Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Keystone Realtors Ltd

RUSTOMJEE
Realty - Construction & Contracting

Keystone Realtors Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.

Biggest watch item: the P/E sits at the 74th percentile of its own range — the multiple has already done part of the work.

The price is in a downtrend (37 weeks in) while the P/E sits at the 74th percentile of its own 4-year range. Underneath, the last four quarters read deteriorating — profit −4.5% year on year, and −86% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.

Stage
Turning around
partial read
Price
₹417
−34.3% 1Y
P/E
64.0×
74th pctile
of its own 4-year range
Revenue (Mar 26)
₹1,596 Cr
+172.8% YoY
Profit (Mar 26)
₹64.0 Cr
−4.5% YoY
Operating margin
5.0%
−3.0 pp YoY
ROCE
5%
FY26
Cash conversion
−86%
of profit, last 3 FY
Withheld from this page: Part of this page is deliberately not drawn: its two data sources disagree by up to 48% on reported income across 14 comparable periods, so nothing from the second source is placed here — the PEG ratio and its quarterly curve, the quarterly return curves, the annual return-on-invested-capital overlay, the total-debt and debt-to-equity series and the F-score and the return-on-invested-capital reading are absent for that reason. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data. The quarterly history also begins where the primary source begins: 5 earlier quarters the second source carries are not spliced in front of it. Extending a reported profit series is stricter than showing a ratio chart — it needs a source that has been checked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Keystone Realtors Ltd trades at ₹417, in a downtrend and 37 weeks into that stage. That is −9.2% against its own 200-day average. It sits at 15% of a 52-week range of ₹375 to ₹651. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a downtrend — week 37 of stage 4, confirmed. At ₹417 it trades −9.2% versus its 200-day average and sits at 15% of its 52-week range (₹375–₹651).

Jul 26: ₹417 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−9.2% versus the 200-day line, week 37 of stage 4
Price50-day avg200-day avg
S2S4S4₹802₹687₹573₹458₹343₹417₹459Jul 23Apr 24Jan 25Oct 25Jul 26
S2S4S4₹802₹687₹573₹458₹343₹417₹459Jul 23Jan 25Jul 26
Beating or trailing, week by week since 2022 Each cell is one week from 2022 to now (194 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Nov 22Jul 26

Against the market, two honest reads. Cumulative: over the last 3.6 years the stock moved −26% while the NIFTY 500 moved +46% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 74th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Keystone Realtors Ltd trades at 64.0× P/E, at the pricey end of its own range (74th percentile). Its long-run median P/E is 52.4×, measured across 3.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 64.0× is at the pricey end of its own range (74th percentile), against a long-run median of 52.4× measured over 3.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 64.0× vs a 52.4× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 3.7-year window; loss-period spikes above 94× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (74th percentile)
P/EMedianEPS (TTM) (quarterly)
99.5×₹15.181.0×₹11.362.5×₹7.544.0×₹3.825.5×₹0.0×64.00×₹6Nov 22Nov 23Oct 24Sep 25Jul 26
99.5×₹15.181.0×₹11.362.5×₹7.544.0×₹3.825.5×₹0.0×64.00×₹6Nov 22Oct 24Jul 26
P/E
64.0×
74th percentile of 4y

Why the multiple sits where it does: over the past year annual EPS moved −54.2% against a −34.3% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 3y, of the −11.6%/yr price move, ~−4.6%/yr came from earnings growth and ~−7.0 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 48% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Turning around

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Keystone Realtors Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −83.3% at the trough to −4.5% off a 1-quarter-old trough (single-quarter readings), ROCE holding at 5.0%. The read is built from 10 quarters across 3 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
327%331%228%219%129%108%29%0.0%−70%−116%%%172.8%−4.5%−54.2%Jun 23Sep 24Mar 26
327%331%228%219%129%108%29%0.0%−70%−116%%%172.8%−4.5%−54.2%Jun 23Sep 24Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
9.3%8.2%7.0%5.8%4.7%%5%FY23FY24FY26
9.3%8.2%7.0%5.8%4.7%%5%FY23FY24FY26
Revenue growth
Recovering
latest +172.8% · span −42.7% to +100.0%
Profit growth
Recovering
latest −4.5% · span −84.8% to +100.0%
ROCE
Stuck low
latest 5.0% · span 5.0%–9.0%

