- Valuation
- ₹6,300 Cr

About Keystone Realtors Limited
Data last updated:
Keystone Realtors Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the real estate development and construction segment of the real estate and construction sector. It was incorporated on 06 November 1995 and has been in existence for over 31 years.
Its director Boman Rustom Irani is #1,113 among India's richest people (2026). Its director Percy Sorabji Chowdhry is #1,673 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L45200MH1995PLC094208. Its GSTIN is 27AAACK2499Q1ZS (Maharashtra). Its shares are listed on BSE: 543669 and NSE: RUSTOMJEE.
The company has an authorised share capital of ₹428.43 Cr and a paid-up capital of ₹126.32 Cr. It was formerly known as Keystone Realtors Private Limited. It is led by directors including Boman Rustom Irani (Managing Director) and Ramesh Tainwala.
Its last annual general meeting (AGM) was held on 18 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 latest consolidated financials for FY 2025-26, the company reported a revenue of ₹2,634.54 Cr, a growth of 31.5% compared to the previous year. For the same year it recorded a net profit of ₹78.86 Cr (net margin 3%) and EBITDA of ₹122.11 Cr (EBITDA margin 4.6%). The net worth stands at ₹2,863.87 Cr (up 3.3% YoY). Total assets are valued at ₹4,586.85 Cr (up 17.7% YoY).
The company has about 345 employees on its provident fund (EPFO) records. Its group structure includes 40 subsidiaries and 4 joint ventures.
The company is associated with 1 brand: Rustomjee. As per MCA filings, the company has open charges of ₹1,342.71 Cr and satisfied charges of ₹6,060.84 Cr on record. Court records list 251 cases involving the company, including 71 filed by the company and 107 filed against it; 96 cases are pending. The company has 13 deals on record (6 secondary share transfers, 2 convertible or debt financings, 2 funding rounds), with disclosed funding of ₹404.99 Cr; the latest was in May 2024. Its 10 peer companies in the Real Estate industry (Builders and Developers) are compared by revenue, 5 larger and 5 smaller; the largest is Bhumika Realty Private Limited with revenue of ₹2,615.37 Cr. The company has 13 MSME Form 1 returns on record between 2014 and 2023, listing 927 overdue payments to 69 micro and small suppliers.
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.
CIN History of Keystone Realtors Limited
Keystone Realtors has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L45200MH1995PLC094208, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L45200MH1995PLC094208 | Current |
| U45200MH1995PTC094208 | Previous |
| U45200MH1995PLC094208 | Previous |
Recognitions & Rankings of Keystone Realtors
- #1,113 Boman Rustom Irani ₹2,300 Cr
- #1,673 Percy Sorabji Chowdhry ₹1,100 Cr
- #1,673 Chandresh Dinesh Mehta ₹1,100 Cr
- EmailLocked
- TelephoneLocked
- Website
- Social Media
- Registered Address702 Natraj Mv Road Junction Western Express Highway Andheri (East), Mumbai, Maharashtra, India – 400069
- IndustryReal Estate and Construction, Real Estate Builders & Developers
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
- One PDF report, delivered after checkout
Associated Brands with Keystone Realtors Limited
Keystone Realtors operates one associated brand: Rustomjee. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Developer of residential and commercial properties, including townships and villa plots | rustomjee.com |
Business Activity of Keystone Realtors Limited
The main business activity of Keystone Realtors 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 |
