Keystone Realtors Ltd

•

rustomjee.comBSE: 543669NSE: RUSTOMJEE

Market Cap₹ 4,777 Cr.

Current Price

High / Low₹ 634 / 359

Stock P/E141.7

Book Value₹ 201

Price to Book1.86

Dividend Yield0.00 %

ROCE3.1 %

ROE1.6 %

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%

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PROS

Company has delivered good profit growth of 78.9% CAGR over last 5 years
Company maintains a comfortable, low leverage position

CONS

Company is loss-making at the operating / net level
Operating cash flow has been negative in recent years
A large part of profit comes from other income (364.4% of PBT)
Receivables are growing faster than sales - a possible quality concern
Recent results are weak - TTM profit is down 77.4% versus prior year
Company has a low return on capital employed of 6.3%

* 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	681.00	37.92	168568.73	1.17	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1220.60	29.56	121965.19	0.35	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1960.00	54.77	70104.86	0.13	394.51	22.95	1074.94	12.80	13.70	59.77
4.	PRESTIGE	1625.00	61.46	69993.66	0.12	271.40	-12.87	2675.10	15.94	11.51	31.75
5.	OBEROIRLTY	1904.60	26.33	69251.68	0.42	543.51	29.02	1300.89	31.73	17.69	56.75
6.	GODREJPROP	1986.60	37.40	59841.66	0.50	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	BRIGADE	712.95	33.47	23260.66	0.21	216.94	37.35	1115.55	-12.93	11.02	32.33
8.	ANANTRAJ	628.50	39.09	22618.27	0.16	149.19	18.50	631.40	6.58	12.23	29.53
9.	ABREL	1376.10	116.21	15370.44	0.18	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1254.70	58.18	13419.50	0.48	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	793.70	10.70	11166.25	0.00	-16.53	-148.00	551.99	-36.24	34.77	-8.10
12.	RUSTOMJEE	378.40	40.66	4777.33	0.00	52.37	220.70	470.29	72.19	6.15	17.71

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	255	581	60	114	128	63	35	325	68	335	56	210	89
	184	597	71	113	123	85	66	297	101	352	81	213	116
Operating Profit	70	-15	-11	1	5	-22	-31	27	-33	-18	-25	-3	-28
OPM %	27.65%	-2.65%	-17.89%	0.50%	3.56%	-34.28%	-89.97%	8.46%	-48.11%	-5.33%	-45.25%	-1.58%	-31.03%
	31	24	35	49	43	54	46	62	54	58	30	38	37
Interest	0	1	12	18	14	12	10	8	5	7	12	12	12
Depreciation	1	1	2	2	2	2	3	5	4	3	3	4	4
Profit before Tax	100	6	10	29	32	18	2	76	12	30	-11	19	9
Tax %	23.51%	24.16%	27.04%	20.38%	26.23%	26.19%	33.19%	27.96%	-13.81%	25.80%	23.07%	26.61%	30.16%
Net Profit	76	5	7	23	23	14	2	55	14	22	-9	14	7
	6.71	0.40	0.64	2.05	1.98	1.10	0.12	4.36	1.08	1.76	-0.69	1.08	0.52

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	247	258	352	602	755	851	328	1,010	551	668	689
	195	248	340	550	704	742	257	950	564	739	763
Operating Profit	52	9	12	52	50	109	71	60	-13	-71	-74
OPM %	20.98%	3.51%	3.34%	8.70%	6.65%	12.85%	21.77%	5.93%	-2.44%	-10.55%	-10.73%
	26	72	68	43	45	75	88	141	205	179	162
Interest	88	90	74	60	66	25	9	49	51	45	43
Depreciation	2	4	3	3	2	3	4	7	12	15	15
Profit before Tax	-13	-12	2	33	28	156	146	145	129	49	47
Tax %	-0.00%	-90.37%	3.85%	72.27%	91.96%	23.08%	25.17%	23.15%	27.38%	17.10%	27.67%
Net Profit	-13	-23	2	9	2	120	109	112	93	41	34
EPS	-58314.00	-102206.00	0.54	0.92	0.22	12.00	10.22	9.79	7.41	3.23	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.23%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: -2%
3 Years:: 27%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 79%
3 Years:: -28%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -16%
1 Year:: -39%

