India's Most Valuable Companies 2022 edition · Source: Hurun India
Rank#479- Valuation
- ₹6,300 Cr
Market Cap
₹4,238 Cr
RUSTOMJEE · NSE
Share Price
₹341.90
+1.91% today
Revenue
₹2,635 Cr
FY 2025-26 · +31.5% YoY
EBITDA
₹122 Cr
Margin 4.6%
Net Profit
₹78.86 Cr
FY 2025-26 · -54.1% YoY
P/E (TTM)
37.0x
P/B 1.6x
ROE
3.4%
ROCE 4.5%
Debt / Equity
0.43
Interest cover 75.9x
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). It is a listed company as per MCA records. 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 2026. 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 261 cases involving the company, including 81 filed by the company and 180 filed against it; 99 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. 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.
Company details
CIN L45200MH1995PLC094208
Registration Number 094208
Incorporation Date 06 November 1995
ROC Mumbai
Listing Status Listed - Listed on NSE (RUSTOMJEE); Listed on BSE (543669)
Company Status Active
Date of Last AGM 18 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
CIN history
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 |
Key People
Boman Rustom Irani Managing Director Ramesh Tainwala Director Rahul Gautam Divan Director Recognitions & Rankings of Keystone Realtors
India's Richest People 2026 edition · 3 directors · Source: Hurun India
- #1,113 Boman Rustom Irani ₹2,300 Cr
- #1,673 Percy Sorabji Chowdhry ₹1,100 Cr
- #1,673 Chandresh Dinesh Mehta ₹1,100 Cr
Contact details
Keystone Realtors Limited's registered office is in Mumbai, Maharashtra. Its website is rustomjee.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- 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
To see the full contact details of Keystone Realtors Limited, buy the company report.
Comprehensive company report
Keystone Realtors Limited - one report that includes everything
- 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
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
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
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 | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| L | Real Estate | L1 | Real estate activities with own or leased property |
To see the full business activity and turnover split of Keystone Realtors Limited, buy the company report.
Financials of Keystone Realtors Limited
FY 2025-26 filings availableKeystone Realtors Limited reported revenue of ₹2,634.54 Cr (up 31.5% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹2,635 Cr
+31.5% YoY
EBITDA
₹122 Cr
-40.2% YoY
Profit After Tax
₹78.86 Cr
-54.1% YoY
Net Worth
₹2,864 Cr
+3.3% YoY
Total Assets
₹4,587 Cr
+17.7% YoY
Total Debt
₹1,483 Cr
+59.6% YoY
Revenue 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
Figures in ₹ Cr; negatives in brackets. Updated 22 Oct 2026
| 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 |
To see the full year-wise statements and ratios of Keystone Realtors Limited, buy the company report.
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.
Current Directors
| 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 |
Auditor
Keystone Realtors Limited is audited by Price Waterhouse Char tered Accountants LLP for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Price Waterhouse Char tered Accountants LLP | FY 2024 | 012754N/N500016 |
Shareholding
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
QUARTER
74.60% Promoters
16.30% DII (Domestic Institutional)
2.40% FII (Foreign Institutional)
6.70% Retail & Others
Promoter holding - history
Now 74.60% · Sep 2026High 78.20% · Dec 2025Low 74.60% · Mar 2026
Shareholding trend - last 6 quarters
| 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
Open charges
₹1,342.71 Cr
Satisfied charges
₹6,060.84 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 10 Sep 2026 | 101393572 | Others | ₹135 Cr | Open | |
| 02 Sep 2026 | 101393700 | Others | ₹110 Cr | Open | |
| 19 Jun 2026 | 101315421 | Others | ₹75 Cr | Open | |
| 25 Sep 2025 | 101175339 | Others | ₹335 Cr | Open | |
| 23 Jun 2025 | 101127863 | Others | ₹95 Cr | Open |
To see the full charge records of Keystone Realtors Limited, buy the company report.
Total charge records: 75 View all charges
Deals & funding
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.
Total deals
13
Secondary share transfers
6
Convertible or debt financings
2
Funding rounds
2
Market trade
1
Disclosed funding
₹404.99 Cr
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 |
To see the full deal history of Keystone Realtors Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Keystone Realtors Limited has 261 court cases on record: 81 filed by Keystone Realtors, 180 filed against it. 99 cases are pending and 162 are disposed.