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of Keystone Realtors Limited FY 2025-26 filings available
Keystone Realtors Limited reported revenue of ₹2,634.54 Cr (up 31.5% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 2,635 | 2,004 | 2,222 | 686 | 1,269 | 849 | 1,211 |
| Revenue growth | +31.5% | -9.8% | +224.1% | -46.0% | +49.6% | -29.9% | - |
| EBITDA | 122 | 204 | 110 | 104 | 178 | 102 | 136 |
| EBITDA margin | +4.6% | +10.2% | +4.9% | +15.1% | +14.0% | +12.1% | +11.2% |
| Profit before tax | 110 | 257 | 144 | 108 | 184 | 290 | 63.26 |
| Net profit | 78.86 | 172 | 112 | 81.95 | 140 | 311 | 22.01 |
| Net profit margin | +3.0% | +8.6% | +5.1% | +12.0% | +11.0% | +36.6% | +1.8% |
| EPS (₹) | 6.25 | 13.64 | 9.85 | 7.20 | 13.96 | 31.04 | 2.20 |
| Balance sheet | |||||||
| Total assets | 4,587 | 3,899 | 3,076 | 2,910 | 2,725 | 2,267 | 2,908 |
| Net worth | 2,864 | 2,773 | 1,798 | 1,669 | 933 | 801 | 427 |
| Total debt | 1,483 | 930 | 1,101 | 1,030 | 1,563 | 1,220 | 2,514 |
| Cash & bank | 882 | 846 | 366 | 412 | 234 | 283 | 392 |
| Net working capital | 3,505 | 2,949 | 2,138 | 2,085 | 1,978 | 1,520 | 2,424 |
| Cash flow | |||||||
| Cash from operations | (509) | (11.39) | 183 | 306 | (110) | 642 | 351 |
| Cash from investing | (78.77) | (64.91) | (278) | 26.66 | (138) | (235) | (200) |
| Cash from financing | 418 | 484 | (38.30) | (30.19) | 154 | (609) | 171 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 470 | 1,596 | 266 | 499 | 273 | 585 | 464 | 533 |
| Revenue growth (YoY) | +72.2% | +172.9% | -42.6% | -6.3% | -35.3% | - | - | - |
| Other income | 24.05 | 24.53 | 27.78 | 21.62 | 15.52 | 57.35 | 21.80 | 23.15 |
| EBITDA | 82.20 | 81.49 | 9.85 | 14.98 | 11.67 | 47.63 | 37.51 | 77.78 |
| EBITDA margin | +17.5% | +5.1% | +3.7% | +3.0% | +4.3% | +8.1% | +8.1% | +14.6% |
| Depreciation | 5.36 | 5.80 | 3.89 | 3.99 | 4.18 | 5.65 | 2.66 | 2.53 |
| Interest | 30.57 | 32.94 | 23.26 | 15.72 | 7.16 | 12.71 | 11.96 | 10.03 |
| Profit before tax | 70.32 | 67.28 | 10.48 | 16.89 | 15.85 | 86.62 | 44.69 | 88.37 |
| Tax | 17.95 | 3.63 | 5.40 | 7.00 | (0.48) | 19.67 | 14.71 | 22.82 |
| Net profit | 52.37 | 63.65 | 5.08 | 9.89 | 16.33 | 66.95 | 29.98 | 65.55 |
| EPS (₹) | 4.18 | 4.12 | 0.27 | 0.67 | 1.14 | 5.09 | 1.18 | 5.30 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 668 | 551 | 1,010 | 328 | 851 | 530 | 267 |
| Revenue growth | +21.4% | -45.5% | +208.0% | -61.5% | +60.5% | +98.8% | - |
| EBITDA | (79.27) | (20.75) | 44.85 | 76.93 | 109 | 71.55 | (2.66) |
| EBITDA margin | -11.9% | -3.8% | +4.4% | +23.5% | +12.9% | +13.5% | -1.0% |
| Profit before tax | 49.12 | 129 | 145 | 146 | 156 | 72.02 | 52.68 |
| Net profit | 28.79 | 77.08 | 102 | 109 | 120 | 39.88 | 37.63 |
| Net profit margin | +4.3% | +14.0% | +10.1% | +33.3% | +14.1% | +7.5% | +14.1% |
| EPS (₹) | 3.23 | 7.41 | 9.79 | 9.59 | 12.00 | 3.99 | 3.75 |
| Balance sheet | |||||||
| Total assets | 3,344 | 2,990 | 2,476 | 2,071 | 1,638 | 1,427 | 1,380 |
| Net worth | 2,587 | 2,534 | 1,637 | 1,515 | 708 | 588 | 549 |
| Total debt | 656 | 374 | 758 | 458 | 813 | 732 | 754 |
| Cash & bank | 501 | 543 | 198 | 346 | 112 | 180 | 48.13 |
| Net working capital | 2,689 | 2,400 | 1,941 | 1,378 | 969 | 841 | 1,016 |
| Cash flow | |||||||
| Cash from operations | (347) | (177) | 228 | 95.33 | 14.54 | 351 | 79.55 |
| Cash from investing | (41.30) | 133 | (840) | (90.50) | (108) | (126) | 53.77 |
| Cash from financing | 222 | 336 | 429 | 275 | 1.77 | (129) | (108) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 88.87 | 210 | 55.71 | 335 | 68.43 | 325 | 34.68 | 62.99 |
