Keystone Realtors Limited has informed the Exchange about Investor Presentation
Date: November 12, 2025
The General Manager, Listing Department, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 543669
Sub: Investor Presentation
The Vice President Listing Department, National Stock Exchange of India Limited “Exchange Planza”, Bandra Kurla Complex, Bandra East, Mumbai – 400 051 Scrip Symbol: RUSTOMJEE
We enclose herewith Investor’s presentation on the Consolidated and Standalone unaudited Financial Results for the quarter and half year ended September 30, 2025.
is
This the Company’s website https://www.rustomjee.com/about-us/financial-statements/?year=2025-2026.
uploaded
being
also
on
at
You are requested to inform your members accordingly.
Yours faithfully, For Keystone Realtors Limited
Bimal K Nanda Company Secretary and Compliance Officer ACS - 11578
K E Y S T O N E R E A L T O R S L I M I T E D
Registered Office:702, NATRAJ, M.V. Road Junction, Western Express Highway, Andheri (East), Mumbai - 400069.
Tel.:+912266766888 | CIN:L45200MH1995PLC094208| Website:www.rustomjee.com
Investor Presentation
K e ys t o n e R e a l t o r s L i m i t e d
RUSTOMJEE CROWN | SHOT AT LOCATION
Table of Contents
01
Company Overview
02
Performance Highlights
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Know more about the www.rust o m je e. c o m
03
Management Structure
K e y s t o n e R e a l t o r s L i m i t e d
Company Overview
A Snapshot of Rustomjee
Our Journey over two decades
Important Associates
Our Ecosystem
Technology in Planning, Execution, Sales & Marketing
Project Pipeline
Ongoing & Forthcoming Projects
Growth Drivers
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4-10
11
12
13
14
15
16-17
18
ACTUAL VIEWS FROM THE RUSTOMJEE CROWN SUPERIMPOSED.
K e y s t o n e R e a l t o r s L i m i t e d
29+ years Young Company Promoted by
nurturing spaces since 1996
Company Overview Performance Highlights Management Structure
Boman Irani C H A I R M A N & M A N A G I N G D I R E C T O R
• 29+ years of Real Estate experience • Former President of CREDAI
Chandresh Mehta E X E C U T I V E D I R E C T O R
Percy Chowdhry E X E C U T I V E D I R E C T O R
• 29+ years of Real Estate Experience • Directs the redevelopment initiatives for the Group
• 26+ years of Real Estate Experience • Directs Sales, Marketing and HR
functions
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K e y s t o n e R e a l t o r s L i m i t e d
A Snapshot RUSTOMJEE - Leading Developer in MMR
Recent Accolades and Industry recognition awards
Company Overview Performance Highlights Management Structure
Community Initiative Award - Thane Labour Camp Realty+ Harit Bharat Awards 2025 Icons of Construction - Rustomjee Group CREDAI MCHI 2025 Iconic Project of the Year - Rustomjee Balmoral Golf Links 17th Realty+ Excellence Awards 2025 - WEST Mid-Segment Project of the Year - Rustomjee La Vie 17th Realty+ Excellence Awards 2025 - WEST Transformation Excellence Award: Bandra East (Keystone Realtors) Times Redevelopment Awards 2024 India’s Most Desired Real Estate - Residential Brand 2024 (1st position in the Residential (Real Estate) Brand category across 1,000 brands in 34 categories and 16 cities) TRA Research Awards 2024 Excellence in Stall Designing Developers CREDAI MCHI - Mumbai (BKC) Best Stall Design CREDAI MCHI - KDMC (Kalyan) Most Innovative Brand Communicator of the Year CREDAI MCHI - Thane Best Realty Brands ET Now Best Realty Brand Awards 2025
IMAGE IS FOR REPRESENTATIONAL PURPOSES ONLY
1
2
MMR Focused
Prominent Redevelopment Player
3
Asset Light Model
29+ Years of existence
26+ msf Construction Area developed
47+ msf Construction Area in pipeline
2 Mega Townships
310+ Completed Buildings
17,000+ Homes Delivered (I ncl 1800+ Rehouse d )
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K e y s t o n e R e a l t o r s L i m i t e d
Our some of the Marquee Projects
Company Overview Performance Highlights Management Structure
ELEMENTS – JUHU
SEASONS – BANDRA (E)
CROWN - PRABHADEVI
PARAMOUNT – KHAR (W)
URBANIA - THANE
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K e y s t o n e R e a l t o r s L i m i t e d
6
Testament to our robust experience in redevelopment projects
Company Overview Performance Highlights Management Structure
Parishram, Pali Hill
SEASONS, BKC
Elements, Off Juhu Circle
e r o f e B
r e t f A
Awarded Design Project of the Year by Realty+ Conclave & Excellence Awards 2024
Awarded Best Re-development Project by Et Now Real Estate Awards In 2019.
Awarded Best Community Design & Redevelopment Project by NDTV Property Awards 2016
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K e y s t o n e R e a l t o r s L i m i t e d
7
Testament to our robust experience in redevelopment projects
Company Overview Performance Highlights Management Structure
Oriana, BKC
Erika, Bandra East
Paramount, Khar (W)
e r o f e B
r e t f A
Awarded Best Community Design & Redevelopment Project by NDTV Property Awards 2016
.
Awarded Best Re-development Project by Et Now Real Estate Awards In 2019.
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K e y s t o n e R e a l t o r s L i m i t e d
8
A Snapshot (Contd.)
