Keystone Realtors Allots 8,242 Equity Shares Under ESOP Plan

Keystone Realtors, a prominent real estate developer in Mumbai, has announced the allotment of 8,242 equity shares under its Rustomjee Employee Stock Option Plan (ESOP) 2022. This strategic move aims to further engage and incentivize its employees, aligning their interests with the company's long-term goals.

The Stakeholders Relationship Committee of Keystone Realtors approved the allotment on December 11, 2025. Each equity share has a face value of ₹10.00 and will rank pari-passu with the existing equity shares of the company. This means the new shares will carry equal rights and privileges, including voting rights and dividend entitlements, as the current shares.

The newly allotted shares are part of Keystone Realtors' ongoing efforts to strengthen its workforce and foster a sense of ownership among employees. The company has informed both BSE Limited and the National Stock Exchange of India Limited about this share allotment, ensuring compliance with regulatory requirements and maintaining transparency with the stock exchanges.

Keystone Realtors, operating under the Rustomjee brand, has also reported strong financial performance in the first half of FY26. The company achieved presales of INR 1,839.00 crores, marking a 40% year-on-year increase. This robust growth has already surpassed 46% of the company's full-year presales guidance. In Q2 FY26 alone, Keystone Realtors recorded presales of INR 772.00 crores, further solidifying its market position.

The company has launched one new project in Q2 with an estimated Gross Development Value (GDV) of INR 949.00 crores, bringing the total launches for H1 FY26 to four projects with a combined GDV of INR 4,916.00 crores. Keystone Realtors has also surpassed its FY26 Business Development targets by adding three new redevelopment projects worth INR 7,727.00 crores in GDV, highlighting its strong position in the redevelopment segment within the Mumbai Metropolitan Region (MMR).

Financially, Keystone Realtors has maintained a strong liquidity position. As of September 30, 2025, the company reported a gross debt of INR 588.00 crores, resulting in a gross debt-to-equity ratio of 0.21:1. Notably, Keystone Realtors ended the quarter with a free cash flow of INR 935.00 crores and zero net debt. The company successfully raised INR 335.00 crores through oversubscribed Non-Convertible Debentures (NCDs), demonstrating strong investor confidence. Additionally, Keystone Realtors received a credit rating upgrade to A+ with a Positive Outlook by India Ratings, reflecting its robust financial profile and disciplined approach to capital allocation.

Looking ahead, Keystone Realtors is well-positioned for future growth with a focus on cluster redevelopment projects in Mumbai. The company has four large cluster projects in the pipeline, including developments in Lokhandwala, GTB Nagar, Dindoshi, and Malad West, with a combined GDV of approximately INR 11,550.00 crores. Boman Irani, Chairman and Managing Director of Keystone Realtors, expressed confidence in the company's growth trajectory, stating, 'We are very confident that the MMR continues to be a growing market. Even today, the kind of apartments that are being purchased are actually higher-value apartments.'

The company plans to launch projects in Sewri, Thane, and Bandstand in the second half of FY26, with an estimated combined GDV of around INR 5,000.00 crores. These launches are expected to further strengthen Keystone Realtors' market position and contribute to its growth momentum.

As the real estate sector in Mumbai continues to evolve, Keystone Realtors' focus on strategic locations and redevelopment projects positions it well to meet the changing demands of homebuyers in the region.