Keystone Realtors Ltd
NSE:RUSTOMJEE
Keystone Realtors Ltd
Keystone Realtors Ltd. engages in the provision of construction and real estate services. The company is headquartered in Mumbai, Maharashtra. The company went IPO on 2022-11-24. The firm provides various residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks and various other real estate projects. The company offers one bedroom, hall, and kitchen (BHK), two BHK, three BHK, four BHK, and five BHK. The company has 32 completed projects, 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (MMR). Its properties include Rustomjee Erika, Rustomjee Uptown Urbania, Rustomjee Bella, Rustomjee Elements, Rustomjee Urbania, Rustomjee Paramount, Rustomjee Summit, Rustomjee Seasons, Rustomjee Global City, Rustomjee Yazarina III, Rustomjee Garden 6, Rustomjee Crown, and Rustomjee Central Park Business Spaces.
Keystone Realtors Ltd. engages in the provision of construction and real estate services. The company is headquartered in Mumbai, Maharashtra. The company went IPO on 2022-11-24. The firm provides various residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks and various other real estate projects. The company offers one bedroom, hall, and kitchen (BHK), two BHK, three BHK, four BHK, and five BHK. The company has 32 completed projects, 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (MMR). Its properties include Rustomjee Erika, Rustomjee Uptown Urbania, Rustomjee Bella, Rustomjee Elements, Rustomjee Urbania, Rustomjee Paramount, Rustomjee Summit, Rustomjee Seasons, Rustomjee Global City, Rustomjee Yazarina III, Rustomjee Garden 6, Rustomjee Crown, and Rustomjee Central Park Business Spaces.
Presales Growth: Keystone Realtors reported year-to-date presales of INR 2,676 crores, up 23% YoY, and achieved INR 837 crores in Q3 FY '26.
Revenue Performance: Q3 FY '26 revenue from operations reached INR 266 crores, with year-to-date revenue at INR 1,039 crores.
Launch & Pipeline: Five projects were launched year-to-date, achieving 83% of full year launch targets, with a total GDV of INR 5,835 crores.
Guidance Met: Management reaffirmed confidence in meeting FY '26 presales guidance of INR 4,000 crores and expects 25% YoY presales growth going forward.
Cluster Redevelopment: The company added four new projects in FY '26, focusing on large-scale cluster redevelopments with a combined GDV of INR 8,650 crores.
Liquidity & Debt: As of December 2025, gross debt stood at INR 625 crores (gross debt-to-equity ratio 0.22:1), and free cash at INR 717 crores, keeping the company net cash positive.
Commercial Expansion: Keystone is expanding into commercial real estate, with a successful launch in Bandra West (INR 950 crores GDV, 18% sold), and more projects coming in FY '27.