Company Overview Performance Highlights Management Structure
26+ Million Sq. Ft. delivered
Prominent MMR Real Estate developer with 26+ Million Sq. Ft. construction area delivered and a pipeline of 47+ Million Sq. Ft. construction area of ongoing and forthcoming projects across all price points catering to all segments of the population from Affordable to Super Premium
Asset Light Approach
Asset-light approach focused on optimizing the upfront capital expenditure; achieving better return on equity and capital employed. Investment in acquisition of land only when it meets return expectations
Capabilities and Experience
integrated
Capability and experience in developing standalone buildings, gated communities and fully townships. Greenfield & brownfield developments / redevelopments by partnering with societies, land-owners and developers for residential, retail & commercial
Consumer Satisfaction
Continued focus on consumer satisfaction leading to a high level of brand loyalty and engagement
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K e y s t o n e R e a l t o r s L i m i t e d
RUSTOMJEE ELEMENTS | SHOT AT LOCATION
A Snapshot (Contd.)
Company Overview Performance Highlights Management Structure
End to End Project Management Capabilities
across
End-to-end project capabilities with in-house Business Development, expertise Architecture, Construction Approvals, Management, Sales & Marketing and Property Management Services
Experienced Management
Experienced promoters possessing multi-decade experience real estate business
and management in the
Sustainable Development
Strong developments
focus on sustainability
in all our
Execution Track Record
RUSTOMJEE ELEMENTS | SHOT AT LOCATION
in executing greenfield, Proven expertise brownfield, development/redevelopment projects in residential & commercial segments. Enviable record across all housing segments - affordable, mid mass, aspiration, premium and super premium. Pioneer and leading large-scale redevelopment in Mumbai
developer
track
of
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K e y s t o n e R e a l t o r s L i m i t e d
RUSTOMJEE SEASONS | SHOT AT LOCATION
Our Journey over Two Decades
• La unc he d
its first Re sid e ntia l Development
• Launched the Development ‘ Ad a rsh/Rive r in M a l a d a ’
• Launched
the township tower ‘Urbania’ in Thane
• Mausmi SA Investments an made LLC investment in Keystone
• Launched
the re d e ve lo p me nt ‘Seasons’ in Bandra East
• Trinity Capital
(Fifteen)
Limited invested in Constructions Enigma Private Limited, Rustomjee Construction Private and Constructions Kapstone Private Limited’
Limited
• Acquired
Land located at Bandra (Bandstand)
• Entered
into a
Development management agreement for the development ‘Crown’ in Prabhadevi
IPO Listing
• Sales launch • Cleon, La Vie (A,B
& C)
• Development completed
• Yazarina (A), Crown Summit, (A), Urbania (L & D), Central Park
Company Overview Performance Highlights Management Structure
• Entered into First Plotted Development at Kasara “Rustomjee Belle Vue”
1996
1998
2000
2001
2006
2007
2009
2010
2011
2013
2014
2018
2020
2021
2022
2023
2024
2025
2026
• Launched the ‘Regency' Development in Dahisar
• Launched premium Developme nt ‘9 JVPD’ on 10th road Juhu
• Launched
slum redevelopme nt in ‘Elita’ Andheri West.
• Launched township Development ‘Global in Virar.
City’
• Launched
the re d e ve lo pment ‘Oriana’ in Bandra East
• Launched
the gated
luxury community Development ‘Elements’ Juhu/Andheri
in
• Launched the gated
community Development ‘Paramount’ in Khar
• Giza
and
Limited
Holdings
PTE Voldemort Limited Holding Investment Company (an entity advised by Xander Investment Management invested in Pte. Ltd.) Kapstone Constructions Private Limited
•
(a owned Keppel
Investment by Lipalton Pte. Ltd wholly subsidiary of Land Limited) as its strategic partner in Kapstone Constructions Private Limited
• Partnered with strategic
investors such as HDFC Capital Affordable Real Estate Fund – 3, IIFL Special Opportunities Fund - Series 9 and IIFL
• Special Opportunities Fund - Series 10, Dreamz Dwellers LLP.
• Launched Category II AIF (Mt.
K Capital)
QIP Raised
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K e y s t o n e R e a l t o r s L i m i t e d
Important Associates
Company Overview Performance Highlights Management Structure
Strategic Partners/ Private Equity
Project Partners
Auditors & Advocates
Banking & Financial Institutions
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K e y s t o n e R e a l t o r s L i m i t e d
Our Ecosystem
Company Overview Performance Highlights Management Structure
Mt. K Kapital Category II – AIF1
CREST – Property Management Services2
Fifth Wall Designs3
• Mt. K Kapital is a real estate focused fund management company, having SEBI approved Category II Alternative Investment Fund license.
•
•
Its first fund, MT K Resi Development Fund is an ESG impact fund with a focus of developing residential real estate in MMR.
The Fund is backed by State Bank of India and Famy Group as anchor investor
•
Provides services post purchase of a residential and commercial assets.
• Crest provides integrated property management
services including:
Facility Management Staffing Solutions Leasing Services
• • • • Development Management Consultancy • CAM Estimates and Budgeting
RUSTOMJEE SEASONS | SHOT AT LOCATION
•
Provides interior design services to residential clients.
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K e y s t o n e R e a l t o r s L i m i t e d
Technology in Planning, Execution, Sales & Marketing
Company Overview Performance Highlights Management Structure
Project planning & Execution
Sales & Customer Experience
Recent Developments
IMAGE IS FOR REPRESENTATIONAL PURPOSES ONLY
• Combined
of ERP and BIM maximizes productivity cost estimation.
implementation systems and
and
• Automated digitized invoice process settlement boosts transparency between all stakeholders.
• Smart management measures status
through monitoring of execution.
detailed
• Helps
better
preferences
understand and customer expedite customer purchase decisions resulting in greater reduced and efficiency manpower costs.
• CRM
platform
supports in marketing automation campaigns and personalized communications through intelligent chatbots.
