On 6 Nov 2026, Keystone Realtors was priced at ₹346.20, or 37.5× trailing earnings, against an industry P/E of 22.1×, and the shares are 39% below their 52-week high. Its ROCE of 5.3% is the lowest among the 7 largest Real Estate (Development) peers, and sales grew 58% a year over 3 years while net profit fell 1.3%. Debt is 0.51× equity. It is a small-cap company with a market cap of ₹4,374 Cr, ranked 18th of 112 Real Estate (Development) companies by market cap; the shares fell 36% over the past year.
- ₹354.00
- ₹356.60
- ₹345.05
- ₹360.00
- 35.7K
Health check
- ReturnsBehind
−36.5% over a year, better than 0 of 7 peers.
- Price tagPricier
P/E 37.5 vs industry 22.1.
- GrowthSteady
Sales +58.2%, profit −1.3% a year over 3 years.
- ProfitabilityWeak
ROCE 5.3% vs peer median 10.4%.
- Balance sheetStretched
Debt 0.51× equity, interest covered 2.4×, Piotroski 3 of 9.
- Red flags4 to check
Return on equity is low at 7.6%.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹4,374 Cr
- Small cap
- P/E
- 37.5
- Industry 22.1
- Price to book
- 1.44
- Peers 2.88
- Dividend yield
- 0.00%
- ROE
- 7.6%
- Peers 11.1%
- ROCE
- 5.3%
- Peers 10.4%
- Debt to equity
- 0.51
- Debt ₹1,565 Cr
- EPS (TTM)
- ₹9.24
- Face value ₹10
- OPM (TTM)
- 6.7%
- Net margin 7.4%
- Sales growth
- +72.2%
- Latest quarter vs a year ago
- Profit growth
- +266.2%
- Latest quarter vs a year ago
- Price to sales
- 1.54
- EV/EBITDA 22.3
Strengths and risks
Strengths
- Quarterly profit up 266.2% on a year ago.
- Quarterly sales up 72.2% on a year ago.
Risks to check
- Return on equity is low at 7.6%.
- P/E of 37.5 against an industry P/E of 22.1.
- 39% below its 52-week high.
- Interest coverage of only 1.6×.
About Keystone Realtors
Keystone Realtors Limited engages in the real estate construction, development, and other related activities in India. It develops residential portfolios, such as cluster redevelopments, integrated townships, commercial developments, and plotted development, as well as luxury residences, gated communities, and rise towers. The company also develops commercial and residential buildings; and villa plot projects. Keystone Realtors Limited was incorporated in…
- Headquarters
- Mumbai
- Employees
- 1,315
- Sector
- Real Estate
- ISIN
- INE263M01029
- Website
- rustomjee.com
Price range
- Avg volume (3M)
- 80.4K
- 1-year return
- minus 36.5%
- From 52-week high
- minus 38.6%
Peers · Real Estate - Development
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DLFDLF | 752.90 | plus 1.03% | 1,86,366 | 40.8 | 127.6 | 6.3% | 15.3% | 0.01 | 11.3% | minus 3.8% |
| LODHALodha Developers | 1,179.00 | plus 0.27% | 1,17,812 | 27.1 | 25.2 | 18.2% | 33.1% | 0.41 | 20.4% | minus 3.9% |
| OBEROIRLTYOberoi Realty | 1,739.00 | minus 0.13% | 63,230 | 24.0 | 18.8 | 16.7% | 57.5% | 0.14 | 12.9% | minus 2.2% |
