Keystone Realtors Ltd

Keystone Realtor Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Keystone Realtors Ltd

₹ 435 1.54%
08 May 4:01 p.m.
rustomjee.com BSE: 543669 NSE: RUSTOMJEE
About

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]

Key Points

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]

Website BSE NSE
  • Market Cap ₹ 5,491 Cr.
  • Current Price ₹ 435
  • High / Low ₹ 697 / 359
  • Stock P/E 60.2
  • Book Value ₹ 221
  • Dividend Yield 0.35 %
  • ROCE 9.33 %
  • ROE 7.53 %
  • Face Value ₹ 10.0
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Pros

  • Debtor days have improved from 21.7 to 15.2 days.

Cons

  • Company has a low return on equity of 6.88% over last 3 years.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.122 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

Part of BSE Consumer Discretionary BSE 1000

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
126.52 344.38 271.96 618.04 520.69 811.56 422.16 533.07 464.02 584.85 273.12 499.28 266.17
119.18 247.43 208.60 632.46 512.17 761.70 380.72 455.29 426.51 537.22 261.45 484.30 256.32
Operating Profit 7.34 96.95 63.36 -14.42 8.52 49.86 41.44 77.78 37.51 47.63 11.67 14.98 9.85
OPM % 5.80% 28.15% 23.30% -2.33% 1.64% 6.14% 9.82% 14.59% 8.08% 8.14% 4.27% 3.00% 3.70%
9.03 22.10 11.27 24.79 33.88 14.59 15.04 23.15 21.80 57.35 15.52 21.62 27.78
Interest 5.78 22.08 6.51 6.74 7.12 19.71 16.78 10.03 11.96 12.71 7.16 15.72 23.26
Depreciation 1.12 1.83 1.43 1.63 1.65 2.60 2.40 2.53 2.66 5.65 4.18 3.99 3.89
Profit before tax 9.47 95.14 66.69 2.00 33.63 42.14 37.30 88.37 44.69 86.62 15.85 16.89 10.48
Tax % 38.54% 22.18% 30.26% -108.50% 11.15% 27.69% 31.23% 25.82% 32.92% 22.71% -3.03% 41.44% 51.53%
5.82 74.04 46.51 4.17 29.88 30.47 25.65 65.55 29.98 66.95 16.33 9.89 5.08
EPS in Rs 0.47 6.73 4.12 0.38 2.65 2.69 2.05 5.26 1.20 5.14 1.15 0.68 0.27
Raw PDF
Upcoming result date: 12 May 2026

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 1,623
1,075 746 1,092 582 2,113 1,800 1,539
Operating Profit 136 102 178 104 110 204 84
OPM % 11% 12% 14% 15% 5% 10% 5%
57 329 34 44 82 117 122
Interest 128 140 23 36 40 51 59
Depreciation 2 2 3 5 7 13 18
Profit before tax 63 290 184 108 144 257 130
Tax % 77% 20% 26% 26% 23% 27%
14 232 136 80 111 188 98
EPS in Rs 2.20 31.04 13.96 7.20 9.85 13.64 7.24
Dividend Payout % 0% 0% 0% 0% 0% 11%
Compounded Sales Growth
10 Years: %
5 Years: 11%
3 Years: 16%
TTM: -27%
Compounded Profit Growth
10 Years: %
5 Years: 51%
3 Years: 7%
TTM: -34%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: -2%
1 Year: -14%
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 Sep 2025
Equity Capital 100 100 100 114 114 126 126
Reserves 327 701 833 1,556 1,684 2,646 2,668
2,514 1,220 1,563 1,030 1,101 930 1,219
1,474 1,633 1,382 1,816 3,033 2,894 2,985
Total Liabilities 4,415 3,654 3,877 4,515 5,932 6,596 6,999
195 29 33 39 355 375 370
CWIP 0 0 0 0 0 0 0
Investments 5 595 575 642 456 484 477
4,215 3,029 3,268 3,834 5,121 5,737 6,152
Total Assets 4,415 3,654 3,877 4,515 5,932 6,596 6,999

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
Free Cash Flow 349 642 -110 299 179 -31
CFO/OP 290% 646% -45% 343% 204% 15%

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%

Insights

In beta
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Area Sold (Saleable)
Million Sq. Ft.

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Collections
INR Million
Pre-Sales Value
INR Million
Total Construction Area Developed (Cumulative)
Million Sq. Ft.
Forthcoming Projects - Estimated GDV
INR Billion

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
86.71% 86.71% 86.70% 86.70% 78.35% 78.35% 78.35% 78.34% 78.34% 78.25% 74.59% 74.59%
1.49% 1.53% 2.44% 2.33% 3.24% 3.40% 3.28% 3.10% 2.81% 3.07% 3.07% 2.54%
7.86% 7.97% 8.19% 8.72% 16.39% 16.12% 16.15% 16.19% 16.30% 15.76% 16.61% 17.13%
3.95% 3.80% 2.68% 2.26% 2.02% 2.11% 2.22% 2.37% 2.53% 2.92% 5.74% 5.75%
No. of Shareholders 21,21518,56016,73915,80015,79218,35718,94319,14419,66919,44719,54418,917

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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