MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-MH-18-0031832
Keystone Infrastructure Private Limited - real estate and construction in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹126.4 Cr
▼ 16% YoY
Net loss · FY 2025
₹7.62 Cr
Net margin -6%
EBITDA · FY 2025
-₹7.86 Cr
EBITDA margin -6.2%
Authorised capital
₹32.82 Cr
Registered with MCA
Paid-up capital
₹32.65 Cr
Issued & subscribed
Satisfied charges
₹432.49 Cr
No open charges
Company age
19 yrs
Est. 2007
Employees · EPFO
46
Provident fund records
About Keystone Infrastructure Private Limited
Data last updated:
Keystone Infrastructure Private Limited is a private limited company based in Mumbai, Maharashtra, India, a subsidiary of Keystone Realtors Limited. It operates in the real estate development and construction segment of the real estate and construction sector. It was incorporated on 23 January 2007 and has been in existence for over 19 years.
Its director Chandresh Dinesh Mehta is #1,673 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U70109MH2007PTC167203. Its GSTIN is 27AACCK9904G1ZF (Maharashtra).
The company has an authorised share capital of ₹32.82 Cr and a paid-up capital of ₹32.65 Cr. It is led by directors including Chandresh Dinesh Mehta and Binitha Manohar Dalal.
Its last annual general meeting (AGM) was held on 17 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 702 Natraj Mv Road Junction Western Express Highway Andheri (East), Mumbai, Maharashtra, India – 400069.
As per the financials filed for FY 2025, the company reported a revenue of ₹126.4 Cr, a decline of 16% compared to the previous year. For the same year it recorded a net loss of ₹7.62 Cr (net margin -6%) and EBITDA of -₹7.86 Cr (EBITDA margin -6.2%). Revenue has grown at a compounded annual rate (CAGR) of 16% over three years and 1% over five years.
The company has about 46 employees on its provident fund (EPFO) records.
As per MCA filings, the company has satisfied charges of ₹432.49 Cr on record. The company has 4 deals on record (2 secondary share transfers, 1 convertible or debt financing, 1 debt financing), with disclosed funding of ₹32.71 Cr; the latest was in September 2023. Its 10 peer companies in the Real Estate industry (Builders and Developers) are compared by revenue, 5 larger and 5 smaller; the largest is Arihant Vatika Realty Private Limited with revenue of ₹127.18 Cr. The company has 7 MSME Form 1 returns on record between 2019 and 2023, listing 243 overdue payments to 27 micro and small suppliers.
Keystone Infrastructure Private Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-MH-18-0031832). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website rustomjee.com.
Company Details of Keystone Infrastructure Private Limited
CIN U70109MH2007PTC167203
Registration Number 167203
Incorporation Date 23 January 2007
ROC Mumbai
Listing Status Unlisted
Company Status Active
Date of Last AGM 17 September 2025
Date of Balance Sheet 31 March 2025
Parent Company Keystone Realtors Limited
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-MH-18-0031832
Key People
Chandresh Dinesh Mehta Director Binitha Manohar Dalal Director Manish Balkrishan Randev Manager Recognitions & Rankings of Keystone Infrastructure
India's Richest People 2026 edition · 1 director · Source: Hurun India
- #1,673 Chandresh Dinesh Mehta ₹1,100 Cr
Contact Details
- EmailLocked
- TelephoneLocked
- Website
- Social MediaLocked
- Registered Address702 Natraj Mv Road Junction Western Express Highway Andheri (East), Mumbai, Maharashtra, India – 400069
- IndustryReal Estate and Construction, Real Estate Builders & Developers
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Business Activity of Keystone Infrastructure Private Limited
The main business activity of Keystone Infrastructure is real estate. In detail, this covers real estate activities with own or leased property.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| L | Real Estate | L1 | Real estate activities with own or leased property | Locked |
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Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
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Financials of Keystone Infrastructure Private Limited FY 2025 filings available
Keystone Infrastructure Private Limited reported revenue of ₹126.4 Cr (down 16% YoY) for FY 2025.
