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Keystone Realtors Ltd.
(RUSTOMJEE)
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Rating:51Neutral
Price Target:
₹364.00
▼(-11.64% Downside)
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 Rebound
The 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 Generation
Back-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.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong FY2026 Revenue Rebound
The 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.
Read all positive factors
Keystone Realtors Ltd. (RUSTOMJEE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹45.75B
Dividend Yield0.41%
Average Volume (3M)2.15K
Price to Earnings (P/E)39.0
Beta (1Y)0.97
Revenue Growth52.65%
EPS Growth-26.99%
CountryIN
Employees1,315
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Development
Share Statistics
EPS (TTM)9.31
Shares Outstanding126,250,770
10 Day Avg. Volume1,981
30 Day Avg. Volume2,145
Financial Highlights & Ratios
PEG Ratio-1.09
Price to Book (P/B)1.65
Price to Sales (P/S)1.79
P/FCF Ratio-10.16
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)24.97
Revenue Forecast (FY)₹29.59B
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 townsh...
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...
Keystone Realtors Ltd. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
67
Positive
Cash Flow
34
Negative
| 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 | 2.20B | 1.92B | 1.43B | 2.13B |
| Net Income | 1.17B | 788.60M | 1.72B | 1.12B | 819.50M | 1.40B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 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 | 0.00 | 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
Neutral
411.95
Price Trends
375.63
Negative
390.36
Negative
421.88
Negative
Market Momentum
-4.17
Negative
48.45
Neutral
72.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RUSTOMJEE, the sentiment is Neutral. The current price of 411.95 is above the 20-day moving average (MA) of 359.13, above the 50-day MA of 375.63, and below the 200-day MA of 421.88, indicating a neutral trend. The MACD of -4.17 indicates Negative momentum. The RSI at 48.45 is Neutral, neither overbought nor oversold. The STOCH value of 72.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:RUSTOMJEE.
Keystone Realtors Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹58.90B | 22.23 | ― | 0.21% | -28.55% | -54.07% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹41.29B | 19.29 | ― | 0.53% | 50.62% | 32.30% | |
52 Neutral | ₹77.01B | 22.88 | ― | 1.94% | 875.69% | 195.25% | |
51 Neutral | ₹45.75B | 38.98 | ― | 0.41% | 52.65% | -26.99% | |
51 Neutral | ₹93.07B | 1,399.34 | ― | ― | 5.19% | -84.80% | |
51 Neutral | ₹48.71B | 30.30 | ― | 2.45% | 113.93% | ― |
* General Sector Average
IN:RUSTOMJEE
Keystone Realtors Ltd.
362.40
-234.50
-39.29%
IN:GANESHHOU
Ganesh Housing Corporation Limited
706.40
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-16.04%
IN:MAHLIFE
Mahindra Lifespace Developers Limited
360.90
3.20
0.89%
IN:MAXESTATES
Max Estates Limited
568.95
100.45
21.44%
IN:PURVA
Puravankara Limited
205.40
-62.85
-23.43%
IN:SUNTECK
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281.20
-154.02
-35.39%
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, supp...
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.