Keystone Realtors Ltd. · NSE:RUSTOMJEE
Keystone Realtors — Q1 FY2027 Earnings Presentation
54 slides from Keystone Realtors's earnings presentation, Aug 4, 2026
Slide 1: Stock exchange cover letter for investor presentation
Date: August 4, 2026 The General Manager, The Vice President Listing Department, Listing Department, BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, “Exchange Planza”, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra East, Mumbai – 400 051 Scrip Code: 5436
Slide 2: Investor Presentation
INVESTOR PRESENTATION KEYSTONE REALTORS LIMITED
Slide 3: Table of Contents
TABLE OF CONTENTS COMPANY OVERVIEW 01 PERFORMANCE HIGHLIGHTS 02 MANAGEMENT STRUCTURE 03 Know more about the company www.rustomjee.com 2
Slide 4: Company Overview
COMPANY OVERVIEW 4-12 13 14 15 16 17-19 3 PARISHRAM BY RUSTOMJEE – SHOT AT LOCATION
Slide 5: Nurturing Spaces Since 1996
NURTURING SPACES SINCE 1996 30+ YEARS YOUNG COMPANY PROMOTED BY BOMAN R. IRANI CHANDRESH MEHTA PERCY CHOWDHRY CHAIRMAN & MANAGING DIRECTOR EXECUTIVE DIRECTOR EXECUTIVE DIRECTOR 30+ years of Real Estate experience 30+ years of Real Estate Experience 27+ years of Real Estate Experience Chairman of CRE
Slide 6: A Snapshot: Rustomjee - Leading Developer in MMR
A SNAPSHOT: RUSTOMJEE - LEADING DEVELOPER IN MMR 1. MMR 2. PROMINENT 3. ASSET LIGHT FOCUSED REDEVELOPMENT BRAND MODEL 30+ 29+ msf RECENT ACCOLADES AND INDUSTRY RECOGNITION Rustomjee Group - Iconic Excellence in Thoughtful Design & Living Years of existence Construction Area developed Rustomjee Belle
Slide 7: Rustomjee - Strengths & Growth Visibility
RUSTOMJEE - STRENGTHS & GROWTH VISIBILITY PROVEN TRACK RECORD GROWTH VISIBILITY ROBUST FINANCIALS Asset Light, optimally leveraged with improved profitability Sizeable, visible and skewed to premium Conservative leverage & expanding margins at the project level EXECUTION DEPTH SCALING FAST, BUILDING
Slide 8: Redevelopment – A Large Business Opportunity
REDEVELOPMENT – A LARGE BUSINESS OPPORTUNITY 70% Redevelopment >1.6 lakh Low Investment of the open land in Mumbai is Major Source of Supply in MMR High Project IRR Societies are 30+ year old already developed • Redevelopment unlocks prime, • 70% to 85% of the New supplies in • Redevelopment creates
Slide 9: Growth Drivers
GROWTH DRIVERS Leverage our leadership position in Continue to build an asset light the redevelopment space and business model micro markets that we operate in Grow our presence in the Premium Focus on growth areas in and Emerging premium segment. proximity of upcoming infrastructure projects PARISH
Slide 10: Testament to Our Robust Experience in Redevelopment Projects
TESTAMENT TO OUR ROBUST EXPERIENCE IN REDEVELOPMENT PROJECTS PARISHRAM, PALI HILL SEASONS, BKC ANNEXE ELEMENTS, OFF JUHU CIRCLE BEFORE AFTER BEFORE AFTER BEFORE AFTER AFTER AFTER AFTER 17 Homes Rehoused 169 Homes Rehoused 480 Homes Rehoused 9
Slide 11: Testament to Our Robust Experience in Redevelopment Projects
TESTAMENT TO OUR ROBUST EXPERIENCE IN REDEVELOPMENT PROJECTS ORIANA, BKC ERIKA, BANDRA EAST PARAMOUNT, KHAR (W) BEFORE AFTER BEFORE AFTER BEFORE AFTER ORIGINAL ASSET ORIGINAL ASSET ORIGINAL ASSET ORIGINAL ASSET ORIGINAL ASSET ORIGINAL ASSET PLACEHOLDER PLACEHOLDER PLACEHOLDER PLACEHOLDER PLACEHOLDER
Slide 12: Some of Our Other Marquee Projects
SOME OF OUR OTHER MARQUEE PROJECTS RUSTOMJEE URBANIA RUSTOMJEE SEASONS RUSTOMJEE PARAMOUNT RUSTOMJEE ELEMENTS RUSTOMJEE CROWN 11
Slide 13: What's Next….
