Keystone Realtors Ltd. · NSE:RUSTOMJEE
Keystone Realtors — Q2 FY26 Earnings Presentation
43 slides from Keystone Realtors's earnings presentation, Nov 12, 2025
Slide 1: Cover letter to stock exchanges
Date: November 12, 2025 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: 5
Slide 2: Investor Presentation
Investor Presentation RUSTOMJEE CROWN | SHOT AT LOCATION K e ys t o n e R e a l t o r s L i m i t e d
Slide 3: Table of Contents
Table of Contents 01 Company Overview 02 Performance Highlights Know more about the 03 www.rust o m je e. c o m Management Structure 02 //Quarterly Update Q2FY26 Keystone Realtors Limited
Slide 4: Company Overview
Company Overview A Snapshot of Rustomjee 4-10 Our Journey over two decades 11 Important Associates 12 Our Ecosystem 13 Technology in Planning, Execution, Sales & Marketing 14 Project Pipeline 15 ACTUAL VIEWS FROM THE RUSTOMJEE CROWN SUPERIMPOSED. Ongoing & Forthcoming Projects 16-17 Growth Drivers 1
Slide 5: Management Structure
Company Overview Performance Highlights Management Structure 29+ years Young Company Promoted by nurturing spaces since 1996 Boman Irani Chandresh Mehta Percy Chowdhry CHAIRMAN & MANAGING EXECUTIVE DIRECTOR EXECUTIVE DIRECTOR DIRECTOR • 29+ years of Real Estate experience • 29+ years of Real Estate
Slide 6: A Snapshot: Leading Developer in MMR
Company Overview A Snapshot Recent Accolades and Performance Highlights Management Structure Industry recognition awards RUSTOMJEE - Leading Developer in MMR Community Initiative Award - Thane Labour Camp Realty+ Harit Bharat Awards 2025 Icons of Construction - Rustomjee Group CREDAI MCHI 2025 Iconi
Slide 7: Some of our Marquee Projects
Company Overview Performance Highlights Our some of the Marquee Projects Management Structure ELEMENTS – JUHU SEASONS – BANDRA (E) CROWN - PRABHADEVI PARAMOUNT – KHAR (W) URBANIA - THANE 06 //Quarterly Update Q2FY26 Keystone Realtors Limited 6
Slide 8: Testament to our robust experience in redevelopment projects
Company Overview Performance Highlights Testament to our robust experience in redevelopment projects Management Structure Parishram, Pali Hill SEASONS, BKC Elements, Off Juhu Circle Before After Awarded Design Project of the Year Awarded Best Re-development Project Awarded Best Community Design & Re
Slide 9: Testament to our robust experience in redevelopment projects
Company Overview Performance Highlights Testament to our robust experience in redevelopment projects Management Structure Oriana, BKC Erika, Bandra East Paramount, Khar (W) Before After Awarded Best Community Design & Awarded Best Re-development Project . by Et Now Real Estate Awards In 2019. Redeve
Slide 10: A Snapshot (Contd.)
Company Overview A Snapshot (Contd.) Performance Highlights Management Structure 26+ Million Capabilities Sq. Ft. delivered and Experience Prominent MMR Real Estate developer with Capability and experience in developing 26+ Million Sq. Ft. construction area delivered standalone buildings, gated comm
Slide 11: A Snapshot (Contd.)
Company Overview A Snapshot (Contd.) Performance Highlights Management Structure End to End Project Sustainable Management Development Capabilities Strong focus developments on sustainability in all our End-to-end project capabilities with in-house expertise across Business Development, Architecture
Slide 12: Our Journey over Two Decades
Company Overview Performance Highlights Our Journey over Two Decades Management Structure • 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 tow
Slide 13: Important Associates
Company Overview Performance Highlights Important Associates Management Structure Strategic Partners/ Banking & Financial Project Partners Auditors & Advocates Institutions Private Equity 12 //Quarterly Update Q2FY26 Keystone Realtors Limited
Slide 14: Our Ecosystem
Company Overview Our Ecosystem Performance Highlights Management Structure Mt. K Kapital CREST – Property Fifth Wall Designs3 Category II – AIF1 Management Services2 RUSTOMJEE SEASONS | SHOT AT LOCATION • Mt. K Kapital is a real estate focused fund • Provides services post purchase of a residential
