Keystone Realtors Ltd. · NSE:RUSTOMJEE
Keystone Realtors — Q3 FY26 Earnings Presentation
42 slides from Keystone Realtors's earnings presentation, Feb 4, 2026
Slide 1: Exchange filing cover letter: Investor Presentation
Date: February 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: 54
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 Q3FY26 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 Q3FY26 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 28+ Million Capabilities Sq. Ft. delivered and Experience Prominent MMR Real Estate developer with Capability and experience in developing 28+ 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 Q3FY26 Keystone Realtors Limited
Slide 14: Our Ecosystem
Company Overview Our Ecosystem Performance Highlights Management Structure Mt. K Kapital CREST – Property Fifth Wall Designs Category II – AIF Management Services RUSTOMJEE SEASONS | SHOT AT LOCATION • Mt. K Kapital is a real estate focused fund • Provides services post purchase of a residential • P
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 • Customer Mobile App providing a • Automated and transparent system of ERP and BIM
Slide 16: Strong residential project pipeline
Company Overview Strong residential project pipeline Performance Highlights Management Structure Ongoing Forthcoming ~8.86 msf saleable ~23.28 msf saleable Ongoing Projects Forthcoming Projects 1 1 3 3 4 6 3 20 Projects 24 Projects GDV INR 171. 83 Bn 4 GDV INR 429.18 Bn (As on Q3FY26) (As on Q3FY26)
Slide 17: Ongoing Projects
1 Company Overview 18 Virar Ongoing Projects Performance Highlights Management Structure Townships 1. Global City (Retail), 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
Slide 18: Forthcoming Projects
1 Company Overview Virar Forthcoming Projects Performance Highlights 16 Management Structure Townships 1. Global City, Virar (W)*** (Mass Market) Commercial 2. Urbania, Thane (W)* (Emerging premium) 21. Urbania Commercial (A JV with Keppel Land of Singapore) 22. OB12 + 13, Bandra (E) 11 23. Dhuruvad
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 YTD FY26) 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 2
Slide 21: Guidance Vs Actual
Company Overview Performance Highlights Guidance Vs Actual Management Structure PARTICULARS FY26 GUIDANCE FY26 YTD ACTUALS REMARKS INR 40 Bn 67% of full year guidance Pre-Sales (INR Bn) INR 26.8 Bn (33% growth YoY) achieved INR 70 Bn ~83% of full year guidance Launches (GDV) GDV - ~INR 58.4 Bn (40%
Slide 22: Performance Snapshot (Q3FY26)
Company Overview Performance Highlights Performance Management Structure Snapshot (Q3FY26) Pre-Sales Value Collections Area Sold ₹ 8.37 Bn ₹ 5.24 Bn 0.46 Mn Sq.Ft. Projects Launched – 1 Projects Added – 1 OCF ₹ 9.19 Bn Estimated GDV ₹ 3.82 Bn ₹ 0.02 Bn Estimated GDV Revenue from Operations EBITDA PA
Slide 23: Performance Snapshot (YTD FY26)
Company Overview Performance Highlights Performance Management Structure Snapshot (YTD FY26) Pre-Sales Value Collections Area Sold ₹ 26.76 Bn ₹ 17.68 Bn 1.59 Mn Sq.Ft. Projects Launched – 5 Projects Added – 4 OCF ₹ 58.35 Bn Estimated GDV ₹ 86.49 Bn Estimated GDV ₹ 2.29 Bn Revenue from Operations EBI
Slide 24: Operational Highlights – Q3FY26
Operational Highlights – Q3FY26 YoY YoY PARTICULARS Q3FY26 Q3FY25 Qtr Growth Q2FY26 YTD FY26 YTD FY25 YTD FY25 (%) Growth (%) Area Sold (Mn Sq. Ft.) 0.46 0.41 13% 0.50 1.59 1.11 43% 1.69 Pre-Sales Value (INR Bn) 8.37 8.63 -3% 7.72 26.76 21.74 23% 30.28 Collection (INR Bn) 5.24 5.42 -3% 6.69 17.68 15
Slide 25: Completed Projects as on 31st Dec 2025
