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Swing Capital

Keystone Realtors Ltd

NSE: RUSTOMJEE BSE: 543669Infra

Incorporated in 1995, Keystone Realtors Limited is one of the prominent real estate developers. The company is engaged primarily in the business of real estate construction, development, and other related activities in India[1]

₹399
52W: ₹359 — ₹697
PE 124 · Book ₹205 · +95% vs book
Market Cap₹5,037 Cr
Stock P/E124Price to Earnings
ROCE2.76%Return on Capital
ROE1.59%Return on Equity
Div. Yield0.37%Face Value ₹10

Strengths

  • +Company is expected to give good quarter

Weaknesses

  • −Company has a low return on equity of 3.65% over last 3 years.
  • −Earnings include an other income of Rs.179 Cr.
  • −Dividend payout has been low at 6.74% of profits over last 3 years
  • −Debtor days have increased from 18.1 to 35.4 days.

Shareholding Pattern

Promoters74.59%
FIIs2.54%
DIIs17.13%
Public5.75%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters78.35%78.35%78.35%78.34%▼0.078.34%78.25%▼0.174.59%▼3.774.59%
FIIs3.24%3.4%▲0.23.28%▼0.13.1%▼0.22.81%▼0.33.07%▲0.33.07%2.54%▼0.5
DIIs16.39%16.12%▼0.316.15%▲0.016.19%▲0.016.3%▲0.115.76%▼0.516.61%▲0.817.13%▲0.5
Public2.02%2.11%▲0.12.22%▲0.12.37%▲0.12.53%▲0.22.92%▲0.45.74%▲2.85.75%▲0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales6011412863353256833556210
Expenses71113123856629710135281213
Operating Profit-1115-22-3127-33-18-25-3
OPM %-18%0%4%-34%-90%8%-48%-5%-45%-2%
Net Profit72323142551422-914
EPS ₹0.642.041.861.070.124.361.081.75-0.691.08

AI Insights

Revenue Trend

Mar 2026 revenue at ₹668Cr, up 21.2% YoY. OPM at -12%.

Debt Position

Borrowings at ₹656Cr. Debt-to-equity ratio: 0.27x. Healthy balance sheet.

Institutional Flow

DIIs: 17.13% (+9.27pp change). FIIs: 2.54% (+1.05pp change). Promoters hold 74.59%.

Margin & Efficiency

ROCE improving from 0% (Mar 2012) to 3% (Mar 2026). Working capital days: 1026.

Valuation

PE 124x with 2.76% ROCE. Price is 95% above book value of ₹205. Dividend yield: 0.37%.

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