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Growth, year by year: revenue +31.5% in FY26, profit −49.5% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
245%328%167%225%89%123%11%20%−67%−83%%%31.5%−49.5%FY20FY23FY26
245%328%167%225%89%123%11%20%−67%−83%%%31.5%−49.5%FY20FY23FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+31.4%) with the last 8 annualized (+8.9%).
revenue accelerating, profit rolling over
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
76%111%48%67%20%22%−7.2%−22%−35%−66%%%31.4%−49.7%Jun 23Sep 24Mar 26
76%111%48%67%20%22%−7.2%−22%−35%−66%%%31.4%−49.7%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+31.5%+56.6%+25.4%
Profit−49.5%+5.9%−16.4%
EPS−54.2%−4.6%−27.4%
Share price−34.3%−11.6%
Revenue YoY (Mar 26)
+172.8%
latest quarter vs a year ago
Profit YoY (Mar 26)
−4.5%
latest quarter vs a year ago
Revenue 10y
13.8%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

35.1/100 — rank 21 of 26 in Realty - Construction & Contracting · 73% evidence confidence

Keystone Realtors Ltd scores 35.1 out of 100 against the 26 companies it is compared with in Realty - Construction & Contracting, ranking 21. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 12.8 + 9.8 + 6.3 + 6.2 = 35.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Keystone Realtors Ltd reported ₹1,596 Cr of revenue in the Mar 26 quarter, +172.8% year on year. Over 6 years it has compounded at 13.8% a year. The last full year, FY26, came in at ₹2,635 Cr. The last four reported quarters add to ₹2,634 Cr.

Keystone Realtors Ltd reported ₹1,596 Cr of revenue in the Mar 26 quarter, +172.8% year on year. Over 6 years it has compounded at 13.8% a year. The last full year, FY26, came in at ₹2,635 Cr. The last four reported quarters add to ₹2,634 Cr.

FY26 revenue came in at ₹2,635 Cr (+31.5% on the year), capping 6 years at 13.8% compound. The latest quarter (Mar 26) printed ₹1,596 Cr, +172.8% year on year.

FY26 revenue ₹2,635 Cr (+31.5% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 7-year window. A bar is red when it is lower than the year before.
13.8% a year over 6 years
RevenueYoY growth
2.8k245%2.1k167%1.4k89%71111%0−67%₹ Cr%₹2,63531.5%FY20FY23FY26
2.8k245%2.1k167%1.4k89%71111%0−67%₹ Cr%₹2,63531.5%FY20FY23FY26
Mar 26: ₹1,596 Cr (+172.8% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Revenue (quarterly)YoY growth
1.7k340%1.3k237%862135%43132%0−71%₹ Cr%₹1,596172.8%Jun 23Sep 24Mar 26
1.7k340%1.3k237%862135%43132%0−71%₹ Cr%₹1,596172.8%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +22.1% growth against the decade's 13.8% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +31.4% over the last 4 quarters against +8.9%/yr over the last 8 — accelerating; TTM profit −49.7% vs −7.5%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 5.0% this quarter (−3.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Keystone Realtors Ltd's operating margin is 5.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 5.0% to 15.0%. The current quarter sits inside that band.

Keystone Realtors Ltd's operating margin is 5.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 5.0% to 15.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 5.0%, −3.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 5.0%–15.0%.

🚨 Why the margin moved: operating margin went −3.0 pp year on year while gross margin went −9.7 pp — the loss came mostly from the gross line: input costs and pricing.

FY26: 5.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 7-year window.
within a 5.0–15.0% band over 7 years
operating marginYoY change (pp)
16%6.2%13%1.9%10%−2.5%7.1%−6.8%4.2%−11%%%5%−5%FY20FY23FY26
16%6.2%13%1.9%10%−2.5%7.1%−6.8%4.2%−11%%%5%−5%FY20FY23FY26
Mar 26: 5.0% operating margin (−3.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
25%20%18%8.8%11%−2.5%3.3%−14%−4.0%−25%%%5%−3%Jun 23Sep 24Mar 26
25%20%18%8.8%11%−2.5%3.3%−14%−4.0%−25%%%5%−3%Jun 23Sep 24Mar 26

→ Margins slipped — did that reach the bottom line? Next: profit −4.5% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Keystone Realtors Ltd earned ₹64.0 Cr of net profit in the Mar 26 quarter, −4.5% year on year. Full-year FY26 profit was ₹95.0 Cr. The 6-year compound rate is 37.6%. That is 4.0% of the quarter's revenue. The same quarter a year earlier earned ₹67.0 Cr.

