Keystone Realtors Ltd
Incorporated in 1995, Keystone Realtors Limited is one of the prominent real estate developers. The company is engaged primarily in the business of real estate construction, development, and other related activities in India[1]
- Market Cap ₹ 7,763 Cr.
- Current Price ₹ 616
- High / Low ₹ 801 / 480
- Stock P/E 92.8
- Book Value ₹ 201
- Dividend Yield 0.24 %
- ROCE 6.00 %
- ROE 4.02 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is expected to give good quarter
Cons
- Stock is trading at 3.06 times its book value
- Company has a low return on equity of 6.19% over last 3 years.
- Earnings include an other income of Rs.216 Cr.
- Dividend payout has been low at 6.74% of profits over last 3 years
- Working capital days have increased from 773 days to 1,127 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Realty Realty Residential, Commercial Projects
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|
273 | 1,414 | 267 | 530 | 851 | 328 | 1,010 | 551 | 491 | |
290 | 1,275 | 269 | 459 | 742 | 251 | 966 | 571 | 549 | |
Operating Profit | -17 | 139 | -2 | 72 | 109 | 77 | 45 | -21 | -58 |
OPM % | -6% | 10% | -1% | 13% | 13% | 23% | 4% | -4% | -12% |
0 | 62 | 104 | 59 | 75 | 83 | 139 | 205 | 216 | |
Interest | 0 | 69 | 47 | 57 | 25 | 9 | 32 | 43 | 34 |
Depreciation | 0 | 2 | 1 | 1 | 3 | 4 | 7 | 12 | 14 |
Profit before tax | -17 | 130 | 53 | 72 | 156 | 146 | 145 | 129 | 109 |
Tax % | 0% | 22% | 29% | 45% | 23% | 25% | 23% | 27% | |
-17 | 102 | 38 | 40 | 120 | 109 | 112 | 93 | 84 | |
EPS in Rs | -63,962.96 | 10.19 | 3.75 | 3.99 | 12.00 | 9.59 | 9.79 | 7.42 | 6.64 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 20% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 16% |
3 Years: | -14% |
TTM: | -44% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 17% |
3 Years: | -11% |
TTM: | 43% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
1 Year: | -11% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 8% |
3 Years: | 6% |
Last Year: | 4% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
Equity Capital | 0.03 | 100 | 100 | 100 | 100 | 114 | 114 | 126 |
Reserves | 373 | 410 | 449 | 488 | 608 | 1,401 | 1,523 | 2,408 |
694 | 762 | 754 | 732 | 813 | 458 | 758 | 374 | |
495 | 1,229 | 1,237 | 1,248 | 972 | 1,248 | 920 | 989 | |
Total Liabilities | 1,562 | 2,502 | 2,539 | 2,568 | 2,493 | 3,221 | 3,315 | 3,896 |
7 | 31 | 30 | 29 | 33 | 38 | 49 | 65 | |
CWIP | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 750 | 245 | 236 | 484 | 553 | 584 | 417 | 468 |
799 | 2,226 | 2,273 | 2,055 | 1,908 | 2,599 | 2,850 | 3,363 | |
Total Assets | 1,562 | 2,502 | 2,539 | 2,568 | 2,493 | 3,221 | 3,315 | 3,896 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
333 | 80 | 351 | 15 | 95 | 228 | -177 | ||
-68 | 54 | -126 | -108 | -90 | -840 | 133 | ||
-282 | -108 | -129 | 2 | 275 | 429 | 336 | ||
Net Cash Flow | -17 | 26 | 97 | -92 | 280 | -182 | 292 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
Debtor Days | 69 | 41 | 43 | 14 | 32 | 45 | 4 | 14 |
Inventory Days | 851 | 1,378 | 1,822 | 752 | ||||
Days Payable | 107 | 179 | 356 | 194 | ||||
Cash Conversion Cycle | 69 | 785 | 43 | 1,214 | 1,498 | 45 | 562 | 14 |
Working Capital Days | 263 | 28 | 570 | -15 | 46 | 642 | 550 | 1,127 |
ROCE % | 8% | 10% | 13% | 9% | 8% | 6% |
Documents
Announcements
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Board Meeting Intimation for Intimation Of Board Meeting
23m - Board meeting on September 10, 2025 to consider raising funds via debentures.
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Announcement under Regulation 30 (LODR)-Credit Rating
1d - ICRA reaffirmed A+ (Stable) for Rs1,000cr limits; assigned A+ to Rs375cr NCDs on Sept 4, 2025.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
27 Aug - Pursuant to Regulation 30(6) of SEBI (LODR) Regulations, 2015, the schedule of Analyst / Institutional Investor Meeting with the Company is as per the attached …
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Announcement under Regulation 30 (LODR)-Newspaper Publication
27 Aug - The 30th Annual General Meeting of the Company is Scheduled on Thursday, September 18, 2025 at 04:00 PM IST
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Letter To The Shareholders Providing Web-Link For Accessing The Annual Report For The Financial Year 2024-25
26 Aug - 30th AGM on 18 Sept 2025; Annual Report 2024-25 available online.
Annual reports
Concalls
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Aug 2025Transcript PPT
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May 2025Transcript PPT REC
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May 2025TranscriptNotesPPT
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
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Aug 2024Transcript PPT REC
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May 2024Transcript PPT
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Feb 2024Transcript PPT
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Jan 2024TranscriptNotesPPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT
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Feb 2023TranscriptPPT
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Feb 2023Transcript PPT REC
Business Overview
The company is a prominent MMR-based real estate developer and a leader in the redevelopment space. [1] It develops integrated townships, gated communities, standalone landmarks, retail spaces, commercial projects, and social infrastructure such as schools, clubhouses, and parks within townships under its brand Rustomjee. [2]