| GODREJPROPGodrej Properties | 1,809.30 | minus 0.31% | 54,501 | 40.4 | – | 11.1% | −6.5% | 1.02 | 32.4% | minus 20.9% |
| BRIGADEBrigade Enterprises | 558.15 | minus 0.89% | 18,205 | 25.1 | 15.6 | 9.8% | 29.2% | 0.83 | 18.5% | minus 26.2% |
| ANANTRAJAnant Raj | 445.45 | minus 4.41% | 16,031 | 26.5 | 24.1 | 10.4% | 27.8% | 0.13 | 37.9% | minus 27.8% |
| SOBHASobha | 1,275.40 | minus 1.28% | 13,642 | 71.4 | 46.7 | 7.4% | 6.5% | 0.33 | 16.3% | minus 20.2% |
| RUSTOMJEEKeystone Realtors | 346.20 | minus 3.83% | 4,374 | 37.5 | 40.3 | 5.3% | 13.3% | 0.51 | 58.2% | minus 36.5% |
| Median of 7 peers | – | −0.31% | 54,501 | 27.1 | 24.7 | 10.4% | 27.8% | 0.33 | 18.5% | −20.2% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 273 | 499 | 266 | 1,596 | 470 | |
| 259 | 484 | 255 | 1,514 | 388 | |
| 13.7 | 15.4 | 11.5 | 81.5 | 82.2 | |
| 5.0% | 3.1% | 4.3% | 5.1% | 17.5% | |
| 13.5 | 21.2 | 26.2 | 24.5 | 24.1 | |
| 7.2 | 15.7 | 23.3 | 32.9 | 30.6 | |
| 4.2 | 4 | 3.9 | 5.8 | 5.4 | |
| 15.9 | 16.9 | 10.5 | 67.3 | 70.3 | |
| −3.0% | 41.4% | 51.5% | 5.4% | 25.5% | |
| 14.5 | 8.6 | 3.4 | 52.4 | 53.1 | |
| 1.14 | 0.67 | 0.27 | 4.12 | 4.18 |
Profit & loss
- Sales CAGR 3Y
- +58.2%
- Profit CAGR 3Y
- −1.3%
- EPS CAGR 3Y
- −6.8%
- ROE
- 7.6%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 646 | 2,163 | 1,921 | 2,558 | |
| – | +234.8% | minus 11.2% | +33.2% | |
| 539 | 2,052 | 1,695 | 2,434 | |
| 107 | 112 | 226 | 124 | |
| 16.6% | 5.2% | 11.7% | 4.8% | |
| 33.7 | 71.6 | 82.3 | 66.3 | |
| 36 | 40.1 | 51.5 | 79.1 | |
| 4.8 | 7.9 | 13.7 | 18.5 | |
| 7.3 | 9.2 | 14.3 | 18 | |
| 108 | 144 | 257 | 111 | |
| 26.2% | 23.1% | 26.8% | 14.1% | |
| 82 | 112 | 172 | 78.9 | |
| – | +36.9% | +53.2% | minus 54.1% | |
| 7.67 | 9.82 | 13.71 | 6.21 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 114 | 114 | 126 | 126 | |
| 1,556 | 1,684 | 2,646 | 2,737 | |
| 1,030 | 1,101 | 930 | 1,484 | |
| 1,816 | 3,073 | 2,947 | 2,375 | |
| 4,515 | 5,972 | 6,649 | 6,723 | |
| 14.3 | 27.9 | 48.7 | 39.4 | |
| 99.6 | 105 | 161 | 251 | |
| 383 | 309 | 779 | 864 | |
| 4,018 | 5,530 | 5,660 | 5,569 | |
| 4,515 | 5,972 | 6,649 | 6,723 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 306 | 183 | −11.4 | −509 | |
| 26.7 | −278 | −64.9 | −78.8 | |
| −30.2 | −38.3 | 484 | 418 | |
| 303 | −132 | 408 | −169 | |
| −6.8 | −4.6 | −19.3 | −8.6 | |
| 299 | 179 | −30.7 | −518 | |
| – | – | – | −18.9 |
Shareholding pattern
- Promoters74.54%
- Public25.46%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 74.54% | 25.46% | minus 0.05 | |
| 30 Jun 2026 | 74.59% | 25.41% | 0.00 | |
| 31 Mar 2026 | 74.59% | 25.41% | 0.00 | |
| 31 Dec 2025 | 74.59% | 25.41% | minus 0.04 | |
| 16 Oct 2025 | 74.63% | 25.37% | – |
Major shareholders
Filings & events
News
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