Keystone Realtors Ltd earned ₹64.0 Cr of net profit in the Mar 26 quarter, −4.5% year on year. Full-year FY26 profit was ₹95.0 Cr. The 6-year compound rate is 37.6%. That is 4.0% of the quarter's revenue. The same quarter a year earlier earned ₹67.0 Cr.

Mar 26 profit was ₹64.0 Cr, −4.5% year on year. On the full year, FY26 printed ₹95.0 Cr (−49.5%), and the 6-year compound rate is 37.6%.

FY26 profit ₹95.0 Cr (−49.5% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 7-year window. A bar is red when it is lower than the year before.
37.6% a year over 6 years
Net profitYoY growth
2511,686%1881,220%125754%63288%0−178%₹ Cr%₹95−49.5%FY20FY23FY26
2511,686%1881,220%125754%63288%0−178%₹ Cr%₹95−49.5%FY20FY23FY26
Mar 26: ₹64.0 Cr (−4.5% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
721,681%541,207%36733%18259%0−216%₹ Cr%₹64−4.5%Jun 23Sep 24Mar 26
721,681%541,207%36733%18259%0−216%₹ Cr%₹64−4.5%Jun 23Sep 24Mar 26

🚨 Why profit moved: revenue contributed +172.8% and the margin −3.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −52.8% vs revenue +22.1%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: −86% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −86% of Keystone Realtors Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−509 Cr of operating cash against ₹95.0 Cr of profit. After ₹9.0 Cr of capital spending, ₹−518 Cr was left as free cash.

FY26: operating cash of ₹−509 Cr against reported profit of ₹95.0 Cr, leaving free cash of ₹−518 Cr after ₹9.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −86% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹−509 Cr vs profit ₹95.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 7-year window, annual resolution.
−86% of 3-year profit arrived as cash
Operating cashNet profitFree cash
912528144−240−624₹ Cr₹−509₹95₹−518FY20FY23FY26
912528144−240−624₹ Cr₹−509₹95₹−518FY20FY23FY26
FY26: CFO = −536% of profit (three-year rate −86%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
367%124%−118%−360%−603%%−536%FY20FY23FY26
367%124%−118%−360%−603%%−536%FY20FY23FY26

🚨 Why conversion sits at −86%: the cash cycle tightened 4,147 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 9.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹365 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Keystone Realtors Ltd's cash conversion cycle runs 506 days in FY26, down from 4,653 days in FY21. Capital spending ran ₹365 Cr over the last 3 years. At FY26 sales of ₹2,635 Cr each day of that cycle holds about ₹7.2 Cr, so roughly ₹3,653 Cr sits inside the business at any moment.

FY26: debtors at 47 days, inventory at 642 days — roughly 21.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 506 days, tighter than FY21's 4,653.

The full loop: cash goes out to suppliers and production on day 0; stock waits 642 days to sell; customers pay about 47 days after that; and suppliers themselves are paid at 183 days — netting out to the 506-day cycle.

In money terms: at FY26 sales of ₹2,635 Cr, each day of the cycle holds about ₹7.2 Cr — so the 506-day loop keeps roughly ₹3,653 Cr sitting inside the business at any moment.

FY26: a 506-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 7-year window.
−4,147 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
5,6074,1062,6041,102−399days506d642d47d183dFY20FY21FY23FY24FY26
5,6074,1062,6041,102−399days506d642d47d183dFY20FY23FY26

On the investment side: capital spending of ₹365 Cr over the last 3 fiscal years against ₹38.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹9.0 Cr, work-in-progress ₹0.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
36222180−62−203₹ Cr₹9₹0FY21FY22FY23FY24FY26
36222180−62−203₹ Cr₹9₹0FY21FY23FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 5%.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Keystone Realtors Ltd earns a ROCE of 5% in FY26. That is up from a trough of 5% in FY23. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 3.6% net margin on 0.39× asset turns.

FY26 ROCE is 5%, recovered from a FY23 trough of 5% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 3.6% net margin × 0.39× asset turns × 2.35× balance-sheet leverage ≈ 3.3% on equity. Margin does its share; leverage is a meaningful part of the equation.

FY26: ROCE 5% Return on capital employed by fiscal year, % (line). 6-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY23's 5%
ROCEWACC
19%15%12%7.7%4.0%%5%FY21FY22FY23FY24FY26
19%15%12%7.7%4.0%%5%FY21FY23FY26

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 48% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.52.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Keystone Realtors Ltd carries ₹1,484 Cr of borrowings against ₹2,863 Cr of equity in FY26, a debt-to-equity of 0.52. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹1,220 Cr to ₹1,484 Cr. Capital spending ran ₹365 Cr across the last 3 of those years.

