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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
₹337.65 -7.80 (-2.26%)
As on 15-Sep'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
₹337.65 -7.80 (-2.26%)
As on 15-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹4,361 Cr.
Current Price
₹337.7
52-Week Low / High
₹332 / 648
TTM EPS
₹9.3
TTM Sales
₹2,832 Cr.
Book Value per Share
₹226.6
P/E Ratio
37.12
Lower than its 5-year historical median
Industry PE
43.4
Price to Book (P/B)
1.52
Lower than its 5-year historical median
Price to Sales (P/S)
1.54
Lower than its 5-year historical median
EV/EBITDA
17.63
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
3.42%
Outperforms industry median
Return on Capital Employed (ROCE)
6.15%
Outperforms industry median
Return on Assets (ROA)
1.43%
Operating Profit Margin
6.8%
Net Profit Margin
3.6%
Gross Profit Margin
4.8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
21.4%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-37.68%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-49.53%
Asset Quality
Promoter Holding
74.59%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,735 Cr.
Equity
₹126.3 Cr.
Face Value
₹10
All Time Low / High
₹349.10 / 799.95
Check Before You Invest
Quality
Somewhat GoodValuation
FairCheck Valuation charts
Price Trend
Weak
Is Keystone Realtors Ltd a good quality company?
Keystone Realtors Ltd is a average quality company, based on a somewhat consistent 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?
Revenue growth of Keystone Realtors Ltd vs industry peers?
Keystone Realtors Ltd revenue CAGR is 25.43%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
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.
Stock return of Keystone Realtors Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of -16.6% based on the current price.
10 Year X-Ray :
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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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 performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 7.2% | 7.7% | 8.1% | 8% | 6.9% | 12.5% | 8.9% | 8.9% | 6.8% | 3.1% | - |
| Value Creation Index ⓘ | NA | NA | NA | -0.4 | -0.5 | -0.1 | -0.3 | -0.3 | -0.5 | -0.8 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 247 | 258 | 352 | 602 | 755 | 851 | 328 | 1,010 | 551 | 668 | 689 |
| Sales YoY Gr. | - | 4.1% | 36.5% | 71.3% | 25.3% | 12.8% | -61.5% | 208% | -45.5% | 21.4% | - |
| Adj EPS ⓘ | -5,831.4 | -10,724.7 | 412.1 | 3,673 | 895.2 | 12.3 | 9.9 | 9.3 | 7.4 | 3.2 | 2.7 |
| YoY Gr. | - | NA | NA | 791.2% | -75.6% | -98.6% | -19.2% | -6.3% | -20.2% | -56.5% | - |
| BVPS (₹) ⓘ | 1,88,553.8 | 1,54,269.3 | 1,14,931 | 1,40,179.4 | 1,40,852.7 | 70.8 | 132.5 | 143.7 | 198.1 | 200.7 | 201.2 |
| Adj Net Profit ⓘ | -12.6 | -26.6 | 1 | 9.1 | 2.2 | 123 | 113 | 106 | 93.5 | 40.7 | 34 |
| Cash Flow from Ops. ⓘ | -68.5 | 190 | 262 | 160 | 103 | 14.5 | 95.3 | 228 | -177 | -347 | - |
| Debt/CF from Ops. ⓘ | -10.4 | 2.7 | 2.4 | 5.4 | 9.1 | 55.6 | 4.7 | 3.3 | -2 | -1.8 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 11.7% | -2.4% | 26.8% | 21.4% | ||||
| Adj EPS ⓘ | NA | -67.5% | -31.2% | -56.5% | ||||
| BVPSⓘ | -53.3% | -73% | 14.9% | 1.3% | ||||
| Share Price | - | - | -17.2% | -44.7% | ||||
Key Financial Parameters ⓘ
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -3.6 | -6.8 | 0.3 | 2.2 | 0.5 | 21.3 | 10.2 | 6.7 | 4.5 | 1.6 | 1.3 |
| Op. Profit Mgn % ⓘ | 21 | 3.6 | 3.4 | 8.7 | 6.7 | 13.3 | 23.5 | 4.6 | -2.4 | -10.6 | -8.4 |
| Net Profit Mgn % ⓘ | -5.1 | -10.3 | 0.3 | 1.5 | 0.3 | 14.4 | 34.5 | 10.5 | 17 | 6.1 | 4.9 |
| Debt to Equity ⓘ | 1.8 | 1.3 | 1.6 | 2 | 2.1 | 1.1 | 0.3 | 0.5 | 0.1 | 0.3 | - |
| Working Cap Days ⓘ | 1,540 | 1,798 | 1,246 | 1,001 | 977 | 824 | 2,347 | 933 | 1,920 | 1,672 | 588 |
| Cash Conv. Cycle ⓘ | 553 | 1,112 | 841 | 682 | 683 | 483 | 1,431 | 324 | 554 | 518 | 419 |
Valuation of Keystone Realtors - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 674 | 1,529 | 2,117 | 1,211 | 849 | 1,269 | 686 | 2,222 | 2,004 | 2,635 |
| Operating Expenses ⓘ + | 599 | 1,294 | 1,609 | 1,075 | 735 | 1,090 | 587 | 2,046 | 1,717 | 2,455 |
