Synopsis:
Keystone Realtors Limited’s promoters plan an offer for sale valued at up to Rs.251.7 crore, offering up to 45,76,000 equity shares to the public. This represents about 3.63 percent of the firm’s total equity and involves selling a portion of existing ownership.
The shares of a leading real estate developer active in construction, development, and related activities in India attracted investor interest after the announcement of the offer for sale by the promoters.
With a market capitalization of Rs.7,117.6 crores, the shares of Keystone Realtors Limited closed at Rs.564.10, down by 7.69 percent from its previous day’s closing price of Rs.612.90.
What’s the news?
Keystone Realtors Limited announced that its promoters, Boman Rustom Irani, Chandresh Dinesh Mehta, and Percy Chowdhry, will sell a portion of their stake through an offer for sale.
They plan to offload up to 3.63 percent of the company’s equity, or a maximum of 45,76,000 equity shares, valued at Rs.251.7 crore. To attract investors, the floor price has been set at Rs.550 per share.
The company has secured projects worth over Rs.7,700 crore against Rs.6,000 crore, and launched new projects worth Rs.4,000 crore in April-June 2025. It remains focused on Mumbai and the Mumbai Metropolitan Region, while planning a modest expansion outside this core market with a new project in Nagpur, expected to have a Gross Development Value of Rs.1,000 crore and an initial investment of around Rs.22 crore in early FY26-27.
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About the Company
Keystone Realtors Limited is a leading real estate developer based in MMR, specializing in redevelopment projects. Under its Rustomjee brand, it creates integrated townships, gated communities, standalone landmarks, retail and commercial spaces, as well as social infrastructure like schools, parks, and clubhouses within its townships.
As of Q1FY26, the company has 18 ongoing projects, mostly in premium and high-end segments, and a pipeline of 26 upcoming projects with a stronger focus on mid-market homes. The plan also includes 3 affordable and 4 commercial projects, showing a mix of residential and modest diversification.
The company’s revenue dropped from Rs.422 crore in Q1FY25 to Rs.273 crore in Q1FY26, while net profit also decreased from Rs.26 crore to Rs.16 crore over the same period. It recorded a return on equity of 7.53 percent and a return on capital employed of 9.33 percent, with a P/E ratio of 44.35, higher than the industry average of 40.87.
Written by Jhanavi Sivakumar
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