Keystone Realtors
RUSTOMJEE NSE
Keystone Realtors
RealtyNSE: RUSTOMJEE BSE: 543669 Residential Commercial Projects
Key Fundamentals
MicrocapResidential Commercial ProjectsRealtyMarket Cap
₹4,384 Cr
Volatility
Low Risk
P/E Ratio
37.05
EBITDA
₹204 Cr
Return on Equity
3.28%
Debt to Equity
0.52
Book Value
₹222.57
EPS
₹7.23
52W High
₹634
52W Low
₹350
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
4- Company has a low return on equity of 5.31% over last 3 years.
- Earnings include an other income of Rs.98.0 Cr.
- Dividend payout has been low at 3.66% of profits over last 3 years
- Debtor days have increased from 26.5 to 47.0 days.
Growth Rate
Revenue Growth
28.07% lower than
3Y
Net Income Growth
-49.55% lower than
3Y
Cash Flow Change
—
ROE
-51.48% lower than
3Y
ROCE
-42.6% lower than
3Y
EBITDA Margin (Avg.)
-52.04% lower than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoAI opinion · based on fundamentals
Risk high
Keystone Realtors trades at a market cap of ₹5,444 Cr with a PE of 57.6x, reflecting premium valuation despite a 54% TTM profit decline. The company has delivered strong 57% sales CAGR over 3 years but ROE remains subdued at 5.31% over the same period, presenting a mixed fundamental picture.
Bull Case 7
- Exceptional 3-year compounded sales growth of 57%, indicating strong topline momentum and project execution
- TTM revenue growth of 31% suggests continued demand traction in ongoing projects
- 5-year compounded sales CAGR of 25% demonstrates sustained long-term revenue expansion
- Company is expected to deliver a good upcoming quarter based on project launches and pre-sales pipeline
- Price-to-book ratio of 1.91x is relatively modest for a branded Mumbai-focused real estate developer
- Other income of ₹85.3 Cr provides earnings cushion and indicates healthy treasury or JV income streams
- Stock has corrected 32% over 1 year from highs, potentially compressing valuation from peak levels
Bear Case 8
- TTM compounded profit declined 54%, signaling severe margin compression or one-time hits despite strong revenue growth
- PE ratio of 57.6x is elevated, especially given that profits have declined at -1% CAGR over 3 years
- Return on equity of just 5.31% over 3 years (3% last year) indicates poor capital efficiency for shareholders
- Debtor days increased from 26.5 to 47.0 days, reflecting deteriorating receivables collection and potential cash flow stress
- Dividend payout of only 3.66% of profits over 3 years with a 0.35% yield offers negligible income to shareholders
- 5-year compounded profit CAGR of -24% shows a persistent inability to convert revenue growth into bottom-line gains
- Tax rate appears low, raising questions about sustainability of reported earnings and potential future tax normalization
- Earnings quality concern as other income of ₹85.3 Cr forms a material portion of profits, masking weaker operating performance
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago Neutral 1
- Investor meet scheduled Jun 16 Jun 9
Keystone Realtors will hold an analyst and institutional investor meeting on June 16, 2026, in Mumbai covering publicly available information.
TL;DR: Limited recent news flow for Keystone Realtors with only a routine investor meeting announcement. No identifiable headwinds or positive catalysts from the current news set. The upcoming June 16 investor interaction could provide forward guidance that moves sentiment in either direction.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 272 | 618 | 521 | 812 | 422 | 533 | 464 | 585 | 273 | 499 | 266 | 1,596 | 470 |
| Expenses | 209 | 632 | 512 | 762 | 381 | 455 | 427 | 537 | 261 | 484 | 256 | 1,514 | 388 |
| Operating Profit | 63 | -14 | 9 | 50 | 41 | 78 | 38 | 48 | 12 | 15 | 10 | 81 | 82 |
| OPM % | 23% | -2.3% | 1.6% | 6% | 10% | 15% | 8% | 8% | 4.3% | 3% | 3.7% | 5% | 17% |
| Other Income | 11 | 25 | 34 | 15 | 15 | 23 | 22 | 57 | 16 | 22 | 28 | 25 | 24 |
| Interest | 7 | 7 | 7 | 20 | 17 | 10 | 12 | 13 | 7 | 16 | 23 | 33 | 31 |
| Depreciation | 1 | 2 | 2 | 3 | 2 | 3 | 3 | 6 | 4 | 4 | 4 | 6 | 5 |
| PBT | 67 | 2 | 34 | 42 | 37 | 88 | 45 | 87 | 16 | 17 | 10 | 67 | 70 |
| Tax % | 30% | -108% | 11% | 28% | 31% | 26% | 33% | 23% | -3% | 41% | 52% | 5% | 26% |
| Net Profit | 47 | 4 | 30 | 30 | 26 | 66 | 30 | 67 | 16 | 10 | 5 | 64 | 52 |
| EPS in Rs | 4.12 | 0.38 | 2.65 | 2.69 | 2.05 | 5.26 | 1.2 | 5.14 | 1.15 | 0.68 | 0.27 | 4.15 | 4.21 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,211 | 849 | 1,269 | 686 | 2,222 | 2,004 | 2,635 | 2,832 |
| Expenses | 1,075 | 746 | 1,092 | 582 | 2,113 | 1,800 | 2,512 | 2,643 |
| Operating Profit | 136 | 102 | 178 | 104 | 110 | 204 | 122 | 189 |
| OPM % | 11% | 12% | 14% | 15% | 4.9% | 10% | 4.6% | 7% |
