Keystone Realtors Ltd - Stock Valuation and Financial Performance

BSE: 543669 | NSE: RUSTOMJEE | Construction - Real Estate | Small Cap

Keystone Realtors Share Price

601 -14.80 -2.40%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Keystone Realtors

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Keystone Realtors stock performance -

mw4me loader
P/E Ratio (SA):
43.01
Market Cap:
6,885.1 Cr.
52-wk low:
416.5
52-wk high:
750

Is Keystone Realtors Ltd an attractive stock to invest in?

1. Is Keystone Realtors Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Keystone Realtors Ltd is a below average quality company.

2. Is Keystone Realtors Ltd undervalued or overvalued?

The key valuation ratios of Keystone Realtors Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Keystone Realtors Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Keystone Realtors Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Keystone Realtors:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Keystone Realtors Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23TTM
ROCE % 4.5%-1.8%-8.5%4.7%3.6%5.6%4.4%3.6%9.7%6.9%-
Value Creation
Index
-0.7-1.1-1.6-0.7-0.7-0.6-0.7-0.7-0.3-0.5-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 3282732012472583526027558513281,204
Sales YoY Gr.--16.9%-26.5%23.3%4.1%36.5%71.3%25.3%12.8%-61.5%-
Adj EPS 13,331.8-6,409.8-32,607-5,831.4-10,724.7412.13,673895.212.39.914.1
YoY Gr.--148.1%NANANANA791.2%-75.6%-98.6%-19.2%-
BVPS (₹) 1,44,793.31,38,383.51,05,776.51,88,553.81,54,269.31,14,9311,40,179.41,40,852.770.8132.5141.3
Adj Net
Profit
35.9-17.3-87.9-12.6-26.619.12.2123113160
Cash Flow from Ops. 000-68.519026216010314.595.3-
Debt/CF from Ops. 000-10.42.72.45.49.155.64.7-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales -0%5%-18.3%-61.5%
Adj EPS -55.1%NA-86.1%-19.2%
BVPS-54%-75.6%-90.2%87.2%
Share Price - - - 32.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23TTM
Return on
Equity %
9.3-4.5-26.7-3.6-6.80.32.20.521.310.210.3
Op. Profit
Mgn %
14.3-6.3-41.5213.63.48.76.713.323.511.1
Net Profit
Mgn %
10.9-6.3-43.8-5.1-10.30.31.50.314.434.513.3
Debt to
Equity
1.11.92.51.81.31.622.11.10.3-
Working Cap
Days
6339341,3341,5401,7981,2461,0019778242,314265
Cash Conv.
Cycle
3902451,0485531,1128416826834831,418114

Recent Performance Summary

Debt to equity has declined versus last 3 years average to 0.30

Sales growth is good in last 4 quarters at 8527.71%

Return on Equity has declined versus last 3 years average to 10.30%

Sales growth has been subdued in last 3 years -18.32%

Net Profit has been subdued in last 3 years -86.07%

Latest Financials - Keystone Realtors Ltd

Standalone Consolidated
TTM EPS (₹) 14.1 13.9
TTM Sales (₹ Cr.) 1,204 1,755
BVPS (₹.) 141.3 152.8
Reserves (₹ Cr.) 1,495 1,627
P/BV 4.28 3.96
PE 43.01 43.54
From the Market
52 Week Low / High (₹) 416.45 / 750.00
All Time Low / High (₹) 416.45 / 750.00
Market Cap (₹ Cr.) 6,885
Equity (₹ Cr.) 113.9
Face Value (₹) 10
Industry PE 76.7

Management X-Ray of Keystone Realtors:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Keystone Realtors

