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Incorporated in 1995, Keystone Realtors Limited is one of the prominent real estate developers. As of June 30, 2022, the Company had 32 Completed Projects, 12 Ongoing Projects and 21 Forthcoming Projects across the Mumbai Metropolitan Region (“MMR”) that includes a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super premium categories, all under the Rustomjee brand. As of June 30, 2022, Keystone Realtors have developed 20.22 million square feet of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks and various other real estate projects.

* As of June 30, 2022, The company have developed over 280 buildings and homes for over 14,000 families.

* The Company command a market share of 28% in Khar, 23% market in Juhu, 11% in Bandra East, 14% in Virar, 3% in Thane and 5% in Bhandup in terms of absorption (in units) from 2017 to 2021.

* The Company has a diversified suite of projects across a wide range of price points, and a presence in several micro markets. It has a experience in developing lifestyle projects, high value standalone buildings, gated communities and fully integrated townships, re-developments and stalled projects.

* The Company has adopted an integrated real estate development model, with capabilities and in-house resources to execute projects from its initiation to completion.

* As of June 30, 2022, the Company had 1,542 channel partners who present the Rustomjee portfolio to their customers and drive customers traffic to their projects.

Outlook & Valuation:

Along with rising population, India?s urbanization rate is also increasing at a fast pace, which is expected to drive the demand for housing, offices and other real estate asset classes in the medium – long term, and MMR still has the maximum share among all cities in terms of this supply. KRL is a well known real estate developer from Mumbai, it carry out development under brand name Rustomjee. Company have a strong pipe line, Its sales has improved and there is decline in its borrowings, company is also trying to work on asset light business model. KRL has reported mix set of finacials, where revenue is almost stable but there is decline in its profit and margin, but the might be due to longer cash conversion cycle of real estate industry compared to other. The issue seem fully priced at P/E of around 38x. After considering all these factors and future growth prospects we recommend this issue for long term investors.

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