AI-generated · cited to primary sources · not investment advice
Keystone Realtor (543669) Nov 2025 Filing Analysis
Does management do what it says?
Crown Tower A & B are listed under completed projects as of 30th Sep 2025, with only 1.26 Bn cost to complete remaining (hard cost). (2 met, 1 in progress across 3 tracked commitments)
“Now I'm saying that, that number will come down to 11 months is what we will try and put at a steady state. And beyond that, we hope to bring it down to about 9 months on a steady-state basis.”
Management expects to sell the remaining INR 4,700 crores of inventory from projects launched in the last year or prior within the next 2 years. — target: INR 4,700 crores (+1 more commitment)
“So INR 4,700 crores, which are in the various stages of the construction progress and also sales progress, we expect in the next 2 years, all of that to be sold fully, point number one.”
See the full cited Management analysis of Keystone Realtor
How durable is the business?
The company's brand moat is expanding through aggressive project additions, exceeding its full-year guidance for new project GDV (Gross Development Value) in just the first half of the year. (1 expanding)
“Project Additions (GDV) ... Exceeded our full-year FY26 guidance”
The company maintains a very healthy leverage profile with a Gross Debt to Equity ratio of 0.21:1, which is stable and significantly better than their internal limit of 0.75:1. (1 stable)
“Gross Debt / Equity Ratio < 0.75:1 (Guidance) 0.21:1 (Actual)”
See the full cited Business Model analysis of Keystone Realtor
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