Keystone Realtors Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹4,552 Cr
- P/E
- 21.78
- ROE
- 2.80%
- PEG
- -17.15
- Price to sales
- 1.62
- Debt to equity
- 0.52
- 52W high / low
- ₹553 / ₹332
- Sales growth (5Y)
- 25.43%
- EBITDA margin
- 8.18%
- Net profit margin
- 3.60%
- Promoter holding
- 74.54%
- Sales (last year)
- ₹2,829 Cr
Incorporated in 1995, Keystone Realtors Limited is one of the prominent real estate developers. The company is engaged primarily in the business of real estate construction, development, and other related activities in India[1]
Guidance scorecard · Q2 FY27 call
What Keystone Realtor's management guided
and where it ranks in Realty
Realty
RevenueQ2 FY27 call
10–20%- Keystone Realtors targets sustained growth driven by Luxury, Super Premium, Premium, and Emerging Premium segments.
- Presales guidance for FY '27 is INR 5,000 crores, with 41% already achieved in H1 FY '27.
- Collections expected to improve significantly in H2 FY '27, targeting INR 700-800 crores OCF for the full year.
- Planned launches including Dindoshi, Om Nagar, GTB Nagar, Avinash Towers, and Dombivli to support INR 8,000 crores launch guidance in FY '27.
- Construction area of 12 million square feet under development across 19 projects; focus on accelerating execution for faster revenue recognition.
- Expansion into commercial real estate with projects like 25HQ to diversify revenue and create long-term annuity streams.
2 more points from Keystone Realtor's call on revenue
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MarginsQ2 FY27 call
Up 2%+See what Keystone Realtor said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- Keystone Realtors increased land and approval investments to INR 425 crores in H1 FY ’27, reflecting a 41% YoY growth, strengthening the development pipeline for future launches.
- Total investment into new projects and approvals for FY ’27 is expected to be around INR 1,000 crores, with approximately INR 500 crores to be spent in H2 FY ’27.
- Large portion (80-90%) of investment in new projects is directed towards land acquisition and approvals.
- Planned launches and project developments include Dindoshi, Om Nagar, Dombivli phase, GTB Nagar, Avinash Tower, and multiple towers in Thane.
- Construction finance will be utilized after project launches to bridge any mismatch between project spend and collections; company is adequately capitalized without immediate need for equity capital.
2 more points from Keystone Realtor's call on capex
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FundraisingQ2 FY27 call
PlannedSee what Keystone Realtor said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
- Keystone Realtors has a strong project pipeline with significant investments in land and approvals.
- Land and approval investments rose to INR 425 crores in H1 FY '27, a 41% YoY increase, strengthening future launches.
- Since FY '23, they added 27 projects totaling an estimated GDV of INR 31,079 crores, with 21 being redevelopment projects.
- As of Q2 FY '27, ongoing construction area is about 12 million sq ft across 19 projects.
- They have completed 4 RERA projects in H1 FY '27, delivering 1.39 million sq ft ahead of schedule.
- A strong launch pipeline planned across the Mumbai Metropolitan Region (MMR) aims at INR 8,000 crores launch GDV guidance for FY '27.
2 more points from Keystone Realtor's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Realty
on management's own guidance
- Strong growth2
- Strong growth1
- SobhaGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Keystone Realtors latest results (Sep 2026)
Revenue
₹497 Cr
-1% YoY
Net profit
₹101 Cr
+910% YoY
Operating margin
12%
EPS
₹7.92
Keystone Realtors shareholding (Sep 2026)
Promoters
74.54%
−0.05 pp QoQ
FIIs
2.44%
+0.09 pp QoQ
DIIs
16.27%
−0.11 pp QoQ
Public
6.72%
+0.03 pp QoQ
Peers
