Keystone Realtors Ltd., established in 1995 and operating under the brand name Rustomjee, is a leading real estate developer based in Mumbai, India. Known for its innovative and quality-driven approach, the company has completed 34 projects, with 13 ongoing and 28 upcoming, spread across the Mumbai Metropolitan Region (MMR). Keystone Realtors specializes in a wide range of developments, including residential buildings, premium gated estates, townships, corporate parks, retail spaces, and schools. Notable projects like Rustomjee Erika, Rustomjee Uptown Urbania, and Rustomjee Bella showcase their dedication to creating exceptional urban living spaces, catering to diverse residential needs with configurations ranging from one to five-bedroom apartments. The company is led by its CEO, Boman Rustom Irani, whose vision has been pivotal since its inception, supported by key leaders like Sajal Gupta (CFO) and Rahul Mahajan (CTO), ensuring financial robustness and technological advancement in their endeavors.
Latest News on Keystone Realtors
On December 18, 2024, Keystone Realtors Ltd., operating under the brand name Rustomjee, announced a significant development in its Employee Stock Option Plan (ESOP) Scheme. The company approved the allotment of 5,188 equity shares to eligible employees under its ESOP program. This initiative reflects Keystone Realtors’ commitment to rewarding and motivating its workforce by providing them with an opportunity to become stakeholders in the company’s growth. By aligning employees’ interests with the company’s long-term success, this allotment aims to enhance employee engagement and foster a sense of ownership, further strengthening the company’s dynamic and innovative work culture.
Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | |
Promoters + | 86.71% | 86.70% | 86.70% | 78.35% | 78.35% |
FIIs + | 1.53% | 2.44% | 2.33% | 3.24% | 3.40% |
DIIs + | 7.97% | 8.19% | 8.72% | 16.39% | 16.12% |
Public + | 3.80% | 2.68% | 2.26% | 2.02% | 2.11% |
No. of Shareholders | 18,560 | 16,739 | 15,800 | 15,792 | 18,357 |
The shareholding pattern of Keystone Realtors Ltd., a prominent real estate developer, showcases notable shifts between September 2023 and September 2024. During this period, the promoter group maintained a significant majority, starting at 86.71% in September 2023 and gradually decreasing to 78.35% by June 2024, where it remained steady through September 2024. Foreign Institutional Investors (FIIs) demonstrated a consistent increase, beginning at 1.53% in September 2023 and rising to 3.40% by September 2024, reflecting growing international interest in the company.
Domestic Institutional Investors (DIIs) also saw a substantial rise in their stake, climbing from 7.97% in September 2023 to a peak of 16.39% in June 2024 before settling slightly lower at 16.12% by September 2024. Meanwhile, the public shareholding declined, moving from 3.80% in September 2023 to 2.11% in September 2024, indicating a consolidation of holdings among institutional investors. The number of shareholders displayed fluctuations, starting at 18,560 in September 2023, dipping to 15,792 by June 2024, and rising again to 18,357 by September 2024.
Below are the trading platforms that you can use to purchase Keystone Realtors shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
When | Maximum Price | Minimum Price |
January 2025 | 721.75 | 555.20 |
February 2025 | 729.04 | 560.80 |
March 2025 | 744.35 | 572.58 |
April 2025 | 736.98 | 566.91 |
May 2025 | 715.52 | 550.40 |
June 2025 | 747.72 | 575.17 |
July 2025 | 733.06 | 563.89 |
August 2025 | 755.73 | 581.33 |
September 2025 | 764.80 | 588.31 |
October 2025 | 784.68 | 603.60 |
November 2025 | 804.30 | 618.69 |
December 2025 | 840.49 | 646.53 |
In 2025, Keystone Realtors is projected to begin January with a maximum price of ₹721.75 and a minimum of ₹555.20. Prices are expected to trend upward throughout the year, reaching a peak in December with a maximum of ₹840.49 and a minimum of ₹646.53.