• Automated
and
transparent execution system built-into flow: Reduced margin of error for contractors & vendors.
• Vendor Management System centralized for of Marketing
launched procurement Collaterals through SAP.
• Virtual
Assistant
Integrated, self-learning virtual assistant.
Chatbot: AI-driven,
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K e y s t o n e R e a l t o r s L i m i t e d
Strong residential project pipeline
Ongoing Projects
Forthcoming Projects
Ongoing ~8.82 msf saleable
Forthcoming ~23.59 msf saleable
Company Overview Performance Highlights Management Structure
1
3
7
3
19 Projects GDV INR 162.36 Bn (As on Q2FY26)
11
24 Projects GDV INR 430.32 Bn (As on Q2FY26)
4
4
3
2
5
Category
Super Premium/Premium
Aspirational
Mid & Mass
Affordable
Commercial
Category
Affordable
Mid and Mass
Aspirational
Premium
Super Premium
Price Range
Below ₹ 10 million
₹ 10 – 30 million
₹ 30 - 70 million
₹ 70 - 150 million
₹ 150 million and above
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K e y s t o n e R e a l t o r s L i m i t e d
Ongoing Projects
Townships 1. Global City (Retail), Virar (W) (Affordable) 2. La Vie, La Familia , Verdant Vistas A Wing, Verdant Vistas B Wing - Urbania, Thane (W)* (Mid and Mass) (A JV with Keppel Land of Singapore) Residential Projects 3. Crown- C, Prabhadevi (Super Premium/Premium) 4. Bella (A&B), Bhandup (W)*# (Mid and Mass) 5. Paramount F Wing, Khar (W) # (Aspirational) 6. Ashiana, Juhu (Super Premium/Premium) 7. Aden, Bandra (E) (Aspirational) 8. Cleon, Bandra (E) (Mid and Mass) 9 Stella, Bandra (E) (Mid and Mass) 10. Panorama, Pali Hill ** (Super Premium/Premium) 11. 180 Bayview, Matunga (W)* (Aspirational) 12. Ocean Vista, Versova** (Super Premium / Premium) 13. Urban Woods – Phase 1, Dombivli (Affordable) 14. Prive, Bandra (E) (Aspirational) 15. Balmoral, Chembur (Super Premium / Premium) 16. Cliff Tower, Bandra (W)** (Super Premium / Premium) 17. Crescent Apartments, Pali Hill ** (Super premium/Premium) Plotted Development 18. Belle Vue, Kasara Commercial 19. 33 Fifteen (New Kamal Kunj), Bandra* (W)
#Pa rt O C received for Paramoun t F an d Bella Win g C & D
*1 ) Urb a n ia, our econ omic in t eres t is 5 1 % . 2 ) Bella, our econ omic in t eres t is 5 8 % . 3 ) 1 8 0 Bayview (J ariwala) is a project wit h DM fee of 1 7 % of t he project reven ue + In cen t ive fee. 4 ) 3 3 F ift een – O ur Econ omic in t eres t is 5 0 % ** Project havin g in ves t ment from Mt K Kapit al
1
V i r a r
Company Overview Performance Highlights Management Structure
18
B o r i v a l i
2
T h a n e
12
6
19
4
15
13
5
8
14
17
10
7
C h e m b u r
N a v i M u m b a i
9
16
B a n d r a ( W )
3
11
P r a b h a d e v i
C h u r c h g a t e
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K e y s t o n e R e a l t o r s L i m i t e d
Forthcoming Projects
Commercial 21. Urbania Commercial 22. OB12 + 13, Bandra (E) 23. Dhuruvadi, Prabhadevi**
Plotted Development 24. Manori*
Townships 1. Global City, Virar (W)*** (Affordable) 2. Urbania, Thane (W)* (Mid and Mass) (A JV with Keppel Land of Singapore)
Residential Projects 3. Charkop, Kandivali (W)* (Mid and Mass) 4. Ozone (Phase II), Goregaon (W) (Mid and Mass) 5. Dombivli (Affordable) 6. Dnyaneshwar Nagar, Sewri (Aspirational) 7. Ambedkar Nagar, Khar (W) (Aspirational) 8. Jyotirling, Goregaon (E)* (Mid and Mass) 9. Bandstand, Bandra (W)* (Super Premium / Premium) 10. Majithia Nagar, Kandivali (W) (Mid and Mass) 11. Haren Textiles, Dahisar (E )* (Mid and Mass) 12. Garden Estate, Thane (W) (Mid and Mass) 13. Goregaon JV, Goregaon (E )* (Mid and Mass) 14. Avinash Towers, Versova (Aspirational) 15.Shivneri, Worli ((Super Premium / Premium) 16. Pardi, Nagpur (Mid and Mass)
Cluster Development - Resi 17. Malad (W) Cluster [Veenanagar /NeelKamal/Mansarowar/ Nirman CHSL], (Mid and Mass) 18. Dindoshi Cluster [Satsang/Sahyog/Shri Krishna/Anand/ Gulmohar/Shri Hari/Prathamesh/Om/Shri Gajanan/Mangalmurthi/Swarganga CHSL] Goregaon (E ) (Mid and Mass) 19. GTB Nagar Cluster (1400 Families), Sion (Aspirational) 20 Lokhandwala Cluster, Andheri (W) (Aspirational)
Projects added in FY 26 highlight ed in Green Fonts
* 1 ) Urb an ia - O ur econ omic in t eres t is 5 1 % . 2 ) Chark op - our econ omic In t eres t is 7 3 % . 3 ) J yot irlin g - O ur Econ omic in t eres t is 3 3 .3 3 % . 4 ) Man ori – O ur Econ omic In t eres t is 7 3 % . 5 ) Goregaon J V – O ur Econ omic in t eres t is 5 1 % 6 ) Ban ds t an d – O ur Econ omic in t eres t is 3 3 % 7 ) H aren Text iles - O ur Econ omic in t er es t is 5 1 % * * Project havin g in ves t men t from Mt K Kapit al * * * Vira r Lan d compris in g of t he Saleable area of 5 .2 Mn Sq F t is con s idered for developmen t un der J DA