| Operating Profit ⓘ | 75 | 236 | 508 | 136 | 114 | 180 | 98 | 176 | 288 | 179 |
| Operating Profit Margin (%) | 11.1% | 15.4% | 24.0% | 11.2% | 13.4% | 14.2% | 14.3% | 7.9% | 14.3% | 6.8% |
| Other Income ⓘ + | 40 | 65 | 26 | 57 | 329 | 34 | 45 | 53 | 117 | 82 |
| Interest ⓘ | 54 | 129 | 348 | 128 | 140 | 23 | 36 | 106 | 123 | 136 |
| Depreciation ⓘ | 3 | 2 | 3 | 2 | 2 | 3 | 5 | 8 | 14 | 19 |
| Profit Before Tax ⓘ | 67 | 177 | 183 | 63 | 301 | 184 | 108 | 144 | 257 | 111 |
| Tax ⓘ | 33 | 55 | 45 | 49 | 58 | 49 | 28 | 33 | 69 | 16 |
| Profit After Tax | 35 | 121 | 137 | 14 | 244 | 136 | 80 | 111 | 188 | 95 |
| PAT Margin (%) | 5.2% | 7.9% | 6.5% | 1.2% | 28.7% | 10.7% | 11.6% | 5.0% | 9.4% | 3.6% |
| Adjusted EPS (₹) | 13,983.9 | 48,891.1 | 10.2 | 2.2 | 31.0 | 14.0 | 7.2 | 9.9 | 13.6 | 6.3 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 11% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 348 | 353 | 404 | 427 | 801 | 933 | 1,663 | 1,781 | 2,735 | 2,810 | |
| Debt + | 935 | 1,823 | 1,618 | 2,514 | 1,220 | 1,332 | 995 | 1,049 | 904 | 1,463 | |
| Minority Interest | -3 | -223 | -224 | -147 | 23 | 31 | 17 | -4 | 13 | 31 | |
| Trade Payables | 145 | 363 | 335 | 277 | 235 | 305 | 353 | 642 | 792 | 1,045 | |
| Others Liabilities ⓘ | 875 | 1,601 | 1,909 | 1,257 | 1,337 | 1,238 | 1,446 | 2,454 | 2,153 | 1,314 | |
| Total Liabilities ⓘ | 2,300 | 3,916 | 4,041 | 4,328 | 3,615 | 3,838 | 4,474 | 5,923 | 6,596 | 6,663 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 20 | 162 | 163 | 161 | 19 | 24 | 30 | 346 | 367 | 358 | |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Investments ⓘ | 78 | 50 | 141 | 5 | 595 | 575 | 642 | 456 | 484 | 546 | |
| Inventories | 1,709 | 2,752 | 2,887 | 2,765 | 2,193 | 2,254 | 2,570 | 3,710 | 3,861 | 3,669 | |
| Trade Receivables | 144 | 273 | 229 | 64 | 37 | 114 | 62 | 105 | 83 | 339 | |
| Cash Equivalents | 28 | 122 | 93 | 392 | 283 | 234 | 412 | 366 | 846 | 882 | |
| Others Assets ⓘ | 321 | 558 | 529 | 940 | 488 | 638 | 758 | 939 | 956 | 869 | |
| Total Assets ⓘ | 2,300 | 3,916 | 4,041 | 4,328 | 3,615 | 3,838 | 4,474 | 5,923 | 6,596 | 6,663 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 160 | 202 | 429 | 355 | 645 | -110 | 306 | 183 | -11 | -509 |
| Cash Flow From Investing Activity ⓘ + | 24 | -119 | -47 | -204 | -237 | -138 | 27 | -278 | -65 | -79 |
| Cash Flow From Financing Activity ⓘ | -209 | -68 | -353 | 171 | -609 | 154 | -30 | -38 | 484 | 418 |
| Net Proceeds from Shares ⓘ + | 0 | 0 | 0 | 0 | 0 | 0 | 692 | 1 | 801 | 1 |
| Net Cash Flow ⓘ | -25 | 15 | 29 | 323 | -202 | -93 | 303 | -132 | 408 | -169 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 0 | 48.48 | 41.86 | 3.43 | 39.66 | 15.67 | 6.13 | 6.45 | 8.33 | 3.42 |
| ROCE (%) | 8.76 | 17.65 | 15.56 | 7.7 | 17.77 | 9.21 | 5.54 | 8.98 | 11.59 | 6.15 |
| Asset Turnover Ratio | 0.23 | 0.49 | 0.53 | 0.29 | 0.21 | 0.34 | 0.16 | 0.43 | 0.32 | 0.4 |
| PAT to CFO Conversion(x) | 4.57 | 1.67 | 3.13 | 25.36 | 2.64 | -0.81 | 3.83 | 1.65 | -0.06 | -5.36 |
| Working Capital Days | ||||||||||
| Receivable Days | 65.10 | 49.80 | 43.30 | 44.10 | 21.60 | 21.60 | 46.60 | 13.70 | 17.10 | 29.30 |
| Inventory Days | 1,246.20 | 532.30 | 486.10 | 851.40 | 1,066.10 | 639.30 | 1,284.20 | 515.80 | 689.40 | 521.60 |
| Payable Days | 134.10 | 81.40 | 107 | 148.80 | 187.60 | 158.10 | 2,196.10 | 171.40 | 457.60 | 588.90 |
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Keystone Realtors Ltd FAQs
The current trading price of Keystone Realtors on 15-Sep-2026 16:59 is ₹337.6.
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 14-Sep-2026 the market cap of Keystone Realtors stood at ₹4,361.3 Cr
The latest P/E ratio of Keystone Realtors as of 14-Sep-2026 is 129.3.
The latest P/B ratio of Keystone Realtors as of 14-Sep-2026 is 1.72.
The 52-week high of Keystone Realtors is ₹648.0 and the 52-week low is ₹331.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Keystone Realtors is ₹689 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Keystone Realtors Ltd is a 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 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.
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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