WHAT’S NEXT…. FEW OF THE ONGOING REDEVELOPMENT PROJECTS FEW OF THE FORTHCOMING REDEVELOPMENT PROJECTS 28 HQ (DHURU WADI) AVINASH TOWERS PRABHADEVI VERSOVA COMML – 0.32 Mn SFT RESI – 0.39 Mn SFT RUSTOMJEE OCEAN VISTA, VERSOVA RUSTOMJEE CLIFF TOWER, MOUNT MARY, BANDRA-W GTB NAGAR LOKHANDWALA SION ANDH
Slide 14: Our Journey over Three Decades
Our Journey over Three Decades • La unc he d its • Launched the • Launched the • Mausmi SA Investments • Launched the • Entered into a • Acquired Land • Entered into First Plotted • Sales launch first Re sid e ntia l Development township tower LLC made an investment redevelopment Development located
Slide 15: Important Associates
IMPORTANT ASSOCIATES Strategic Partners/ Banking & Project Partners Auditors & Advocates Private Equity Financial Institutions 14
Slide 16: Our Ecosystem
OUR ECOSYSTEM Mt. K Kapital CREST - Property Fifth Wall Category II – AIF Management Services Designs [ Logo Space ] [ Image Space ] Mt. K Kapital is a real estate focused • Provides services post purchase of a • Provides interior design services to • fund management company, having residential and
Slide 17: Strong Residential Project Pipeline
STRONG RESIDENTIAL PROJECT PIPELINE Ongoing Forthcoming ~8.73 msf saleable ~22.78 msf saleable Ongoing Projects Forthcoming Projects 2 2 4 6 4 3 17 Projects 21 Projects GDV INR 193.5 Bn GDV INR 430.0 Bn (As on Q1FY27) (As on Q1FY27) 2 2 4 9 Category Price Range Luxury > ₹ 150 million Luxury Super Pr
Slide 18: Completed Projects
2 COMPLETED PROJECTS 1 COMPANY OVERVIEW 41 Virar Townships Residential Projects (Contd.) Commercial 1. Global City, Virar (W) Phase 1 19. 9 JVPD, Juhu 36. Sangam, Santacruz (W) 2. Global City, Virar (W) Phase 2 20. Central Park, Andheri (E) 37. Natraj, Andheri (E) 3. Urbania, Thane (W) 21. Buena Vis
Slide 19: Ongoing Projects
1 Kasara ONGOING PROJECTS Virar COMPANY OVERVIEW 17 Townships 1. Global City, Virar (W)*** (Mass Market) 2. La Vie, La Familia, Verdant Vistas A Wing, Verdant Vistas B Wing - Urbania, Thane (W)* (Emerging Premium) (A JV with Keppel Land of Singapore) 2 Residential Projects Borivali Thane 3. Aden, Ba
Slide 20: Forthcoming Projects
Nagpur 1 11 FORTHCOMING PROJECTS COMPANY OVERVIEW Igatpuri Virar 21 Townships Cluster Development - Resi 1. Global City, Virar (W)*** (Mass Market) 13. GTB Nagar Cluster, Sion (Premium) 2. Urbania, Thane (W)* (Emerging premium) (A JV with Keppel Land of 14. Lokhandwala Cluster, Andheri (W) (Premium)
Slide 21: Performance Highlights
Performance Snapshot (For the quarter) 21 Operational Highlights 22 Guidance Vs Actuals and Vision 2030 23 Scaling the Sales Engine to Deliver 24-27 Unsold Inventory of Completed projects 28 Snapshot of Ongoing projects 29 Snapshot of Forthcoming Projects 30 Projected Incremental Cash Flows 31 Detai
