Keystone Realtors Limited (RUSTOMJEE)

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Keystone Realtors Limited (RUSTOMJEE) · mywealthgrid

About

Keystone Realtors develops residential and commercial real estate in India. Market cap ₹4,687.7 Cr; promoter-led (74.59%). Known for Rustomjee brand.

Face value: ₹10

Market cap

₹4,559 Cr

P/E

34.8×

P/B

1.6×

Dividend yield

0.4%

ROE

3.4%

ROCE

5.4%

Debt / equity

0.51

OPM

4.6%

EPS (TTM)

₹10.4

Book value

₹226.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

OPM volatility: 17.48% (Jun 2026) to -45.25% (Dec 2025); average 4.63% is thin. Verify project delivery schedule.
Dec 2025 loss: -₹8.67 Cr net, -45.25% OPM despite D/E 0.51. Confirm if temporary or structural.
ROE 3.37% very low; capital efficiency weak. Verify if thin margins or asset-heavy model drives this.
Stock -37% in 1y (₹371.45 near 52w low ₹369.65 vs ₹657.7 high) despite PE 35.79. Verify if market reprices execution risk or sector headwinds.

Generated analysis · source review pending

Growth drivers

Jun 2026 OPM 17.48% on ₹470 Cr (vs -45.25% Dec 2025) could recover earnings if sustained; verify if project-mix shift or execution fix.
Valuation reset: stock near 52w low ₹369.65 vs high ₹657.7. PE 35.79 suggests low growth priced in; upside if sentiment/earnings recover.
Dividend paid May 2025 shows cash generation; verify if sustainable amid quarterly volatility.
Housing demand in India typically expands with GDP and credit growth; verify current pre-sales pipeline and booking trends.

Generated analysis · source review pending

948 historical price candles were omitted because the exchange source has not been verified.

₹361.3-0.5%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 56.6% over the last 3 years
+High promoter holding of 74.6% with no pledge

Cons

−Low return on equity of 5.8% (3-yr avg)
−Thin operating margin of 4.6%
−Promoter holding fell 3.8 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

47/100

Business quality: 17
Growth: 79
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	686	2,222	2,004	2,635
COGS	438	1,863	1,446	2,088
Gross profit	248	359	558	547
	139	221	353	422
	109	138	204	125
OPM %	15.9%	6.2%	10.2%	4.8%
Depreciation	5	7	13	18
Interest	36	40	51	79
	39	53	117	82
Profit before tax	108	144	257	111
Tax	28	33	69	16
Tax %	26.2%	23.1%	26.8%	14.1%
	80	111	188	95
PAT margin %	11.6%	5%	9.4%	3.6%
EPS (₹)	7.7	9.9	13.9	6.3
EPS adjusted (₹)	7.2	9.9	13.6	7.5
	0%	0%	10.8%	—
Annual report	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	100	114	114	126	126
Reserves	833	1,556	1,684	2,646	2,737
Minority interest	31	17	—	13	31
	1,558	1,030	1,085	904	1,463
	1,356	1,798	3,089	2,960	2,365
Total equity & liabilities	3,877	4,515	5,972	6,649	6,723
	19	30	346	367	340
CWIP	—	0	0	0	—
Investments	575	651	465	492	554
	3,282	3,834	5,161	5,790	5,828
Total assets	3,877	4,515	5,972	6,649	6,723

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-110	306	183	-11	-509
	-138	27	-278	-65	-79
	154	-30	-38	484	418
Net cash flow	-93	303	-132	408	-169
Free cash flow	-110	299	179	-31	-518
CFO / Operating profit %	—	294.8%	167.4%	-5.3%	-416.9%

Compounded sales growth

7 years: —
5 years: —
3 years: 57%
1 year: 32%

Compounded profit growth

7 years: —
5 years: —
3 years: 6%
1 year: -50%

Return on equity

7 years: —
5 years: —
3 years: 5%
Last year: 3%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	36.2%	16.2%	27.8%	20.8%
EBITDA margin %	15.1%	4.9%	10.7%	4.6%
EBIT margin %	14.5%	4.6%	10.1%	4%
PAT margin %	11.6%	5%	9.4%	3.6%
Working capital
Receivable days	33	17	15	47
Inventory days	2,143	727	974	642
Payable days	294	126	200	183
NWC days	1,882	618	790	506
Leverage
Current ratio	1.46	1.5	1.69	1.77
Debt to EBITDA	9.92	9.9	4.2	11.98
Debt to equity	0.62	0.6	0.33	0.51
Interest coverage	3.8	3.9	6.2	2.4
Asset turnover	0.15	0.37	0.3	0.39
Return ratios
Return on assets %	1.8%	1.9%	2.8%	1.4%
Return on capital employed %	7%	6.7%	10.7%	5.4%
Return on equity %	4.8%	6.2%	6.8%	3.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	86.7%	86.7%	86.7%	78.36%	78.35%	78.35%	78.35%	78.34%	78.25%	74.59%	74.59%	74.59%
	1.53%	2.44%	2.33%	3.24%	3.41%	3.28%	3.1%	2.81%	3.07%	3.08%	2.55%	2.36%
	7.98%	8.19%	8.72%	16.39%	16.12%	16.15%	16.19%	16.3%	15.76%	16.61%	17.12%	16.38%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	3.79%	2.67%	2.25%	2.01%	2.12%	2.22%	2.36%	2.55%	2.92%	5.72%	5.74%	6.67%
No. of shareholders	—	—	—	—	—	—	—	—	19,447	19,544	18,917	19,787

Promoter holding down 12.11 percentage points since Sep 2023.