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23
Sales328273201247258352602755851328
Operating Expenses 282290284195248340550704742257
Manufacturing Costs00073899112255293
Material Costs-188-5031-54104196498624381-153
Employee Cost 00017312623212122
Other Costs 470340253160242828588496
Operating Profit 47-17-8352912525010971
Operating Profit Margin (%) 14.3%-6.3%-41.5%21.0%3.5%3.3%8.7%6.6%12.9%21.8%
Other Income 00026726843457588
Interest 0008890746066259
Depreciation 0002433234
Exceptional Items 0000000000
Profit Before Tax 47-17-83-13-1223328156146
Tax 1105011024253637
Profit After Tax 36-17-88-13-23292120109
PAT Margin (%) 10.9%-6.3%-43.8%-5.1%-9.0%0.7%1.5%0.3%14.1%33.3%
Adjusted EPS (₹)13,331.8-6,409.8-32,607.0-5,831.4-9,307.2921.73,709.7895.212.09.6
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 3903732854073833854484497081,509
Share Capital 00000100100100100114
Reserves 3903732854073832853483496081,395
Minority Interest0000000000
Debt426567713715503619872937800452
Long Term Debt33737023500001591
Short Term Debt89197478715503619872936741451
Trade Payables192331255984134165240281
Others Liabilities 5725994244424514988027437971,037
Total Liabilities 1,4081,5621,4541,5891,3961,5872,2562,2942,5463,279

Fixed Assets

Gross Block14111530304722243040
Accumulated Depreciation5468121423711
Net Fixed Assets97921183220212329
CWIP 2500000000
Investments 751750745159232271160215553584
Inventories4004504228188088611,5441,4191,2271,510
Trade Receivables352181812491351367440
Cash Equivalents 262210116242251112346
Others Assets216276249561319351374453557770
Total Assets 1,4081,5621,4541,5891,3961,5872,2562,2942,5463,279

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23
Cash Flow From Operating Activity 000-681902621601031595
PBT 000-13-1223328156146
Adjustment 000904337769110-11
Changes in Working Capital 000-132144232613-1345
Tax Paid 000-1515-10-9-19-18-44
Cash Flow From Investing Activity 000-98126-3715-33-108-91
Capex 000-20-107-560-6
Net Investments 0000-73-200-12031
Others 000-78200-3572212-116
Cash Flow From Financing Activity 000165-321-207-203-592275
Net Proceeds from Shares 000000000692
Net Proceeds from Borrowing 0000000000
Interest Paid 000-153-114-84-127-124-72-57
Dividend Paid 0000000000
Others 000318-207-123-766574-360
Net Cash Flow 000-2-517-2811-92280
PARTICULARSMar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23
Ratios
ROE (%)9.34-4.53-26.71-3.64-5.850.682.910.6422.719.85
ROCE (%)5.81-1.83-8.057.157.748.0886.9412.458.92
Asset Turnover Ratio0.260.180.130.160.170.240.310.330.350.11
PAT to CFO Conversion(x)0N/AN/AN/AN/A13117.7851.50.130.87
Working Capital Days
Receivable Days18376426213256664563
Inventory Days3415687939151,1538677297175671,523
Payable Days-33-155320-1901471338087194-620

Keystone Realtors Ltd Stock News

Keystone Realtors Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Keystone Realtors on 28-Mar-2024 16:01 is ₹601.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of Keystone Realtors stood at ₹6,885.1.
The latest P/E ratio of Keystone Realtors as of 28-Mar-2024 16:01 is 43.01.
The latest P/B ratio of Keystone Realtors as of 28-Mar-2024 16:01 is 4.28.
The 52-week high of Keystone Realtors is ₹750.0 and the 52-week low is ₹416.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Keystone Realtors is ₹1,204 ( Cr.) .

About Keystone Realtors Ltd

The company was incorporated as ‘Keystone Realtors Private Limited’, in Mumbai, under the provisions of Companies Act, 1956 pursuant to a certificate of incorporation dated November 6, 1995 issued by the Registrar of Companies, Maharashtra at Mumbai (RoC).The name of the Company was subsequently changed to ‘Keystone Realtors Limited’, upon conversion into a public company, pursuant to a board resolution dated April 28, 2022 and a shareholders’ resolution dated April 28, 2022, and a fresh certificate of change of name was issued on May 6, 2022 by the RoC.

