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 ₹ 7,117 Cr.
- Current Price ₹ 564
- High / Low ₹ 801 / 480
- Stock P/E 44.3
- Book Value ₹ 220
- Dividend Yield 0.27 %
- ROCE 9.33 %
- ROE 7.53 %
- Face Value ₹ 10.0
Pros
- Debtor days have improved from 21.7 to 15.2 days.
Cons
- Stock is trading at 2.57 times its book value
- Company has a low return on equity of 6.88% over last 3 years.
- Earnings include an other income of Rs.118 Cr.
- Dividend payout has been low at 3.66% of profits over last 3 years
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|
1,211 | 849 | 1,269 | 686 | 2,222 | 2,004 | 1,855 | |
1,075 | 746 | 1,092 | 582 | 2,113 | 1,800 | 1,680 | |
Operating Profit | 136 | 102 | 178 | 104 | 110 | 204 | 175 |
OPM % | 11% | 12% | 14% | 15% | 5% | 10% | 9% |
57 | 329 | 34 | 44 | 82 | 117 | 118 | |
Interest | 128 | 140 | 23 | 36 | 40 | 51 | 42 |
Depreciation | 2 | 2 | 3 | 5 | 7 | 13 | 15 |
Profit before tax | 63 | 290 | 184 | 108 | 144 | 257 | 236 |
Tax % | 77% | 20% | 26% | 26% | 23% | 27% | |
14 | 232 | 136 | 80 | 111 | 188 | 179 | |
EPS in Rs | 2.20 | 31.04 | 13.96 | 7.20 | 9.85 | 13.64 | 12.75 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 11% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 11% |
3 Years: | 16% |
TTM: | -22% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 51% |
3 Years: | 7% |
TTM: | 76% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
1 Year: | -21% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 12% |
3 Years: | 7% |
Last Year: | 8% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|
Equity Capital | 100 | 100 | 100 | 114 | 114 | 126 |
Reserves | 327 | 701 | 833 | 1,556 | 1,684 | 2,646 |
2,514 | 1,220 | 1,563 | 1,030 | 1,101 | 930 | |
1,474 | 1,633 | 1,382 | 1,816 | 3,033 | 2,894 | |
Total Liabilities | 4,415 | 3,654 | 3,877 | 4,515 | 5,932 | 6,596 |
195 | 29 | 33 | 39 | 355 | 375 | |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 5 | 595 | 575 | 642 | 456 | 484 |
4,215 | 3,029 | 3,268 | 3,834 | 5,121 | 5,737 | |
Total Assets | 4,415 | 3,654 | 3,877 | 4,515 | 5,932 | 6,596 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|
351 | 642 | -110 | 306 | 183 | -11 | |
-200 | -235 | -138 | 27 | -278 | -65 | |
171 | -609 | 154 | -30 | -38 | 484 | |
Net Cash Flow | 323 | -202 | -93 | 303 | -132 | 408 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|
Debtor Days | 19 | 16 | 33 | 33 | 17 | 15 |
Inventory Days | 3,791 | 5,193 | 1,482 | |||
Days Payable | 380 | 555 | 256 | |||
Cash Conversion Cycle | 3,431 | 4,653 | 33 | 33 | 1,242 | 15 |
Working Capital Days | -58 | 90 | 94 | 398 | 212 | 264 |
ROCE % | 18% | 9% | 5% | 7% | 9% |
Documents
Announcements
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Notice of Offer for Sale of Shares by Promoters & Floor Price
1d - Promoters to sell up to 4,576,000 shares (3.63%) via OFS on Oct 15–16, 2025; floor price ₹550.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
1d - RTA certificate dated Oct 4, 2025 confirming dematerialisation compliance for quarter ended Sep 30, 2025.
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Disclosure Pursuant To Regulation 30 Of SEBI (LODR) Regulations, 2015 ('The Regulations')
7 Oct - H1FY26 pre-sales Rs18.31bn; Q2 pre-sales Rs7.63bn; H1 collections Rs11.77bn; launched GDV Rs9.49bn.
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Announcement under Regulation 30 (LODR)-Change in Management
1 Oct - Keystone Realtors appoints Chetan Deshpande as Senior HR personnel (SMP), effective October 1, 2025.
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Closure of Trading Window
30 Sep - Keystone Realtors: trading window closed from Oct 1, 2025 until 48 hours after Sep 30, 2025 results.
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]