NSE: RUSTOMJEE · BSE: 543669
KEYSTONE REALTORS LIMITED
Develops residential and commercial real estate projects in the Mumbai Metropolitan Region (MMR) under the Rustomjee brand, selling apartments and commercial space to end-buyers. FY26 revenue from operations stood at INR 2,634.54 cr, with FY26 presales (bookings) of INR 4,022 cr, up 33% YoY, and Q4 FY26 alone delivering record presales of INR 1,346 cr. The pipeline is supported by 17 ongoing projects in Mumbai with combined gross development value (GDV) of INR 192.42 bn and forthcoming projects GDV of INR 427 bn. In FY26, the company launched 7 projects (INR 9,813 cr GDV) and added 5 new business development projects (INR 10,400 cr GDV), with 21 of the 25 projects added since FY23 being redevelopment projects. The mix is shifting away from legacy low-margin projects, with FY27 revenue guided at 12% legacy and 88% new projects targeting ~35% gross margins and ~20% EBITDA, alongside a commercial annuity income target of INR 100 cr by 2030. Cost structure is dominated by materials and construction inputs at 71.6% of revenue, with employee costs at 6.2% and other opex at 9.9%. The company is net cash positive with gross debt-to-equity at 0.26:1 and holds CRISIL AA-/Stable and ICRA AA-/Stable ratings; Q1 FY27 presales were INR 6.17 bn (down 42% YoY) as no new launches were planned that quarter. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential and commercial real estate development. Asset-heavy, cyclical real estate development focused on MMR, shifting from legacy low-margin projects to higher-margin new launches
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 686 | 2,222 | 2,004 | 2,635 |
| EBITDA (ex other income) | 104 | 110 | 215 | 122 |
| margin % | 15.1 | 4.9 | 10.7 | 4.6 |
| Owners' profit | 82 | 112 | 172 | 95 |
| EPS, as reported (₹) | 7.67 | 9.85 | 13.85 | 6.25 |
| ROE % · ROCE % | 4.7 · 7.0 | 6.2 · 5.9 | 6.8 · 9.7 | 3.3 · 5.3 |
| Debt / equity (x) | 0.61 | 0.60 | 0.32 | 0.51 |
| Cash from operations | 306 | 183 | (11) | (509) |
| Capex | (7) | (5) | (19) | (9) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 533 | 464 | 585 | 273 | 499 | 266 | 1,596 | 470 |
| Profit before tax | 91 | 48 | 89 | 18 | 17 | 12 | 60 | 69 |
| Net profit | 66 | 30 | 67 | 16 | 10 | 5 | 64 | 52 |
| EPS (₹) | 5.36 | 1.20 | 5.41 | 1.15 | 0.68 | 0.27 | 4.15 | 4.21 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,66,093 | 37.4 | 3.65 | 50.1 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,00,949 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 68,130 | 53.2 | 4.76 | 26.4 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 61,258 | 53.8 | 3.66 | 17.7 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,867 | 19.3 | 3.28 | 16.9 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,761 | 29.8 | 2.47 | 21.9 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 18,001 | 20.9 | 2.39 | 13.9 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,878 | 28.4 | 2.90 | 22.9 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.5 | 20.0 | 45 of 57 | 21% |
| P/B | 1.5 | 1.9 | 27 of 64 | 59% |
| ROCE | 3.0 | 6.4 | 50 of 66 | 25% |
| ROE | 3.3 | 8.0 | 46 of 64 | 29% |
| Debt / Equity | 0.5 | 0.4 | 42 of 64 | 35% |
| EBITDA margin | 22.4 | 29.6 | 38 of 66 | 43% |
| Revenue growth | 72.2 | 12.8 | 15 of 67 | 79% |
| Profit growth | 220.7 | 7.5 | 8 of 66 | 89% |
| Market cap | 4292 | 1893 | 20 of 67 | 71% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Keystone Realtors Q2FY27 earnings call on Nov 4, 2026 at 4 PM | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Board Meeting on Nov 4, 2026 to Approve Q2 and H1 FY27 Results | results | low | — | — |
| 9 Oct 2026 · Routine RTA compliance certificate submitted to BSE and NSE | compliance | minimal | — | — |
| 9 Oct 2026 · Designated Person trading plan approved for sale of 17063 shares | compliance | minimal | — | — |
| 8 Oct 2026 · Rustomjee Q2FY27 pre-sales jump 84% YoY to record INR 14.23 bn | business updates | medium | — | — |
| 30 Sept 2026 · Keystone Realtors Trading Window Closed for Q2 FY26 Results | compliance | minimal | — | — |
| 29 Sept 2026 · Allotment of 73,148 equity shares under ESOP scheme | capital market events | low | — | — |
| 18 Sept 2026 · Walker Chandiok appointed as new Statutory Auditor for 5 years | management changes | medium | — | — |
| 18 Sept 2026 · Keystone Realtors 31st AGM: All 16 resolutions passed | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Keystone Realtors 31st AGM: all 16 resolutions passed | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.