Keystone Realtors Ltd. · NSE:RUSTOMJEE
Keystone Realtors — Q1 FY26 Earnings Presentation
41 slides from Keystone Realtors's earnings presentation, Aug 5, 2025
Slide 1: Cover letter to stock exchanges
Date: August 5, 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: 5436
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 Q1FY26 Keystone Realtors Limited
Slide 4: Company Overview
Company Overview A Snapshot of Rustomjee 4-9 Our Journey over two decades 10 Important Associates 11 Our Ecosystem 12 Technology in Planning, Execution, Sales & Marketing 13 Ongoing & Forthcoming Projects 14,15 ACTUAL VIEWS FROM THE RUSTOMJEE CROWN SUPERIMPOSED. Project Pipeline 16 Growth Drivers 17
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 India’s Top Builders 2024 in the National Category CWAB Awards 2024 Maharashtra State's Best Employer Award 19th Employer Brand Awards 2024 Ul
Slide 7: Some of the 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 Q1FY26 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 Paramount, Khar (W) Before After Awarded Design Project of the Year Awarded Best Re-development Project Awarded Best C
Slide 9: 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 10: 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 11: 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 12: Important Associates
Company Overview Performance Highlights Important Associates Management Structure 11 //Quarterly Update Q1FY26 Keystone Realtors Limited
Slide 13: 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 14: 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 15: 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 16: Forthcoming Projects
1 Company Overview Virar Forthcoming Projects Performance Highlights 16 Management Structure Townships 1. Global City, Virar (W)*** (Affordable) Commercial 26 2. Urbania, Thane (W)* (Mid and Mass) 21. Urbania Commercial (A JV with Keppel Land of Singapore) 22. OB12 + 13, Bandra (E) 11 23. New Kamal
Slide 17: Strong residential project pipeline in place for future growth
Company Overview Strong residential project pipeline Performance Highlights Management Structure 18 Ongoing 26 Forthcoming in place for future growth ~8.61 msf saleable ~23.79 msf saleable Ongoing Projects Forthcoming Projects 18 26 projects projects Super Premium/Premium 7 Super Premium/Premium 2 C
Slide 18: 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 19: Performance Highlights
Performance Highlights Performance Snapshot (For the quarter) 19 Operational Highlights 20 Guidance V/s Actual 21 Completed projects 22 Ongoing projects 23 Forthcoming Projects 24 Category wise Performance 25 Historical Operational Performance (Last 5Q) 26 New Launches 27 New Projects Additions 28 P
Slide 20: Performance Snapshot (Q1FY26)
Company Overview Performance Highlights Performance Management Structure Snapshot (Q1FY26) Pre-Sales Value Collections Area Sold ₹ 10.68 Bn ₹ 5.75 Bn 0.63 Mn Sq.Ft. Projects Launched – 3 Projects Added – 3 OCF ₹ 39.67 Bn Estimated GDV ₹ 77.27 Bn Estimated GDV ₹ 1.18 Bn Revenue from Operations EBITDA
Slide 21: Operational Highlights – Q1FY26
Operational Highlights – Q1FY26 YoY Growth QoQ Growth PARTICULARS Q1FY26 Q1FY25 (%) Q4FY25 (%) Area Sold (Mn Sq. Ft.) 0.63 0.24 159% 0.58 9% Pre-Sales Value (INR Bn) 10.68 6.11 75% 8.54 25% Collection (INR Bn) 5.75 4.85 19% 7.47 -23% YoY Pre-sales growth of 75%, driven by higher sales volume, with c
Slide 22: Guidance Vs Actual
Company Overview Performance Highlights Guidance Vs Actual Management Structure PARTICULARS FY26 GUIDANCE FY26 YTD ACTUALS REMARKS Pre-Sales (INR Bn) INR 40 Bn INR 10.68 Bn Strong Q1 performance (33% growth YoY) INR 70 Bn 57% of the full-year FY26 Launches (GDV) GDV - ~INR 40 Bn (40% growth) guidanc
Slide 23: Completed Projects as on 30th June 2025
Company Overview Performance Highlights Completed Projects as on 30th June 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.