1
V i r a r
Company Overview Performance Highlights Management Structure
16
11
3
10
17
4
B o r i v a l i
18
8 13
24
12
2 21 T h a n e
5
20
14
7
9
B a n d r a ( W
C h e m b u r
N a v i M u m b a i
22
19
6
23
P r a b h a d e v i
15
C h u r c h g a t e
1 7
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K e y s t o n e R e a l t o r s L i m i t e d
Growth Drivers
Company Overview Performance Highlights Management Structure
Continue to build an asset light business model
Leverage our leadership position in the redevelopment space and micro markets that we operate in
Expand our footprint in high-potential urban zones by targeting strategic cluster redevelopment opportunities that unlock land value
Grow our presence in the mid/mass and aspirational category
Focus on growth areas infrastructure projects
in proximity of upcoming
Leverage technology to improve operational efficiency
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ARTIST’S IMPRESSION OF RUSTOMJEE CROWN
K e y s t o n e R e a l t o r s L i m i t e d
Performance Highlights
Guidance V/s Actual
Performance Snapshot (For the quarter and H1FY26)
Operational Highlights
Completed projects
Ongoing projects
Forthcoming Projects
Category wise Performance
Historical Operational Performance (Last 5Q)
New Launches in YTD FY-26
New Projects Additions in YTD FY-26
Projects Additions from FY23
Cash Flows
Financial Summary
ESG
20
21-22
23
24
25
26
27
28
29
30
31
32
33-34
35
ARTIST’S IMPRESSION OF RUSTOMJEE BALMORAL
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K e y s t o n e R e a l t o r s L i m i t e d
Guidance Vs Actual
Company Overview Performance Highlights Management Structure
PARTICULARS
FY26 GUIDANCE
FY26 YTD ACTUALS
REMARKS
Pre-Sales (INR Bn)
Launches (GDV)
INR 40 Bn (33% growth YoY)
INR 18.39 Bn
46% of full year FY26 Pre- Sales guidance achieved
INR 70 Bn (40% growth)
GDV - ~INR 49.16 Bn
~70% of the full-year FY26 guidance achieved
Project Additions (GDV)
> INR 60 Bn
GDV - INR 77.27 Bn
Exceeded our full-year FY26 guidance
Gross Debt / Equity Ratio
< 0.75:1
0.21:1
Well within the guidance
2 0
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K e y s t o n e R e a l t o r s L i m i t e d
Performance Snapshot (Q2FY26)
Pre-Sales Value
Collections
Area Sold
Company Overview Performance Highlights Management Structure
₹ 7.72 Bn
₹ 6.69 Bn
0.50 Mn Sq.Ft.
Projects Launched – 1
Projects Added – 0
OCF
₹ 9.49 Bn
Estimated GDV
NIL
₹ 1.09 Bn
Revenue from Operations
EBITDA
PAT
₹ 4.99 Bn
Total Income – 5.21 Bn
₹ 0.37 Bn
₹ 0.10 Bn
IMAGE IS FOR REPRESENTATIONAL PURPOSES ONLY
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K e y s t o n e R e a l t o r s L i m i t e d
Performance Snapshot (H1FY26)
Pre-Sales Value
Collections
Area Sold
Company Overview Performance Highlights Management Structure
₹ 18.39 Bn
₹ 12.45 Bn
1.13 Mn Sq.Ft.
Projects Launched – 4
Projects Added – 3
OCF
₹ 49.16 Bn
Estimated GDV
₹ 77.27 Bn
Estimated GDV
₹ 2.27 Bn
Revenue from Operations
EBITDA
PAT
₹ 7.72 Bn
Total Income – 8.09 Bn
₹ 0.66 Bn
₹ 0.26 Bn
IMAGE IS FOR REPRESENTATIONAL PURPOSES ONLY
46% of full year FY26 Pre-Sales guidance achieved in H1FY26
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K e y s t o n e R e a l t o r s L i m i t e d
Operational Highlights – Q2FY26
PARTICULARS
Area Sold (Mn Sq. Ft.)
Pre-Sales Value (INR Bn)
Collection (INR Bn)
Q2FY26
Q2FY25
YoY Qtr Growth (%)
Q1FY26
H1FY26
H1FY25
YoY H1 Growth (%)
FY25
0.50
7.72
6.69
0.46
7.00
5.52
9%
0.63
1.13
0.70
61%
1.69
10%
10.68
18.39
13.11
40%
30.28
21%
5.75
12.45
10.37
20%
23.27
YoY Pre-sales growth of 40%, driven by higher sales volume, with collections also showing growth
Pre-Sales
Collections
•
In H1FY26 Pre –Sales has grown by 40% YoY on half yearly basis.
• Pre-Sales of INR 7.72 bn in
Q2FY26 as compared to INR 7.00 bn in Q2FY25, growth of 10% on YoY basis.
• 46% of full year FY26 Pre-Sales guidance achieved in H1FY26.
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• In H1FY26 Collections has grown by 20% YoY on half yearly basis.
• Collections are at INR 6.69 bn in Q2FY26 as compared to INR 5.52 bn in Q2FY25, growth of 21% on YoY basis.
Launches • ~70% of full-year FY26 guidance already achieved - setting the pace for an exceptional year.
• Launched 1 Project (“33 Fifteen” at Bandra West) in Q2FY26 having an estimated GDV of INR ~9.5 bn.