Slide 22: Performance Snapshot (Q1FY27)
PERFORMANCE SNAPSHOT (Q1FY27) Pre-Sales Value Collections Area Sold ₹ 6.17 Bn ₹ 5.99 Bn 0.32 Mn Sq.Ft. Projects Launched Projects Added – 2 OCF ₹ NIL ₹ 5.47 Bn ₹ 0.68 Bn Estimated GDV Revenue from Operations EBITDA PAT ₹ 4.70 Bn ₹ 1.05 Bn ₹ 0.52 Bn Total Income – 4.93 Bn EBITDA Margin - 21.3% Strong
Slide 23: Operational Highlights – Q1FY27
OPERATIONAL HIGHLIGHTS – Q1FY27 PARTICULARS Q1FY27 Q1FY26 YOY QTR GROWTH (%) Q4FY26 Area Sold (Mn Sq. Ft.) 0.32 0.63 -49% 0.53 Pre-Sales Value (INR Bn) 6.17 10.68 -42% 13.46 Collection (INR Bn) 5.99 5.75 4% 8.53 Sustenance sales: Driven by sustained buyer interest and continued confidence from custo
Slide 24: Guidance vs Actual & Vision 2030
GUIDANCE VS ACTUAL & VISION 2030 PARTICULARS FY27 GUIDANCE FY27 YTD ACTUALS Pre-Sales (INR Bn) INR 50 Bn INR 6.2 Bn Launches (GDV) INR 80 Bn NIL Project Additions (GDV) INR 80 Bn GDV - ~INR 5.5 Bn Gross Debt / Equity Ratio < 0.75:1 0.30:1 PRE SALES: VISION FOR 2030 ~26% CAGR
Slide 25: Scaling the Sales Engine to Deliver
SCALING THE SALES ENGINE TO DELIVER Targeting INR 10,000 Crore Pre-Sales by FY30 MMR Redevelopment Premiumization & Portfolio Increase Launch Velocity & Execution to boost Leadership Upgrade Business Development Customer Confidence • Deepen presence in society • Conscious shift toward • Acquire proj
Slide 26: Cluster Redevelopment
CLUSTER REDEVELOPMENT : Scale Multiplier to INR 10,000 Crore Pre-Sales Cluster Redevelopment is Redevelopment of multiple adjoining Cluster Development societies into unified, modern developments GTB Nagar Cluster Core strategy to unlock value in land-scarce, high-demand micro- Lokhandwala Cluster m
Slide 27: Plotted Development
PLOTTED DEVELOPMENT : Velocity Multiplier to INR 10,000 Crore Pre-Sales FIRST PLOTTED DEVELOPMENT OF RUSTOMJEE : RUSTOMJEE BELLE VUE THE CITY'S MOST BEAUTIFUL SECOND HOMES IN KASARA Why plotted development? 88 acres | 500 plots • Lower execution timeline • Quicker cash flow cycles, asset light capit
Slide 28: Commercial Projects
COMMERCIAL PROJECTS : Stability Multiplier to INR 10,000 Crore Pre-Sales Completed Projects Ongoing Projects Project Name / Building Name Project Location Project Name / Building Name Project Location Natraj Andheri (E) 33Fifteen Bandra (W) Aspiree Sion (E) OB 12 Bandra (E) Sangam Santacruz (W) Fort
Slide 29: Unsold Inventory of Completed Projects as on 30th June 2026
UNSOLD INVENTORY OF COMPLETED PROJECTS AS ON 30TH JUNE 2026 SR. NO. NAME OF PROJECT TOTAL SALEABLE AREA (MN SQ FT) UNSOLD SALEABLE AREA (MN SQ FT) 1 Seasons 0.95 0.01 2 Crown Tower A,B & C 1.44 0.04 3 Parishram 0.08 0.01 4 Cleon 0.07 0.00 5 Belle Vue Phase I 0.51 0.15 6 Ashiana 0.04 0.00 Total 3.08