Slide 24: Ongoing Projects as on 30th June 2025
Company Overview Performance Highlights Ongoing Projects as on 30th June 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) Residenti
Slide 25: Forthcoming Projects as on 30th June 2025
Company Overview Performance Highlights Forthcoming Projects as on 30th June 2025 Management Structure NO. OF SALEABLE EST. GDV COST TO CATEGORY PROJECTS AREA (INR BN) COMPLETE* (MN SQ FT) (INR BN) Residential (A) 21 18.29 350.24 224.62 Super Premium/Premium 2 0.44 23.06 9.96 Aspirational 5 4.16 104
Slide 26: Category-wise Performance for Q1FY26
Company Overview Performance Highlights Category-wise Performance for Q1FY26 Management Structure CATEGORY PRE-SALES (INR BN) Q1FY26 Q1FY25 %Contribution % Contribution Super premium / Premium* 5.23 2.42 49% 40% Aspirational 2.00 2.16 19% 35% Mid & Mass 2.19 1.45 20% 24% Affordable 1.26 0.05 12% 1%
Slide 27: 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 0.63 7.5 10.7 0.58 8.6 8.5 5.8 5.5 5.4 0.46 0.41 4.9 254 7.0 6.1 215 167 0.24 Q1FY26 Q1FY25
Slide 28: 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) Rustomjee Balmoral Super Premium 1 Q1FY26 Chembur Redevelopment Apr - 30
Slide 29: 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 30: Project Additions from FY23 onwards
Company Overview Performance Highlights Project Additions from FY23 onwards Management Structure FY 23 FY 24 FY 25 Q1FY26 Added 25 Projects from FY23 having 8 Projects 9 Projects 3 Projects estimated GDV of ~ INR 255 Bn 5 Projects Avinash CHSL, Versova GTB Nagar Cluster, Sion Jariwala (180 Bayview)
Slide 31: Cash Flows
Company Overview Performance Highlights Cash Flows Management Structure PARTICULARS (INR Mn) Q1FY26 OPERATING ACTIVITIES Net Collections incl Receipts from DM / JV Projects 3,560 Project Expenses (2,382) NET CASH FLOW FROM OPERATING ACTIVITIES (A) 1,178 INVESTMENT ACTIVITIES Project Investment (Net
Slide 32: Financial Summary – Debt Movement
Company Overview Performance Highlights Financial Summary – Debt Movement Management Structure DEBT MOVEMENT (INR MN) 30-June-25 31-Mar-25 Gross Debt 3,035 3,160 Less: Cash and Cash Equivalents 7,139 8,737 Net Debt (4,104) (5,578) Equity 27,946 27,724 Gross Debt to Equity Ratio 0.11 0.11 Net Debt to
Slide 33: Financial Summary – Profit & Loss
Company Overview Performance Highlights Financial Summary – Profit & Loss Management Structure CONSOLIDATED RESULTS (INR Mn) Q1FY26 Q4FY25 Q1FY25 FY-25 Revenue from Ops 2,731 5,849 4,222 20,041 Other Income 155 574 150 1,173 Total Income 2,886 6,422 4,372 21,214 EBITDA* 293 1,079 582 3,327 PBT 179 8
Slide 34: 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: • E-waste and Hazardous waste management Maharashtra and title of the Best Vocat
Slide 35: Management Structure
Management Structure Experienced Promoters and Directors 35 RUSTOMJEE CROWN | SHOT AT LOCATION Supported by a Professional Management Team 36 Shareholding Pattern at the End of Quarter 37 Completed Projects 38 34 //Quarterly Update Q1FY26 Keystone Realtors Limited
Slide 36: 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 37: 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 (GROUP HEAD – SALES (GROUP HEAD - PLANNING ( G R O U P H E A D – LIAISONING) CORPORATE STR ATEGY) AND MARKETING) & A
Slide 38: Shareholding Pattern as on 30th June '25
Company Overview Performance Highlights Management Structure Shareholding Pattern as on 30th June‘25 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 78.34% FPI 2.81% FPI A
Slide 39: Completed Projects
2 Company Overview 1 Performance Highlights Management Structure Virar Completed Projects 12 Townships Residential Projects 29 1. Global City, Virar (W) Phase 1 (Contd.) 2. Global City, Virar (W) Phase 2 19. 9 JVPD, Juhu 6 3 3. Urbania, Thane (W) 20. Central Park, Andheri (E) 26 7 Borivali Thane 21.
Slide 40: 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 41: 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