Total cases
261
Filed by the company
81
Filed against the company
180
Pending
99
Disposed
162
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 154 | 97 | 65 |
| District courts | 98 | 79 | 33 |
| Supreme Court | 6 | 4 | 1 |
| NCLT | 3 | 0 | 0 |
Cases on record (5 of 261)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Court case (NMCD) | Filed by the company against Kotak Mahindra Bank Limited and 3 others | Pending |
| Bombay High Court | Court case (NMCD) | Filed by the company against Kotak Mahindra Bank Limited and 3 others | Disposed |
| District court, Mumbai City Civil Court, Maharashtra | Civil suit | 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 |
To see the full case history of Keystone Realtors Limited, buy the company report.
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
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 |
To see the full MSME payment records of Keystone Realtors Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
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.
40
Subsidiary companies
4
Joint ventures
1
Associated companies
Key subsidiaries
| 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 |
To see the full group structure of Keystone Realtors Limited, buy the company report.
Employees & EPFO
Keystone Realtors Limited has a workforce of 345 employees on its EPFO records as of Jul 23, 2024, across 1 active EPFO establishment.
Employee count
345
Active EPFO establishments
1
Employee growth
40.24%
GST
Keystone Realtors has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACK2499Q1ZS | Maharashtra | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Keystone Realtors Limited, buy the company report.
Recent activity
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.
Charges
A charge with Others amounted to Rs. 135.00 Cr with Charge ID 101393572 was registered on 10 Sep 2026.
Charges
A charge with Others of Rs. 135.00 Cr registered on 10 Sep 2026 with Charge ID 101393572 was modified on 10 Sep 2026.
Charges
A charge registered on 19 Nov 2024 via Charge ID 101010752 with Others was fully satisfied on 09 Sep 2026.
Charges
A charge with Others amounted to Rs. 110.00 Cr with Charge ID 101393700 was registered on 02 Sep 2026.
Charges
A charge with Others of Rs. 75.00 Cr registered on 19 Jun 2026 with Charge ID 101315421 was modified on 24 Jun 2026.
Charges
A charge with Others amounted to Rs. 75.00 Cr with Charge ID 101315421 was registered on 19 Jun 2026.
Filing
Keystone Realtors Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Mumbai I.
Charges
A charge with Others amounted to Rs. 335.00 Cr with Charge ID 101175339 was registered on 25 Sep 2025.
AGM
Keystone Realtors Limited last Annual general meeting of members was held on 18 Sep 2025 as per latest MCA records.
Charges
A charge registered on 07 Nov 2023 via Charge ID 100807033 with Others was fully satisfied on 16 Sep 2025.
Charges
A charge with Others amounted to Rs. 95.00 Cr with Charge ID 101127863 was registered on 23 Jun 2025.
Charges
A charge with Others amounted to Rs. 135.00 Cr with Charge ID 101010752 was registered on 19 Nov 2024.
153 earlier events are in the company report.
News
Keystone Realtors: Achieves Record Quarterly Pre-Sales Of Rs. 14.23B In Q2FY27, Up 84% YoY; H1FY27 Pre-Sales Reached Rs. 20.41B With 11% YoY Growth; New Project Launches Contributing 0.54M SQ FT And GDV Of Rs. 21.96B; 3 RERA Projects Completed Ahead Of Schedule.
Keystone Realtors: Achieves 41% Of Full Year FY27 Pre-Sales Target In First Half, Driven By Strong Performance In Luxury And Super Premium Projects.
Keystone Realtors: Starts Two Projects Worth INR 21.96 Billion In Q2FY27, Including A Commercial Project That Aids In Growing Our Long-Term Annuity Cash Flow.
From our blog
Frequently asked questions
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 latest financial statements of Keystone Realtors on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 18 September 2025. Year-wise statements from 2015 are in the company report.
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 a listed company as per MCA records. Its shares are listed on both BSE (code: 543669) and NSE (symbol: RUSTOMJEE).
Keystone Realtors has 261 court cases on record: 81 filed by the company and 180 filed against it. 99 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.
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.