FY26: borrowings of ₹1,484 Cr against equity of ₹2,863 Cr — a debt-to-equity of 0.52. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹1,220 Cr to ₹1,484 Cr while capital spending ran ₹365 Cr in just the last 3 — part of the build-out is riding on borrowed money.

FY26: borrowings ₹1,484 Cr at 0.52× equity Borrowings by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 7-year window. Quarterly balance-sheet history is not held for India — annual is the honest resolution.
the debt trajectory
BorrowingsDebt-to-equity
2.7k6.3×2.0k4.7×1.4k3.1×6791.5×0−0.1×₹ Cr×₹1,4840.52×FY20FY21FY23FY24FY26
2.7k6.3×2.0k4.7×1.4k3.1×6791.5×0−0.1×₹ Cr×₹1,4840.52×FY20FY23FY26

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 48% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 3.8 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 3.8 points of Keystone Realtors Ltd over 8 quarters, the biggest move on the register. That takes promoters to 74.6% of the company. Foreign institutions moved −0.9 points over the same window, to 2.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −3.8 points over 8 quarters to 74.6%; Foreign institutions: −0.9 points over 8 quarters to 2.4%; Domestic institutions: +0.0 points over 8 quarters to 16.4%.

🚨 Why the register moved: promoters drove it (−3.8 points), alongside foreign institutions (−0.9 points) — distribution into the market’s bid.

Fiscal-year ends: promoters −12.1 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
93%69%44%20%−4.5%%74.6%2.5%17.1%5.8%Mar 24Mar 25Mar 26
93%69%44%20%−4.5%%74.6%2.5%17.1%5.8%Mar 24Mar 25Mar 26
Promoters cut 3.8 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
94%69%44%19%−5.3%%74.6%2.4%16.4%6.7%Jun 23Dec 24Jun 26
94%69%44%19%−5.3%%74.6%2.4%16.4%6.7%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Keystone Realtors Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Realty - Construction & Contracting Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Keystone Realtors Ltd this page64.0×₹5,046 CrTurning around
SignatureGlobal India Ltd301.0×₹10,810 CrNo read
Ganesh Housing Ltd25.1×₹6,666 CrDeteriorating
Valor Estate Ltd₹6,102 CrNo read
Puravankara Ltd79.4×₹5,060 CrNo read
Sunteck Realty Ltd21.1×₹4,497 CrNo read
Raymond Ltd0.7×₹3,917 CrMixed
AGI Infra Ltd41.1×₹3,897 CrConsistent
Ashiana Housing Ltd33.0×₹3,887 CrMixed
Hemisphere Properties India Ltd₹3,801 CrNo read
Kesar India Ltd126.0×₹3,775 CrNo read
Kolte Patil Developers Ltd₹3,470 CrNo read
Arvind SmartSpaces Ltd29.0×₹2,792 CrMixed
Hubtown Ltd18.7×₹2,771 CrImproving
Ajmera Realty & Infra India Ltd16.1×₹2,412 CrTurning around
Capacite Infraprojects Ltd9.5×₹1,800 CrMixed
Omaxe Ltd₹1,603 CrNo read
Shriram Properties Ltd14.4×₹1,451 CrTurning around
Laxmi Goldorna House Ltd86.9×₹1,021 Cr
Arihant Foundations & Housing Ltd17.3×₹1,018 CrMixed
Suraj Estate Developers Ltd10.2×₹925 CrTopping out
Eldeco Housing & Industries Ltd31.5×₹765 CrTurning around
PVP Ventures Ltd₹711 CrNo read
Geecee Ventures Ltd16.6×₹699 CrMixed
Peninsula Land Ltd₹534 CrNo read
Suratwwala Business Group Ltd16.8×₹524 CrTurning around
12 · Frequently asked questions

Frequently asked questions

What is Keystone Realtors Ltd's share price today?

Keystone Realtors Ltd trades at ₹417, −34.3% over the past year. The company is valued at ₹5,046 Cr. The stock sits at 15% of its 52-week range of ₹375–₹651, −9.2% versus its 200-day average. On the tape, the price is in a downtrend, 37 weeks in. — as of 24 July 2026.

What were Keystone Realtors Ltd's latest quarterly results?

Keystone Realtors Ltd reported revenue of ₹1,596 Cr and net profit of ₹64.0 Cr for the Mar 26 quarter. Revenue rose 172.8% and profit fell 4.5% year on year. Earnings per share were ₹4.15. The operating margin was 5.0%, 3.0 pp lower than a year earlier. — as of 24 July 2026.

