RUSTOMJEE

Keystone Realtors Limited

Residential and commercial real-estate developer under Rustomjee brand

Consumer Discretionary›Realty›Realty›Residential, Commercial Projects

rustomjee.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹344.20
Market cap
4,345 Cr
Stock P/E
34.0
P/B
1.52
Dividend yield
0.4%
ROE (FY26)
3.3%
ROCE (FY26)
4.4%
Operating margin (FY26)
4.0%
Debt / equity (FY26)
0.51
OCF / EBITDA (FY26)
-416.9%
OCF / EBITDA (3Y)
-75.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Rustomjee (Keystone Realtors) develops residential and commercial properties in the Mumbai Metropolitan Region (MMR), with a focus on redevelopment, including large cluster redevelopments, under an asset-light model.

Company snapshot

22ndBy market cap

Ranked among 79 companies in Residential, Commercial Projects.

What we see

Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales618 Cr521 Cr812 Cr422 Cr533 Cr464 Cr585 Cr273 Cr499 Cr266 Cr1,596 Cr470 Cr
Operating expenses (approx.)632 Cr512 Cr759 Cr379 Cr453 Cr423 Cr534 Cr259 Cr484 Cr255 Cr1,514 Cr388 Cr
EBITDA-14 Cr9 Cr52 Cr43 Cr81 Cr41 Cr50 Cr14 Cr15 Cr11 Cr81 Cr82 Cr
OPM %-2.3%1.6%6.4%10.2%15.1%8.9%8.6%5.0%3.1%4.3%5.1%17.5%
Other income15 Cr13 Cr15 Cr15 Cr23 Cr22 Cr57 Cr16 Cr22 Cr28 Cr17 Cr23 Cr
Interest7 Cr7 Cr20 Cr17 Cr10 Cr12 Cr13 Cr7 Cr16 Cr23 Cr33 Cr31 Cr
Depreciation2 Cr2 Cr3 Cr2 Cr3 Cr3 Cr6 Cr4 Cr4 Cr4 Cr6 Cr5 Cr
Profit before tax2 Cr34 Cr42 Cr37 Cr88 Cr45 Cr87 Cr16 Cr17 Cr10 Cr67 Cr70 Cr
Tax %-108.5%11.2%27.7%31.2%25.8%32.9%22.7%-3.0%41.4%51.5%5.4%25.5%
Net profit4 Cr30 Cr30 Cr26 Cr66 Cr30 Cr67 Cr16 Cr10 Cr5 Cr64 Cr52 Cr
EPS (₹)₹0.39₹2.65₹2.69₹2.16₹5.36₹1.20₹5.41₹1.15₹0.68₹0.27₹4.15₹4.21

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,211 Cr849 Cr1,269 Cr686 Cr2,222 Cr2,004 Cr2,635 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,075 Cr735 Cr1,090 Cr582 Cr2,113 Cr1,789 Cr2,512 CrSign in free for the trailing twelve months
EBITDA136 Cr114 Cr179 Cr104 Cr110 Cr215 Cr122 CrSign in free for the trailing twelve months
OPM %11.2%13.4%14.1%15.1%4.9%10.7%4.6%Sign in free for the trailing twelve months
Other income57 Cr329 Cr34 Cr39 Cr53 Cr117 Cr82 CrSign in free for the trailing twelve months
Interest128 Cr139 Cr23 Cr36 Cr40 Cr51 Cr79 CrSign in free for the trailing twelve months
Depreciation2 Cr2 Cr3 Cr5 Cr7 Cr13 Cr18 CrSign in free for the trailing twelve months
Profit before tax63 Cr290 Cr184 Cr108 Cr144 Cr257 Cr111 CrSign in free for the trailing twelve months
Tax %77.1%19.9%26.3%26.2%23.1%26.8%14.1%Sign in free for the trailing twelve months
Net profit14 Cr232 Cr136 Cr80 Cr111 Cr188 Cr95 CrSign in free for the trailing twelve months
EPS (₹)₹2.20₹31.04₹13.96₹7.67₹9.85₹13.85₹6.25Sign in free for the trailing twelve months
Dividend payout %———0.0%0.0%0.0%19.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital100 Cr100 Cr100 Cr114 Cr114 Cr126 Cr126 Cr
Reserves327 Cr701 Cr833 Cr1,556 Cr1,684 Cr2,646 Cr2,737 Cr
Borrowings2,514 Cr1,220 Cr1,558 Cr1,030 Cr1,085 Cr904 Cr1,463 Cr
Other liabilities1,621 Cr1,610 Cr1,356 Cr1,798 Cr3,093 Cr2,960 Cr2,365 Cr
Total liabilities4,415 Cr3,654 Cr3,877 Cr4,515 Cr5,972 Cr6,649 Cr6,723 Cr
Fixed assets (net)6 Cr3 Cr3 Cr14 Cr28 Cr49 Cr22 Cr
CWIP0.02 Cr0.39 Cr—0 Cr0 Cr0 Cr—
Investments5 Cr595 Cr575 Cr651 Cr465 Cr492 Cr554 Cr
Loans & advances———278 Cr111 Cr159 Cr97 Cr
Inventories2,765 Cr2,193 Cr2,254 Cr2,570 Cr3,710 Cr3,861 Cr3,669 Cr
Trade receivables64 Cr37 Cr114 Cr62 Cr105 Cr83 Cr339 Cr
Cash & bank355 Cr153 Cr60 Cr362 Cr230 Cr638 Cr468 Cr
Other assets1,221 Cr673 Cr871 Cr577 Cr1,323 Cr1,368 Cr1,573 Cr
Total assets4,415 Cr3,654 Cr3,877 Cr4,515 Cr5,972 Cr6,649 Cr6,723 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity351 Cr642 Cr-110 Cr306 Cr183 Cr-11 Cr-509 Cr
Cash from investing-200 Cr-235 Cr-138 Cr27 Cr-278 Cr-65 Cr-79 Cr
Cash from financing171 Cr-609 Cr154 Cr-30 Cr-38 Cr484 Cr418 Cr
Net cash flow323 Cr-202 Cr-93 Cr303 Cr-132 Cr408 Cr-169 Cr
Free cash flow (OCF − Capex)349 Cr642 Cr-110 Cr299 Cr179 Cr-31 Cr-518 Cr

Ratios

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %6.8%21.0%8.2%5.3%6.4%8.4%4.4%
ROE %7.8%37.7%14.5%4.9%6.3%6.2%3.3%
Debtor days19163333171547
Inventory days83394064612461274893708
Days payable8310187171221183202
Cash conversion cycle76985659211071071725553
OCF / EBITDA %258.1%565.3%-61.1%294.8%167.4%-5.3%-416.9%
OCF / EBITDA % (3 years)——206.0%211.4%96.7%111.5%-75.4%
Debt / equity8.971.521.670.620.600.330.51
Current ratio1.051.211.221.461.501.691.77
Net debt / EBITDA15.879.398.356.437.801.248.15