• Launched total 4 projects in H1FY26 with an estimated GDV of INR 49.16 bn.
Business Development
• Achieved 129% of the full-year
FY26 guidance.
• We added 3 Projects in H1FY26
having an estimated GDV of INR 77.27 bn.
K e y s t o n e R e a l t o r s L i m i t e d
Completed Projects as on 30th Sep 2025
Company Overview Performance Highlights Management Structure
SR. NO.
1
2
3
4
NAME OF PROJECT
Seasons Wing D
Crown Tower A & B
Bella C & D Wing
Parishram
Total
TOTAL SALEABLE AREA (MN SQ FT)
UNSOLD SALEABLE AREA (MN SQ FT)
SOLD RECEIVABLE (INR BN)
EST UNSOLD INVENTORY (INR BN)
COST TO COMPLETE* (INR BN)
0.34
0.84
0.17
0.08
1.42
0.01
0.00
0.01
0.01
0.04
0.03
0.51
0.04
0.34
0.92
0.52
0.13
0.09
1.12
1.86
0.17
1.26
0.01
0.20
1.65
~97% of the Inventory already sold
*Repres en t hard cos t (Lan d, Con s t ruct ion , F SI & A pproval) | *In addit ion , t here is S&M, H R, A dmin cos t ~1 0 % of Sales
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K e y s t o n e R e a l t o r s L i m i t e d
Ongoing Projects as on 30th Sep 2025
Company Overview Performance Highlights Management Structure
CATEGORY
NO. OF PROJECTS
Residential
Super Premium/Premium
Aspirational
Mid & Mass
Affordable
Commercial (B) **
Total
18
7
4
4
3
1
19
TOTAL SALEABLE AREA (MN SQ FT)
UNSOLD SALEABLE AREA (MN SQ FT)
GDV (INR BN)
% SHARE
SOLD RECEIVABLE (INR BN)
EST UNSOLD INVENTORY (INR BN)
COST TO COMPLETE* (INR BN)
8.61
1.77
0.67
3.69
2.48
0.21
8.82
4.16
0.98
0.31
1.40
1.47
0.19
4.35
152.87
100%
69.86
19.22
54.76
9.03
9.49
162.36
46%
13%
36%
6%
100%
100%
37.31
13.33
6.77
14.38
2.83
0.48
37.79
82.22
43.93
9.38
23.54
5.37
8.99
70.12
29.30
8.22
26.10
6.49
4.71
91.21
74.83
~51% of the Projects launched are already sold
* Repres en t hard cos t (Lan d, Con s t ruct ion , F SI & A pproval) | * In addit ion , t here is S&M, H R, A dmin cos t ~1 0 % of Sales #J V/ DM/ O t her Equit y Part n er es t imat ed s hare in n et s urplus for on goin g project s is IN R 9 .5 bn * * Commercial in cludes Project 3 3 F ift een havin g a t ot al GDV of IN R 9 .4 9 bn in cludin g J V Share of 5 0 %
2 5
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K e y s t o n e R e a l t o r s L i m i t e d
Forthcoming Projects as on 30th Sep 2025
Company Overview Performance Highlights Management Structure
CATEGORY
Residential (A)
Super Premium/Premium
Aspirational
Mid & Mass
Affordable
Commercial (B)
Total (A+B)
NO. OF PROJECTS
SALEABLE AREA (MN SQ FT)
EST. GDV (INR BN)
COST TO COMPLETE* (INR BN)
21
2
5
11
3
3
24
18.30
354.96
224.94
0.44
4.16
11.78
1.93
5.29
23.06
104.64
204.88
22.38
75.36
9.90
71.31
132.28
11.45
47.75
23.59
430.32
272.69
Mid/Mass & Aspirational Segment represent ~87% of the Forthcoming Residential Project Portfolio
* Repres en t hard cos t (Lan d, Con s t ruct ion , F SI & A pproval) | * In addit ion , t here is S&M, H R, A dmin cos t ~1 0 % of Sales #J V/ DM/ O t her Equit y Part n er es t imat ed s hare in n et s urplus for fort hcomin g project s is IN R 1 8 .8 bn
2 6
/ / Q u a r t e r l y U p d a t e Q 2 F Y 2 6
K e y s t o n e R e a l t o r s L i m i t e d
Category-wise Performance
Company Overview Performance Highlights Management Structure
CATEGORY
Super premium / Premium*
Aspirational
Mid & Mass
Affordable
Commercial
Total
PRE-SALES (INR BN)
Q2FY26 %Contribution
H1FY26 %Contribution
2.24 29%
1.73 22%
2.55 33%
0.70 9%
0.50 6%
7.72 100%
7.47 41%
3.72 20%
4.74 26%
1.97 11%
0.50 3%
18.39 100%
Pre-Sales is INR 18.39 Bn in H1FY26, 40% growth YoY on half yearly basis
*Higher share of Super Premium/Premium in H1FY26 is attributable to all new launches in this segment only
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K e y s t o n e R e a l t o r s L i m i t e d
Historical Operational Performance (Last 5 Quarters)
Company Overview Performance Highlights Management Structure
Pre-Sales ( N O . O F U N I T S )
Area Sold ( M N S Q . F T . )
Pre-Sales ( I N R B N )
411
415
0.63
0.58
319
0.5
8.6
8.5
0.46
0.41
7.0
254
215
Collections ( I N R B N )
7.5
6.7
5.5
5.4
5.8
10.7
7.7
5 2 Y F 2 Q
5 2 Y F 3 Q
5 2 Y F 4 Q
6 2 Y F 1 Q
6 2 Y F 2 Q
5 2 Y F 2 Q
5 2 Y F 3 Q
5 2 Y F 4 Q
6 2 Y F 1 Q
6 2 Y F 2 Q
5 2 Y F 2 Q
5 2 Y F 3 Q
5 2 Y F 4 Q
6 2 Y F 1 Q
6 2 Y F 2 Q
5 2 Y F 2 Q
5 2 Y F 3 Q
5 2 Y F 4 Q
6 2 Y F 1 Q
6 2 Y F 2 Q
2 8
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K e y s t o n e R e a l t o r s L i m i t e d
New Launches in YTD FY-26
SR. NO.
