Keystone Realtors Ltd

•

rustomjee.comBSE: 543669NSE: RUSTOMJEE

Market Cap₹ 4,361 Cr.

Current Price

High / Low₹ 634 / 332

Stock P/E37.1

Book Value₹ 227

Price to Book1.68

Dividend Yield0.00 %

ROCE6.1 %

ROE3.4 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Realty

Buy

Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.

Confidence

75%

View full sector analysis →

PROS

Latest quarter profit grew 220.7% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 25.4% CAGR over last 5 years
Stock looks reasonably valued - P/E of 37.1 is below its historical median
Working capital cycle has improved - days down from 420 to 340

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
A large part of profit comes from other income (74.5% of PBT)
Recent results are weak - TTM profit is down 21.4% versus prior year
Company has a low return on equity of 6.1% over last 3 years
Company has a low return on capital employed of 8.9%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

RealtyRealtyConstruction - Real Estate

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	DLF	643.60	35.83	159311.06	1.24	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1113.00	26.96	111226.00	0.38	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1891.15	52.85	67642.25	0.13	394.51	22.95	1074.94	12.80	15.41	59.77
4.	PRESTIGE	1505.00	56.92	64824.90	0.13	271.40	-12.87	2675.10	15.94	11.51	31.75
5.	OBEROIRLTY	1747.40	24.16	63535.85	0.46	543.51	29.02	1300.89	31.73	17.69	56.75
6.	GODREJPROP	1745.00	32.85	52564.02	0.57	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	ANANTRAJ	599.05	37.26	21558.43	0.17	149.19	18.50	631.40	6.58	12.23	29.53
8.	BRIGADE	638.90	30.00	20844.71	0.24	216.94	37.35	1115.55	-12.93	11.02	32.33
9.	ABREL	1284.65	108.49	14348.99	0.19	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1217.35	56.45	13020.02	0.49	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	762.15	10.27	10722.39	0.00	-16.53	-148.00	551.99	-36.24	34.77	-8.10
12.	RUSTOMJEE	345.45	37.12	4361.33	0.00	52.37	220.70	470.29	72.19	6.15	17.71

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	272	618	521	812	422	533	464	585	273	499	266	1,596	470
	209	632	512	759	379	453	423	534	259	484	255	1,514	424
Operating Profit	63	-14	9	52	43	81	41	50	14	15	11	81	46
OPM %	23.30%	-2.33%	1.64%	6.42%	10.23%	15.11%	8.86%	8.63%	5.03%	3.09%	4.31%	5.11%	9.84%
	11	15	13	15	15	23	22	57	16	22	28	17	23
Interest	7	7	7	20	17	10	12	13	7	16	23	33	31
Depreciation	1	2	2	3	2	3	3	6	4	4	4	6	5
Profit before Tax	66	-8	12	44	39	91	48	89	18	17	12	60	70
Tax %	30.45%	28.93%	30.27%	26.31%	29.84%	25.04%	30.47%	21.99%	-2.68%	40.42%	44.59%	6.04%	25.53%
Net Profit	0	0	0	0	26	66	30	67	16	10	5	64	52
	4.12	0.39	2.65	2.69	2.16	5.36	1.20	5.14	1.15	0.68	0.27	4.15	4.21

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	674	1,529	2,117	1,211	849	1,269	686	2,222	2,004	2,635	2,832
	599	1,294	1,814	1,075	735	1,090	587	2,046	1,717	2,455	2,677
Operating Profit	75	236	303	136	114	180	98	176	288	179	155
OPM %	11.06%	15.42%	14.32%	11.24%	13.42%	14.16%	14.34%	7.92%	14.35%	6.80%	5.46%
	50	72	26	57	329	34	45	53	117	82	90
Interest	54	129	144	128	140	23	36	106	123	136	102
Depreciation	3	2	2	2	2	3	5	8	14	19	19
Profit before Tax	67	177	183	63	301	184	108	144	257	110	160
Tax %	48.55%	31.35%	24.79%	77.40%	19.16%	26.33%	26.20%	23.14%	26.79%	14.07%	21.25%
Net Profit	35	121	137	14	244	136	80	111	188	95	126
EPS	3.00	7.00	10.17	2.20	31.04	13.96	7.67	9.85	13.64	6.25	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.99%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 25%
3 Years:: 57%

COMPOUNDED PROFIT GROWTH

10 Years:: 10%
5 Years:: -24%
3 Years:: -1%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -16%
1 Year:: -43%

RETURN ON EQUITY

10 Years:: 17%
5 Years:: 8%
3 Years:: 6%
Last Year:: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	0	0	100	100	100	100	114	114	126	126
Minority Interest	-3	-223	-224	-147	23	31	17	-4	13	31
	247	253	304	327	701	833	1,549	1,667	2,609	2,684
	936	2,172	2,127	2,625	1,440	1,689	1,218	1,277	1,104	1,675
Trade Payables	145	363	335	277	235	305	353	642	792	1,045
	974	1,352	1,400	1,146	1,117	881	1,223	2,226	1,953	1,102
Total Liabilities	2,300	3,916	4,041	4,328	3,615	3,838	4,474	5,923	6,596	6,663
	20	162	163	161	19	24	30	346	367	358
	78	50	141	5	595	575	642	456	484	546
	1,709	2,752	2,887	2,765	2,193	2,254	2,570	3,710	3,861	3,669
	0	0	0	0	0	0	0	105	83	339
Cash & Bank	28	122	93	392	283	234	412	366	846	882
	465	831	758	1,004	525	751	819	939	956	869
Total Assets	2,300	3,916	4,041	4,328	3,615	3,838	4,474	5,923	6,596	6,663

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	172	267	475	400	662	-80	356	183	-11	-509
Cash from Investing	24	-119	-47	-204	-237	-138	27	-278	-65	-79
Cash from Financing	-209	-68	-353	171	-609	154	-30	-38	484	418
	-25	15	29	323	-202	-93	303	-132	408	-169

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	78.36	78.35	78.35	78.35	78.34	78.25	74.59	74.59	74.59
	3.24	3.40	3.28	3.10	2.81	3.07	3.07	2.54	2.35
	16.39	16.12	16.15	16.19	16.30	15.76	16.61	17.13	16.38
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	2.02	2.11	2.22	2.37	2.54	2.92	5.72	5.75	6.68

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

General Updates

2026-09-09 - Keystone Realtors Limited has informed the Exchange about General Updates

2026-08-27

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - Keystone Realtors Limited has informed the Exchange about Schedule of meet

2026-08-27

Copy of Newspaper Publication

2026-08-27 - Keystone Realtors Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-26

Outcome of Board Meeting

2026-08-26 - Keystone Realtors Limited has informed the Exchange regarding Outcome of Board Meeting held on August 26, 2026.

2026-08-25

Shareholders meeting

2026-08-25 - Keystone Realtors Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026

2026-08-25

Shareholders meeting

2026-08-25 - Keystone Realtors Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026

2026-08-25

Copy of Newspaper Publication

2026-08-25 - Keystone Realtors Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-24

Credit Rating- Others

2026-08-24 - Keystone Realtors Limited has informed the Exchange about Credit Rating- Others

2026-08-13

ESOP/ESOS/ESPS

2026-08-13 - Keystone Realtors Limited has informed the Exchange regarding Allotment of 10357 Shares.

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