What is Keystone Realtors Ltd's revenue?

Keystone Realtors Ltd reported revenue of ₹1,596 Cr in the Mar 26 quarter, +172.8% year on year. For the full FY26 fiscal year, revenue was ₹2,635 Cr (+31.5%). Over the last 6 years revenue compounded at 13.8% a year. — as of 24 July 2026.

What is Keystone Realtors Ltd's profit?

Keystone Realtors Ltd earned ₹64.0 Cr of net profit in the Mar 26 quarter, −4.5% year on year. Full-year FY26 profit was ₹95.0 Cr. The operating margin ran 5.0% in the latest quarter. — as of 24 July 2026.

What is Keystone Realtors Ltd's market cap?

Keystone Realtors Ltd's market capitalisation is ₹5,046 Cr at a share price of ₹417. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Keystone Realtors Ltd's P/E ratio?

Keystone Realtors Ltd trades at a P/E of 64.0×, at the 74th percentile of its own 4-year range, against a long-run median of 52.4×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Keystone Realtors Ltd pay a dividend?

Not in its latest year — Keystone Realtors Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 1 of its last 7 reported fiscal years, so there is a history but no current dividend. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Keystone Realtors Ltd overvalued?

On its own history, Keystone Realtors Ltd looks expensive against its own history: its P/E of 64.0× sits at the 74th percentile of its 4-year range (long-run median 52.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Keystone Realtors Ltd growing?

Not right now — Keystone Realtors Ltd's latest numbers are shrinking: latest-quarter revenue +172.8% year on year, profit −4.5%, and the margin −3.0 pp at 5.0%. The 6-year compound rates are 13.8% (revenue) and 37.6% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.

How is Keystone Realtors Ltd performing?

Keystone Realtors Ltd is in a downtrend, 37 weeks in. Its latest quarter's revenue rose 172.8% and profit fell 4.5% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Keystone Realtors Ltd in?

Turning around — profit growth swung from −83.3% at the trough to −4.5% off a 1-quarter-old trough (single-quarter readings), ROCE holding at 5.0%. The read comes from the last 12 quarters of growth (revenue growth +172.8% latest, profit growth −4.5% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Keystone Realtors Ltd in an uptrend?

No — the price is in a downtrend (week 37 of stage 4), trading −9.2% versus its 200-day average and at 15% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Keystone Realtors Ltd beating the market?

On recent form, yes — Keystone Realtors Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 3.6 years the stock moved −26% against the NIFTY 500's +46% — behind the index over the full window. — as of 24 July 2026.

Will Keystone Realtors Ltd's share price go up?

This page publishes no price forecast for Keystone Realtors Ltd. What it measures instead: the share price is ₹417, the price is in a downtrend 37 weeks in. Its P/E of 64.0× sits at the 74th percentile of its own 4-year range. — as of 24 July 2026.

Who owns Keystone Realtors Ltd?

Promoters hold 74.6% of Keystone Realtors Ltd, foreign institutions 2.4%, domestic institutions 16.4% and the public 6.7% (latest quarter). The biggest move on the register over the last two years: Promoters cut 3.8 points over 8 quarters. — as of 24 July 2026.

Does Keystone Realtors Ltd have too much debt?

It is moderate — Keystone Realtors Ltd's debt-to-equity is 0.52, and operating profit covers the interest bill 2×. FY26 borrowings were ₹1,484 Cr against equity of ₹2,863 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is Keystone Realtors Ltd's capex?

Keystone Realtors Ltd spent ₹365 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹9.0 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Keystone Realtors Ltd's cash flow?

Keystone Realtors Ltd generated ₹−509 Cr of operating cash flow in FY26 and ₹−518 Cr of free cash flow after ₹9.0 Cr of capital spending. Reported profit that year was ₹95.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Keystone Realtors Ltd's profit real cash?

Not fully — over the last 3 fiscal years, −86% of Keystone Realtors Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹−509 Cr against reported profit of ₹95.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Keystone Realtors Ltd in its business cycle?

Keystone Realtors Ltd's FY26 operating margin was 5.0%, against a 7-year band of 5.0%–15.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 5.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Keystone Realtors Ltd story?

Biggest watch item: the P/E sits at the 74th percentile of its own range — the multiple has already done part of the work. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Keystone Realtors Ltd a stock worth studying right now?

This is not investment advice. The machine read: Keystone Realtors Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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