CRISIL Assigns 'AA-/Stable' Rating to Keystone Realtors' Bank Loan Facilities, Reaffirms Rating on ₹335 Crore NCDs

CRISIL Affirms AA-/Stable Rating on Keystone Realtors Debt Instruments

CRISIL Ratings Limited has assigned an 'AA-/Stable' rating to Keystone Realtors' bank loan facilities while reaffirming the same rating on the company's outstanding ₹335 crore non-convertible debentures. The rating action reflects the credit strength of the Mumbai-based real estate developer.

Company Track Record and Financial Position

The rating reflects the Rustomjee Group's strong operational track record and established brand presence in the residential real estate market in the Mumbai Metropolitan Region, supported by cumulative deliveries of over 29 million square feet till March 2026 and strong project saleability.

The company's total consolidated debt stood at ₹1,192 crore as of March 2026, with consolidated debt expected to remain around ₹1,500-1,600 crore by March 2027. Debt-to-cash flow metrics are likely to remain comfortable below 2.0 times in the coming years, with a ratio of 1.7 times as of March 2026.

Strategic Growth and Expansion

The company has an ongoing projects pipeline of 8.7 million square feet and a planned launch pipeline exceeding 21.4 million square feet over the next 3-4 years. The Group follows an asset-light strategy, entering into joint development and redevelopment arrangements, which helps limit capital outlay towards land investments.

In fiscal year 2026, pre-sales jumped 33 percent to ₹4,022 crores, with the company exceeding financial guidance by launching ₹9,813 crores in new projects.

About the Rating

A CRISIL AA rating sits near the highest end of the safety spectrum, indicating strong capacity to meet financial obligations. The rating signifies financial health in terms of capability to meet liability obligations regularly and on time.