Slide 30: Snapshot of Ongoing Projects as on 30th June 2026
SNAPSHOT OF ONGOING PROJECTS AS ON 30TH JUNE 2026 TOTAL SOLD EST COST SALEABLE SALEABLE TOTAL SOLD UNSOLD TO CATEGORY NO. OF AREA AREA GDV % RECEIVABLE INVENTORY COMPLETE* PROJECTS (MN SQ FT) (%) (INR BN) SHARE (INR BN) (INR BN) (INR BN) Residential (A) 15 8.44 53% 180.99 100% 42.55 104.80 75.27 Lux
Slide 31: Snapshot of Forthcoming Projects as on 30th June 2026
SNAPSHOT OF FORTHCOMING PROJECTS AS ON 30TH JUNE 2026 SALEABLE COST TO NO. OF AREA EST. GDV COMPLETE* CATEGORY PROJECTS (MN SQ FT) (INR BN) (INR BN) Residential (A) 19 19.72 367.79 231.17 Premium 6 6.59 167.72 108.45 Emerging Premium 9 9.84 175.14 110.15 Mass Market 4 3.29 24.94 12.56 Commercial (B)
Slide 32: Projected Incremental Cash Flows
PROJECTED INCREMENTAL CASH FLOWS COMPLETED ONGOING FORTHCOMING TOTAL PARTICULARS PROJECTS PROJECTS PROJECTS (INR BN) (INR BN) (INR BN) (INR BN) Sold Receivables 4.09 43.71 - 47.79 Unsold Inventory 3.28 115.67 430.04 548.99 Total Receivables 7.37 159.38 430.04 596.78 Balance Cost to Complete* 3.31 80
Slide 33: Details - Ongoing Projects as on 30th June 2026
DETAILS - ONGOING PROJECTS AS ON 30TH JUNE 2026 SALEABLE AREA (MN SQ FT) SOLD VALUE (INR BN) PROJECT CATEGORY LAUNCH TOTAL SOLD UNSOLD TOTAL VALUE SOLD RECEIVABLE Panorama Luxury Q4 FY 24 0.06 0.05 0.01 3.4 1.4 Ocean Vista Luxury Q1 FY 25 0.15 0.10 0.05 4.5 3.1 Cliff Tower Luxury Q1 FY 26 0.11 0.02
Slide 34: Details - Forthcoming Projects as on 30th June 2026
DETAILS - FORTHCOMING PROJECTS AS ON 30TH JUNE 2026 PROJECT CATEGORY TOTAL SALEABLE AREA (MN SQ FT) PROJECT CATEGORY TOTAL SALEABLE AREA (MN SQ FT) Shivneri Premium 0.09 Goregaon JV Emerging Premium 0.81 Ambedkar Nagar Premium 0.54 Rustomjee Ozone Skye Emerging Premium 0.22 (Ozone - Phase 2) Avinash
Slide 35: Category-wise Performance
CATEGORY-WISE PERFORMANCE PRE-SALES (INR BN) CATEGORY Q1FY27 % Contribution Residential (A) 6.04 100% Luxury 2.31 38% Super Premium 1.18 20% Premium 0.73 12% Emerging Premium 1.42 23% Mass Market 0.40 7% Commercial (B) 0.13 100% Total (A+B) 6.17 INR 5.64 Bn (93%) of Q1FY27 Pre-Sales from Premium Cat
Slide 36: Historical Operational Performance
HISTORICAL OPERATIONAL PERFORMANCE Area Sold Pre-Sales Collections (MN SQ.FT.) (INR BN) (INR BN) ~27% CAGR TILL FY26 ~36% CAGR TILL FY26 ~12% CAGR TILL FY26 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 40.2 2.12 26.2 23.3 0.53 13.5 22.0 8.5 1.69 30.3 18.6 6.7 7.5 0.58 8.5 0.46 22.7 1.20 8.4 7.0 5.2 1.04 4.5
Slide 37: New Project Additions in Q1FY27
