Construction - Real Estate · Founded 1995 · www.rustomjee.com · BSE 543669 · NSE RUSTOMJEE · ISIN INE263M01029
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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.
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| #(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 |
| #(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 |
| # | 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% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -24% | -8% | NA% | NA% |
| ROE Average | 8% | 7% | 15% | 15% |
| ROCE Average | 12% | 9% | 11% | 11% |
| #(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 |
| #(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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 86.7 | 86.7 | 78.36 | 78.35 | 78.35 | 78.35 | 78.34 | 78.25 | 74.59 | 74.59 |
| FII | 2.44 | 2.33 | 3.24 | 3.41 | 3.28 | 3.1 | 2.81 | 3.07 | 3.08 | 2.55 |
| DII | 8.19 | 8.72 | 16.39 | 16.12 | 16.15 | 16.19 | 16.3 | 15.76 | 16.61 | 17.12 |
| Public | 2.67 | 2.25 | 2.02 | 2.11 | 2.22 | 2.37 | 2.54 | 2.92 | 5.72 | 5.75 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 9.87 | 9.87 | 9.87 | 9.87 | 9.87 | 9.87 | 9.87 | 9.87 | 9.42 | 9.42 |
| FII | 0.28 | 0.27 | 0.41 | 0.43 | 0.41 | 0.39 | 0.35 | 0.39 | 0.39 | 0.32 |
| DII | 0.93 | 0.99 | 2.07 | 2.03 | 2.03 | 2.04 | 2.05 | 1.99 | 2.1 | 2.16 |
| Public | 0.3 | 0.26 | 0.25 | 0.27 | 0.28 | 0.3 | 0.32 | 0.37 | 0.72 | 0.73 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 11.39 | 11.39 | 12.6 | 12.6 | 12.6 | 12.6 | 12.6 | 12.62 | 12.62 | 12.62 |
| # | 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% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 86.7 | 86.7 | 78.36 | 78.35 | 78.35 | 78.35 | 78.34 | 78.25 | 74.59 | 74.59 |
| FII | 2.44 | 2.33 | 3.24 | 3.41 | 3.28 | 3.1 | 2.81 | 3.07 | 3.08 | 2.55 |
| DII | 8.19 | 8.72 | 16.39 | 16.12 | 16.15 | 16.19 | 16.3 | 15.76 | 16.61 | 17.12 |
| Public | 13.3 | 13.3 | 21.64 | 21.65 | 21.65 | 21.65 | 21.66 | 21.75 | 25.41 | 25.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 9.87 | 9.87 | 9.87 | 9.87 | 9.87 | 9.87 | 9.87 | 9.87 | 9.42 | 9.42 |
| FII | 0.28 | 0.27 | 0.41 | 0.43 | 0.41 | 0.39 | 0.35 | 0.39 | 0.39 | 0.32 |
| DII | 0.93 | 0.99 | 2.07 | 2.03 | 2.03 | 2.04 | 2.05 | 1.99 | 2.1 | 2.16 |
| Public | 1.51 | 1.52 | 2.73 | 2.73 | 2.73 | 2.73 | 2.73 | 2.74 | 3.21 | 3.21 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 11.39 | 11.39 | 12.6 | 12.6 | 12.6 | 12.6 | 12.6 | 12.62 | 12.62 | 12.62 |
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