Revenue · FY 2025
₹126.4 Cr ▼ 16%
Net loss · FY 2025
₹7.62 Cr margin -6%
EBITDA · FY 2025
-₹7.86 Cr margin -6.2%
Compounded Annual Growth Rate (CAGR) of Keystone Infrastructure Private Limited
Revenue CAGR growth
1 year
▼ 16%
3 years · compounded
▲ 16%
5 years · compounded
▲ 1%
EBITDA CAGR growth
1 year
▲ 56%
3 years · compounded
▼ 3%
5 years · compounded
▼ 26%
Revenue fell 16% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 1%. EBITDA rose 56% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary of Keystone Infrastructure Private Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | •••• | •••• | •••• | •••• | •••• |
| Other Income | •••• | •••• | •••• | •••• | •••• |
| Total Revenue | •••• | •••• | •••• | •••• | •••• |
| Cost of Materials Consumed | •••• | •••• | •••• | •••• | •••• |
| Employee Benefit Expense | •••• | •••• | •••• | •••• | •••• |
| Finance Costs | •••• | •••• | •••• | •••• | •••• |
| Depreciation and Amortisation | •••• | •••• | •••• | •••• | •••• |
| Other Expenses | •••• | •••• | •••• | •••• | •••• |
| Total Expenses | •••• | •••• | •••• | •••• | •••• |
| EBITDA | -₹7.86 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | -₹7.62 Cr | •••• | •••• | •••• | •••• |
| Balance Sheet | |||||
| Share Capital | •••• | •••• | •••• | •••• | •••• |
| Reserves and Surplus | •••• | •••• | •••• | •••• | •••• |
| Net Worth (Total Equity) | •••• | •••• | •••• | •••• | •••• |
| Long-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Short-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Trade Payables | •••• | •••• | •••• | •••• | •••• |
| Total Liabilities | •••• | •••• | •••• | •••• | •••• |
| Fixed Assets | •••• | •••• | •••• | •••• | •••• |
| Investments | •••• | •••• | •••• | •••• | •••• |
| Inventories | •••• | •••• | •••• | •••• | •••• |
| Trade Receivables | •••• | •••• | •••• | •••• | •••• |
| Cash and Bank Balance | •••• | •••• | •••• | •••• | •••• |
| Total Assets | •••• | •••• | •••• | •••• | •••• |
Financial Ratios of Keystone Infrastructure Private Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | -6.2% | •••• | •••• | •••• | •••• |
| Net Profit Margin | -6% | •••• | •••• | •••• | •••• |
| Return on Equity (ROE) | •••• | •••• | •••• | •••• | •••• |
| Return on Capital Employed (ROCE) | •••• | •••• | •••• | •••• | •••• |
| Return on Assets (ROA) | •••• | •••• | •••• | •••• | •••• |
| Liquidity and Debt | |||||
| Current Ratio | •••• | •••• | •••• | •••• | •••• |
| Quick Ratio | •••• | •••• | •••• | •••• | •••• |
| Debt-to-Equity Ratio | •••• | •••• | •••• | •••• | •••• |
| Interest Coverage Ratio | •••• | •••• | •••• | •••• | •••• |
| Efficiency and Growth | |||||
| Asset Turnover | •••• | •••• | •••• | •••• | •••• |
| Receivable Days | •••• | •••• | •••• | •••• | •••• |
| Payable Days | •••• | •••• | •••• | •••• | •••• |
| Inventory Days | •••• | •••• | •••• | •••• | •••• |
| Revenue Growth | •••• | •••• | •••• | •••• | •••• |
| Net Profit Growth | •••• | •••• | •••• | •••• | •••• |
Paid data: the figures shown as dots are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Keystone Infrastructure are in the company report.
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Financial statements from 2015
Earlier years and trend charts are in the company report.
