RUSTOMJEE
Keystone Realtors share price & financials
- Price
- ₹417.15
- Market cap
- ₹4.8k Cr
- Sector
- Realty
- Calls analysed
- 6
Keystone Realtors Limited Q1 FY27
What went well
- Revenue grew 72% YoY to INR 470 crores in Q1 FY27.
- EBITDA increased 259% YoY to INR 105.1 crores, with EBITDA margins expanding to 21.3% from 10.1% in Q1 FY26.
- PAT grew 221% YoY to INR 52.4 crores, marking the highest ever Q1 PAT.
What to watch
- Operating Cash Flow (OCF) was soft at INR 68 crores in Q1 FY27, though management expects an uptick from Q2 onwards.
What Keystone Realtors Limited does
Keystone Realtors Limited, operating under the Rustomjee brand, is a Mumbai Metropolitan Region (MMR)-focused real estate developer specializing in society redevelopment as well as new-build residential, commercial and township projects. It runs an asset-light model, securing land mainly through redevelopment agreements with old housing societies or joint development with landowners rather than outright land purchase, and earns by selling residential units across price points from mass-market to luxury, alongside an emerging commercial/annuity and plotted-development business. The company handles project execution in-house end-to-end, spanning business development, architecture and design, approvals, construction management, and sales, marketing and property management, and has begun expanding beyond its core Mumbai western/central-suburb strongholds into new locations such as Nagpur.
Segments
- Residential Development
- Commercial / Annuity Portfolio
- Plotted Development
- Ongoing projects
- 17 projects (~8.69 msf saleable area)
- Forthcoming projects
- 21 projects (~21.44 msf saleable area)
- Homes delivered to date
- 19,000+ (including 1,900+ rehoused under redevelopment)
- Completed buildings
- 320+
- Mega townships
- 2
- Construction area developed to date
- 29+ million sq ft
Guidance record · Q1 FY27
what the last two calls moved 22 tracked 6 delivered 2 missed 14 open- Gross Debt-to-Equity Ratio delivered said Q2 FY26 Promised: limit it to 0.75:1 Q1 FY27: Ratio at 0.3:1, well below the 0.75:1 limit.
- Rustomjee Crown Full OC went quiet said Q1 FY26 Promised: completion of the Crown-C Tower that is expected towards the late quarter 3, early quarter 4 Q1 FY27: No update provided on the full OC, which was due in Q4 FY26.
- GTB Nagar Project Launch delayed said Q1 FY26 Promised: in about 6 to 8 months, the project will be launched Q1 FY27: Re-guided for launch in Q2 FY27 or early Q3 FY27. HPC cleared.
All 22 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 29.9%, net profit down 51.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 63 | 35 | 325 | 68 | 335 +431% | 56 +61% | 210 −35% | 89 +30% |
| EBITDA | -22 | -31 | 27 | -33 | -18 +17% | -25 +19% | -3 −112% | -11 +66% |
| Net profit | 14 | 2 | 55 | 14 | 22 +64% | -9 −659% | 14 −75% | 7 −51% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −43.2% 1Y
1Y: ₹607.8 on 10 Sept 2025 → ₹344.95. High ₹624.8 (23 Sept 2025), low ₹344.95 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- +3.8%
- 4 Aug
- Q4 FY26
- −3.4%
- 12 May
- Q3 FY26
- −3.2%
- 4 Feb
- Q2 FY26
- +1.0%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 0.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to -11.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹686 Cr | ₹1.0k Cr | ₹551 Cr | ₹668 Cr |
| Operating profit | ₹100 Cr | ₹45 Cr | ₹-21 Cr | ₹-79 Cr |
| Operating margin | 14.6% | 4.4% | -3.8% | -11.9% |
| Interest | ₹36 Cr | ₹32 Cr | ₹43 Cr | ₹36 Cr |
| Depreciation | ₹5 Cr | ₹7 Cr | ₹12 Cr | ₹15 Cr |
| Net profit | ₹79 Cr | ₹112 Cr | ₹93 Cr | ₹41 Cr |
| Net margin | 11.6% | 11.0% | 17.0% | 6.1% |
| Cash from operations | ₹95 Cr | ₹228 Cr | ₹-177 Cr | ₹-347 Cr |
| Free cash flow | ₹90 Cr | ₹224 Cr | ₹-193 Cr | ₹-351 Cr |
| ROCE | 9.0% | 8.0% | 6.0% | 3.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹100 Cr | ₹100 Cr | ₹114 Cr | ₹114 Cr | ₹126 Cr | ₹126 Cr |
| Reserves | ₹488 Cr | ₹608 Cr | ₹1.4k Cr | ₹1.5k Cr | ₹2.7k Cr | ₹2.5k Cr |
| Borrowings | ₹732 Cr | ₹813 Cr | ₹458 Cr | ₹758 Cr | ₹1.2k Cr | ₹656 Cr |
| Other liabilities | ₹1.2k Cr | ₹972 Cr | ₹1.2k Cr | ₹920 Cr | ₹3.0k Cr | ₹784 Cr |
| Total liabilities | ₹2.6k Cr | ₹2.5k Cr | ₹3.2k Cr | ₹3.3k Cr | ₹7.0k Cr | ₹4.0k Cr |
| Fixed assets | ₹29 Cr | ₹33 Cr | ₹38 Cr | ₹49 Cr | ₹370 Cr | ₹55 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹484 Cr | ₹553 Cr | ₹584 Cr | ₹417 Cr | ₹477 Cr | ₹523 Cr |
| Other assets | ₹2.1k Cr | ₹1.9k Cr | ₹2.6k Cr | ₹2.9k Cr | ₹6.2k Cr | ₹3.4k Cr |
| Total assets | ₹2.6k Cr | ₹2.5k Cr | ₹3.2k Cr | ₹3.3k Cr | ₹7.0k Cr | ₹4.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Keystone Realtors Limited
Guides on how to read this kind of business and the numbers that matter.