Company Overview Performance Highlights Completed Projects as on 31st Dec 2025 Management Structure TOTAL UNSOLD SR. NAME OF PROJECT SALEABLE AREA SALEABLE AREA NO. (MN SQ FT) (MN SQ FT) 1 Seasons Wing D 0.34 0.01 2 Crown Tower A & B 0.84 0.00 3 Bella C & D Wing 0.17 0.00 4 Parishram 0.08 0.01 5 Bel
Slide 26: Ongoing Projects as on 31st Dec 2025
Company Overview Performance Highlights Ongoing Projects as on 31st Dec 2025 Management Structure TOTAL SOLD EST COST TOTAL SOLD NO. OF SALEABLE SALEABLE % UNSOLD TO CATEGORY GDV RECEIVABLE PROJECTS AREA AREA SHARE INVENTORY COMPLETE * (INR BN) (INR BN) (MN SQ FT) (%) (INR BN) (INR BN) Residential 1
Slide 27: Forthcoming Projects as on 31st Dec 2025
Company Overview Performance Highlights Forthcoming Projects as on 31st Dec 2025 Management Structure NO. OF SALEABLE EST. GDV COST TO CATEGORY PROJECTS AREA (INR BN) COMPLETE* (MN SQ FT) (INR BN) Residential (A) 21 17.99 353.82 224.49 Luxur y 1 0.35 19.70 6.76 Premium 6 4.48 117.22 80.20 Emerging P
Slide 28: Category-wise Performance
Company Overview Performance Highlights Category-wise Performance Management Structure CATEGORY PRE-SALES (INR BN) Q3FY26 YTD FY26 %Contribution % Contribution Luxur y 0.65 3.11 8% 12% Super Premium 1.76 6.77 21% 25% Premium 1.65 5.37 20% 20% Emerging Premium 2.76 7.50 33% 28% Mass Market 0.52 2.49
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) 411 415 7.5 0.63 10.7 0.58 6.7 0.5 8.6 5.8 319 305 8.5 8.4 5.4 0.46 7.7 5.2 0.41 254 Q3FY26 Q3FY25
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) 1 Rustomjee Balmoral Q1FY26 Chembur Super Premium 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 Premium Redevelopment 2.07 45.
Slide 32: Project Additions from FY23 onwards
Company Overview Performance Highlights Project Additions from FY23 onwards Management Structure 35 26 Projects Added 26 Projects from FY23 having GDV – 264 Bn estimated GDV of ~ INR 264 Bn 30 ---- 25 22 Projects Entered New Micro Markets – Chembur, GDV – 178 Bn Mahim, Versova, Goregaon, Dombivli, K
Slide 33: Cash Flows
Company Overview Performance Highlights Cash Flows Management Structure PARTICULARS (INR Mn) Q3FY26 YTD FY26 OPERATING ACTIVITIES Net Collections incl Receipts from DM / JV Projects 2,729 9,889 Project Expenses (2,706) (7,595) NET CASH FLOW FROM OPERATING ACTIVITIES (A) 22 2,294 INVESTMENT ACTIVITIE
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 31-Dec-25 Gross Debt 3,160 3,035 5,882 6,254 Less: Cash and Cash Equivalents 8,737 7,139 9,345 7,172 Net Debt (5,578) (4,104) (3,463) (918) Equity 27,7
Slide 35: Financial Summary – Profit & Loss
Company Overview Performance Highlights Financial Summary – Profit & Loss Management Structure CONSOLIDATED RESULTS (INR Mn) Q3FY26 Q2FY26 Q3FY25 YTD FY26 YTD FY25 FY-25 Revenue from Ops 2,664 4,990 4,640 10,386 14,193 20,041 Other Income 278 216 218 649 600 1,173 Total Income 2,942 5,206 4,858 11,0
Slide 36: ESG (Environment, Social and Governance)
Company Overview Performance Highlights ESG (Environment, Social and Governance) Management Structure Environmental Social Governance Initiatives Initiatives • Awarded A+ Grade by the Government of • Policies Implemented: • Institutionalized waste management Maharashtra and title of the Best Vocatio
Slide 37: Management Structure
Management Structure Experienced Promoters and Directors 37 RUSTOMJEE CROWN | SHOT AT LOCATION SBacked by a Professional Management Team 38 Shareholding Pattern at the End of Quarter 39 36 //Quarterly Update Q3FY26 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 31st Dec 2025
Company Overview Performance Highlights Management Structure Shareholding Pattern as on 31st Dec 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 74.59% FPI 3.08% 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: 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