PROJECT NAME
LAUNCH QUARTER
LOCATION CATEGORY
Rustomjee Balmoral
Q1FY26
Chembur
Rustomjee Crescent
Q1FY26
Pali Hill
Rustomjee Cliff Tower
Q1FY26
Bandra W
Super Premium / Premium
Super Premium / Premium
Super Premium / Premium
1
2
3
4
Company Overview Performance Highlights Management Structure
NATURE OF DEVELOPMENT
RERA COMPLETION DATES
SALEABLE AREA (MN SQ. FT)
EST GDV (INR BN)
Redevelopment
Apr - 30
0.50
16.72
Redevelopment
Dec - 29
0.29
14.71
Redevelopment
Oct - 30
0.11
8.23
33 Fifteen (New Kamal Kunj)
Q2FY26
Bandra W
Commercial
Redevelopment
May - 29
0.21
9.49
Total
1.11
49.16
~70% of the full-year FY26 launches guidance has already been achieved in H1FY26
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K e y s t o n e R e a l t o r s L i m i t e d
New Project Additions in YTD FY-26
SR. NO.
PROJECT NAME
QUARTER OF ACQUISITION
LOCATION CATEGORY
NATURE OF DEVELOPMENT
1
2
3
GTB Nagar Cluster
Q1FY26
Sion
Aspirational
Redevelopment
Lokhandwala Cluster
Q1FY26
Andheri (West)
Aspirational
Redevelopment
Swarganga CHSL*
Q1FY26
Goregaon (East) Mid and Mass
Redevelopment
Total
Company Overview Performance Highlights Management Structure
SALEABLE AREA (MN SQ. FT)
EST GDV (INR BN)
CURRENT STATUS
2.07
1.06
0.12
45.21 LOA Received
29.56
DA done
2.51
DA done
3.25
77.27
~1.29 Times of the full-year FY26 launches guidance has already been achieved in H1FY26
*Part of Dindoshi Cluster
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K e y s t o n e R e a l t o r s L i m i t e d
Project Additions from FY23 onwards
Company Overview Performance Highlights Management Structure
s t c e j o r P f o
.
o N
35
30
25
20
15
10
5
0
25 Projects GDV – 255 Bn
Added 25 Projects from FY23 having estimated GDV of ~ INR 255 Bn
22 Projects GDV – 178 Bn
13 Projects GDV – 130 Bn
5 Projects GDV – 45 Bn
FY23
FY23 to FY24
FY23 to FY25
FY23 to H1FY26
Year
----
Entered New Micro Markets – Chembur, Mahim, Versova, Goregaon, Dombivli, Kasara, Nagpur, Sion, Lokhandwala
----
21 out of 25 Projects are Redevelopment
----
Added 4 Cluster Redevelopments (Lokhandwala Cluster, GTB Nagar Cluster, Dindoshi Cluster, Malad (W) Cluster) ----
19 out of 25 Projects are in Mid/Mass and Aspirational Segment (~85% in terms of total GDV Added)
3 1
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K e y s t o n e R e a l t o r s L i m i t e d
Cash Flows
Company Overview Performance Highlights Management Structure
PARTICULARS (INR Mn)
Q2FY26
YTD FY26
OPERATING ACTIVITIES
Net Collections incl Receipts from DM / JV Projects
Project Expenses
NET CASH FLOW FROM OPERATING ACTIVITIES (A)
INVESTMENT ACTIVITIES
Project Investment (Net of receipts from Equity Partners)*
NET CASH FLOW FROM INVESTMENT ACTIVITIES (B)
FINANCING ACTIVITIES
Debt Drawdown
Repayments
Others
Finance Costs
NET CASH FLOW FROM FINANCING ACTIVITIES (C)
NET CASH FLOWS FOR THE PERIOD (A+B+C)
3,600
(2,507)
1,094
(1,510)
(1,510)
3,969
(1,116)
61
20
2,935
2,519
7,161
(4,889)
2,272
(3,022)
(3,022)
5,511
(2,723)
76
(12)
2,852
2,102
* Includes Land and Approvals
3 2
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K e y s t o n e R e a l t o r s L i m i t e d
Financial Summary – Debt Movement
DEBT MOVEMENT (INR MN)
Gross Debt
Less: Cash and Cash Equivalents
Net Debt
Equity
Gross Debt to Equity Ratio
Net Debt to Equity Ratio
Debt in JV Co.- KRL Share
Company Overview Performance Highlights Management Structure
31-Mar-25 30-June-25
30-Sep-25
3,160
8,737
3,035
7,139
5,882
9,345
(5,578)
(4,104)
(3,463)
27,724
27,946
27,944
0.11
0.11
-
-
1,162
1,023
0.21
-
936
India Ratings has upgraded the Credit outlook and assigned a rating of “A+” (with Positive Outlook)
“ICRA A-” (with Stable Outlook)
Feb 2023
“ICRA A-” (with Positive Outlook)
Feb 2024
“ICRA A” (with Positive Outlook)
May 2024
“ICRA A+” (with Stable Outlook)
May 2025
“IND A+” (with Positive Outlook)
Oct 2025
3 3
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K e y s t o n e R e a l t o r s L i m i t e d
