Keystone Realtors Ltd. (RUSTOMJEE) AI Stock Analysis

Keystone Realtors Ltd.

(NSE:RUSTOMJEE)

Select Model

Rating:40Underperform

Price Target:INR 344.00▲(0.22% Upside)

Action:downgraded

Date:09/30/26

The overall score is very low, driven primarily by severe deterioration in financial performance. The company is burning cash and experiencing a profitability collapse despite strong revenue growth, which is a major red flag. This is compounded by a bearish technical trend with the stock in a clear downtrend across all major moving averages. The high P/E ratio adds further downside risk, as the premium valuation is unsupported by current fundamentals.

Positive Factors

Strong FY2026 Revenue ReboundThe sharp FY2026 revenue rebound indicates improving project deliveries and/or demand, supporting near-term business scale. If the company can sustain execution and convert its development pipeline into sales, higher revenue can provide a stronger base for restoring profitability over the next several quarters.

Negative Factors

Persistently Negative Cash GenerationBack-to-back negative operating and free cash flow indicates that reported growth is not currently translating into internally generated cash. For a developer, this can increase reliance on funding and make execution more sensitive to project timing, collections, working-capital swings and rising financing needs.

Keystone Realtors Ltd. (RUSTOMJEE) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 43.03B
Dividend Yield: 0.44%
Average Volume (3M): 19.17K
Price to Earnings (P/E): 36.5
Beta (1Y): 0.84
Revenue Growth: 52.65%
EPS Growth: -26.99%
Country: India
Employees: 1,315
Sector: General
Sector Strength: 55
Industry: Real Estate - Development

Keystone Realtors Ltd. Business Overview & Revenue Model

Company Description

Operating primarily within India, Keystone Realtors Limited functions as a real estate development firm. This enterprise engages in a diverse range of property projects, including residential dwellings, upscale gated communities, integrated townships...

How the Company Makes Money

Keystone Realtors Ltd. (Rustomjee) generates revenue mainly through the development and sale of real estate units in its projects. Its key revenue streams typically include: (1) Sale of residential units (apartments and related inventory): Revenue is...

Keystone Realtors Ltd. Financial Statement Overview

Summary

Financial performance is weak. While revenue grew 44.7%, profitability collapsed with net margin at 3.0% and gross margin halving to 14.1%. Cash flow is deeply negative (-INR 4.56B operating cash flow) for the second consecutive year, posing liquidity risks. The balance sheet is the only relative bright spot with moderate leverage (D/E 0.52), but return on equity is a very low 2.8%.

Income Statement

30Negative

Balance Sheet

55Neutral

Cash Flow

25Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	28.32B	26.35B	20.04B	22.22B	6.86B	12.69B
Gross Profit	5.34B	3.70B	5.58B	3.59B	2.48B	2.74B
EBITDA	2.88B	1.27B	2.53B	1.92B	1.43B	2.13B
Net Income	1.17B	788.60M	1.72B	1.12B	819.50M	1.40B
Balance Sheet
Total Assets	0	67.23B	66.49B	59.72B	45.15B	38.77B
Cash, Cash Equivalents and Short-Term Investments	8.86B	8.91B	7.79B	3.09B	3.83B	2.06B
Total Debt	0	14.84B	9.30B	11.01B	10.30B	15.63B
Total Liabilities	-28.94B	38.28B	38.65B	41.77B	28.28B	29.14B
Stockholders Equity	28.94B	28.63B	27.72B	17.98B	16.69B	9.33B
Cash Flow
Free Cash Flow	-2.19B	-4.65B	-306.90M	1.79B	2.99B	-1.10B
Operating Cash Flow	-2.16B	-4.56B	-113.90M	1.83B	3.06B	-1.10B
Investing Cash Flow	-633.80M	-1.86B	-649.10M	-2.78B	266.60M	-1.38B
Financing Cash Flow	2.51B	4.73B	4.84B	-383.00M	-301.90M	1.54B

Keystone Realtors Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price343.25

Price Trends

50DMA358.15Negative

100DMA379.51Negative

200DMA402.60Negative

Market Momentum

MACD-7.44Positive

RSI41.60Neutral

STOCH12.50Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RUSTOMJEE, the sentiment is Negative. The current price of 343.25 is below the 20-day moving average (MA) of 349.01, below the 50-day MA of 358.15, and below the 200-day MA of 402.60, indicating a bearish trend. The MACD of -7.44 indicates Positive momentum. The RSI at 41.60 is Neutral, neither overbought nor oversold. The STOCH value of 12.50 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:RUSTOMJEE.

Keystone Realtors Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:RUSTOMJEE against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:SUNTECK	66Neutral	INR 41.09B	18.81	―	0.53%	44.90%	26.65%
IN:GANESHHOU	62Neutral	INR 55.46B	20.63	―	0.23%	-28.55%	-54.07%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:MAHLIFE	46Neutral	INR 65.07B	21.56	―	2.27%	839.32%	68.81%
IN:MAXESTATES	44Neutral	INR 82.60B	1257.50	―	―	5.19%	-84.80%
IN:RUSTOMJEE	40Underperform	INR 42.81B	36.47	―	0.44%	52.65%	-26.99%
IN:PURVA	38Underperform	INR 45.66B	30.32	―	―	113.93%	―

* General Sector Average

Performance Comparison

IN:RUSTOMJEE and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:RUSTOMJEE	Keystone Realtors Ltd.	343.50	-217.95	-38.82%
IN:GANESHHOU	Ganesh Housing Corporation Limited	658.60	-178.73	-21.35%
IN:MAHLIFE	Mahindra Lifespace Developers Limited	308.25	-96.46	-23.83%
IN:MAXESTATES	Max Estates Limited	509.45	32.10	6.72%
IN:PURVA	Puravankara Limited	203.45	-63.45	-23.77%
IN:SUNTECK	Sunteck Realty Limited	285.30	-170.95	-37.47%

Keystone Realtors Ltd. Corporate Events

Keystone Realtors Builds Q1 Pipeline as Pre-Sales Ease Without New Launches

Jul 10, 2026

Keystone Realtors reported Q1FY27 pre-sales of INR 6.17 billion, down year-on-year due to the absence of new launches, though sustained sales reflected continued buyer confidence in its projects. Collections rose slightly to INR 5.99 billion, support...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 30, 2026

Keystone Realtors Ltd. AI Stock Analysis