Keystone Realtors Ltd. on 10 September 2025, said its board has approved raising up to ₹375 crore through the issuance of fully paid-up, senior, secured, redeemable, listed and rated non-convertible debentures (NCDs).
The instruments, each with a face value of ₹1 lakh, will be issued on a private placement basis, the company informed in a stock exchange filing.
The move supports Keystone’s ambitious growth plans, backed by a robust project pipeline and a stronghold in Mumbai’s redevelopment space. Ahead of the announcement, shares of Keystone Realtors closed 1.48% lower at ₹605 apiece on the NSE.
Chairman and Managing Director Boman Rustom Irani recently said the company achieved over 25% of its full-year pre-sales guidance in Q1, securing projects worth ₹7,700 crore against guidance of ₹6,000 crore. The April–June FY26 quarter also saw launches worth nearly ₹4,000 crore.
Despite this, financial performance weakened: net profit fell 44% year-on-year to ₹14.5 crore, while revenue dropped 35% to ₹273 crore. EBITDA slipped to ₹13.4 crore from ₹43.4 crore, with margins halving to 5% from 10%.
Looking ahead, Keystone is targeting ₹4,000 crore pre-sales in FY26, a 33% rise year-on-year, supported by a ₹7,000 crore launch pipeline. Over the last two-and-a-half years, the company has secured 22 projects across Mumbai, including 18 redevelopment projects and 16 in the mid-market housing segment.
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