Financial Summary – Profit & Loss
Company Overview Performance Highlights Management Structure
CONSOLIDATED RESULTS (INR Mn)
Q2FY26
Q1FY26
Q2FY25
H1FY26
H1FY25
FY-25
Revenue from Ops
Other Income
Total Income
EBITDA*
PBT
PAT
Share of Profit / (Loss) from JVs / Associates
PAT after Share of Profits
EBITDA Margin %
PBT %
PAT%
PAT after Share of Profits % Adjusted EBITDA*# Adjusted EBITDA %
4,990
216
5,206
371
173
103
(4)
99
7.1%
3.3%
2.0%
1.9%
853
2,731
155
2,886
293
179
184
(21)
163
10.1%
6.2%
6.4%
5.7%
423
16.4%
14.7%
5,331
232
5,562
1,037
911
683
(28)
656
18.6%
16.4%
12.3%
11.8%
1,510
27.2%
7,721
371
8,093
664
353
287
(25)
262
8.2%
4.4%
3.5%
3.2%
1,276
15.8%
9,552
382
9,934
1,619
1,302
957
(45)
912
16.3%
13.1%
9.6%
9.2%
2,196
22.1%
20,041
1,173
21,214
3,327
2,679
1,991
(109)
1,882
15.7%
12.6%
9.4%
8.9%
5,247
24.7%
*EBITDA an d A djus t ed EBITDA in clude O t her in come | #A djus t ed EBITDA is aft er gros s in g up of fin an ce cos t in cluded in cos t of s ales
3 4
/ / Q u a r t e r l y U p d a t e Q 2 F Y 2 6
K e y s t o n e R e a l t o r s L i m i t e d
ESG (Environment, Social and Governance)
Company Overview Performance Highlights Management Structure
Environmental Initiatives
Social Initiatives
Governance
•
Institutionalized waste management practices at all project sites
•
and
External
Internal Stakeholder Engagement Survey and Materiality study • Proactive compliance to existing and new (e.g.
applicable regulations Environmental Acts and Rules)
• Calculation of Scope 1 & Scope 2 GHG 3
Emissions. Calculation of emissions for two categories
scope
• Digitized
ESG Data
and consolidation across all projects from FY23 till date
collection
•
IGBC Green Building Silver Certification received for Urbania D&L
• Precertification for IGBC Silver completed
for Crown and La-Fam Thane
•
•
•
Shot at location – Apne Ghar – Temporary Labour Housing - Urbania
Initiated the first Net Zero Pilot Project at Belle Vue Kasara
Sequestration activities at Belle Vue Kasara for carbon credits
Initiated Management Systems centrally
ISO 14001 and
ISO 45001
title of
• Awarded A+ Grade by the Government of Maharashtra and the Best Vocational Training Provider by the UK India British Council & FICCI • Rustomjee Educate a child
initiative: Every time a family buys a Rustomjee home, a child is educated for a year (More than 1,000 children educated)
•
Evaluation of critical Suppliers and contractors for compliance to ESG
• Awareness and training on Health and Safety at sites for employees and workers • Zero fatalities and NIL high Consequence incidents reported. / Achieved 0.5 mn safe man hours at 180 Bayview without any lost time injuries or fatalities.
illness)
(injury
•
Inaugurated “Apne Ghar” a 35,000 Sqft temporary labor housing solution to accommodate 500 construction workers designed with 84 well-ventilated rooms at the Urbania construction site in Thane. The facility includes an open gym, sports zones, a projector room, a doctor's clinic, maternity room, barber shop, creche, retail outlets, and an entertainment room.
•
Policies Implemented:
o Anti bribery and anti corruption policy o EHS policy o Sustainability policy o Diversity and Inclusion o Information Security o Grievance management o Green Procurement Policy o Human Rights Policy
•
•
ESG Audits undertaken periodically at all project sites.
Sustainability reporting (ESG) as per BRSR and GRI Frameworks aligned with SDG’s
Current Updates :
•
•
Formed a board-level ESG Committee and an ESG Steering Committee (comprising Senior Leadership) to drive ESG initiatives and goals.
Presented the BRSR report to the board's ESG Committee and submitted our BRSR report for FY 24-25.
• Defined our company.
long-term ESG goals
for
the
•
•
Initiatives for ISO 14001 and ISO 45001 are currently in progress.
Completed our first standalone Sustainability Report, aligned with the GRI framework.