| Revenue growth (YoY) | +29.9% | -35.5% | +60.6% | +431.3% | -46.5% | - | - | - |
| Other income | 37.03 | 38.23 | 29.56 | 57.62 | 53.57 | 62.02 | 45.99 | 53.93 |
| Total expenses | 100 | 213 | 80.92 | 352 | 101 | 297 | 65.88 | 84.58 |
| EBITDA | (11.15) | (3.31) | (25.21) | (17.83) | (32.92) | 27.49 | (31.20) | (21.59) |
| EBITDA margin | -12.5% | -1.6% | -45.3% | -5.3% | -48.1% | +8.5% | -90.0% | -34.3% |
| Depreciation | 4.31 | 4.02 | 3.41 | 3.36 | 3.98 | 5.06 | 2.53 | 2.38 |
| Interest | 12.12 | 12.30 | 12.21 | 6.59 | 4.72 | 8.17 | 9.94 | 11.67 |
| Profit before tax | 9.45 | 18.60 | (11.27) | 29.84 | 11.95 | 76.28 | 2.32 | 18.29 |
| Tax | 2.85 | 4.95 | (2.60) | 7.70 | (1.65) | 21.33 | 0.77 | 4.79 |
Financial Statements
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 470 | 1,596 | 266 | 499 | 273 | 585 | 464 | 533 |
| Revenue growth (YoY) | +72.2% | +172.9% | -42.6% | -6.3% | -35.3% | - | - | - |
| Other income | 24.05 | 24.53 | 27.78 | 21.62 | 15.52 | 57.35 | 21.80 | 23.15 |
| EBITDA | 82.20 | 81.49 | 9.85 | 14.98 | 11.67 | 47.63 | 37.51 | 77.78 |
| EBITDA margin | +17.5% | +5.1% | +3.7% | +3.0% | +4.3% | +8.1% | +8.1% | +14.6% |
| Depreciation | 5.36 | 5.80 | 3.89 | 3.99 | 4.18 | 5.65 | 2.66 | 2.53 |
| Interest | 30.57 | 32.94 | 23.26 | 15.72 | 7.16 | 12.71 | 11.96 | 10.03 |
| Profit before tax | 70.32 | 67.28 | 10.48 | 16.89 | 15.85 | 86.62 | 44.69 | 88.37 |
| Tax | 17.95 | 3.63 | 5.40 | 7.00 | (0.48) | 19.67 | 14.71 | 22.82 |
| Net profit | 52.37 | 63.65 | 5.08 | 9.89 | 16.33 | 66.95 | 29.98 | 65.55 |
| EPS (₹) | 4.18 | 4.12 | 0.27 | 0.67 | 1.14 | 5.09 | 1.18 | 5.30 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 2,635 | 2,004 | 2,222 | 686 | 1,269 | 849 | 1,211 |
| Revenue growth | +31.5% | -9.8% | +224.1% | -46.0% | +49.6% | -29.9% | - |
| Other income | 85.33 | 117 | 82.31 | 44.48 | 33.60 | 329 | 57.38 |
| Total expenses | 2,512 | 1,800 | 2,113 | 582 | 1,092 | 746 | 1,075 |
| Employee cost | 262 | 215 | 152 | 89.01 | 58.33 | 57.69 | 106 |
| EBITDA | 122 | 204 | 110 | 104 | 178 | 102 | 136 |
| EBITDA margin | +4.6% | +10.2% | +4.9% | +15.1% | +14.0% | +12.1% | +11.2% |
| Depreciation | 17.86 | 13.24 | 7.31 | 4.64 | 3.46 | 1.51 | 2.18 |
| Interest | 79.08 | 51.48 | 40.08 | 35.96 | 23.34 | 140 | 128 |
| Profit before tax | 110 | 257 | 144 | 108 | 184 | 290 | 63.26 |
| Tax | 15.55 | 68.85 | 33.43 | 28.22 | 48.55 | 57.70 | 48.77 |
| Net profit | 78.86 | 172 | 112 | 81.95 | 140 | 311 | 22.01 |
| Net profit margin | +3.0% | +8.6% | +5.1% | +12.0% | +11.0% | +36.6% | +1.8% |
| EPS (₹) | 6.25 | 13.64 | 9.85 | 7.20 | 13.96 | 31.04 | 2.20 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 127 | 127 | 114 | 114 | 100 | 100 | 100 |
| Reserves & surplus | 2,684 | 2,609 | 1,667 | 1,549 | 833 | 701 | 327 |
| Shareholders' funds (net worth) | 2,864 | 2,773 | 1,798 | 1,669 | 933 | 801 | 427 |
| Minority interest | 31.12 | 12.60 | (3.58) | 17.32 | 30.51 | 22.93 | (147) |
| Secured loans | 755 | 316 | 765 | 452 | 773 | 848 | 1,234 |
| Unsecured loans | 729 | 613 | 336 | 579 | 790 | 372 | 1,280 |
| Total debt | 1,483 | 930 | 1,101 | 1,030 | 1,563 | 1,220 | 2,514 |
| Total liabilities | 4,587 | 3,899 | 3,076 | 2,910 | 2,725 | 2,267 | 2,908 |
| Assets | |||||||
| Gross block | 440 | 438 | 404 | 54.63 | 45.94 | 38.57 | 207 |
| Net block | 366 | 375 | 355 | 39.39 | 33.26 | 29.47 | 195 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.39 | 0.02 |
| Investments | 546 | 484 | 456 | 642 | 575 | 595 | 5.18 |
| Inventories | 3,669 | 3,861 | 3,710 | 2,570 | 2,254 | 2,193 | 2,765 |
| Sundry debtors | 339 | 83.45 | 105 | 61.64 | 114 | 36.70 | 63.90 |