When | Maximum Price | Minimum Price |
January 2026 | 865.71 | 665.93 |
February 2026 | 844.06 | 649.28 |
March 2026 | 860.95 | 662.27 |
April 2026 | 878.52 | 675.78 |
May 2026 | 869.82 | 669.09 |
June 2026 | 891.56 | 685.82 |
July 2026 | 874.08 | 672.37 |
August 2026 | 901.11 | 693.17 |
September 2026 | 919.14 | 707.03 |
October 2026 | 943.03 | 725.41 |
November 2026 | 966.61 | 743.55 |
December 2026 | 990.78 | 762.14 |
As we move into 2026, Keystone Realtors is expected to start the year strong with a maximum price of ₹865.71 and a minimum of ₹665.93 in January. Throughout the year, the prices are projected to show an upward trend, with the highest peak expected in December, reaching ₹990.78 with a minimum of ₹762.14.
When | Maximum Price | Minimum Price |
January 2027 | 1,000.68 | 769.76 |
February 2027 | 1,026.34 | 789.49 |
March 2027 | 1,066.37 | 820.28 |
April 2027 | 1,045.46 | 804.20 |
May 2027 | 1,015.01 | 780.78 |
June 2027 | 1,060.69 | 815.91 |
July 2027 | 1,039.89 | 799.91 |
August 2027 | 1,072.05 | 824.65 |
September 2027 | 1,109.57 | 853.52 |
October 2027 | 1,138.42 | 875.71 |
November 2027 | 1,166.88 | 897.60 |
December 2027 | 1,196.05 | 920.04 |
When | Maximum Price | Minimum Price |
January 2028 | 1,219.97 | 938.44 |
February 2028 | 1,251.25 | 962.50 |
March 2028 | 1,300.05 | 1,000.04 |
April 2028 | 1,274.56 | 980.43 |
May 2028 | 1,237.44 | 951.88 |
June 2028 | 1,293.12 | 994.71 |
July 2028 | 1,267.77 | 975.21 |
August 2028 | 1,306.98 | 1,005.37 |
September 2028 | 1,352.72 | 1,040.56 |
October 2028 | 1,387.89 | 1,067.61 |
November 2028 | 1,422.59 | 1,094.30 |
December 2028 | 1,458.15 | 1,121.66 |
When | Maximum Price | Minimum Price |
January 2029 | 1,487.32 | 1,144.09 |
February 2029 | 1,525.45 | 1,173.43 |
March 2029 | 1,584.95 | 1,219.19 |
April 2029 | 1,553.87 | 1,195.28 |
May 2029 | 1,508.61 | 1,160.47 |
June 2029 | 1,576.50 | 1,212.69 |
July 2029 | 1,545.59 | 1,188.91 |
August 2029 | 1,593.39 | 1,225.68 |
September 2029 | 1,649.16 | 1,268.58 |
October 2029 | 1,692.04 | 1,301.57 |
November 2029 | 1,734.34 | 1,334.10 |
December 2029 | 1,777.69 | 1,367.46 |
When | Maximum Price | Minimum Price |
January 2030 | 1,813.25 | 1,394.81 |
February 2030 | 1,859.74 | 1,430.57 |
March 2030 | 1,932.27 | 1,486.36 |
April 2030 | 1,894.38 | 1,457.22 |
May 2030 | 1,839.21 | 1,414.78 |
June 2030 | 1,921.97 | 1,478.44 |
July 2030 | 1,884.29 | 1,449.45 |
August 2030 | 1,942.56 | 1,494.28 |
September 2030 | 2,010.55 | 1,546.58 |
October 2030 | 2,062.83 | 1,586.79 |
November 2030 | 2,114.40 | 1,626.46 |
December 2030 | 2,167.26 | 1,667.12 |
As we step into 2030, Keystone Realtors is expected to see a strong start with a maximum price of ₹1,813.25 and a minimum of ₹1,394.81 in January. The prices are projected to increase steadily, with the highest peak anticipated in December, reaching ₹2,167.26 and a minimum of ₹1,667.12.
