MMR-focused redevelopment specialist building premium residential, commercial & township projects as Rustomjee.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 88.9 | +29.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -12.6 | +35.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 6.6 | −51.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 4.19 | −4.7 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -19.62 | −18.1 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 52.61 | +41.3 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
6 of 8 judged targets kept · 14 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Gross Debt-to-Equity Ratio | limit it to 0.75:1 | Q2 FY26 | Ratio at 0.3:1, well below the 0.75:1 limit. | Achieved |
| Rustomjee Crown Full OC | completion of the Crown-C Tower that is expected towards the late quarter 3, early quarter 4 | Q1 FY26 | No update provided on the full OC, which was due in Q4 FY26. | Ghosted |
| GTB Nagar Project Launch | in about 6 to 8 months, the project will be launched | Q1 FY26 | Re-guided for launch in Q2 FY27 or early Q3 FY27. HPC cleared. | Delayed |
2 of Keystone Realtors Limited's 22 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 19 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹576.5 on 24 Oct 2025 → ₹336.65. High ₹576.6 (29 Oct 2025), low ₹331.75 (26 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
6 of 8 judged targets kept · 14 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Gross Debt-to-Equity Ratio | limit it to 0.75:1 | Q2 FY26 | Ratio at 0.3:1, well below the 0.75:1 limit. | Achieved |
| Rustomjee Crown Full OC | completion of the Crown-C Tower that is expected towards the late quarter 3, early quarter 4 | Q1 FY26 | No update provided on the full OC, which was due in Q4 FY26. | Ghosted |
| GTB Nagar Project Launch | in about 6 to 8 months, the project will be launched | Q1 FY26 | Re-guided for launch in Q2 FY27 or early Q3 FY27. HPC cleared. | Delayed |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Keystone Realtors Limited Q1 FY27
Keystone Realtors reported a strong Q1 FY27 with significant year-on-year growth in revenue, EBITDA, and PAT, driven by robust pre-sales and collections. The company maintained a healthy balance sheet with low leverage and received a credit rating upgrade. Strategic project additions and a focus on construction velocity position the company for continued growth, despite a soft Q1 OCF which is expected to improve.
Read the full callKeystone Realtor Q4 FY26
Keystone Realtors delivered strong Q4 and full-year FY26 results, with record presales of INR1,346 crores in Q4 and INR4,022 crores for the full year, exceeding guidance across key metrics. The company maintained a net cash positive status with a low debt-to-equity ratio of 0.26:1 and received an AA- rating from Crisil. Strategic initiatives include a robust business development pipeline, a transition to POCM accounting, and a clear roadmap to achieve INR10,000 crores in presales by FY30, despite some headwinds from construction cost inflation and a need for increased push in certain housing s
Read the full callKeystone Realtor Q3 FY26
Keystone Realtors reported strong Q3 FY26 performance with a 23% YoY growth in YTD presales to INR 2,676 crores and an improved gross margin of 35%. The company successfully launched 5 new projects with a GDV of INR 5,835 crores, nearing its full-year target. Despite robust development activity, operating cash flow for the quarter was significantly low due to increased construction spends, though management anticipates a pickup in H2 FY27.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: −51% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 63 | 35 | 325 | 68 | 335 | 56 | 210 | 89 |
| Expenses | 85 | 66 | 297 | 101 | 352 | 81 | 213 | 100 |
| Operating profit | -22 | -31 | 27 | -33 | -18 | -25 | -3 | -11 |
| Operating margin | −34.3% | −90.0% | 8.5% | −48.1% | −5.3% | −45.3% | −1.6% | −12.6% |
| Other income | 54 | 46 | 62 | 54 | 58 | 30 | 38 | 37 |
| Interest | 12 | 10 | 8 | 5 | 7 | 12 | 12 | 12 |
| Depreciation | 2 | 3 | 5 | 4 | 3 | 3 | 4 | 4 |
| Profit before tax | 18 | 2 | 76 | 12 | 30 | -11 | 19 | 9 |
| Tax rate | 26.2% | 33.2% | 28.0% | −13.8% | 25.8% | −23.1% | 26.6% | 30.2% |
| Net profit | 14 | 2 | 55 | 14 | 22 | -9 | 14 | 7 |
| EPS (₹ per share) | 1.07 | 0.12 | 4.36 | 1.08 | 1.75 | -0.69 | 1.08 | 0.52 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 686 | 1,010 | 551 | 668 |
| Expenses | 585 | 966 | 571 | 748 |
| Operating profit | 100 | 45 | -21 | -79 |
| Other income | 48 | 139 | 205 | 179 |
| Interest | 36 | 32 | 43 | 36 |
| Depreciation | 5 | 7 | 12 | 15 |
| Profit before tax | 107 | 145 | 129 | 49 |
| Net profit | 79 | 112 | 93 | 41 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 100 | 114 | 114 | 126 | 126 | 126 |
| Reserves | 608 | 1,401 | 1,523 | 2,408 | 2,668 | 2,461 |
| Borrowings | 813 | 458 | 758 | 374 | 1,219 | 656 |
| Other liabilities | 972 | 1,248 | 920 | 989 | 2,985 | 784 |
| Total liabilities | 2,493 | 3,221 | 3,315 | 3,896 | 6,999 | 4,027 |
| Fixed assets | 33 | 38 | 49 | 65 | 370 | 55 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 553 | 584 | 417 | 468 | 477 | 523 |
| Other assets | 1,908 | 2,599 | 2,850 | 3,363 | 6,152 | 3,449 |
| Total assets | 2,493 | 3,221 | 3,315 | 3,896 | 6,999 | 4,027 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 351 | 15 | 95 | 228 | -177 | -347 |
| Cash from investing | -126 | -108 | -90 | -840 | 133 | -41 |
| Cash from financing | -129 | 2 | 275 | 429 | 336 | 222 |
| Net cash flow | 97 | -92 | 280 | -182 | 292 | -166 |
| Free cash flow | 350 | 14 | 90 | 224 | -193 | -351 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 14 | 32 | 45 | 4 | 14 | 35 |
| Inventory days | 1378 | 1822 | — | 752 | — | 9881 |
| Days payable | 179 | 356 | — | 194 | — | 2728 |
| Cash conversion cycle | 1214 | 1498 | 45 | 562 | 14 | 7189 |
| Working capital days | -15 | 46 | 642 | 550 | 1127 | 1026 |
| Return on capital employed | 10.0% | 13.0% | 9.0% | 8.0% | 6.0% | 2.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 20.0% | 0.0% |
Ownership
Promoters hold 74.54% as of Sept 2026; institutions cut 0.02 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Keystone Realtors Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 36.09% | unchanged | |
| 18.04% | unchanged | |
| 18.02% | unchanged | |
| Mutual fund | 4.92% | unchanged |
| Insurer | 2.47% | −0.38 pp |
| Mutual fund | 2.39% | unchanged |
| 2.29% | unchanged | |
| Insurer | 1.52% | +0.12 pp |
| 1.19% | unchanged | |
| Insurer | 1.17% | +0.08 pp |
| 0.04% | unchanged | |
| 0.02% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Your own record
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