Slide 15: Technology in Planning, Execution, Sales & Marketing
Company Overview Technology in Planning, Execution, Sales & Marketing Performance Highlights Management Structure Project planning Sales & Customer Recent & Execution Experience Developments • Combined implementation • Helps better understand • Automated and transparent of ERP and BIM systems custom
Slide 16: Strong residential project pipeline
Company Overview Strong residential project pipeline Performance Highlights Management Structure Ongoing Forthcoming ~8.82 msf saleable ~23.59 msf saleable Ongoing Projects Forthcoming Projects 1 3 3 3 7 19 Projects 24 Projects GDV INR 162.36 Bn 11 GDV INR 430.32 Bn (As on Q2FY26) (As on Q2FY26) 2 4
Slide 17: Ongoing Projects
1 Company Overview 18 Virar Ongoing Projects Performance Highlights Management Structure 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) 2 Resident
Slide 18: Forthcoming Projects
1 Company Overview Virar Forthcoming Projects Performance Highlights 16 Management Structure Townships 1. Global City, Virar (W)*** (Affordable) Commercial 2. Urbania, Thane (W)* (Mid and Mass) 21. Urbania Commercial (A JV with Keppel Land of Singapore) 22. OB12 + 13, Bandra (E) 11 23. Dhuruvadi, Pr
Slide 19: Growth Drivers
Company Overview Growth Drivers 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 clust
Slide 20: Performance Highlights
Performance Highlights Guidance V/s Actual 20 Performance Snapshot (For the quarter and H1FY26) 21-22 Operational Highlights 23 Completed projects 24 Ongoing projects 25 Forthcoming Projects 26 Category wise Performance 27 Historical Operational Performance (Last 5Q) 28 New Launches in YTD FY-26 29
Slide 21: Guidance Vs Actual
Company Overview Performance Highlights Guidance Vs Actual Management Structure PARTICULARS FY26 GUIDANCE FY26 YTD ACTUALS REMARKS INR 40 Bn 46% of full year FY26 Pre- Pre-Sales (INR Bn) INR 18.39 Bn (33% growth YoY) Sales guidance achieved INR 70 Bn ~70% of the full-year FY26 Launches (GDV) GDV - ~
Slide 22: Performance Snapshot (Q2FY26)
Company Overview Performance Highlights Performance Management Structure Snapshot (Q2FY26) Pre-Sales Value Collections Area Sold ₹ 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 In
Slide 23: Performance Snapshot (H1FY26)
Company Overview Performance Highlights Performance Management Structure Snapshot (H1FY26) Pre-Sales Value Collections Area Sold ₹ 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 EBITD
Slide 24: Operational Highlights – Q2FY26
Operational Highlights – Q2FY26 YoY YoY PARTICULARS Q2FY26 Q2FY25 Qtr Growth Q1FY26 H1FY26 H1FY25 H1 Growth FY25 (%) (%) Area Sold (Mn Sq. Ft.) 0.50 0.46 9% 0.63 1.13 0.70 61% 1.69 Pre-Sales Value (INR Bn) 7.72 7.00 10% 10.68 18.39 13.11 40% 30.28 Collection (INR Bn) 6.69 5.52 21% 5.75 12.45 10.37 2
Slide 25: Completed Projects as on 30th Sep 2025
Company Overview Performance Highlights Completed Projects as on 30th Sep 2025 Management Structure TOTAL UNSOLD COST SOLD EST UNSOLD SR. SALEABLE SALEABLE TO NAME OF PROJECT RECEIVABLE INVENTORY NO. AREA AREA COMPLETE * (INR BN) (INR BN) (MN SQ FT) (MN SQ FT) (INR BN) 1 Seasons Wing D 0.34 0.01 0.0
Slide 26: Ongoing Projects as on 30th Sep 2025
Company Overview Performance Highlights Ongoing Projects as on 30th Sep 2025 Management Structure UNSOLD TOTAL EST COST SALEABLE SOLD NO. OF SALEABLE GDV % UNSOLD TO CATEGORY AREA RECEIVABLE PROJECTS AREA (INR BN) SHARE INVENTORY COMPLETE * (MN SQ (INR BN) (MN SQ FT) (INR BN) (INR BN) FT) Residentia
Slide 27: Forthcoming Projects as on 30th Sep 2025
Company Overview Performance Highlights Forthcoming Projects as on 30th Sep 2025 Management Structure NO. OF SALEABLE EST. GDV COST TO CATEGORY PROJECTS AREA (INR BN) COMPLETE* (MN SQ FT) (INR BN) Residential (A) 21 18.30 354.96 224.94 Super Premium/Premium 2 0.44 23.06 9.90 Aspirational 5 4.16 104.
