Keystone Realtors Ltd(RUSTOMJEE)

NSE: RUSTOMJEEBSE: 543669

₹ 338.5-1.38%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,276 crNext results: 4 Nov 2026Website: www.rustomjee.comUpdated: 24 Oct 2026

About

Keystone Realtors Ltd, branded Rustomjee, is a Mumbai Metropolitan Region-focused residential and commercial developer operating across premium, emerging premium and mass-market segments. FY26 revenue was Rs 2,634.54 cr, with full-year pre-sales of Rs 40.22 Bn (+33% YoY), representing approximately 2% of the MMR market. The company has grown pre-sales at a 36% CAGR over three years from Rs 16 Bn in FY23, with a forthcoming project pipeline of 21 projects carrying an estimated GDV of INR 430 Bn.^[1][2][3]

Pre-sales and collections

FY26 pre-sales: Rs 40.22 Bn (+33% YoY); Q4FY26 alone was Rs 13.46 Bn (+58% YoY), the highest quarterly pre-sales in company history.^[2]
Q2FY27 pre-sales: INR 14.23 Bn (+84% YoY); H1FY27 pre-sales reached a record INR 20.41 Bn (+11% YoY).^[4]
Q1FY27 pre-sales: INR 6.17 Bn (-42% YoY on high base), driven entirely by sustenance inventory in a quarter with zero new launches.^[3]
FY26 collections: Rs 26.22 Bn (+13% YoY). Q1FY27 collections: INR 5.99 Bn (+4% YoY) at 97% collection efficiency vs pre-sales.^[2][3]
Sold receivables in ongoing projects stood at INR 43.71 Bn as of Q1FY27, providing forward cash-flow visibility.^[3]
FY26 area sold: 2.12 Mn Sq Ft (+25% YoY). Q1FY27 area sold: 0.32 Mn Sq Ft (-49% YoY on zero new launches).^[2][3]

Product mix and segments

INR 35.72 Bn (92%) of FY26 pre-sales came from premium and above categories; luxury alone contributed 41% of Q4FY26 pre-sales.^[2]
Forthcoming portfolio of 21 projects with GDV of INR 430 Bn; 93% of forthcoming residential GDV is in Emerging Premium and Premium segments as of Q1FY27.^[3]
Commercial segment commenced with 33Fifteen at Bandra West (GDV INR 9.5 Bn including JV share); 18% of launched inventory sold as of Q3FY26.^[5]
Plotted development added as a new product type; ~62-acre Igatpuri project (Mass Market, GDV INR 3.87 Bn) added in Q1FY27.^[3]

Ongoing construction and project operations

Ongoing construction area: 12 Mn Sq Ft as of Q1FY27. Construction spend: Rs 997 cr in FY26; INR 299 cr in Q1FY27 (+26% YoY).^[3][2]
Three RERA projects completed in Q2FY27 with a total construction area of 1.32 Mn Sq Ft.^[4]
Precast construction plant being built in partnership with Robin Village of Singapore; claims 30% reduction in material wastage and 40% lower worker requirement vs conventional construction.^[2]
Four cluster redevelopment projects - Lokhandwala, GTB Nagar, Dindoshi, Malad West - carry combined estimated GDV of ~INR 12,500 cr; forthcoming cluster redevelopments in total account for INR 166 Bn GDV.^[5][3]

Business development and land bank

FY26 business development additions: Rs 104.2 Bn GDV across 5 projects (+118% YoY), 174% of the Rs 60 Bn guidance.^[2]
Since FY23, 25 projects totalling Rs 278 Bn GDV have been added; 21 of the 25 are redevelopment projects.^[2]
Q1FY27 project additions: ~INR 5.47 Bn GDV (Dindoshi Nagar cluster expansion at INR 1.60 Bn and Igatpuri plotted development at INR 3.87 Bn).^[3]
Two new projects launched in Q2FY27 with combined estimated GDV of INR 21.96 Bn.^[4]

Debt and credit position

Gross D/E: 0.30:1 in Q1FY27 (0.26:1 at Q4FY26); gross debt INR 8.76 Bn with free cash INR 8.03 Bn; net D/E: 0.02:1 in Q1FY27.^[3]
ICRA upgraded to AA-/Stable in June 2026; CRISIL AA-/Stable from May 2026 - the company is now dual AA- rated.^[3]
Gross D/E ceiling maintained at 0.75:1; peak gross debt in FY27 expected at Rs 1,300 - 1,400 cr.^[2]

Revenue recognition and margin profile

POCM adopted from 1 April 2025 for new launches. In FY27 the mix is ~40% completion method / ~60% POCM; from FY28 ~98% of revenue will come from POCM-accounted projects.^[2][3]
Current projects target 35% gross margins and 20% EBITDA margins; Q1FY27 EBITDA margin expanded to 21.3% from 10.1% in Q1FY26 as project mix shifted toward POCM-accounted work.^[3][2]
In FY26, 62% of revenue came from low-margin legacy projects (Crown, Virar affordable); in FY27 legacy is expected to fall to 12% of revenue, with 88% from current projects.^[2]

Expansion pipeline and targets

FY27 pre-sales guidance maintained at INR 50 Bn; INR 20.41 Bn achieved in H1FY27. FY27 launch GDV guided at ~INR 80 Bn across 8 projects totalling 5.18 Mn Sq Ft.^[3][4]
FY30 presales target of INR 10,000 cr, requiring ~26% CAGR from the FY26 base of Rs 40.22 Bn.^[2]
Plotted development segment targeted to generate minimum INR 500 - 750 cr presales annually with margins exceeding INR 150 - 200 cr.^[3]
Commercial annuity income target of Rs 100 cr by FY30 from Thane, Prabhadevi (DhuruWadi) and 33Fifteen retained assets.^[2]
Geographic expansion: Nagpur already entered; Palghar entry anticipated; super premium redevelopment deals in Bandra and Worli in active finalization, announcement expected around Q3FY27.^[3][2]

Market Cap

₹4,276 Cr

High / Low

₹583 / 328

Stock P/E

33.4

Price / Book

1.5

Book Value

₹227

EPS

₹7.5

No. of Shares

12.62 Cr

ROCE

4.6%

ROE

3.4%

OPM

6.9%

Debt / Equity

0.51

Sales

₹2,635 Cr

Net Profit

₹95 Cr

Promoter holding

74.5%

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