Analysis published 20 Apr 2026

AI-generated · cited to primary sources · not investment advice

Keystone Realtor (543669) May 2025 Filing Analysis

01 · Management Credibility

Does management do what it says?

In progressCollection Efficiency and Cash Flow
60/100

The company generated INR 1.18 Bn (INR 118 crores) in Operating Cash Flow during Q1FY26, representing approximately 23.6% of the annual target. (2 in progress across 2 tracked commitments)

My sense is that we will be able to generate the OCF more or less closer to what we have done in the FY25 and FY26 as well, more close to about Rs. 500 crores.

Keystone Realtor · Concall Transcript · May 2025 · p.10
Infrastructure-Led Property Value Appreciation

The company is focusing on growth areas in proximity to upcoming infrastructure projects.

Focus on growth areas in proximity of upcoming infrastructure projects

Keystone Realtor · Investor PPT · May 2025 · p.14
Micro-Market Concentration and Diversification

The company plans to launch the initial phase of its Nagpur project around November 2025. — target: November 2025

And we are exploring that once the initial launch is done, which should be sometime around November this year, we would know better if we want to continue expanding

Keystone Realtor · Concall Transcript · May 2025 · p.15

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03 · Future Growth

Where does growth come from?

Land Bank Quality and Acquisition Cost

Business development is accelerating, with FY25 additions (Rs. 4,783 Cr) reaching 2x the value of presales done in FY24, surpassing annual guidance. (2 accelerating across 2 signals)

Our total additions in FY25 is nine projects, totaling an estimated GDV of Rs. 4,783 crores, allowing us to surpass our annual business development guidance for the year which is 2x of the presales done in FY24.

Keystone Realtor · Concall Transcript · May 2025 · p.4

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