NEW PROJECT ADDITIONS IN Q1FY27 SR. PROJECT NAME QUARTER OF LOCATION CATEGORY NATURE OF EST GDV CURRENT NO. ACQUISITION DEVELOPMENT (INR BN) STATUS 1 Dindoshi Nagar Cluster * Q1FY27 Goregaon (E) Emerging Premium Redevelopment 1.60 DA Done 2 Plotted Development Q1FY27 Igatpuri Mass Market Plotted Dev
Slide 38: Project Additions from FY23 Onwards
PROJECT ADDITIONS FROM FY23 ONWARDS 27 Projects 350 25 Projects GDV – 311 Bn GDV – 305 Bn Added 27 Projects from FY23 having estimated GDV 5 of ~ INR 311 Bn 300 Entered New Micro Markets – Igatpuri, Chembur, 250 Mahim, Versova, Goregaon, Dombivli, Kasara, Nagpur, 131 Sion, Lokhandwala, Sewri, Dindos
Slide 39: Project Launches from FY23 Onwards
PROJECT LAUNCHES FROM FY23 ONWARDS 200 24 Projects GDV – 186 Bn % OF GDV SOLD TILL Q1FY27 180 FOR THE PROJECTS LAUNCHED 160 140 ~19% 98 120 17 Projects 100 GDV – 88 Bn 80 ~54% 98.0 60 10 Projects 50 GDV – 38 Bn 40 88 ~68% 4 Projects 50.0 GDV – 8 Bn 30 20 38 30.0 8 8 0 FY23 FY23 to FY24 FY23 to FY25
Slide 40: Launch Pipeline for FY-27
LAUNCH PIPELINE FOR FY-27 SALEABLE AREA SR. NO. PROJECT NAME LOCATION CATEGORY (MN SQ. FT) 1 Urban Woods – 2 Towers Dombivli Mass Market 0.50 2 Avinash Tower Versova Premium 0.39 3 Urbania – 2 Towers Thane (W) Emerging premium 0.98 4 28 HQ (Dhuru Wadi) Prabhadevi Commercial 0.32 5 Rustomjee Ozone Sk
Slide 41: Operating Cash Flows (OCF)
OPERATING CASH FLOWS (OCF) PARTICULARS (INR MN) Q1FY27 OPERATING ACTIVITIES Net Collections incl Receipts from DM / JV Projects 4,532 Project Expenses (3,854) OPERATING CASH FLOW GENERATED (A) 678 INVESTMENT ACTIVITIES Project Investment (Net of receipts from Equity Partners)* (2,323) CASH FLOW FROM
Slide 42: Financial Summary – Debt Movement
FINANCIAL SUMMARY – DEBT MOVEMENT DEBT MOVEMENT (INR MN) 30-JUN-26 31-MAR-26 Gross Debt 8,759 7,549 Less: Cash and Cash Equivalents 8,032 8,183 Net Debt 728 (634) Equity 29,248 28,633 Gross Debt to Equity Ratio 0.30 0.26 Net Debt to Equity Ratio 0.02 - Debt in JV Co.- KRL Share 908 800 Average cost
Slide 43: Financial Summary – Profit & Loss
FINANCIAL SUMMARY – PROFIT & LOSS CONSOLIDATED RESULTS (INR MN) Q1FY27 Q4FY26 Q1FY26 FY26 FY26 Revenue from Ops 4,703 15,960 2,731 26,345 Other Income 230 174 155 823 Total Income 4,933 16,134 2,886 27,169 EBITDA* 1,051 989 293 2,044 PBT 693 602 179 1,075 PAT 513 565 184 919 Share of Profit / (Loss)
Slide 44: Gross & EBITDA Margins – Legacy vs Current Projects
GROSS & EBITDA MARGINS – LEGACY VS CURRENT PROJECTS Revenue Q1FY27 (INR Mn) Gross Margin % * Q1FY27 EBITDA Margin % * Q1FY27 9% 4269 1682 39% 434 91% 39% 170 1212 28% 18% 78 Revenue FY26 (INR Mn) Gross Margin % * FY26 EBITDA Margin % * FY26 62% 38% 10032 3917 39% 2068 21% 10% 1551 5% 796 16314 43 *
Slide 45: Embedded EBITDA Margins – Ongoing Projects