Slide 28: Category-wise Performance
Company Overview Performance Highlights Category-wise Performance Management Structure CATEGORY PRE-SALES (INR BN) Q2FY26 H1FY26 %Contribution % Contribution Super premium / Premium* 2.24 7.47 29% 41% Aspirational 1.73 3.72 22% 20% Mid & Mass 2.55 4.74 33% 26% Affordable 0.70 1.97 9% 11% Commercial
Slide 29: Historical Operational Performance (Last 5 Quarters)
Company Overview Performance Highlights Historical Operational Performance (Last 5 Quarters) Management Structure Pre-Sales Area Sold Pre-Sales Collections (NO. OF UNITS) (MN SQ.FT.) (INR BN) (INR BN) 415 7.5 411 0.63 10.7 0.58 6.7 319 0.5 8.6 8.5 5.8 5.5 5.4 0.46 7.7 0.41 7.0 254 215 Q2FY26 Q2FY25
Slide 30: New Launches in YTD FY-26
Company Overview Performance Highlights New Launches in YTD FY-26 Management Structure SALEABLE RERA SR. LAUNCH NATURE OF AREA EST GDV PROJECT NAME LOCATION CATEGORY COMPLETION NO. QUARTER DEVELOPMENT (MN SQ. (INR BN) DATES FT) Super Premium 1 Rustomjee Balmoral Q1FY26 Chembur Redevelopment Apr - 30
Slide 31: New Project Additions in YTD FY-26
Company Overview Performance Highlights New Project Additions in YTD FY-26 Management Structure SALEABLE SR. QUARTER OF NATURE OF AREA EST GDV CURRENT PROJECT NAME LOCATION CATEGORY NO. ACQUISITION DEVELOPMENT (MN SQ. (INR BN) STATUS FT) 1 GTB Nagar Cluster Q1FY26 Sion Aspirational Redevelopment 2.0
Slide 32: Project Additions from FY23 onwards
Company Overview Performance Highlights Project Additions from FY23 onwards Management Structure 35 Added 25 Projects from FY23 having 25 Projects estimated GDV of ~ INR 255 Bn GDV – 255 Bn 30 ---- 25 Entered New Micro Markets – Chembur, 22 Projects Mahim, Versova, Goregaon, Dombivli, GDV – 178 Bn K
Slide 33: Cash Flows
Company Overview Performance Highlights Cash Flows Management Structure PARTICULARS (INR Mn) Q2FY26 YTD FY26 OPERATING ACTIVITIES Net Collections incl Receipts from DM / JV Projects 3,600 7,161 Project Expenses (2,507) (4,889) NET CASH FLOW FROM OPERATING ACTIVITIES (A) 1,094 2,272 INVESTMENT ACTIVI
Slide 34: Financial Summary – Debt Movement
Company Overview Performance Highlights Financial Summary – Debt Movement Management Structure DEBT MOVEMENT (INR MN) 31-Mar-25 30-June-25 30-Sep-25 Gross Debt 3,160 3,035 5,882 Less: Cash and Cash Equivalents 8,737 7,139 9,345 Net Debt (5,578) (4,104) (3,463) Equity 27,724 27,946 27,944 Gross Debt
Slide 35: Financial Summary – Profit & Loss
Company Overview Performance Highlights Financial Summary – Profit & Loss Management Structure CONSOLIDATED RESULTS (INR Mn) Q2FY26 Q1FY26 Q2FY25 H1FY26 H1FY25 FY-25 Revenue from Ops 4,990 2,731 5,331 7,721 9,552 20,041 Other Income 216 155 232 371 382 1,173 Total Income 5,206 2,886 5,562 8,093 9,93
Slide 36: ESG (Environment, Social and Governance)
Company Overview Performance Highlights ESG (Environment, Social and Governance) Management Structure Environmental Social Governance Initiatives Initiatives • Institutionalized waste management • Awarded A+ Grade by the Government of • Policies Implemented: practices at all project sites Maharashtr
Slide 37: Management Structure
Management Structure Experienced Promoters and Directors 37 RUSTOMJEE CROWN | SHOT AT LOCATION Supported by a Professional Management Team 38 Shareholding Pattern at the End of Quarter 39 36 //Quarterly Update Q2FY26 Keystone Realtors Limited
Slide 38: Experienced Promoters and Directors
Company Overview Performance Highlights Management Structure Experienced Promoters and Directors Boman Irani Chandresh Mehta Percy Chowdhry CHAIRMAN & MANAGING EXECUTIVE DIRECTOR EXECUTIVE DIRECTOR DIRECTOR • 29+ years of Real Estate experience • 29+ years of Real Estate Experience • 26+ years of Re
Slide 39: Backed by a Professional and Reinforced Management Team
Backed by a Professional and Reinforced Management Team Company Overview Performance Highlights Management Structure Sajal Gupta Rakesh Setia Atul Date Manish Sawant (GROUP CFO & HEAD CORPORATE STR ATEGY) (GROUP HEAD – SALES (GROUP HEAD - PLANNING ( G R O U P H E A D – LIAISONING) AND MARKETING) & A
Slide 40: Shareholding Pattern as on 30th Sep 2025
Company Overview Performance Highlights Management Structure Shareholding Pattern as on 30th Sep 2025 FPIs Abu Dhabi Investment Authority Morgan Stanley India Tata Indian Opportunities Fund Mutual Funds Tata Mutual Fund Quant Mutual Fund Promoter Bandhan Small Cap Fund Promoter 78.25% FPI 3.07% FPI
Slide 41: 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 42: Financial Summary – Balance Sheet
Company Overview Performance Highlights Financial Summary – Balance Sheet Management Structure As at As at BALANCE SHEET (INR Mn) September March 31, 30,2025 2025 Assets Non Current Assets PPE, Investment Property, ROU 515 571 Goodwill 3,182 3,182 Investments 3,046 3,180 Financial Assets 1,835 1,753
Slide 43: 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