Keystone Realtors Limited, operating under the prominent "Rustomjee" brand, is a leading real estate developer deeply rooted in the Mumbai Metropolitan Region (MMR). Established in 1995, the company has carved a niche for itself by delivering a diverse range of real estate projects, from residential buildings and premium gated estates to townships, corporate parks, and retail spaces. Rustomjee caters to various market segments, including affordable, mid-market, aspirational, premium, and super-premium categories, ensuring a broad spectrum of offerings for discerning buyers.
The company's operational prowess spans across the entire real estate value chain. Rustomjee provides a wide array of residential options, including 1, 2, 3, 4, and 5 BHK configurations. Its extensive portfolio in the MMR comprises 32 completed projects, 12 ongoing developments, and 19 future projects. To date, Keystone Realtors has successfully delivered over 26 million square feet of constructed area, with a substantial pipeline of over 40 million square feet in development. A key strategic focus for the company is its asset-light model, with a significant emphasis on redevelopment opportunities, particularly within the Mumbai MMR, which continues to be a primary engine for its growth.
Keystone Realtors boasts an impressive and diverse project portfolio. Some of its notable developments include Rustomjee Erika, Rustomjee Uptown Urbania, Rustomjee Bella, Rustomjee Elements, Rustomjee Paramount, Rustomjee Summit, Rustomjee Seasons, Rustomjee Global City, Rustomjee Yazarina III, Rustomjee Garden 6, Rustomjee Crown, and Rustomjee Central Park Business Spaces. The company is renowned for its lifestyle-centric projects and well-planned gated communities such as Rustomjee Elements in Upper Juhu, Rustomjee Paramount in Khar, Rustomjee Seasons in Bandra Annexe, and Rustomjee Crown in Prabhadevi.
FY25 Annual Results: For the fiscal year 2024-25, Keystone Realtors demonstrated significant financial growth, with its profit increasing by 69% to ₹188.13 crore, up from ₹111.03 crore in the preceding fiscal.
- Revenue (Q4 FY25): ₹584.85 Crore (as of March 2025)
- Net Profit (Q4 FY25): ₹66.95 Crore (as of March 2025)
Q1 FY26 Performance: The company's collections in Q1 FY26 jumped by 19% to ₹575 crore, compared to ₹485 crore recorded in Q1 FY25. Pre-sales for the quarter were robust at ₹10.68 billion, reflecting a significant 75% year-on-year growth.
Quarterly Results for Q3 FY25:
- Revenue: Revenue from operations saw a slight decline of 10.88% to ₹464.02 crore in Q3 FY25, from ₹520.69 crore in Q3 FY24.
- Net Profit: Keystone Realtors' consolidated net profit experienced marginal growth, increasing by 0.33% to ₹29.98 crore in Q3 FY25, compared to ₹29.88 crore in Q3 FY24.
- Market Capitalisation: ₹ 6,614 Cr (as of 17-Apr-2025)
- PE Ratio: 38.40 (as of 15 May 2025)
- PB Ratio: 2.38 (as of 15 May 2025)
- 52-Week High: ₹799.95
- 52-Week Low: ₹484.00
Keystone Realtors' strength lies in its extensive project development and delivery capabilities. With a substantial track record of over 26 million square feet delivered, the company is well-positioned to execute its ambitious pipeline of over 40 million square feet. The company's strategic focus on redevelopment in the Mumbai MMR allows it to leverage existing urban infrastructure and tap into high-demand areas.
The company has demonstrated strong business development momentum. In Q1 FY26, it successfully launched three new projects, with an estimated Gross Development Value (GDV) of ₹40 billion, achieving nearly 57% of its full-year FY26 guidance within the first quarter. Furthermore, the company secured three new projects in Q1 FY26, adding a GDV of ₹77.27 billion, thereby surpassing its full-year FY26 guidance for new project additions.
Keystone Realtors' commitment to shareholder returns is evident in its dividend policy. The company's board has recommended a final dividend of ₹1.50 per equity share of ₹10 each for the financial year ended March 31, 2025. This recommendation is subject to shareholder approval at the upcoming Annual General Meeting (AGM). The record date for this dividend has been fixed as Friday, May 23, 2025.
The leadership of Keystone Realtors Limited is spearheaded by Boman Irani, who serves as both the Chairman and Managing Director. The promoter holding in Keystone Realtors Ltd. has shown a slight adjustment, standing at 78.35% as of March 2025, down from 78.36% as of June 2024.
Keystone Realtors holds a commanding position in the Mumbai real estate market, particularly within the high-potential redevelopment segment. The company's strategic focus on these opportunities in Mumbai's MMR continues to be a key driver of its growth and market dominance. By consistently building on its strong foundation with strategic project additions and maintaining robust financial performance, Keystone Realtors has established itself as a trusted and leading developer in one of India's most dynamic real estate markets.
