Keystone Realtors Limited — PPTs, 14-05-2025: Investor Presentation

1. Financial Highlights:

Keystone Realtors (Rustomjee) reported FY25 revenue of ₹2,004 Cr, slightly down from ₹2,222 Cr in FY24. EBITDA doubled to ₹332 Cr with margin improving to 15.6% from 7.2%. PAT rose 69% YoY to ₹188 Cr. Q4 revenue was ₹585 Cr with a 16.7% EBITDA margin and PAT of ₹67 Cr, more than doubling YoY. Collections increased moderately to ₹233 Cr, and pre-sales surged 34% to ₹303 Cr. The company moved from net debt of ₹359 Cr to a net cash position of ₹558 Cr, with ~95% inventory sold in completed projects, supporting strong cash flow.

2. Strategic Initiatives & Growth Drivers:

Keystone is ramping up an asset-light model focusing on mid/mass and aspirational segments, making up ~66% of ongoing and 71% of upcoming residential projects. The company launched 7 projects worth ₹502 Cr GDV and added 9 new projects totaling ₹478 Cr GDV across emerging micro markets like Chembur, Versova, Nagpur, and Kasara. Investments in technology across execution, sales, and procurement are driving margin improvement. Sustainability efforts include carbon net zero certification for Belle Vie.

3. Business Developments:

Since FY23, Keystone added 22 projects with total GDV of ~₹1,780 Cr, 79% in mid/mass and aspirational redevelopments. Notable launches include aspirational 180 Bayview and super-premium Ocean Vista. Multiple redevelopment DAs approved in Versova and Goregaon. Collaborations with Mt. K Kapital and other AIFs enhance financial and development capabilities. Sales momentum remains healthy, with ~25% of FY25 launches already sold.

4. Market Position & Competitive Advantage:

As a leading MMR redevelopment specialist, Keystone has delivered 26+ mn sq.ft and holds a diversified 40+ mn sq.ft pipeline across price segments. Its asset-light approach optimizes capital use, strengthening returns and positioning near emerging infrastructure hubs. Technology-driven execution and in-house management boost project delivery. The company’s premium projects and multiple industry awards reinforce its brand leadership and differentiation.

5. Investor Implications:

Strong margin expansion, rising pre-sales, and a solid net cash position signal disciplined execution and promising growth potential. Keystone’s focus on mid/mass and aspirational sectors aligns well with market demand, supporting volume growth. While execution risks in redevelopment remain, the diversified pipeline and consistent delivery provide confidence in sustainable expansion.