EMBEDDED EBITDA MARGINS# – ONGOING PROJECTS SOLD UNSOLD (YET TO BE RECOGNIZED) (YET TO BE RECOGNIZED) CATEGORY (INR BN) GDV * REVENUE EBITDA EBITDA % REVENUE EBITDA EBITDA % Luxury 55.9 12.0 5.8 48% 36.4 18.6 51% Super Premium 66.5 9.0 1.9 21% 26.4 7.4 28% Premium 56.0 8.9 1.8 20% 15.0 3.2 21% Emerg
Slide 46: ESG Goals (Environment, Social and Governance)
ESG GOALS (ENVIRONMENT, SOCIAL AND GOVERNANCE) Environmental Social Goals Governance Goals Goals • Build ESG awareness across 100% of • Achieve a 100% green-certified • Establish a Board-level ESG employees, on-site workforce, other portfolio (IGBC / LEED / GRIHA / Committee and supporting than empl
Slide 47: ESG (Environment, Social and Governance)
ESG (ENVIRONMENT, SOCIAL AND GOVERNANCE) Environmental Initiatives Social Initiatives Governance • Institutionalized waste management practices at all project sites • Awarded A+ Grade by the Government of Maharashtra and title of the • Policies Implemented: Best Vocational Training Provider by the U
Slide 48: Information Technology (Applications and Infra Security)
INFORMATION TECHNOLOGY (APPLICATIONS AND INFRA SECURITY) Project planning Sales & Customer Infrastructure and & Execution Experience Security • Combined implementation •Customer Mobile App providing a • Empowering Users with "Work of SAP and Autodesk Construction seamless omni channel experience to
Slide 49: Management Structure
MANAGEMENT STRUCTURE Experienced Promoters and Directors 49 Backed by a Professional Management Team 50 Shareholding Pattern at the End of Quarter 51 RUSTOMJEE CROWN | SHOT AT LOCATION 48
Slide 50: Experienced Promoters and Directors
EXPERIENCED PROMOTERS AND DIRECTORS Boman Irani Chandresh Mehta Percy Chowdhry CHAIRMAN & MANAGING DIRECTOR EXECUTIVE DIRECTOR EXECUTIVE DIRECTOR • 30+ years of Real Estate experience • 30+ years of Real Estate Experience • 27+ years of Real Estate Experience • Chairman of CREDAI • Directs the redev
Slide 51: Backed by a Professional and Reinforced Management Team
BACKED BY A PROFESSIONAL AND REINFORCED MANAGEMENT TEAM Sajal Gupta Mukesh Singh Atul Date ( GROUP CFO & HEAD Manish Sawant (CHIEF OF SALES) ( GROUP HEAD - PLANNING & ( GROUP HEAD – LIAISONING) CORPORATE STRATEGY) ARCHITECTURE) Bimal Nanda Rohit Prasad Salil Chinchore Vinayak Bhosale (GROUP CHIEF HU
Slide 52: Shareholding Pattern as on 30th June 2026
SHAREHOLDING PATTERN AS ON 30TH JUNE 2026 Promoter Mutual Funds Insurance Others AIF FPI Bodies Corporate FPIs Mutual Funds • Abu Dhabi Investment Authority • Tata Mutual Fund • Morgan Stanley India • Quant Mutual Fund • Tata Indian Opportunities Fund • Bandhan Small Cap Fund AIF Insurance • HDFC Ca
Slide 53: Disclaimer
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 chan
Slide 54: Thank You
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