Current/ Expected Orderbook/ Pending Orders?

The Company has a forthcoming project pipeline with an estimated Gross Development Value (GDV) of approximately Rs. 35,000 crores. This includes projects where they have received Letters of Intent (LOI), signed development agreements, or have land conveyance in favor. The cost to complete these projects is around Rs. 21,600 crores. The company is actively engaged in redevelopment and joint development projects, including 5 preferred redevelopment projects chosen in FY23. They have demonstrated the ability to manage and increase the area under development, with construction spends more than dou

Any current/future new fundraising through debt or equity?

The company plans to more than double investment in new projects in the next financial year, which may require capital deployment. No explicit mention of upcoming equity fundraising; the IPO was completed in FY23. Mt. K. Capital, a Category-II AIF (Alternative Investment Fund) with a $100 million mandate focused on redevelopment projects, has been launched with Rustomjee as the development partner, raising US $40 million in the first close. The fund aims to strengthen project tie-ups and capital deployment capabilities. The company maintains a low debt profile with a secured gross debt of INR

Future growth expectations in sales/revenue/volumes?

Targeting presales growth of 25% year-on-year over the next few years (Page 4). Plan to launch at least one project every quarter with GDV around Rs. 4,000 crores annually (Page 10). Business development pipeline is robust with an emphasis on asset-light redevelopment and joint development projects (Pages 8, 10). Expect to increase project additions proportional to sales churn ratio (1.5x to 2x sales), with plans to add significantly more projects in square feet terms (Page 8). Collections expected at 80-85% of presales, supporting healthy operating cash flows (OCF) (Page 12). OCF ex

Future growth expectations in earnings/operating earnings/profits/EPS?

Keystone Realtors targets presales growth of 25% year-on-year over the next few years, driven by launches in mid-mass and aspirational segments. Operating Cash Flow (OCF) is expected to improve, aiming for a healthy 20%-22% of inflows as new projects mature. Margin improvement is anticipated due to completion of legacy projects and shift to projects with better profitability; EBITDA margin improved from 16.3% to 19.7% in FY23. Interest costs are expected to decrease due to debt reduction post-IPO, enhancing margin arbitrage. The company plans to launch projects worth around Rs. 4,000 c

Keystone RealtorQ4 FY23Realty

Keystone Realtor Q4 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹360.4P/E: 21.8Market Cap: ₹4.6K CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Targeting presales growth of 25% year-on-year over the next few years (Page 4).
Plan to launch at least one project every quarter with GDV around Rs. 4,000 crores annually (Page 10).
Business development pipeline is robust with an emphasis on asset-light redevelopment and joint development projects (Pages 8, 10).
Expect to increase project additions proportional to sales churn ratio (1.5x to 2x sales), with plans to add significantly more projects in square feet terms (Page 8).
Collections expected at 80-85% of presales, supporting healthy operating cash flows (OCF) (Page 12).
OCF expected to improve, aiming for about 20-22% of inflows in coming years (Page 12).
Focus on expansion into emerging micro markets with infrastructure growth like Mahim, Chembur, and Kalyan Dombivli (Page 8).

Margin guidance

Category 2

Keystone Realtors targets presales growth of 25% year-on-year over the next few years, driven by launches in mid-mass and aspirational segments.
Operating Cash Flow (OCF) is expected to improve, aiming for a healthy 20%-22% of inflows as new projects mature.
Margin improvement is anticipated due to completion of legacy projects and shift to projects with better profitability; EBITDA margin improved from 16.3% to 19.7% in FY23.
Interest costs are expected to decrease due to debt reduction post-IPO, enhancing margin arbitrage.
The company plans to launch projects worth around Rs. 4,000 crores GDV annually, higher than FY23, supporting revenue growth.
Economic share from developments will yield margins in the range of 20%-22% on GDV.
New business development focuses on redevelopment and joint development projects with asset-light models, expected to boost long-term returns.

See what Keystone Realtor management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company plans to more than double investment in new projects in the next financial year, which may require capital deployment.
No explicit mention of upcoming equity fundraising; the IPO was completed in FY23.
Mt. K. Capital, a Category-II AIF (Alternative Investment Fund) with a $100 million mandate focused on redevelopment projects, has been launched with Rustomjee as the development partner, raising US $40 million in the first close.
The fund aims to strengthen project tie-ups and capital deployment capabilities.
The company maintains a low debt profile with a secured gross debt of INR 452 crores and net debt as low as INR 19 crores, with a maximum target debt-to-equity ratio of 1:1.
No direct mention of new debt issuance plans, but investment scale-up implies potential raising or deploying existing capital resources.

Order book

Yes

The Company has a forthcoming project pipeline with an estimated Gross Development Value (GDV) of approximately Rs. 35,000 crores.
This includes projects where they have received Letters of Intent (LOI), signed development agreements, or have land conveyance in favor.
The cost to complete these projects is around Rs. 21,600 crores.
The company is actively engaged in redevelopment and joint development projects, including 5 preferred redevelopment projects chosen in FY23.
They have demonstrated the ability to manage and increase the area under development, with construction spends more than doubling in the last year.
New project launches are expected each quarter, with a strong business development pipeline indicating project additions at 1.5 times of sales.
They maintain a conservative business approach, choosing projects that align with decided margins to ensure profitability.

See what Keystone Realtor management said on order book — free account, 30 seconds.

Capex plans

Yes

- Mt. K. Capital has raised a $100 million Category-II AIF ESG impact fund focused on redevelopment projects in MMR, with Rustomjee as the development partner. - The fund has achieved a first close with investors like State Bank of India and FamyCare; $40 million raised with two project commitments already made. - This fund bolsters the group's firepower to acquire more projects, particularly in select geographies with projects under 3 lakh sq ft and timelines of 4-4.5 years. - The company plans considerable new project tie-ups with over Rs. 1,000 crores capacity this year. - Forthcoming projects pipeline shows an estimated GDV of Rs. 35,000 crores with costs around Rs. 21,600 crores. - Strong emphasis on squeezing timelines between project tie-up and launch. - Infrastructure developments in MMR (metro, airport, corridor) drive market growth supporting investment opportunities. These initiatives indicate active and strategic capital deployment towards redevelopment and new project launches.

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Keystone Realtor Q4 FY23 Earnings Call Analysis

Revenue guidance

Fundraise plans

Capex plans

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What Keystone Realtor's management said in earlier quarters

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