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Keystone Realtors Ltd (RUSTOMJEE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543669 NSE: RUSTOMJEE Construction - Real Estate | Small Cap | Keystone Realtors Share Price

₹393.20 0.65 (0.17%)

As on 04-Jun'26 16:59

Keystone Realtors Ltd (RUSTOMJEE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543669 NSE: RUSTOMJEE Construction - Real Estate | Small Cap | Keystone Realtors Share Price

₹393.20 0.65 (0.17%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹4,964 Cr.
Current Price
₹393.2
52-Week Low / High
₹359 / 697
TTM EPS
₹3.2
TTM Sales
₹668 Cr.
Book Value per Share
₹204.9
P/E Ratio
121.90
Higher than its 5-year historical median
Industry PE
42.8
Price to Book (P/B)
1.92
Lower than its 5-year historical median
Price to Sales (P/S)
7.43
Lower than its 5-year historical median
EV/EBITDA
51.15
Higher than its 5-year historical median
Dividend Yield
0.28%
Profitability Efficiency
Return on Equity (ROE)
4.54%
Outperforms industry median
Return on Capital Employed (ROCE)
6.82%
Outperforms industry median
Return on Assets (ROA)
2.48%
Operating Profit Margin
-2.2%
Net Profit Margin
16.97%
Gross Profit Margin
25.6%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-45.51%
Operating Profit Growth (1 Year)
-
-122.39%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-16.19%
Asset Quality
Promoter Holding
74.59%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,461 Cr.
Equity
₹126.2 Cr.
Face Value
₹10
All Time Low / High
₹359.15 / 799.95

Keystone Realtors stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Keystone Realtors Ltd a good quality company?
Keystone Realtors Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Keystone Realtors Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Keystone Realtors Ltd vs industry peers?
Keystone Realtors Ltd revenue CAGR is -1.77%, compared to the industry median CAGR of 0.00%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Keystone Realtors Ltd?
Promoters hold 74.59% of the Keystone Realtors Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Keystone Realtors Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of -7.27% based on the current price.

10 Year X-Ray : Login to view analysis.

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

Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23Mar'24Mar'25TTM
ROCE % -8.1%7.2%7.7%8.1%8%6.9%12.5%8.9%8.9%6.8%-
Value Creation
Index
-1.6-0.5-0.5-0.4-0.4-0.5-0.1-0.3-0.3-0.5-

Growth Parameters

Sales 2012472583526027558513281,010551668
Sales YoY Gr.-23.3%4.1%36.5%71.3%25.3%12.8%-61.5%208%-45.5%-
Adj EPS -32,607-5,831.4-10,724.7412.13,673895.212.39.99.37.53.2
YoY Gr.-NANANA791.2%-75.6%-98.6%-19.2%-6.3%-19.5%-
BVPS (₹) 1,05,776.51,88,553.81,54,269.31,14,9311,40,179.41,40,852.770.8132.5143.7198.1204.9
Adj Net
Profit
-87.9-12.6-26.619.12.212311310694.441
Cash Flow from Ops. 0-68.519026216010314.595.3228-177-
Debt/CF from Ops. 0-10.42.72.45.49.155.64.73.3-2-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 11.9%-1.8%-13.5%-45.5%
Adj EPS NA-71%-15.2%-19.5%
BVPS-50.2%-73.1%40.9%37.9%
Share Price - - -9.2% -25.4%

Key Financial Parameters

Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-26.7-3.6-6.80.32.20.521.310.26.74.51.6
Op. Profit
Mgn %
-41.5213.63.48.76.713.323.54.6-2.2-11.9
Net Profit
Mgn %
-43.8-5.1-10.30.31.50.314.434.510.517.26.1
Debt to
Equity
2.51.81.31.622.11.10.30.50.10.1
Working Cap
Days
1,3341,5401,7981,2461,0019778242,3479331,924588
Cash Conv.
Cycle
1,0485531,1128416826834831,431324554419