3 5
/ / Q u a r t e r l y U p d a t e Q 2 F Y 2 6
K e y s t o n e R e a l t o r s L i m i t e d
Management Structure
Experienced Promoters and Directors
Supported by a Professional Management Team
Shareholding Pattern at the End of Quarter
37
38
39
RUSTOMJEE CROWN | SHOT AT LOCATION
3 6
/ / Q u a r t e r l y U p d a t e Q 2 F Y 2 6
K e y s t o n e R e a l t o r s L i m i t e d
Experienced Promoters and Directors
Company Overview Performance Highlights Management Structure
Boman Irani C H A I R M A N & M A N A G I N G D I R E C T O R
• 29+ years of Real Estate experience • Former President of CREDAI
Chandresh Mehta E X E C U T I V E D I R E C T O R
Percy Chowdhry E X E C U T I V E D I R E C T O R
• 29+ years of Real Estate Experience • Directs the redevelopment initiatives for the Group
• 26+ years of Real Estate Experience • Directs Sales, Marketing and HR
functions
Independent Directors
Ramesh Tainwala N O N - E X E C U T I V E I N D E P E N D E N T D I R E C T O R
• Previously associated with
Samsonite International as CEO
Rahul Divan N O N - E X E C U T I V E I N D E P E N D E N T D I R E C T O R
Seema Mohapatra N O N - E X E C U T I V E I N D E P E N D E N T D I R E C T O R
• Founding partner of Rahul Gautam
Divan & Associates
• Was associated with BBC World Service Trust India as a trustee
3 7
/ / Q u a r t e r l y U p d a t e Q 2 F Y 2 6
K e y s t o n e R e a l t o r s L i m i t e d
Backed by a Professional and Reinforced Management Team
Rakesh Setia
( G R O U P H E A D – S A L E S AND MARKETING)
Atul Date ( G R O U P H E A D - P L A N N I N G & ARCHITECTURE)
Company Overview Performance Highlights Management Structure
Manish Sawant ( G R O U P H E A D – LIAISONING)
Sajal Gupta ( G R O U P C F O & H E A D CORPORATE STRATEGY)
Bimal Nanda ( G R O U P C S A N D COMPLIANCE OFFIC ER)
Aradhana P ( G R O U P H E A D L E G A L )
Anupam Verma ( C E O - K A P S T O N E C O N S T R U C T I O N S )
Rohit Prasad ( G R O U P H E A D B U S I N E S S DEVELOPMENT)
Rahul Mahajan ( C H I E F I N F O R M A T I O N OFFICER)
Mahesh Gera ( G R O U P C H I E F H U MA N RESOURCES OFFICER)
Vinayak Bhosale ( C H I E F O P E R A T I NG OFFICER)
Jennifer Sanjana ( P R O J E C T C E O )
Binitha Dalal ( F O U N D E R – MT . K KAPITAL)
Harsh Chandra ( P R O J E C T C E O )
Vishal Bafna ( P R O J E C T C E O )
Vikas Singhal ( C E O , S P E C I A L P R O J E C T S A N D H E A D S T R A T E G I C I N I T I A T I V E S )
Manish Randev
( P R O J E C T C E O )
Vineet Mehta ( P R O J E C T C E O )
Sreedharan Veede ( H E A D - S P E C I A L P R O J E C T S )
Madhusudan Thakur ( H E A D – C O MME R C I A L DEVELOPMENT)
3 8
/ / Q u a r t e r l y U p d a t e Q 2 F Y 2 6
K e y s t o n e R e a l t o r s L i m i t e d
Siddharth Bhatt ( C E O , C R E S T P R O P E R T Y SOLUTIONS)
Shareholding Pattern as on 30th Sep 2025
Company Overview Performance Highlights Management Structure
FPIs
Abu Dhabi Investment Authority Morgan Stanley India Tata Indian Opportunities Fund
Mutual Funds
Tata Mutual Fund Quant Mutual Fund Bandhan Small Cap Fund
AIF
HDFC Capital Ananta Capital
Insurance
SBI Life Insurance Aditya Birla Sun Life Insurance SBI General Insurance ICICI Pru Life Insurance
Promoter
FPI
Mutual Funds
Insurance
AIF
Promoter
FPI
Mutual Funds
Insurance
AIF
Bodies Corporate
Bodies Corporate
Others
Others
78.25%
3.07%
7.47%
5.80%
2.49%
0.50%
2.42%
3 9
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K e y s t o n e R e a l t o r s L i m i t e d
Disclaimer
Some of the statements in this presentation may be ‘forward- looking statements’ within the meaning of applicable laws and regulations. Actual results might differ substantially from those expressed or implied. Important developments that could affect the company’s operations include changes in the industry structure, significant changes in the political and economic environment in India and overseas, receipt of approvals, tax laws, duties, litigation and labor relations.
4 0
/ / Q u a r t e r l y U p d a t e Q 2 F Y 2 6
RUSTOMJEE ELEMENTS | SHOT AT LOCATION
K e y s t o n e R e a l t o r s L i m i t e d
Financial Summary – Balance Sheet
Company Overview Performance Highlights Management Structure
BALANCE SHEET (INR Mn)
Assets Non Current Assets PPE, Investment Property, ROU Goodwill Investments Financial Assets Tax Assets Other Non Current Assets
Current Assets Inventories Debtors Cash & Bank Other Financial Assets Other Current Assets Total Assets
Equity & Liabilities Equity Share Capital Other Equity Non- Controlling Interest Total Equity
Non Current Liabilities Borrowings Other Financial Liabilities Trade Payables
Current Liabilities Borrowings Trade Payables Other Financial Liabilities Tax Liabilities Other Current Liabilities Total Liabilities
4 1
/ / Q u a r t e r l y U p d a t e Q 2 F Y 2 6
As at September 30,2025
As at March 31, 2025
515 3,182 3,046 1,835 782 173
39,060 1,259 10,810 3,546 5,193 69,401
1,262 26,682 162 28,106
4,436 1,953 135
7,522 7,779 1,866 94 17,510 69,401
571 3,182 3,180 1,753 691 165
38,605 835 8,458 4,198 4,238 65,875
1,260 26,460 126 27,846
2,587 1,937 104
6,458 7,916 1,866 102 17,059 65,875
K e y s t o n e R e a l t o r s L i m i t e d
Thank You
KEYSTONE REALTORS LIMITED 702, Natraj, M.V. Road Junction, Western Express Highway, Andheri East, Mumbai – 400 069. Tel: 022 – 667 66 888 www.rustomjee.com. investor-relations@rustomjee.com
Investor Relations
Mr. Kamal Mittal - Head – Fund Raising & Investor Relations kamalmittal@rustomjee.com
Company Secretary & Compliance
Mr. Bimal Nanda - Group Company Secretary & Compliance Officer bimalnanda@rustomjee.com
Investor Relations Support
M r . K a n a v K h a n n a - E Y ( I R P r a c t ic e ) Kanav.Khanna@in.ey.com
ACTUAL VIEW FROM RUSTOMJEE BALMORAL