| Cash & bank balances | 882 | 846 | 366 | 412 | 234 | 283 | 392 |
| Loans & advances | 737 | 848 | 812 | 646 | 528 | 396 | 710 |
| Total current assets | 5,628 | 5,638 | 4,993 | 3,690 | 3,130 | 2,908 | 3,932 |
| Total current liabilities | 2,123 | 2,689 | 2,855 | 1,605 | 1,152 | 1,388 | 1,507 |
| Net working capital | 3,505 | 2,949 | 2,138 | 2,085 | 1,978 | 1,520 | 2,424 |
| Total assets | 4,587 | 3,899 | 3,076 | 2,910 | 2,725 | 2,267 | 2,908 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 638 | 230 | 362 | 59.72 | 153 | 355 | 32.38 |
| Net cash from operating activities | (509) | (11.39) | 183 | 306 | (110) | 642 | 351 |
| Net cash from investing activities | (78.77) | (64.91) | (278) | 26.66 | (138) | (235) | (200) |
| Net cash from financing activities | 418 | 484 | (38.30) | (30.19) | 154 | (609) | 171 |
| Net change in cash | (169) | 408 | (132) | 303 | (93.25) | (202) | 323 |
| Closing cash | 882 | 846 | 366 | 412 | 234 | 283 | 392 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +31.5% | -9.8% | +224.1% | -46.0% | +49.6% | -29.9% | - |
| EBITDA growth | -40.3% | +86.6% | +5.5% | -41.5% | +73.7% | -24.9% | - |
| PBT growth | -57.0% | +77.9% | +34.1% | -41.6% | -36.3% | +357.7% | +9997.0% |
| Net income growth | -54.1% | +53.3% | +36.9% | -41.3% | -55.0% | +1310.8% | - |
| Revenue CAGR (3Y) | +56.6% | +16.4% | +37.8% | -17.3% | - | - | - |
| EBITDA CAGR (3Y) | +5.6% | +4.8% | +2.3% | -8.7% | - | - | - |
| Profitability & leverage | |||||||
| Net income margin | +3.6% | +9.4% | +5.0% | +11.6% | +10.7% | +27.3% | +1.2% |
| Return on capital employed | +4.5% | +8.9% | +6.2% | +5.1% | +8.4% | +16.0% | +6.1% |
| Return on net worth | +3.4% | +8.2% | +6.4% | +6.1% | +15.7% | +35.5% | +2.9% |
| Debt / equity | 0.43 | 0.44 | 0.61 | 1.00 | 1.61 | 3.04 | 5.88 |
| Long-term debt / equity | 0.13 | 0.20 | 0.23 | 0.20 | 0.35 | 1.15 | 2.75 |
| Interest cover | 75.86 | 26.94 | 39.21 | 36.25 | 13.41 | 138.72 | 95.61 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 6.00 | 4.76 | 9.68 | 13.64 | 30.04 | 6.90 | 5.84 |
| Inventory turnover | 0.70 | 0.53 | 0.71 | 0.28 | 0.57 | 0.34 | 0.44 |
| Debtors turnover | 12.47 | 21.30 | 26.71 | 7.83 | 16.89 | 16.87 | 18.96 |
| EPS (₹) | 6.25 | 13.64 | 9.85 | 7.20 | 13.96 | 31.04 | 2.20 |
| Dividend per share (₹) | 0.00 | 1.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 222.59 | 217.01 | 156.37 | 146.05 | 93.24 | 80.07 | 42.72 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 88.87 | 210 | 55.71 | 335 | 68.43 | 325 | 34.68 | 62.99 |
| Revenue growth (YoY) | +29.9% | -35.5% | +60.6% | +431.3% | -46.5% | - | - | - |
| Other income | 37.03 | 38.23 | 29.56 | 57.62 | 53.57 | 62.02 | 45.99 | 53.93 |
| Total expenses | 100 | 213 | 80.92 | 352 | 101 | 297 | 65.88 | 84.58 |
| EBITDA | (11.15) | (3.31) | (25.21) | (17.83) | (32.92) | 27.49 | (31.20) | (21.59) |
| EBITDA margin | -12.5% | -1.6% | -45.3% | -5.3% | -48.1% | +8.5% | -90.0% | -34.3% |
| Depreciation | 4.31 | 4.02 | 3.41 | 3.36 | 3.98 | 5.06 | 2.53 | 2.38 |
| Interest | 12.12 | 12.30 | 12.21 | 6.59 | 4.72 | 8.17 | 9.94 | 11.67 |
| Profit before tax | 9.45 | 18.60 | (11.27) | 29.84 | 11.95 | 76.28 | 2.32 | 18.29 |
| Tax | 2.85 | 4.95 | (2.60) | 7.70 | (1.65) | 21.33 | 0.77 | 4.79 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 668 | 551 | 1,010 | 328 | 851 | 530 | 267 |
| Revenue growth | +21.4% | -45.5% | +208.0% | -61.5% | +60.5% | +98.8% | - |
| Other income | 179 | 205 | 139 | 82.83 | 74.71 | 58.89 | 104 |
| Total expenses | 748 | 571 | 966 | 251 | 742 | 459 | 270 |
| Employee cost | 164 | 129 | 100 | 56.84 | 42.33 | 17.94 | 55.43 |
