Keystone Realtors Limited (RUSTOMJEE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-717.0%

-₹2,147.62

vs ₹348.05 price

Levered DCF

₹1,562.74

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	59.86×	38.69×	64.85×	60.38×	41.28×	18.57×	262.67×	56.71×
P/B	1.65×	2.42×	4.05×	2.96×	6.18×	7.2×	13.49×	14.27×
P/S	1.79×	3.35×	3.27×	7.22×	4.54×	6.79×	4.76×	2.72×
EV / EBITDA	45.3×	27.69×	42.35×	39.21×	34.11×	15.48×	46.16×	23.35×
Gross margin	14.1%	27.8%	16.2%	36.2%	21.6%	24.5%	25.6%	24.4%
Operating margin	4.1%	12.0%	11.8%	17.0%	19.9%	17.5%	13.9%	14.9%
Net margin	3.0%	8.6%	5.0%	12.0%	11.0%	36.6%	1.8%	4.8%
Current ratio	1.77×	1.69×	1.5×	1.46×	1.22×	1.21×	1.05×	1.21×
Debt / equity	0.52×	0.34×	0.61×	0.62×	1.68×	1.52×	5.88×	3.99×
Interest coverage	1.38×	4.65×	6.52×	3.24×	10.81×	1.06×	1.32×	2.2×
Dividend yield	0.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	24.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.8%	6.2%	6.2%	4.9%	15.0%	38.8%	5.1%	25.2%
Return on invested capital	2.0%	4.4%	6.4%	3.0%	6.8%	5.2%	1.3%	10.2%
Return on assets	1.2%	2.6%	1.9%	1.8%	3.6%	8.5%	0.5%	2.4%
Free cash flow yield	-9.8%	-0.5%	2.5%	6.0%	-1.9%	11.1%	6.0%	4.4%
Earnings yield	1.7%	2.6%	1.5%	1.7%	2.4%	5.4%	0.4%	1.8%
Enterprise value	₹57.4B	₹70.1B	₹81.5B	₹56.2B	₹72.7B	₹68.3B	₹79.2B	₹73B
Net debt / EBITDA	8.02×	1.16×	4.53×	4.66×	7.05×	2.42×	12.58×	4.9×
Cash conversion cycle (days)	502	892	701	2,147	866	1,320	1,184	671