Realty companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹11,411 Cr | 39.0 | |
| 2 | 40%+ | Flat | ₹7,504 Cr | — | |
| 3 | Sobha | 20–40% | Up 2%+ | ₹13,585 Cr | 71.1 |
| 4 | 20–40% | Up 2%+ | ₹4,504 Cr | 20.1 | |
| 5 | 20–40% | Up 2%+ | ₹1,235 Cr | 13.5 | |
| 6 | 20–40% | Flat | ₹70,037 Cr | 75.1 |
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Pro shows every company guiding 40%+ revenue growth →Full Realty rankingFinancials of Keystone Realtor
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Keystone Realtor
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 86.70% | 86.70% | 78.35% | 78.35% | 78.35% | 78.34% | 78.34% | 78.25% | 74.59% | 74.59% | 74.59% | 74.54% |
| FIIs + | 2.44% | 2.33% | 3.24% | 3.40% | 3.28% | 3.10% | 2.81% | 3.07% | 3.07% | 2.54% | 2.35% | 2.44% |
| DIIs + | 8.19% | 8.72% | 16.39% | 16.12% | 16.15% | 16.19% | 16.30% | 15.76% | 16.61% | 17.13% | 16.38% | 16.27% |
| Public + | 2.68% | 2.26% | 2.02% | 2.11% | 2.22% | 2.37% | 2.53% | 2.92% | 5.74% | 5.75% | 6.69% | 6.72% |
| No. of Shareholders | 16,739 | 15,800 | 15,792 | 18,357 | 18,943 | 19,144 | 19,669 | 19,447 | 19,544 | 18,917 | 19,787 | 20,918 |
Financials of Keystone Realtor
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 618 | 521 | 812 | 422 | 533 | 464 | 585 | 273 | 499 | 266 | 1,596 | 470 | 497 |
| YoY Sales growth | +1,238% | +312% | +136% | +55% | -14% | -11% | -28% | -35% | -6% | -43% | +173% | +72% | -1% |
| Expenses + | 632 | 512 | 762 | 381 | 455 | 427 | 537 | 261 | 484 | 256 | 1,514 | 388 | 439 |
| Operating Profit | -14 | 9 | 50 | 41 | 78 | 38 | 48 | 12 | 15 | 10 | 81 | 82 | 58 |
| OPM % | -2.3% | 1.6% | 6% | 10% | 15% | 8% | 8% | 4.3% | 3.0% | 3.7% | 5% | 17% | 12% |
| Other Income + | 25 | 34 | 15 | 15 | 23 | 22 | 57 | 16 | 22 | 28 | 25 | 24 | 90 |
| Interest | 7 | 7 | 20 | 17 | 10 | 12 | 13 | 7 | 16 | 23 | 33 | 31 | 32 |
| Depreciation | 2 | 2 | 3 | 2 | 3 | 3 | 6 | 4 | 4 | 4 | 6 | 5 | 6 |
| Profit before tax | 2 | 34 | 42 | 37 | 88 | 45 | 87 | 16 | 17 | 10 | 67 | 70 | 110 |
| Tax % | -108% | 11% | 28% | 31% | 26% | 33% | 23% | -3% | 41% | 52% | 5% | 26% | 8% |
| Net Profit + | 4 | 30 | 30 | 26 | 66 | 30 | 67 | 16 | 10 | 5 | 64 | 52 | 101 |
| EPS in Rs | 0.38 | 2.65 | 2.69 | 2.05 | 5.26 | 1.20 | 5.14 | 1.15 | 0.68 | 0.27 | 4.15 | 4.21 | 7.92 |
Financials of Keystone Realtor
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 1,211 | 849 | 1,269 | 686 | 2,222 | 2,004 | 2,635 | 2,829 |
| Sales growth | -30% | +50% | -46% | +224% | -10% | +31% | +55% | |
| Expenses + | 1,075 | 746 | 1,092 | 582 | 2,113 | 1,800 | 2,512 | 2,598 |
| Operating Profit | 136 | 102 | 178 | 104 | 110 | 204 | 122 | 231 |
| OPM % | 11% | 12% | 14% | 15% | 4.9% | 10% | 4.6% | 8% |
| Other Income + | 57 | 329 | 34 | 44 | 82 | 117 | 85 | 166 |
| Interest | 128 | 140 | 23 | 36 | 40 | 51 | 79 | 119 |
| Depreciation | 2 | 2 | 3 | 5 | 7 | 13 | 18 | 21 |
| Profit before tax | 63 | 290 | 184 | 108 | 144 | 257 | 110 | 258 |
| Tax % | 77% | 20% | 26% | 26% | 23% | 27% | 14% | |
| Net Profit + | 14 | 232 | 136 | 80 | 111 | 188 | 95 | 222 |
| EPS in Rs | 2.20 | 31.04 | 13.96 | 7.20 | 9.85 | 13.64 | 6.25 | 16.55 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 11% | 0% |
Financials of Keystone Realtor
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 100 | 100 | 100 | 114 | 114 | 126 | 126 | 126 |
| Reserves | 327 | 701 | 833 | 1,556 | 1,684 | 2,646 | 2,737 | 2,906 |
| Borrowings + | 2,514 | 1,220 | 1,563 | 1,030 | 1,101 | 930 | 1,484 | 1,565 |
| Other Liabilities + | 1,474 | 1,633 | 1,382 | 1,816 | 3,033 | 2,894 | 2,363 | 2,392 |
| Total Liabilities | 4,415 | 3,654 | 3,877 | 4,515 | 5,932 | 6,596 | 6,710 | 6,990 |
| Fixed Assets + | 195 | 29 | 33 | 39 | 355 | 375 | 366 | 378 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 |
| Investments | 5 | 595 | 575 | 642 | 456 | 484 | 546 | 629 |
| Other Assets + | 4,215 | 3,029 | 3,268 | 3,834 | 5,121 | 5,737 | 5,798 | 5,976 |