| EBITDA | (79.27) | (20.75) | 44.85 | 76.93 | 109 | 71.55 | (2.66) |
| EBITDA margin | -11.9% | -3.8% | +4.4% | +23.5% | +12.9% | +13.5% | -1.0% |
| Depreciation | 14.77 | 12.27 | 6.80 | 4.31 | 3.38 | 1.10 | 1.47 |
| Interest | 35.82 | 43.42 | 31.64 | 9.48 | 24.65 | 57.32 | 47.03 |
| Profit before tax | 49.12 | 129 | 145 | 146 | 156 | 72.02 | 52.68 |
| Tax | 8.40 | 35.23 | 33.59 | 36.74 | 36.02 | 32.14 | 15.18 |
| Net profit | 28.79 | 77.08 | 102 | 109 | 120 | 39.88 | 37.63 |
| Net profit margin | +4.3% | +14.0% | +10.1% | +33.3% | +14.1% | +7.5% | +14.1% |
| EPS (₹) | 3.23 | 7.41 | 9.79 | 9.59 | 12.00 | 3.99 | 3.75 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 126 | 126 | 114 | 114 | 100 | 100 | 100 |
| Reserves & surplus | 2,461 | 2,408 | 1,523 | 1,401 | 608 | 488 | 449 |
| Shareholders' funds (net worth) | 2,587 | 2,534 | 1,637 | 1,515 | 708 | 588 | 549 |
| Secured loans | 526 | 237 | 629 | 127 | 752 | 485 | 742 |
| Unsecured loans | 130 | 136 | 129 | 331 | 61.27 | 247 | 12.17 |
| Total debt | 656 | 374 | 758 | 458 | 813 | 732 | 754 |
| Total liabilities | 3,344 | 2,990 | 2,476 | 2,071 | 1,638 | 1,427 | 1,380 |
| Assets | |||||||
| Gross block | 89.90 | 91.86 | 63.16 | 51.98 | 44.50 | 35.36 | 37.02 |
| Net block | 55.05 | 65.47 | 48.93 | 38.09 | 32.74 | 29.02 | 29.73 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.39 | 0.01 |
| Investments | 523 | 468 | 417 | 584 | 553 | 484 | 236 |
| Inventories | 1,289 | 1,290 | 1,057 | 1,510 | 1,227 | 1,446 | 1,638 |
| Sundry debtors | 64.91 | 21.77 | 12.39 | 40.04 | 73.97 | 20.62 | 31.27 |
| Cash & bank balances | 501 | 543 | 198 | 346 | 112 | 180 | 48.13 |
| Loans & advances | 1,518 | 1,452 | 1,513 | 631 | 412 | 335 | 458 |
| Total current assets | 3,372 | 3,307 | 2,781 | 2,527 | 1,825 | 1,981 | 2,176 |
| Total current liabilities | 683 | 907 | 840 | 1,150 | 855 | 1,141 | 1,159 |
| Net working capital | 2,689 | 2,400 | 1,941 | 1,378 | 969 | 841 | 1,016 |
| Total assets | 3,344 | 2,990 | 2,476 | 2,071 | 1,638 | 1,427 | 1,380 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 427 | 135 | 317 | 37.36 | 129 | 32.31 | 6.63 |
| Net cash from operating activities | (347) | (177) | 228 | 95.33 | 14.54 | 351 | 79.55 |
| Net cash from investing activities | (41.30) | 133 | (840) | (90.50) | (108) | (126) | 53.77 |
| Net cash from financing activities | 222 | 336 | 429 | 275 | 1.77 | (129) | (108) |
| Net change in cash | (166) | 292 | (182) | 280 | (91.90) | 96.95 | 25.67 |
| Closing cash | 501 | 543 | 198 | 346 | 112 | 180 | 48.13 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +21.4% | -45.5% | +208.0% | -61.5% | +60.5% | +98.8% | - |
| EBITDA growth | -282.0% | -146.3% | -41.7% | -29.7% | +52.9% | +2789.9% | - |
| PBT growth | -61.8% | -11.3% | -0.6% | -6.5% | +116.7% | +36.7% | -59.6% |
| Net income growth | -62.7% | -24.6% | -6.4% | -9.0% | +201.1% | +6.0% | - |
| Revenue CAGR (3Y) | +26.8% | -13.5% | +24.0% | +7.1% | -15.6% | +24.8% | - |
| EBITDA CAGR (3Y) | - | - | -14.4% | - | -7.7% | - | - |
| Profitability & leverage | |||||||
| Net income margin | +6.1% | +17.0% | +11.0% | +33.3% | +14.1% | +7.5% | +14.1% |
| Return on capital employed | +2.4% | +5.8% | +7.8% | +8.4% | +11.8% | +9.2% | +7.5% |
| Return on net worth | +1.1% | +3.7% | +7.1% | +9.8% | +18.5% | +7.0% | +7.1% |
| Debt / equity | 0.20 | 0.27 | 0.39 | 0.57 | 1.19 | 1.31 | 1.43 |
| Long-term debt / equity | 0.11 | 0.18 | 0.17 | 0.03 | 0.09 | 0.22 | 0.19 |
| Interest cover | -38.09 | -131.50 | 83.15 | 13.05 | 23.25 | 81.36 | -1,138.74 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 7.36 | 7.10 | 17.55 | 6.80 | 21.32 | 14.66 | 7.19 |