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23Mar'24Mar'25
Sales2012472583526027558513281,010551
Operating Expenses + 284195248340550704742257950564
Manufacturing Costs073899112255340220294
Material Costs31-54104196498624381-15354330
Employee Cost 017312623212122100129
Other Costs 25316024282858844987112
Operating Profit -835291252501097160-13
Operating Profit Margin (%) -41.5%21.0%3.5%3.3%8.7%6.6%12.9%21.8%5.9%-2.4%
Other Income + 026726843457588141205
Exceptional Items 0000000000
Interest 088907460662594951
Depreciation 02433234712
Profit Before Tax -83-13-1223328156146145129
Tax 50110242536373435
Profit After Tax -88-13-2329212010911293
PAT Margin (%) -43.8%-5.1%-9.0%0.7%1.5%0.3%14.1%33.3%11.0%17.0%
Adjusted EPS (₹)-32,607.0-5,831.4-9,307.2921.73,709.7895.212.09.69.87.4
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%20.20%

Valuation of Keystone Realtors - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 2854073833854484497081,5091,6212,497
Share Capital 000100100100100114114126
Reserves 2854073832853483496081,3951,5072,371
Debt +713715503619872937800452741349
Long Term Debt23500001591523198
Short Term Debt478715503619872936741451218151
Minority Interest0000000000
Trade Payables31255984134165240281273376
Others Liabilities 4244424514988027437971,096831859
Total Liabilities 1,4541,5891,3961,5872,2562,2942,5463,3383,4654,080

Fixed Assets

Net Fixed Assets +9211832202123294057
Gross Block15303047222430375580
Accumulated Depreciation68121423781523
CWIP 0000000000
Investments 745159232271160215553584417468
Inventories4228188088611,5441,4191,2271,5101,0571,291
Trade Receivables1818124913513674401222
Cash Equivalents 10116242251112346199543
Others Assets 2495613193513744535578301,7411,700
Total Assets 1,4541,5891,3961,5872,2562,2942,5463,3383,4654,080

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 0-681902621601031595228-177
PBT 0-13-1223328156146145129
Adjustment 0904337769110-11-63-92
Changes in Working Capital 0-132144232613-1345181-182
Tax Paid 0-1515-10-9-19-18-44-35-32
Cash Flow From Investing Activity + 0-98126-3715-33-108-91-840133
Capex 0-20-1-07-56-0-6-4-16
Net Investments 00-73-200-12031-58-78
Others 0-78200-3572212-116-778227
Cash Flow From Financing Activity 0165-321-207-203-592275429336
Net Proceeds from Shares + 00000006921801
Net Proceeds from Borrowing 0000000000
Interest Paid 0-153-114-84-127-124-72-57-47-48
Dividend Paid 0000000000
Others 0318-207-123-766574-360476-417
Net Cash Flow 0-2-517-2811-92280-182292

Financial Ratio

PARTICULARSMar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-26.71-3.64-5.850.682.910.6422.719.857.134.54
ROCE (%)-8.057.157.748.0886.9412.458.928.926.82
Asset Turnover Ratio0.130.160.170.240.310.330.350.110.30.15
PAT to CFO Conversion(x)N/AN/AN/A13117.7851.50.130.872.04-1.9
Working Capital Days
Receivable Days63.9026.5021.1031.7055.7065.504563.409.5011.30
Inventory Days792.90915.101,152.90866.60728.90716.60567.201,522.60463.60778.10
Payable Days320.20-190.10147.40133.3079.8087.40193.90-620.30186.403,992.30

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Keystone Realtors Ltd FAQs

The current trading price of Keystone Realtors on 04-Jun-2026 16:59 is ₹393.2.

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 03-Jun-2026 the market cap of Keystone Realtors stood at ₹4,963.8 Cr

The latest P/E ratio of Keystone Realtors as of 03-Jun-2026 is 121.9.

The latest P/B ratio of Keystone Realtors as of 03-Jun-2026 is 1.92.

The 52-week high of Keystone Realtors is ₹697.0 and the 52-week low is ₹359.1.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Keystone Realtors is ₹668 ( Cr.) .

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

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

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

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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