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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,59,533 | 35.9 | 3.51 | 48.1 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,11,589 | 27.0 | 4.76 | 22.1 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,594 | 52.8 | 4.73 | 26.2 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 64,519 | 56.6 | 3.85 | 18.5 | 7.8 | 6.8 | 11.8 | 38.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Keystone Realtors incorporates One Landmark House LLP with 50 percent stake | strategic transactions | medium | — | — |
| 27 Aug 2026 · Investor meet on September 2, 2026 at Elara India Dialogue | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Notice of 31st AGM on September 18, 2026 via video conferencing | compliance | minimal | — | — |
| 26 Aug 2026 · Board approves Rs 405 Crore NCD issuance via private placement | fund raising | high | — | — |
| 25 Aug 2026 · Keystone Realtors files BRSR for FY 2025-26 | compliance | minimal | — | — |
| 25 Aug 2026 · Keystone Realtors files FY26 Annual Report; 31st AGM on Sep 18, 2026 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · 31st AGM scheduled for Sep 18, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Keystone Realtors 31st AGM notice on Sept 18, 2026 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Newspaper publication for 31st AGM notice scheduled on September 18, 2026 | compliance | minimal | — | — |
| 24 Aug 2026 · ICRA reaffirms AA-/Stable rating; assigns AA- to new Rs 385 Cr NCDs | credit debt | medium | — | — |
| 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 |
| OBEROI REALTY LIMITED | 63,306 | 20.8 | 3.53 | 18.2 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 52,653 | 32.9 | 2.72 | 23.7 | 9.5 | 11.4 | 46.3 | 107.7 |
| ANANT RAJ LIMITED | 21,490 | 36.2 | 3.69 | 29.3 | 9.6 | 10.2 | 58.7 | 32.1 |
| BRIGADE ENTER. LTD | 20,941 | 24.4 | 2.78 | 15.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 37.2 | 21.8 | 46 of 57 | 20% |
| P/B | 1.5 | 2.1 | 27 of 64 | 59% |
| ROCE | 3.0 | 6.8 | 51 of 67 | 24% |
| ROE | 3.3 | 8.2 | 48 of 67 | 29% |
| Debt / Equity | 0.5 | 0.4 | 45 of 67 | 33% |
| 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 | 4368 | 2250 | 20 of 67 | 71% |
| 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 |
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.