| Inventory turnover | 0.52 | 0.47 | 0.79 | 0.24 | 0.64 | 0.34 | 0.17 |
| Debtors turnover | 15.42 | 32.24 | 38.54 | 5.75 | 18.00 | 20.45 | 2.80 |
| EPS (₹) | 3.23 | 7.41 | 9.79 | 9.59 | 12.00 | 3.99 | 3.75 |
| Dividend per share (₹) | 0.00 | 1.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 204.94 | 201.03 | 143.77 | 133.05 | 70.80 | 58.78 | 54.88 |
Board of Directors of Keystone Realtors Limited
Keystone Realtors has 6 current directors and 3 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Boman Rustom Irani | Managing Director | 11 May 2022 | 4 Years 5 Months | Current |
| Ramesh Tainwala Also directs: Kwina Wellness LLP, Tainwala Chemicals and Plastics (India) Ltd, Ocm Private Limited and 5 more | Director | 11 May 2022 | 4 Years 5 Months | Current |
| Rahul Gautam Divan Also directs: The Ruby Mills Limited, Serendib Investments Pvt Ltd, Baltic Consultancy and Services Private Limited and 1 more | Director | 11 May 2022 | 4 Years 5 Months | Current |
| Percy Chowdhry Also directs: Dreamz Dwellers LLP, Kapstone Constructions Private Limited, Riverstone Educational Academy Private Limited and 5 more | Director | 11 May 2022 | 4 Years 5 Months | Current |
| Chandresh Dinesh Mehta Also directs: Dreamz Dwellers LLP, Kapstone Constructions Private Limited, Riverstone Educational Academy Private Limited and 5 more | Director | 11 May 2022 | 4 Years 5 Months | Current |
| Seema Pyari Mohan Mohapatra Also directs: Ten Years Younger Productions LLP | Director | 11 May 2022 | 4 Years 5 Months | Current |
Peer Comparison of Keystone Realtors Limited
Keystone Realtors 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 |
|---|---|---|---|---|---|---|
| Keystone Realtors Limited this company | ₹2,634.54 Cr (FY 2026) | •••• | •••• | 31.5% | •••• | Mumbai, Maharashtra, India |
| Bhumika Realty Private Limited | ₹2,615.37 Cr (FY 2025) | •••• | •••• | 37.0% | •••• | New Delhi, Delhi, India |
| Aparna Constructions and Estates Private Limited | ₹2,592.95 Cr (FY 2024) | •••• | •••• | -15.0% | •••• | Hyderabad, Telangana, India |
| Embassy Developments Limited Listed | ₹2,546.97 Cr (FY 2025) | •••• | •••• | 109.0% | •••• | Gurugram, Haryana, India |
| Kalpataru Limited | ₹2,331.59 Cr (FY 2025) | •••• | •••• | 14.0% | •••• | Mumbai, Maharashtra, India |
| BGCC Developers Private Limited | ₹2,281.18 Cr (FY 2024) | •••• | •••• | -1.0% | •••• | New Delhi, Delhi, India |
| My Home Constructions Private Limited | ₹2,261.14 Cr (FY 2025) | •••• | •••• | 20.0% | •••• | Hyderabad, Telangana, India |
| Emaar India Limited | ₹2,250.73 Cr (FY 2025) | •••• | •••• | -23.0% | •••• | New Delhi, Delhi, India |
| M3m India Holdings Private Limited | ₹2,231.6 Cr (FY 2025) | •••• | •••• | 152.0% | •••• | Gurugram, Haryana, India |
| Glider Buildcon Realtors Private Limited | ₹2,207.74 Cr (FY 2025) | •••• | •••• | 12276.0% | •••• | Mumbai, Maharashtra, India |
| Anant Raj Limited Listed | ₹2,100.28 Cr (FY 2025) | •••• | •••• | 38.0% | •••• | Gurgaon, Haryana, India |
Peers are the five companies nearest above and the five nearest below Keystone Realtors 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 Realtors Limited
Keystone Realtors Limited is audited by Price Waterhouse Char tered Accountants LLP for the financial year 2024.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| Price Waterhouse Char tered Accountants LLP | Locked | Locked | Locked |
Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
- Appointment status
- Appointment dates
- Cessation dates
- Auditor changes
Verified entity values are shown only after access is granted.