| Other Income | 57 | 329 | 34 | 44 | 82 | 117 | 85 | 98 |
| Interest | 128 | 140 | 23 | 36 | 40 | 51 | 79 | 102 |
| Depreciation | 2 | 2 | 3 | 5 | 7 | 13 | 18 | 19 |
| PBT | 63 | 290 | 184 | 108 | 144 | 257 | 110 | 165 |
| Tax % | 77% | 20% | 26% | 26% | 23% | 27% | 14% | — |
| Net Profit | 14 | 232 | 136 | 80 | 111 | 188 | 95 | 131 |
| EPS in Rs | 2.2 | 31.04 | 13.96 | 7.2 | 9.85 | 13.64 | 6.25 | 9.31 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 11% | 0% | — |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 100 | 100 | 100 | 114 | 114 | 126 | 126 |
| Reserves | 327 | 701 | 833 | 1,556 | 1,684 | 2,646 | 2,737 |
| Borrowings | 2,514 | 1,220 | 1,563 | 1,030 | 1,101 | 930 | 1,484 |
| Other Liabilities | 1,474 | 1,633 | 1,382 | 1,816 | 3,033 | 2,894 | 2,363 |
| Total Liabilities | 4,415 | 3,654 | 3,877 | 4,515 | 5,932 | 6,596 | 6,710 |
| Fixed Assets | 195 | 29 | 33 | 39 | 355 | 375 | 366 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 5 | 595 | 575 | 642 | 456 | 484 | 546 |
| Other Assets | 4,215 | 3,029 | 3,268 | 3,834 | 5,121 | 5,737 | 5,798 |
| Total Assets | 4,415 | 3,654 | 3,877 | 4,515 | 5,932 | 6,596 | 6,710 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | 351 | 642 | -110 | 306 | 183 | -11 | -509 |
| Investing | -200 | -235 | -138 | 27 | -278 | -65 | -79 |
| Financing | 171 | -609 | 154 | -30 | -38 | 484 | 418 |
| Net Cash Flow | 323 | -202 | -93 | 303 | -132 | 408 | -169 |
| Free Cash Flow | 349 | 642 | -110 | 299 | 179 | -31 | -517 |
| CFO/OP | 290 | 646 | -45 | 343 | 204 | 15 | -384 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 19 | 16 | 33 | 33 | 17 | 15 | 47 |
| Inventory Days | 3,791 | 5,193 | — | — | 1,482 | — | 3,622 |
| Days Payable | 380 | 555 | — | — | 256 | — | 1,032 |
| Cash Conversion Cycle | 3,431 | 4,653 | 33 | 33 | 1,242 | 15 | 2,637 |
| Working Capital Days | -58 | 90 | 94 | 398 | 212 | 264 | 217 |
| ROCE % | — | 18% | 9% | 5% | 7% | 9% | 5% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Keystone Realtors insights
56 extracted metrics + investor summaries across FY20–FY27.
Documents
1
Clarification sought from Keystone Realtors Ltd
30 Jun - Exchange has sought clarification from Keystone Realtors Ltd on June 30, 2026, with reference to Movement in Volume. 30 Jun - Exchange has sought clarification from Keystone Realtors Ltd on June 30, 2026, with reference to Movement in Volume.
2
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
8 May - Time of Investor/ Analyst conference call / Earnings Call is re-scheduled on Tuesday, May 12, 2026 at 4:00 p.m. (IST) 8 May - Time of Investor/ Analyst conference call / Earnings Call is re-scheduled on Tuesday, May 12, 2026 at 4:00 p.m. (IST)
3
Board Meeting Intimation for Intimation Of Board Meeting
28 Apr - Board meeting on May 12, 2026 to approve audited Q4 and FY2026 financial results. 28 Apr - Board meeting on May 12, 2026 to approve audited Q4 and FY2026 financial results.
4
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
28 Apr - Q4FY26 and FY26 earnings call scheduled for May 12, 2026 at 5:00 p.m. IST. 28 Apr - Q4FY26 and FY26 earnings call scheduled for May 12, 2026 at 5:00 p.m. IST.
5
Board Meeting Intimation for Intimation Of Board Meeting
28 Apr - Board meeting on May 12, 2026 to approve audited Q4 and FY2026 financial results. 28 Apr - Board meeting on May 12, 2026 to approve audited Q4 and FY2026 financial results.
Frequently Asked Questions about Keystone Realtors
What does Keystone Realtors Ltd do?
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]
Where is Keystone Realtors Ltd (RUSTOMJEE) listed?
Keystone Realtors Ltd trades as RUSTOMJEE on the NSE and under code 543669 on the BSE.
Which sector does Keystone Realtors Ltd belong to?
Keystone Realtors Ltd is classified under the Realty sector, in the Residential Commercial Projects industry.
What is the market capitalisation of Keystone Realtors Ltd?
Keystone Realtors Ltd has a market capitalisation of ₹4,384 Cr, which places it in the Small Cap band.
What is the PE ratio of Keystone Realtors Ltd?
Keystone Realtors Ltd trades at a PE ratio of 37.05, on earnings per share of ₹7.23, against a book value of ₹222.57 per share.
What is the 52-week high and low of Keystone Realtors Ltd?
Over the last 52 weeks Keystone Realtors Ltd has traded between ₹350 and ₹634.
Does Keystone Realtors Ltd pay dividends?
Keystone Realtors Ltd has a dividend yield of 0.43%.
What is the Return on Equity (ROE) of Keystone Realtors Ltd?
Keystone Realtors Ltd reported a return on equity of 3.28%. Its debt-to-equity ratio is 0.52.
Company Information
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]
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