Keystone Realtors Ltd. (RUSTOMJEE) AI Stock Analysis

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Keystone Realtors Ltd.

(NSE:RUSTOMJEE)

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Rating:51Neutral

Price Target:INR 364.00▲(1.11% Upside)

Action:reiterated

Date:09/30/26

The score is primarily weighed down by weak cash flow (negative operating and free cash flow for two consecutive years) and sharp margin compression despite strong FY2026 revenue growth. Technicals are mixed-to-weak with the stock below key longer-term moving averages and a negative MACD. Valuation also detracts due to a high P/E and a low dividend yield.

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 45.53B
Dividend Yield: 0.42%
Average Volume (3M): 12.79K
Price to Earnings (P/E): 21.8
Beta (1Y): 0.74
Revenue Growth: 55.34%
EPS Growth: 102.65%
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

Revenue rebounded strongly in FY2026, but profitability deteriorated sharply (gross and net margin compression) and cash generation is a major concern with deeply negative operating and free cash flow in FY2025–FY2026. Balance sheet leverage is moderate overall, though debt-to-equity rose in FY2026, adding risk given the cash flow volatility.

Income Statement

62Positive

Balance Sheet

67Positive

Cash Flow

34Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	28.29B	26.35B	20.04B	22.22B	6.86B	12.69B
Gross Profit	5.42B	3.70B	5.58B	3.59B	2.48B	2.74B
EBITDA	3.09B	1.27B	2.53B	1.92B	1.43B	2.13B
Net Income	2.09B	788.60M	1.72B	1.12B	819.50M	1.40B
Balance Sheet
Total Assets	69.90B	67.23B	66.49B	59.72B	45.15B	38.77B
Cash, Cash Equivalents and Short-Term Investments	8.04B	8.91B	7.79B	3.09B	3.83B	2.06B
Total Debt	15.65B	14.84B	9.30B	11.01B	10.30B	15.63B
Total Liabilities	39.26B	38.28B	38.65B	41.77B	28.28B	29.14B
Stockholders Equity	30.32B	28.63B	27.72B	17.98B	16.69B	9.33B
Cash Flow
Free Cash Flow	0	-4.65B	-306.90M	1.79B	2.99B	-1.10B
Operating Cash Flow	0	-4.56B	-113.90M	1.83B	3.06B	-1.10B
Investing Cash Flow	0	-1.86B	-649.10M	-2.78B	266.60M	-1.38B
Financing Cash Flow	0	4.73B	4.84B	-383.00M	-301.90M	1.54B

Keystone Realtors Ltd. Technical Analysis

Technical Analysis SentimentPositive

Last Price360.00

Price Trends

50DMA353.96Positive

100DMA375.94Negative

200DMA395.85Negative

Market Momentum

MACD-0.26Negative

RSI56.96Neutral

STOCH45.64Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RUSTOMJEE, the sentiment is Positive. The current price of 360.00 is above the 20-day moving average (MA) of 344.88, above the 50-day MA of 353.96, and below the 200-day MA of 395.85, indicating a neutral trend. The MACD of -0.26 indicates Negative momentum. The RSI at 56.96 is Neutral, neither overbought nor oversold. The STOCH value of 45.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	63Neutral	INR 45.67B	20.51	―	0.48%	44.90%	26.65%
IN:GANESHHOU	62Neutral	INR 53.01B	23.67	―	0.24%	-29.50%	-57.50%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:MAXESTATES	55Neutral	INR 94.71B	2348.86	―	―	-0.83%	-89.10%
IN:RUSTOMJEE	51Neutral	INR 45.48B	21.78	―	0.42%	55.34%	102.65%
IN:MAHLIFE	50Neutral	INR 69.21B	22.64	―	2.16%	839.32%	68.81%
IN:PURVA	38Underperform	INR 48.28B	17.06	―	―	117.85%	―

* 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.	360.00	-181.65	-33.54%
IN:GANESHHOU	Ganesh Housing Corporation Limited	635.75	-172.88	-21.38%
IN:MAHLIFE	Mahindra Lifespace Developers Limited	324.30	-69.71	-17.69%
IN:MAXESTATES	Max Estates Limited	579.00	116.90	25.30%
IN:PURVA	Puravankara Limited	203.60	-50.75	-19.95%
IN:SUNTECK	Sunteck Realty Limited	311.00	-122.13	-28.20%

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