The company is one of the prominent real estate developers in the micro markets that it is present in. Since the company’s inception in 1995, it has strived to create a brand focused on customer satisfaction, building communities and nurturing spaces that provide its customers a superior lifestyle. It aspire to have its customers perceive the ‘Rustomjee’ brand as a trusted provider of quality offerings and services due to its track record of delivering multiple high-end award winning buildings, gated communities and townships. Its experience in the Mumbai Metropolitan Region (MMR) market have helped it develop a firm understanding and acquire the requisite skill sets to create ideal spaces for communities to flourish.

The company has a diversified suite of projects across a wide range of price points, and a presence in several micro markets. It has experience in developing lifestyle projects, high value standalone buildings, gated communities and fully integrated townships, re-developments and stalled projects. It strategically introduces differentiated offerings and corresponding amenities based on the needs of the location and community to maximise its revenue. Over the years, it has implemented designs based on customer insights and eco-friendly construction technologies to deliver modern lifestyle solutions and a diverse range of projects. It considers gated communities as the future of living, and strives to create “nurturing spaces” to deliver convenience, community and comfort to its customers. It place emphasis on understanding the demographic it cater to, their needs, traditions and lifestyles.

Business area of the company

The company is one of the prominent real estate developers and is engaged primarily in the business of real estate construction, development and other related activities in India.

Key awards, accreditations or recognitions

  • 2016: Best Community Design & Redevelopment Project awarded by NDTV Property Awards 2016 to Rustomjee Oriana.
  • 2018: Best Residential Project Ultra-Luxury Segment awarded by CNBC Real estate Awards 2018-2019 to Rustomjee Seasons.
  • 2019: Best Redevelopment Project (Rustomjee Seasons) awarded by ET NOW News.
  • 2019: Best Employer Brand Award awarded by ET NOW News.
  • 2021: Iconic Super Luxury Project of the Year award by Times Real Estate Conclave 2021, for project Rustomjee Elements.

Major events and milestones

  • 1996: Launched first residential project.
  • 1998: Launched project ‘Regency’ in Dahisar.
  • 2000: Launched project ‘Adarsh/Rivera’ in Malad.
  • 2001: Launched premium project ‘9 JVPD’ on 10th road Juhu.
  • 2004: Acquired abandoned projects namely, Project ‘Raag’, ‘Meg’ and ‘Malhaar’.
  • 2006: Launched township tower ‘Urbania’ in Thane.
  • 2007 Launched the slum redevelopment project ‘Elita’ in Andheri West.
  • 2007: Launched township project ‘Global City’ in Virar.
  • 2009: Mausmi SA Investments LLC invested in Company.
  • 2009: Trinity Capital (Fifteen) Limited invested into Enigma Constructions Private Limited, Rustomjee Construction Private Limited and Kapstone Constructions Private Limited.
  • 2010: Launched redevelopment project ‘Oriana’ in Bandra East.
  • 2011: Launched luxury gated community project ‘Elements’ in Juhu/Andheri.
  • 2013: Launched redevelopment project ‘Seasons’ in Bandra East.
  • 2014: Launched of gated community project ‘Paramount’ in Khar.
  • 2014: Giza Holdings PTE Limited and Voldemort Investment Holding Company Limited invested in Kapstone Constructions Private Limited.
  • 2018: Entered into development management agreement for project ‘Crown’ in Prabhadevi.
  • 2020: Investment by Lipalton Pte. Ltd. (a wholly owned subsidiary of Keppel Land Limited) as a strategic partner in Kapstone Constructions Private Limited.
  • 2021: Acquired land located at Bandra (Bandstand).
  • 2022: The company has partnered with strategic investors such as HDFC Capital Affordable Real Estate Fund – 3 (managed by HDFC Capital Advisors Limited as investment manager).
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