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Board of Directors of Keystone Infrastructure Private Limited
Keystone Infrastructure has 4 current directors and 13 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Chandresh Dinesh Mehta Also directs: Dreamz Dwellers LLP, Nisarg Holistic Lifestyle LLP, Keystone Realtors Limited and 5 more | Director | 19 Mar 2020 | 6 Years 7 Months | Current |
| Binitha Manohar Dalal Also directs: Neovon Partners LLP, Mtkkmb Sponsor India LLP, Assivo Techno Private Limited and 5 more | Director | 07 Mar 2024 | 2 Years 7 Months | Current |
| Manish Balkrishan Randev | Manager | 27 Jul 2022 | 4 Years 2 Months | Current |
| Vincent Patrick Rodrigues Also directs: Imperial Infradevelopers Private Limited, Firestone Developers Private Limited, Intact Builders Private Limited and 5 more | Director | 22 May 2013 | 13 Years 4 Months | Current |
Peer Comparison of Keystone Infrastructure Private Limited
Keystone Infrastructure Private Limited is compared with the companies closest to it by revenue in the Real Estate industry (Builders and Developers). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Arihant Vatika Realty Private Limited | ₹127.18 Cr (FY 2025) | •••• | •••• | -27.0% | •••• | Navi Mumbai, Maharashtra, India |
| Rma Estates and Industries Private Limited | ₹127 Cr (FY 2025) | •••• | •••• | -4.0% | •••• | New Delhi, Delhi, India |
| Bhavya Elitehomes India Private Limited | ₹126.88 Cr (FY 2025) | •••• | •••• | 11638.0% | •••• | Hyderabad, Telangana, India |
| Celica Developers Private Limited | ₹126.59 Cr (FY 2025) | •••• | •••• | 26.0% | •••• | Kolkata, West Bengal, India |
| Goyal and Co.(Const.) Private Limited | ₹126.43 Cr (FY 2025) | •••• | •••• | 11.0% | •••• | Ahmedabad, Gujarat, India |
| Keystone Infrastructure Private Limited this company | ₹126.4 Cr (FY 2025) | •••• | •••• | -16.0% | •••• | Mumbai, Maharashtra, India |
| Heera Construction Company Private Limited | ₹126.24 Cr (FY 2015) | •••• | •••• | -18.0% | •••• | Goa, India |
| JMD Limited | ₹126.17 Cr (FY 2025) | •••• | •••• | -7.0% | •••• | Delhi, India |
| Malkhed Real Estate Private Limited | ₹126.15 Cr (FY 2025) | •••• | •••• | 3122.0% | •••• | Bangalore, Karnataka, India |
| Lavasa Corporation Limited | ₹126.1 Cr (FY 2017) | •••• | •••• | -58.0% | •••• | Mumbai, Maharashtra, India |
| Slmi Infraprojects Private Limited | ₹125.92 Cr (FY 2025) | •••• | •••• | -40.0% | •••• | Secunderabad, Telangana, India |
Peers are the five companies nearest above and the five nearest below Keystone Infrastructure by revenue in the Real Estate industry (Builders and Developers), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details of Keystone Infrastructure Private Limited
Keystone Infrastructure Private Limited is audited by Price Waterhouse Chartered Accountants LLP for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| Price Waterhouse Chartered Accountants LLP | Locked | Locked | Locked |
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Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
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Ownership and Shareholding of Keystone Infrastructure Private Limited
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Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
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Charges & Borrowings of Keystone Infrastructure Private Limited
Open charges
None
Satisfied charges
₹432.49 Cr
Breakdown by lending institutions
Latest charge details
| Date | Lender | Amount | Status |
|---|---|---|---|
| 13 May 2022 | Tata Capital Housing Finance Limited | ₹190 Cr | Satisfied |
| 27 May 2021 | Others | ₹9 Cr | Satisfied |
| 26 Mar 2021 | Others | ₹70.49 Cr | Satisfied |
| 30 Jul 2018 | Others | ₹75 Cr | Satisfied |
| 10 Oct 2017 | Others | ₹88 Cr | Satisfied |
Total charge records: 5 View all charges
Deals & Funding of Keystone Infrastructure Private Limited
Keystone Infrastructure Private Limited has 4 deals on record (2 secondary share transfers, 1 convertible or debt financing, 1 debt financing), with disclosed funding of ₹32.71 Cr; the latest was in September 2023.
Total deals
4
Secondary share transfers
2
Convertible or debt financing
1
Debt financing
1
Disclosed funding
₹32.71 Cr
Deals on record (3 of 4)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Sep 2023 | Secondary share transfer | Undisclosed | Buyer: Keystone Realtons Private Limited Seller: HDFC Private Equity |
| Dec 2017 | Debt financing | ₹6.9 Lakh | Investors: Keystone Realtons Private Limited |
| Mar 2008 | Secondary share transfer | Undisclosed | Buyer: Keystone Realtons Private Limited & Boman Rustom Irani, Keystone Realtons Private Limited Seller: 2 individuals |
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Full deal history
All 4 deals with amounts, valuations, instruments and every party are in the company report.
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Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
MSME Payment Delays by Keystone Infrastructure Private Limited
Keystone Infrastructure Private Limited has 7 MSME Form 1 returns on record between 2019 and 2023, listing 243 overdue payments to 27 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 27)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Gajanan Saidutt Associates | •••• | •••• | •••• |
| Spectrum Paints | •••• | •••• | •••• |
| Pag International Private Limited | •••• | •••• | •••• |
| Eastern Traders | •••• | •••• | •••• |
| Genesis Infoserve Private Limited | •••• | •••• | •••• |
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Full MSME payment history
Every supplier, amount and due date from all 7 MSME Form 1 returns is in the company report.
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Individuals and sole proprietors among the suppliers are not named. Amounts, due dates and filing dates are in the company report.