Keystone Realtors Financial Condition
Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
Sales + | 1,211 | 849 | 1,269 | 686 | 2,222 | 2,287 |
Expenses + | 1,075 | 746 | 1,092 | 582 | 2,113 | 2,110 |
Operating Profit | 136 | 102 | 178 | 104 | 110 | 178 |
OPM % | 11% | 12% | 14% | 15% | 5% | 8% |
Other Income + | 57 | 329 | 34 | 44 | 82 | 87 |
Interest | 128 | 140 | 23 | 36 | 40 | 54 |
Depreciation | 2 | 2 | 3 | 5 | 7 | 9 |
Profit before tax | 63 | 290 | 184 | 108 | 144 | 201 |
Tax % | 77% | 20% | 26% | 26% | 23% | |
Net Profit + | 14 | 232 | 136 | 80 | 111 | 152 |
EPS in Rs | 2.2 | 31.04 | 13.96 | 7.2 | 9.85 | 12.65 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
The financial performance of Keystone Realtors reflects notable fluctuations over the years, showcasing periods of growth and challenges. From March 2020 to March 2024, the company’s sales exhibited a mixed trend, starting at ₹1,211 crore in March 2020, dipping to ₹686 crore by March 2023, and rebounding significantly to ₹2,222 crore in March 2024. The trailing twelve months (TTM) further highlight continued strength with sales reaching ₹2,287 crore.
Operating profit displayed similar variability, peaking at ₹178 crore in March 2022 with an OPM of 14%, but declining to ₹110 crore in March 2024 with an OPM of just 5%. Expenses consistently tracked closely with sales, indicating tight cost management. Other income showed a strong contribution in March 2021 at ₹329 crore, though it stabilized to ₹82 crore in March 2024.
Profitability metrics revealed resilience, with profit before tax recovering to ₹144 crore in March 2024 and net profit improving to ₹111 crore. However, earnings per share (EPS) witnessed a decline from ₹31.04 in March 2021 to ₹9.85 in March 2024. Notably, Keystone Realtors maintained a zero-dividend payout policy throughout this period, suggesting a focus on reinvestment and growth. The financial trajectory underlines the company’s adaptability amidst varying market conditions.
FAQs
What is the current market capitalization of Keystone Realtors?
As of January 1st, 2024, the market cap is quite strong, standing at ₹8,643 Crores.
Keystone Realtors shares are currently trading at ₹686 as of January 1st, 2025.
Looking ahead, the share price is expected to range between ₹550.40 to ₹840.49 by 2025.
The long-term outlook is optimistic, with a projected range of ₹1,667.12 to ₹2,167.26 by December 2030.
What is the current Price-to-Earnings (PE) ratio of Keystone Realtors?
Currently, the stock’s PE ratio is at a reasonable 57.0.
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Conclusion
In conclusion, Keystone Realtors Ltd., operating under the brand name Rustomjee, has established itself as a prominent real estate developer in the Mumbai Metropolitan Region (MMR) with a strong portfolio of completed, ongoing, and upcoming projects. The company’s financial performance reflects resilience and adaptability, with significant growth in sales and profitability in recent years, despite fluctuations in operating margins. Shareholding patterns indicate growing institutional interest, with an increase in FII and DII stakes, showcasing investor confidence in the company’s prospects.
Looking ahead, the share price projections for 2025-2030 suggest a steady upward trajectory, with prices expected to peak at ₹2,167.26 by December 2030. Keystone Realtors’ strategic initiatives, including the ESOP allotment, highlight its commitment to fostering employee engagement and driving innovation. These factors collectively position the company for sustained growth and success in the real estate sector.
What did we learn?
- 1 Latest News on Keystone Realtors
- 2 Shareholdings Patterns of Keystone Realtors
- 3 How to Buy Keystone Realtors Shares in India?
- 4 Keystone Realtors Share Price Prediction: 2025 – 2030
- 5 Keystone Realtors Financial Condition
- 6 FAQs
- 6.1 What is the current market capitalization of Keystone Realtors?
- 6.2 What is the current share price of Keystone Realtors?
- 6.3 What is the share price target for Keystone Realtors in 2025?
- 6.4 What is the share price target for Keystone Realtors in 2030?
- 6.5 What is the current Price-to-Earnings (PE) ratio of Keystone Realtors?
- 7 Conclusion