Shareholding Pattern of Keystone Realtors Limited
Shareholding for the quarter ended Sep 2026: promoters hold 74.60%, foreign institutional investors hold 2.40%, domestic institutional investors hold 16.30% and retail and other public shareholders hold 6.70%.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 74.60% | 74.60% | 74.60% | 78.20% |
| Public | 25.40% | 25.40% | 25.40% | 21.80% |
Charges & Borrowings of Keystone Realtors Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 10 Sep 2026 | Others | ₹135 Cr | Open |
| 02 Sep 2026 | Others | ₹110 Cr | Open |
| 19 Jun 2026 | Others | ₹75 Cr | Open |
| 25 Sep 2025 | Others | ₹335 Cr | Open |
| 23 Jun 2025 | Others | ₹95 Cr | Open |
Total charge records: 75 View all charges
Deals & Funding of Keystone Realtors Limited
Keystone Realtors Limited has 13 deals on record (6 secondary share transfers, 2 convertible or debt financings, 2 funding rounds), with disclosed funding of ₹404.99 Cr; the latest was in May 2024.
Deals on record (5 of 13)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Nov 2022 | Market trade | ₹94.91 Cr | Buyer: Plutus Wealth Management LLP |
| Nov 2022 | IPO | ₹635 Cr | Investors: IPO Shareholders - Keystone Realtors Limited, Abu Dhabi Investment Authority, Morgan Stanley Investment Management Inc A/c Morgan Stanley India Investment Fund Inc Seller: 3 individuals |
| May 2022 | Funding round | ₹170 Cr | Investors: HDFC Private Equity, 360 ONE (IIFL Asset Management), Mahima Stocks Private Limited |
| Nov 2013 | Secondary share transfer | Undisclosed | Buyer: Intime Constructions Private Limited Seller: Mausmi Ventures Limited, Mausmi Sa Investments Llc |
| Mar 2010 | Secondary share transfer | Undisclosed | Buyer: 3 individuals Seller: Rustomjee Knowledge City Private Limited, Credence Property Developers Private Limited |
Full deal history
All 13 deals with amounts, valuations, instruments and every party are in the company report.
- Every funding round and share transfer
- Amounts and valuations
- Investors, buyers and sellers
- Instruments and deal dates
Verified entity values are shown only after access is granted.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal Cases of Keystone Realtors Limited
Keystone Realtors Limited has 251 court cases on record: 71 filed by Keystone Realtors, 107 filed against it, 73 where it is another party. 96 cases are pending and 155 are disposed. Status as checked between 21 Sep 2026 and 05 Oct 2026.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 152 | 49 | 63 |
| District courts | 96 | 57 | 32 |
| Supreme Court | 3 | 1 | 1 |
Cases on record (5 of 251)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, South, Delhi | Civil suit | Filed against the company by JSL Lifestyle Limited | Disposed |
| Bombay High Court | Tax appeal | Filed against the company by PR Commissioner of Income Tax Central 1 Mumbai | Pending |
| District court, Mumbai City Civil Court, Maharashtra | Court case (Chamber Summons) | Filed against the company by an individual | Pending |
| District court, Mumbai City Civil Court, Maharashtra | Interim or miscellaneous application | Filed against the company by an individual | Pending |
| District court, Mumbai City Civil Court, Maharashtra | Civil suit | Filed against the company by an individual | Pending |
Full case history
All 251 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
- Every case with its case number
- Year-wise trend
- Opposite parties
- Decision dates and orders
Verified entity values are shown only after access is granted.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME Payment Delays by Keystone Realtors Limited
Keystone Realtors Limited has 13 MSME Form 1 returns on record between 2014 and 2023, listing 927 overdue payments to 69 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 69)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | •••• | •••• | •••• |
| Innovative Ideals and Services (India) Limited | •••• | •••• | •••• |
| Creative Animation Studio | •••• | •••• | •••• |
| Express Pesticides Private Limited | •••• | •••• | •••• |
| Aseen Power Private Limited | •••• | •••• | •••• |
Full MSME payment history
Every supplier, amount and due date from all 13 MSME Form 1 returns is in the company report.
