 2.2 31 14 7.2 9.9 13.6 6.4

Keystone Realtors Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds -422 -380 348 353 404 427 801 933 1669 1798 2772
Minority's Interest 24 40 -3 -223 -224 -147 23 31 17 -4 13
Borrowings 300 300 0 412 361 291 192 142 103 609 259
Other Non-Current Liabilities 5 5 -85 190 401 26 184 163 155 185 213
Total Current Liabilities 3336 3603 2039 3185 3099 3731 2416 2570 2530 3334 3340
Total Liabilities 3243 3568 2300 3916 4041 4328 3615 3838 4474 5923 6596
Fixed Assets 49 71 20 162 163 161 19 24 30 346 367
Other Non-Current Assets 91 105 150 57 138 231 684 674 750 579 584
Total Current Assets 3104 3392 2130 3697 3741 3936 2912 3141 3694 4997 5646
Total Assets 3243 3568 2300 3916 4041 4328 3615 3838 4474 5923 6596

Keystone Realtors Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 103 39 43 19 4 32 355 153 60 362 230
Cash Flow from Operating Activities -204 -141 160 202 429 355 645 -110 306 183 -11
Cash Flow from Investing Activities 12 -15 24 -119 -47 -204 -237 -138 27 -278 -65
Cash Flow from Financing Activities 134 177 -209 -68 -353 171 -609 154 -30 -38 484
Net Cash Inflow / Outflow -58 22 -25 15 29 323 -202 -93 303 -132 408
Closing Cash & Cash Equivalent 45 61 19 4 32 355 153 60 362 230 638

Keystone Realtors Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -7051.43 11758.32 13983.87 48891.13 10.17 2.2 31.04 13.96 7.2 9.85 13.64
CEPS(Rs) 0 0 0 0 13.96 1.64 24.5 13.92 7.39 10.44 16.02
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 1.5
Book NAV/Share(Rs) -169726.54 -193308.08 99800.32 101885 40.38 42.72 80.07 93.24 146.05 156.37 217.02
Core EBITDA Margin(%) 12.03 12.88 11.06 15.42 14.32 11.24 13.42 14.16 14.34 7.92 14.35
EBIT Margin(%) 15.08 14.27 18.03 19.95 15.43 15.78 51.96 16.36 20.96 11.27 18.97
Pre Tax Margin(%) 1.94 5.45 10 11.55 8.63 5.2 35.49 14.53 15.71 6.5 12.82
PAT Margin (%) 0.44 4.66 5.15 7.93 6.49 1.18 28.69 10.7 11.59 5 9.39
Cash Profit Margin (%) 1.06 5.03 5.56 8.08 6.6 1.36 28.87 10.97 12.27 5.35 10.07
ROA(%) 0.11 1.39 1.18 3.9 3.45 0.34 6.13 3.64 1.91 2.14 3.01
ROE(%) 0 0 0 48.48 41.86 3.43 39.66 15.67 6.13 6.45 8.33
ROCE(%) 9.58 10.46 8.76 17.65 15.56 7.7 17.77 9.21 5.54 8.98 11.59
Receivable days 23.13 22.94 65.07 49.75 43.28 44.08 21.63 21.61 46.64 13.67 17.14
Inventory Days 1187.32 998.8 1246.2 532.29 486.05 851.39 1066.07 639.34 1284.16 515.79 689.42
Payable days 91.78 104.31 134.14 81.43 107.04 148.79 187.6 158.1 2196.07 171.38 457.63
PER(x) 0 0 0 0 0 0 0 0 64.33 61.36 39.06
Price/Book(x) 0 0 0 0 0 0 0 0 3.17 3.87 2.46
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0.28
EV/Net Sales(x) 2.14 1.87 1.5 1.18 0.77 1.83 1.22 1.12 8.58 3.42 3.38
EV/Core EBITDA(x) 13.64 12.76 8.82 5.98 4.94 11.49 2.34 6.68 41.12 33.16 16.74
Net Sales Growth(%) 83.58 30.38 -33.8 127 38.42 -42.77 -29.94 49.56 -45.98 224.1 -9.82
EBIT Growth(%) 1562.6 23.41 -16.38 151.25 7.03 -41.48 130.67 -52.9 -30.83 74.27 51.84
PAT Growth(%) 102.58 1273.07 -26.87 249.63 13.34 -89.64 1610.25 -44.23 -41.47 39.66 69.44
EPS Growth(%) 88.46 266.75 18.93 249.63 -99.98 -78.39 1312.81 -55.03 -48.44 36.91 38.49
Debt/Equity(x) -4.06 -4.92 2.69 5.17 4.01 5.88 1.52 1.67 0.62 0.61 0.33
Current Ratio(x) 0.93 0.94 1.04 1.16 1.21 1.05 1.21 1.22 1.46 1.5 1.69
Quick Ratio(x) 0.13 0.14 0.21 0.3 0.28 0.31 0.3 0.34 0.44 0.39 0.53
Interest Cover(x) 1.15 1.62 2.25 2.37 2.27 1.49 3.16 8.9 4 2.36 3.09
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0.19 0.16 0.13

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -10% +16% +11% +10%
Operating Profit CAGR +77% +24% +16% +7%
PAT CAGR +69% +11% +68% +51%
Share Price CAGR -24% -8%
ROE Average +8% +7% +15% +15%
ROCE Average +12% +9% +11% +11%

Keystone Realtors Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 74.59 %
FII 2.55 %
DII (MF + Insurance) 17.12 %
Public (retail) 25.41 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 86.786.778.3678.3578.3578.3578.3478.2574.5974.59
FII 2.442.333.243.413.283.12.813.073.082.55
DII 8.198.7216.3916.1216.1516.1916.315.7616.6117.12
Public 13.313.321.6421.6521.6521.6521.6621.7525.4125.41
Others 0000000000
Total 100100100100100100100100100100

Keystone Realtors Peer Comparison

Construction - Real Estate Edit Columns

Keystone Realtors Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Keystone Realtors Pros & Cons

Pros

  • Company has delivered good profit growth of 68% CAGR over last 5 years
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 7% over the last 3 years.
  • Debtor days have increased from 171.38 to 457.63days.
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