Keystone Realtors IPO – Review, Update
UPDATE:
Q3 FY2026 Numbers, Credit Ratings, and more
Keystone Realtors Limited, a prominent real estate company based in the Mumbai Metropolitan Region (MMR), today announced its financial results for Q3 FY26. Source – BSE
The company has commenced FY26 on a strong and promising note, delivering outstanding results across key performance metrics, largely driven by a strong focus on redevelopment and expansion within the MMR region, as well as the competitive advantage of its unique strengths.
Financial Highlights: Q3 FY2026 (Consolidated Numbers)
- Revenue from Operations: INR 2.66 bn (₹266 Crores)
- EBITDA: INR 0.39 bn (₹39 Crores)
- PAT: INR 0.05 bn (₹5 Crores)
Financial Highlights: YTD FY2026 (Consolidated Numbers)
- Revenue from Operations: INR 10.39 bn (₹1,039 Crores)
- EBITDA: INR 1.06 bn (₹106 Crores)
- PAT: INR 0.31 bn (₹31 Crores)
Operational Highlights: Q3 FY2026
- Pre-Sales: INR 8.37 bn (₹837 Crores)
- Collections: INR 5.24 bn (₹524 Crores)
- Operating Cash Flows: INR 0.02 bn (₹2 Crores)
Project Additions in Q3 FY206
- During Q3 FY2026, Keystone added 1 project with an estimated Gross Development Value (GDV) of INR 3.82 bn (₹382 Crores).
- With this, the company has added a total of 4 projects in YTD FY2026 with an estimated GDV of INR 86.49 bn (₹8,649 Crores), surpassing full-year FY2026 guidance of INR 60 bn (₹6,000 Crores).
New Project Launches in Q3 FY2026
- During Q3 FY2026, the company launched 1 project with an estimated GDV of INR 9.19 bn (₹919 Crores).
- With this, it has launched a total of 5 projects in YTD FY2026 with an estimated GDV of INR 58.35 bn (₹5,835 Crores).
Project Completions
About 83% of the full-year FY2026 launches guidance of INR 70 bn (₹7,000 Crores) has already been achieved in YTD FY2026.
Credit Rating
- ICRA’s Credit rating of “A+ (with Stable Outlook)”,
- India Ratings has assigned a Credit rating of “A+ (with Positive Outlook).”
Click on keystone realtors latest news for detailed information.
Chairman & MD Speech –
Commenting on the company’s performance for Q3 FY2026, Mr. Boman Irani, Chairman & MD, said
We are delighted with the company’s strong performance in Q3 FY25-26, which reflects both the commitment of our teams and the continued trust of our customers.
Building on the momentum from FY2025, our pre-sales reached ₹837 Crores in Q3 FY2026 and ₹2,676 Crores for YTD FY2026, representing a robust 23% year-on-year growth.
We continue to see strong demand across our portfolio, fueled by the strength of our brand, thoughtful design, and customer-focused approach. With a robust pipeline of upcoming launches for the remainder of FY26, we remain confident in sustaining our growth trajectory.
At Rustomjee, we remain committed to creating enduring value for our customers, investors, and all stakeholders through responsible growth, design innovation, and operational excellence.
The market capitalization of the company is ₹5,900 Cr.
The stock is currently trading below its 20, 50, 100, and 200 DEMA.
LAST ARTICLE – Capacite Infraprojects Ltd News
13 November 2022
Keystone Realtors Limited (rustomjee group company) – one of the prominent “real estate developers” in the Mumbai Metropolitan Region is planning to raise INR 635 Crore via IPO [Fresh Issue 630 Cr + OFS 75 Cr]
keystone realtors share price is fixed at INR 541
Keystone Realtors: History
The Company was incorporated as ‘Keystone Realtors Private Limited’, in Mumbai, under the provisions of Companies Act, 1956 pursuant to a certificate of incorporation dated November 6, 1995 issued by the Registrar of Companies.
Keystone Realtors: Business
The company is engaged primarily in the business of real estate construction, development and other related activities in the micro market.
As of March 31, 2022, Keystone Realtors had 32 completed projects, 12 on-going projects and 19 forthcoming projects across the Mumbai Metropolitan Region (MMR) that includes a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super premium categories, all under the “Rustomjee” brand.
As of 30 June 2022, the company has developed 20.22 million square feet of –
High-value and affordable residential buildings,
Corporate parks,
Premium gated estates,
Retail spaces,
Schools,
Townships,
Iconic landmarks, and
Other real estate projects
Market Share
Keystone Realtors command a market share of 28% in Khar, 23% market in Juhu, 11% in Bandra East, 14% in Virar, 3% in Thane and 5% in Bhandup in terms of absorption (in units) from 2017 to 2021 (Source: Anarock Report)
Strategies Ahead
- Leverage the ‘Rustomjee’ brand to grow our asset-light operations
- Improve operational efficiency with technological innovation
- Leverage leadership position in the premium category to grow company’s presence in the mid and aspirational category
- Focus on sustainability
Promoters
- Boman Rustom Irani,
- Percy Sorabji Chowdhry,
- Chandresh Dinesh Mehta
IPO DETAILS
Dates = 14 Nov 2022 to 16 Nov 2022
Face Value (FV) = INR 10
Issue Price = INR 514 to INR 541
Minimum Investment Amount = INR 14607
Minimum Bid = 27 Shares
Listing On = BSE, NSE
BOOK RUNNING LEAD MANAGERS
Axis Capital Limited, Credit Suisse Securities (India) Private Limited
FINANCIALS (Rs in Cr)
Conclusion
FinBlab recommends NEUTRAL ratings on Keystone Realtors IPO
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