Keystone Realtors to Raise ₹375 Crore via NCDs Amid Strong Pre-Sales Momentum

Keystone Realtors on Wednesday announced that its board of directors has approved a plan to raise up to ₹375 crore through the issuance of fully paid-up, senior, secured, redeemable, listed, and rated non-convertible debentures (NCDs). The instruments, each carrying a face value of ₹1 lakh, will be issued on a private placement basis.

Growth and Pre-Sales Momentum

The Mumbai-based real estate developer is pursuing an ambitious growth trajectory, underpinned by a strong project pipeline and a robust presence in redevelopment. Chairman and Managing Director Boman Rustom Irani highlighted that the company achieved more than 25% of its annual pre-sales guidance in the first quarter itself. “We’ve already locked in projects worth over ₹7,700 crore against our full-year guidance of ₹6,000 crore,” he told CNBC TV18. April–June FY26 also saw project launches worth nearly ₹4,000 crore.

Financial Performance

Despite the strong pre-sales momentum, Keystone Realtors reported a weaker Q1 financial performance. Net profit fell 44% year-on-year to ₹14.5 crore from ₹26 crore, while revenue slipped 35% to ₹273 crore. EBITDA declined to ₹13.4 crore from ₹43.4 crore, with margins narrowing to 5% from 10%.

Irani remains confident about market prospects, citing steady prices and strong demand across developers. He emphasised Keystone’s strength in redevelopment, delivering homes to over 2,000 families by managing projects directly without external intermediaries.

Outlook and Project Pipeline

Looking ahead, Keystone Realtors is targeting a 33% increase in pre-sales to ₹4,000 crore in FY26, supported by a ₹7,000 crore launch pipeline. Over the past two and a half years, the developer has secured 22 projects across key Mumbai micro-markets,18 of which are redevelopment projects and 16 in the mid-market segment.

Keystone Realtors Share Price Performance

On September 10, 2025, Keystone Realtors share price opened at ₹609.60, compared to the previous close of ₹614.10. During the session, the stock touched a high of ₹616.60 and a low of ₹604.05 before closing at ₹607.80, down by 1.48% at the end of the trading day.

The stock recorded a traded volume of 0.27 lakh shares and a traded value of ₹1.64 crore on the NSE. The total market capitalisation stood at ₹7,627.84 crore, with a free float market cap of ₹1,651.79 crore. Over the past 52 weeks, the stock has hit a high of ₹801.05 and a low of ₹480.05. Keystone Realtors is currently trading at a P/E ratio of 40.74.

Read More: Japan Investments Rise as US, Canada Withdraw from Indian Realty

Conclusion

Keystone Realtors’ NCD issuance aims to strengthen its financial position and support its robust project pipeline. Despite short-term profitability pressures, the company’s strong pre-sales and redevelopment expertise are expected to drive growth in the coming quarters.

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