Keystone Realtors Ltd. (RUSTOMJEE) AI Stock Analysis

• Market Cap: ₹63.33B
• Dividend Yield: 0.28%
• Average Volume (3M): 3.18K
• Price to Earnings (P/E): 57.2
• Beta (1Y): 1.04
• Revenue Growth: -20.38%
• EPS Growth: -36.03%
• Country: IN
• Employees: 759
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): 0.70
• Shares Outstanding: 126,230,630
• 10 Day Avg. Volume: 7,544
• 30 Day Avg. Volume: 3,176
• PEG Ratio: 0.96
• Price to Book (P/B): 2.42
• Price to Sales (P/S): 3.35
• P/FCF Ratio: -218.98
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: ₹509.00 ▼(-4.37% Downside)

The overall stock score of 53 reflects a combination of mixed financial performance, bearish technical indicators, and overvaluation concerns. The company's financials show potential but are hindered by cash flow and profitability challenges. Technical analysis indicates a bearish trend, while valuation metrics suggest the stock is overvalued. The absence of earnings call insights and corporate events leaves these areas unaddressed.

Positive Factors

Integrated development model

Keystone operates across the full real estate value chain—land sourcing, construction, sales, after-sales—which supports durable execution control, consistent unit delivery, and the ability to convert pre-sales into construction funding, reducing reliance on third-party contractors.

Improving leverage metrics

A falling debt load and stronger equity ratio enhance financial flexibility and lower refinancing risk. This allows the firm to fund new projects or weather approval delays with less pressure on cash flows, improving resilience over the medium term.

Rising gross margin

An improving gross margin signals durable operational gains—better procurement, construction efficiency or price realization—which supports long-term project profitability and buffers operating profits against revenue volatility.

Negative Factors

Negative free cash flow

Consistent negative free cash flow undermines the firm's ability to self-fund construction and capex, increasing dependence on presales, JV funding or debt. This elevates liquidity and execution risk until operating cash conversion materially improves.

Declining revenue trend

A sharp year-on-year revenue decline reduces scale and weakens cash inflows from collections, pressuring margins and deleveraging plans. Unless sales velocity or pricing in core MMR projects recovers, growth headwinds could persist for several quarters.

Compression in operating profitability

Worsening EBIT and net margins imply rising overhead, financing or other operating pressures beyond gross costs. Sustained margin compression reduces retained earnings for reinvestment and raises sensitivity to cost inflation and interest rates.

Keystone Realtors Ltd. Business Overview & Revenue Model

Company Description

Keystone Realtors Limited operates as a real estate development company in India. The company develops residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks, and other real estate projects. Keystone Realtors Limited was incorporated in 1995 and is based in Mumbai, India.

How the Company Makes Money

Keystone Realtors Ltd. generates revenue through multiple streams, primarily from the sale of residential and commercial properties. The company's revenue model is based on property development, wherein it acquires land, develops residential and commercial units, and sells them to end-users and investors. Additionally, the company earns income from project management services and real estate consulting, providing expertise to other developers and investors. Significant partnerships with financial institutions and construction firms also enhance its operational efficiency and market reach, contributing to its overall earnings. Furthermore, revenue is bolstered by strategic marketing initiatives and customer relationship management, ensuring a steady flow of sales and customer loyalty.

Keystone Realtors Ltd. Financial Statement Overview

Summary

Keystone Realtors Ltd. presents a mixed financial picture. The income statement reflects growth potential with some profitability challenges. The balance sheet shows improvement in equity strength but retains a significant debt load. Cash flow management appears to be a critical area requiring attention due to negative free cash flow and liquidity concerns. Overall, the company demonstrates potential but must address operational and cash flow efficiency to sustain long-term growth.

Income Statement

The company shows a mixed performance on the income statement. While there is a positive trend in revenue growth from 2023 to 2024, there was a decline from 2024 to 2025. The gross profit margin improved from 2024 to 2025, indicating better cost management. However, the net profit margin and EBIT margin saw a decline in the same period, signaling potential challenges in operating efficiency.

Balance Sheet

Keystone Realtors Ltd. has been reducing its debt load, as seen in the decrease in total debt from 2024 to 2025. The debt-to-equity ratio is at a manageable level, suggesting a balanced approach to leveraging. The equity ratio improved, indicating a stronger asset base backed by equity. However, the company still faces significant liabilities, which could pose risks if not managed properly.

Cash Flow

The cash flow statement reveals challenges in generating consistent free cash flow, with negative free cash flow observed in 2025. The operating cash flow to net income ratio indicates difficulties in converting profits into cash, highlighting potential liquidity issues. The decline in free cash flow growth is concerning and suggests a need for better cash management practices.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	18.21B	20.04B	22.22B	6.86B	12.69B	8.49B
Gross Profit	4.92B	5.58B	3.59B	2.48B	2.74B	2.08B
EBITDA	1.71B	2.20B	1.92B	1.43B	2.13B	4.41B
Net Income	1.03B	1.72B	1.12B	819.50M	1.40B	3.10B
Balance Sheet
Total Assets	69.99B	66.49B	59.72B	45.15B	38.77B	36.54B
Cash, Cash Equivalents and Short-Term Investments	13.62B	7.99B	3.09B	3.83B	2.06B	2.39B
Total Debt	12.19B	9.30B	11.01B	10.30B	15.63B	12.20B
Total Liabilities	41.88B	38.65B	41.77B	28.28B	29.14B	28.30B
Stockholders Equity	27.94B	27.72B	17.98B	16.69B	9.33B	8.01B
Cash Flow
Free Cash Flow	-2.12B	-306.90M	1.79B	2.99B	-1.10B	6.42B
Operating Cash Flow	-1.95B	-113.90M	1.83B	3.06B	-1.10B	6.42B
Investing Cash Flow	-2.92B	-649.10M	-2.78B	266.60M	-1.38B	-2.35B
Financing Cash Flow	2.78B	4.84B	-383.00M	-301.90M	1.54B	-6.09B

Keystone Realtors Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 532.25
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 532.25 is above the 20-day moving average (MA) of 497.45, above the 50-day MA of 520.15, and below the 200-day MA of 565.96, indicating a neutral trend. The MACD of -13.00 indicates Negative momentum. The RSI at 50.31 is Neutral, neither overbought nor oversold. The STOCH value of 46.43 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SUNTECK	69 Neutral	₹58.29B	29.82	―	0.36%	-14.25%	17.95%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
KOLTEPATIL	57 Neutral	₹33.12B	42.20	―	1.01%	3.05%	―
MAHLIFE	56 Neutral	₹80.32B	41.37	―	0.70%	-22.59%	17.35%
RUSTOMJEE	53 Neutral	₹63.33B	57.21	―	0.28%	-20.38%	-36.03%
MAXESTATES	51 Neutral	₹61.85B	109.96	―	―	79.32%	―
PURVA	46 Neutral	₹55.00B	-19.12	―	―	-23.33%	-512.89%