Employees and EPFO Compliance at Keystone Infrastructure Private Limited
Keystone Infrastructure Private Limited has a workforce of 46 employees as of Apr 08, 2024.
Employee count
46
Active EPFO establishments
1
Employee growth
-13.21%
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Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
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Recent Activity on Keystone Infrastructure Private Limited
Keystone Infrastructure Private Limited has 14 board changes on record since 2011: 4 appointments and 10 cessations. The latest: Binitha Manohar Dalal ceased to be Additional Director on 11 Sep 2024.
AGM
Keystone Infrastructure Private Limited last Annual general meeting of members was held on 17 Sep 2025 as per latest MCA records.
Filing
Keystone Infrastructure Private Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Mumbai.
Ceased
Binitha Manohar Dalal ceased to be Additional Director.
Ceased
Seema Pyari Mohan Mohapatra ceased to be Additional Director.
Charges
A charge registered on 13 May 2022 via Charge ID 100580494 with Tata Capital Housing Finance Limited was fully satisfied on 19 Jun 2024.
Appointed
Binitha Manohar Dalal was appointed as Director.
Appointed
Manish Balkrishan Randev was appointed as Manager.
Charges
A charge with Tata Capital Housing Finance Limited amounted to Rs. 190.00 Cr with Charge ID 100580494 was registered on 13 May 2022.
Charges
A charge registered on 27 May 2021 via Charge ID 100458860 with Others was fully satisfied on 13 May 2022.
Charges
A charge registered on 26 Mar 2021 via Charge ID 100455440 with Others was fully satisfied on 13 May 2022.
Charges
A charge with Others amounted to Rs. 9.00 Cr with Charge ID 100458860 was registered on 27 May 2021.
Charges
A charge registered on 30 Jul 2018 via Charge ID 100197786 with Others was fully satisfied on 03 May 2021.
15 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Keystone Infrastructure Private Limited
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Credit ratings, litigation, and regulatory alerts
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Subsidiaries & Group Companies of Keystone Infrastructure Private Limited
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Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
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GST Compliance of Keystone Infrastructure Private Limited
Keystone Infrastructure has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AACCK9904G1ZF | Maharashtra | Active | 01 Sep 2017 |
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MCA Filings & Documents of Keystone Infrastructure Private Limited
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Frequently Asked Questions about Keystone Infrastructure Private Limited
Keystone Infrastructure is an active private limited company based in Mumbai, Maharashtra, India. The company works in real estate builders and developers, within the real estate and construction industry. It was incorporated on 23 January 2007 (19+ years old) and is registered under CIN U70109MH2007PTC167203.
Keystone Infrastructure reported revenue of ₹126.4 Cr for FY 2025 (down 16% YoY).
Keystone Infrastructure has 4 current directors:
- Chandresh Dinesh Mehta - Director
- Binitha Manohar Dalal - Director
- Vincent Patrick Rodrigues - Director
- Manish Balkrishan Randev - Manager
Keystone Infrastructure reported a net loss of ₹7.62 Cr (net margin -6%) and EBITDA of -₹7.86 Cr (EBITDA margin -6.2%) for FY 2025, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Keystone Infrastructure is 16% over three years and 1% over five years. In the latest year (FY 2025) revenue fell 16%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Keystone Infrastructure is 27AACCK9904G1ZF, registered in Maharashtra.
The CIN (Corporate Identification Number) of Keystone Infrastructure is U70109MH2007PTC167203. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Keystone Infrastructure was incorporated on 23 January 2007, making it 19+ years old. It is registered with the Registrar of Companies, Mumbai.
Keystone Infrastructure has 4 deals on record (2 secondary share transfers, 1 convertible or debt financing, 1 debt financing), with disclosed funding of ₹32.71 Cr; the latest was in September 2023.
The peers of Keystone Infrastructure by revenue are Arihant Vatika Realty Private Limited, Rma Estates and Industries Private Limited, Bhavya Elitehomes India Private Limited, Celica Developers Private Limited, Goyal and Co.(Const.) Private Limited and 5 more, all in the Real Estate industry (Builders and Developers).
Binitha Manohar Dalal ceased to be Additional Director on 11 Sep 2024. Seema Pyari Mohan Mohapatra ceased to be Additional Director on 01 Aug 2024. Binitha Manohar Dalal was appointed as Director on 07 Mar 2024. Keystone Infrastructure has 14 board changes on record in total.
Yes, Keystone Infrastructure is registered as a medium enterprise under Udyam registration (number: UDYAM-MH-18-0031832).