1 deal · 24 Nov 2022 – 24 Nov 2022

Date	Client	Type	Venue	Side	Quantity	Price	Value
24 Nov 2022	PLUTUS WEALTH MANAGEMENT LLP	Bulk	NSE	Buy	17,10,000	₹555.03	₹94.91 Cr

1–1 of 1

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Boman Rustom IraniExecutive Director-Chairperson
Mr. Chandresh Dinesh MehtaExecutive Director
Mr. Percy Sorabji ChowdhryExecutive Director
Mr. Ramesh Dungarmal TainwalaNon-Executive - Independent Director
Mr. Rahul Gautam DivanNon-Executive - Independent Director
Mrs. Seema Pyari Mohan MohapatraNon-Executive - Independent Director
Mr. Vikas SinghalChief Executive Officer
Mr. Pritam ChivukulaChief Executive Officer
Bimal K NandaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

2.39%

of the company's equity

All mutual funds

8.37%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 2 fund houses

		Shares
SMALL CAP FUND	Tata Mutual Fund	27.34 L	103.62	0.79%	2.167%	-0
HOUSING OPPORTUNITIES FUND	Tata Mutual Fund	2.84 L	10.75	2.25%	0.225%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	94	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI Summary PPT REC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Final dividend23 May 2025 · ex-date₹1.5

1

Board meeting to consider results4 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

28 announcementsExport CSV

30 Sept 2026, 5:27 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	36.2%	16.2%	27.8%	20.8%
EBITDA margin %	15.1%	4.9%	10.7%	4.6%
EBIT margin %	14.5%	4.6%	10.1%	4%
PAT margin %	11.6%	5%	9.4%	3.6%
Working capital
Receivable days	33	17	15	47
Inventory days	2,143	727	974	642
Payable days	294	126	200	183
NWC days	1,882	618	790	506
Leverage
Current ratio	1.46	1.5	1.69	1.77
Debt to EBITDA	9.92	9.9	4.2	11.98
Debt to equity	0.62	0.6	0.33	0.51
Interest coverage	3.8	3.9	6.2	2.4
Asset turnover	0.15	0.37	0.3	0.39
Return ratios
Return on assets %	1.8%	1.9%	2.8%	1.4%
Return on capital employed %	7%	6.7%	10.7%	5.4%
Return on equity %	4.8%	6.2%	6.8%	3.3%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Lodha Developers LimitedLODHALODHA	₹1,10,460 Cr	₹1,20,344 Cr	₹18,181 Cr	₹5,859 Cr	29.5%	₹4,126 Cr	20.6%	20.1%	15.8%	1,405
The Phoenix Mills LimitedPHOENIXLTDPHOENIXLTD	₹69,017 Cr	₹74,313 Cr	₹4,545 Cr	₹2,714 Cr	59.6%	₹1,280 Cr	35.2%	12.4%	11.4%	734
Prestige Estates Projects LimitedPRESTIGEPRESTIGE	₹64,006 Cr	₹78,992 Cr	₹13,053 Cr	₹3,675 Cr	29.2%	₹1,139 Cr	10.3%	13.6%	7.5%	2,755
Oberoi Realty LimitedOBEROIRLTYOBEROIRLTY	₹63,797 Cr	₹66,613 Cr	₹6,322 Cr	₹3,572 Cr	55.9%	₹2,630 Cr	41.7%	17.5%	14.9%	1,581
Godrej Properties LimitedGODREJPROPGODREJPROP	₹48,065 Cr	₹63,680 Cr	₹5,203 Cr	₹-458 Cr	-8.1%	₹1,600 Cr	35.9%	12.5%	10.1%	6,464
Anant Raj LimitedANANTRAJANANTRAJ	₹20,797 Cr	₹21,403 Cr	₹2,551 Cr	₹688 Cr	26.1%	₹579 Cr	22.2%	12%	11.2%	236
Brigade Enterprises LimitedBRIGADEBRIGADE	₹18,579 Cr	₹24,688 Cr	₹5,532 Cr	₹1,465 Cr	25.1%	₹695 Cr	12.7%	11.1%	10.3%	938
Horizon Industrial Parks LimitedHORIZONINDHORIZONIND	₹14,025 Cr	₹20,910 Cr	₹691 Cr	₹531 Cr	76.9%	₹-198 Cr	-29.5%	3.3%	-5.9%	-46
Sobha LimitedSOBHASOBHA	₹12,968 Cr	₹13,970 Cr	₹5,617 Cr	₹364 Cr	6%	₹231 Cr	3.7%	7.4%	4.2%	17,827
Aditya Birla Real Estate LimitedABRELABREL	₹12,293 Cr	₹17,929 Cr	₹450 Cr	₹-375 Cr	-88.2%	₹-116 Cr	-83%	-4.4%	-2.7%	22,467
Sri Lotus Developers And Realty LimitedLOTUSDEVLOTUSDEV	₹11,244 Cr	₹11,374 Cr	₹840 Cr	₹299 Cr	36.5%	₹257 Cr	31.6%	22.3%	16.7%	840
Signatureglobal (India) LimitedSIGNATURESIGNATURE	₹10,376 Cr	₹13,317 Cr	₹2,282 Cr	₹-126 Cr	-1.9%	₹1,044 Cr	42.2%	3.4%	85%	1,407

Date	Category	Subject	Filing
30 Sept 2026, 5:27 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
29 Sept 2026, 4:48 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
18 Sept 2026, 9:10 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
18 Sept 2026, 8:58 pm	AGM/EGM AGM	Voting Results Under Regulation 44(3) Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 ('Listing Regulations') Of The 31St Annual General Meeting ('AGM')	PDF
18 Sept 2026, 8:55 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
18 Sept 2026, 8:51 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
9 Sept 2026, 5:06 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF
27 Aug 2026, 4:11 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

Keystone Realtors Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends1

Board meetings1

Announcements

Dividends1

Board meetings1

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1

1

1