RETURN ON EQUITY

10 Years:: 4%
5 Years:: 9%
3 Years:: 4%
Last Year:: 2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	0	0	0	0	0	100	114	114	126	126
	407	383	285	348	349	608	1,395	1,507	2,371	2,408
	715	504	620	873	937	925	551	833	447	742
Trade Payables	25	59	84	134	165	240	281	273	376	356
	442	450	597	901	843	673	997	739	750	581
Total Liabilities	1,589	1,396	1,587	2,256	2,294	2,546	3,338	3,465	4,069	4,212
	21	18	32	20	21	23	29	40	57	47
	159	232	271	160	215	553	584	417	468	523
	818	808	861	1,544	1,419	1,227	1,510	1,057	1,290	1,289
	0	0	0	0	0	0	0	12	22	65
Cash & Bank	11	6	24	22	51	112	346	198	543	501
	579	331	400	509	589	631	870	1,741	1,689	1,788
Total Assets	1,589	1,396	1,587	2,256	2,294	2,546	3,338	3,465	4,069	4,212

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-54	164	272	170	122	32	140	228	-177	-347
Cash from Investing	-98	126	-37	15	-33	-108	-90	-840	133	-41
Cash from Financing	165	-321	-207	-203	-59	2	275	429	336	222
	-2	-5	17	-28	11	-92	280	-182	292	-166

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	-58313.61	-93071.89	921.74	3709.68	895.16	12.00	9.59	9.79	7.41	3.23
Book Value (₹)	1885537.94	1542693.03	114931.04	140179.35	140852.74	70.80	132.50	142.29	198.09	200.71
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.50	0.00
Cash EPS (₹)	0.00	0.00	2164.57	4814.52	1588.71	12.34	9.97	10.39	8.39	4.40
PROFITABILITY
Operating Margin %	31.55%	31.64%	22.61%	15.90%	12.67%	21.63%	48.70%	5.94%	-2.44%	-10.55%
Net Margin %	-5.08%	-8.98%	0.65%	1.53%	0.29%	14.10%	33.30%	11.03%	16.97%	6.09%
ROE %	-3.64%	-5.85%	0.68%	2.91%	0.64%	22.71%	9.85%	7.13%	4.54%	1.62%
ROCE %	7.15%	7.74%	8.08%	8.00%	6.94%	12.45%	8.92%	8.92%	6.82%	3.07%
	-0.83%	-1.55%	0.15%	0.48%	0.10%	4.96%	3.71%	3.28%	2.48%	0.98%
EFFICIENCY
Debtor Days	26	21	32	56	66	45	63	9	11	24
Inventory Days	915	1153	867	729	717	567	1523	464	778	704
Payable Days	-190	147	133	80	87	194	-620	186	3992	1276
	1132	1027	765	705	695	418	2206	287	-3203	-548
FINANCIAL HEALTH
Debt to Equity (x)	1.76x	1.31x	1.61x	1.95x	2.09x	1.14x	0.30x	0.46x	0.14x	0.25x
Interest Coverage (x)	0.86x	0.86x	1.03x	1.55x	1.42x	7.33x	16.40x	3.97x	3.54x	2.10x
	1.13x	1.09x	1.03x	1.07x	1.06x	1.14x	1.56x	2.53x	3.00x	3.32x
GROWTH
Revenue Growth %	23.29%	4.10%	36.49%	71.29%	25.31%	12.84%	-61.47%	208.01%	-45.51%	21.40%
Operating Profit Growth %	193.85%	4.38%	-2.45%	20.42%	-0.14%	92.62%	-13.23%	25.63%	-4.49%	-43.42%
Net Profit Growth %	85.69%	-83.89%	109.90%	301.82%	-75.87%	5308.11%	-9.02%	2.08%	-16.19%	-56.43%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.07%	-24.26%	-56.50%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	61.75x	71.88x	115.71x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	4.25x	2.69x	1.86x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.28%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	37.01x	34.03x	44.70x

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

2026-08-27

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.

2026-08-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - Keystone Realtors Limited has informed the Exchange about Schedule of meet

News

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