| Total Assets | 4,415 | 3,654 | 3,877 | 4,515 | 5,932 | 6,596 | 6,710 | 6,990 |
Financials of Keystone Realtor
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 351 | 642 | -110 | 306 | 183 | -11 | -509 |
| Cash from Investing Activity + | -200 | -235 | -138 | 27 | -278 | -65 | -79 |
| Cash from Financing Activity + | 171 | -609 | 154 | -30 | -38 | 484 | 418 |
| Net Cash Flow | 323 | -202 | -93 | 303 | -132 | 408 | -169 |
| Free Cash Flow | 349 | 642 | -110 | 299 | 179 | -31 | -517 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 290% | 646% | -45% | 343% | 204% | 15% | -384% |
Financials of Keystone Realtor
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 19 | 16 | 33 | 33 | 17 | 15 | 47 |
| Inventory Days | 3,791 | 5,193 | 1,482 | 3,622 | |||
| Days Payable | 380 | 555 | 256 | 1,032 | |||
| Cash Conversion Cycle | 3,431 | 4,653 | 33 | 33 | 1,242 | 15 | 2,637 |
| Working Capital Days | -58 | 90 | 94 | 398 | 212 | 264 | 217 |
| ROCE % | 18% | 9% | 5% | 7% | 9% | 5% |
Guidance history
How Keystone Realtor's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 10–20% | Up 2%+ | Planned | Planned | — |
| Q1 FY27 call → | 10–20% | Up 2%+ | Planned | — | — |
| Q4 FY26 call → | 20–40% | Up 2%+ | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
13 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,937 stocks |
|---|---|---|
| Last 12 months | −31.9% | 14% |
| Last 6 months | −11.3% | 25% |
| Last 3 months | −3.0% | 51% |
The price is 53.2% below its all-time high of ₹770.25 (23 Aug 2024). Stocks more than 20% below their peak have their score halved, so 26 became 13.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,937 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Keystone Realtor: 0.4 × 14 + 0.4 × 25 + 0.2 × 51 = 26, halved to 13 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 13 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Keystone Realtors: frequently asked questions
What is Keystone Realtors share price today?
Keystone Realtors last traded at ₹360.4, with a market capitalisation of ₹4,552 Cr and a P/E ratio of 21.8.
What were Keystone Realtors's latest quarterly results?
For the quarter ended Sep 2026, Keystone Realtors reported revenue of ₹497 Cr (-1% year on year) and net profit of ₹101 Cr, with an operating margin of 12%.
Is Keystone Realtors's profit growing?
Net profit was ₹101 Cr in Sep 2026 against ₹10 Cr in Sep 2025, a change of +910%.
What is Keystone Realtors's EPS?
Keystone Realtors's earnings per share for the quarter ended Sep 2026 was ₹7.92.
What is the promoter holding in Keystone Realtors?
Promoters held 74.54% of Keystone Realtors in Sep 2026 (−0.05 pp versus Jun 2026).
How much do FIIs and DIIs hold in Keystone Realtors?
In Sep 2026, foreign institutional investors held 2.44% and domestic institutions (including mutual funds) held 16.27% of Keystone Realtors.
What is Keystone Realtors's ROE and ROCE?
Keystone Realtors's return on equity is 2.8% and its return on capital employed is 4.68%.
Does Keystone Realtors pay a dividend?
Keystone Realtors's dividend yield is 0% at the current price; see the Keystone Realtors dividends page for past payouts.
Which sector does Keystone Realtors belong to?
Keystone Realtors is in the Realty sector. Its peer comparison and sector ranking are on this page.
What did Keystone Realtors's management say on the latest earnings call?
Arthneeti's analysis of the Q2 FY27 earnings call covers revenue, margins, capex and fundraising guidance from Keystone Realtors's management.
How does Arthneeti AI analyse Keystone Realtors?
Arthneeti reads Keystone Realtors's earnings call transcripts and filings and scores revenue growth, margins, capex and fundraising, then ranks the company against its sector.
Continue your research
What Keystone Realtor's management said in earlier quarters
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