- Every reported supplier due
- Amounts and due dates
- Reasons given in each return
- Period-by-period history
Verified entity values are shown only after access is granted.
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 Realtors Limited
Keystone Realtors Limited has a workforce of 345 employees as of Jul 23, 2024.
Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
Group Structure of Keystone Realtors Limited
Keystone Realtors has 40 subsidiary companies, 4 joint ventures, and 1 associated company. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares Held |
|---|---|---|
| Key Fortune Relators Private Limited | U43299MH2024PTC417160 | - |
| Firestone Developers Private Limited | U45200MH2007PTC169949 | - |
| Intact Builders Private Limited | U45200MH2008PTC180637 | - |
| Amaze Builders Private Limited | U45200MH2008PTC180772 | - |
| Real Gem Buildtech Private Limited | U45202MH2009PTC193816 | - |
| Dynasty Infrabuilders Private Limited | U45203MH2008PTC178835 | - |
Showing major subsidiaries. Total: 40.
Recent Activity on Keystone Realtors Limited
Keystone Realtors Limited has 8 board changes on record since 2013: 8 appointments. The latest: Boman Rustom Irani was appointed as Managing Director on 11 May 2022.
153 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Keystone Realtors Limited
Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
- Regulatory alerts
- Director-linked violations
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Keystone Realtors Limited
Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
- Associates and joint ventures
- Entity investments
Verified entity values are shown only after access is granted.
GST Compliance of Keystone Realtors Limited
Keystone Realtors has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACK2499Q1ZS | Maharashtra | Active | 01 Jul 2017 |
GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
- State-wise filing status
- HSN and SAC details
- Tax jurisdiction records
Verified entity values are shown only after access is granted.
MCA Filings & Documents of Keystone Realtors Limited
MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
- Annual returns and statements
- Charge filings
- Complete filing index
Verified entity values are shown only after access is granted.
Related news about Keystone Realtors Limited
Articles about Keystone Realtors Limited on our blog
Frequently Asked Questions about Keystone Realtors Limited
Keystone Realtors is an active public 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 06 November 1995 (31+ years old) and is registered under CIN L45200MH1995PLC094208. Listed on BSE: 543669 and NSE: RUSTOMJEE.
Keystone Realtors reported revenue of ₹2,634.54 Cr for FY 2025-26 (up 31.5% YoY) based on consolidated financials.
Keystone Realtors has 6 current directors:
- Boman Rustom Irani - Managing Director
- Ramesh Tainwala - Director
- Rahul Gautam Divan - Director
- Percy Chowdhry - Director
- Chandresh Dinesh Mehta - Director
- Seema Pyari Mohan Mohapatra - Director
The GSTIN of Keystone Realtors is 27AAACK2499Q1ZS, registered in Maharashtra.
The CIN (Corporate Identification Number) of Keystone Realtors is L45200MH1995PLC094208. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Keystone Realtors is listed on both BSE (code: 543669) and NSE (symbol: RUSTOMJEE).
Keystone Realtors has 251 court cases on record: 71 filed by the company and 107 filed against it. 96 are pending. Most are in the high courts.
Keystone Realtors was incorporated on 06 November 1995, making it 31+ years old. It is registered with the Registrar of Companies, Mumbai.
Keystone Realtors has 13 deals on record (6 secondary share transfers, 2 convertible or debt financings, 2 funding rounds), with disclosed funding of ₹404.99 Cr; the latest was in May 2024.
The peers of Keystone Realtors by revenue are Bhumika Realty Private Limited, Aparna Constructions and Estates Private Limited, Embassy Developments Limited, Kalpataru Limited, BGCC Developers Private Limited and 5 more, all in the Real Estate industry (Builders and Developers).
Boman Rustom Irani was appointed as Managing Director on 11 May 2022. Chandresh Dinesh Mehta was appointed as Director on 11 May 2022. Percy Chowdhry was appointed as Director on 11 May 2022. Keystone Realtors has 8 board changes on record in total.
Keystone Realtors has 13 MSME Form 1 returns on record between 2014 and 2023, listing 927 overdue payments to 69 micro and small suppliers. The latest return was filed on 19 Dec 2023.