ICRA Upgrades Keystone Realtors (Rustomjee) Credit Rating to 'AA- (Stable Outlook)' from 'A+ (Stable Outlook)'
Keystone Realtors Receives ICRA Upgrade to AA- Rating
ICRA upgraded Keystone Realtors Limited's credit rating on the basis of strengthening of the company's credit profile, continued strong growth in sales, collections and cash flow from operations, while maintaining comfortable leverage metrics. The upgrade was announced on July 7, 2026, elevating the issuer and long-term rating to [ICRA]AA- with a Stable Outlook from the previous A+ (Stable Outlook).
Dual AA- Standing Across Major Agencies
The company's credit rating was upgraded to 'AA- (Stable Outlook)' by ICRA, complementing its existing 'AA- (Stable Outlook)' rating from CRISIL. This dual rating from India's two largest credit rating agencies places Keystone Realtors among the stronger-rated real estate developers in the domestic market.
Financial Performance in FY2026
In FY2026, on a consolidated basis, the company reported pre-sales of Rs. 4,022 crore (33% growth), collections of Rs. 2,622 crore (13% growth), and healthy growth in cash flow from operations. ICRA expects the sales to grow by 15-20% and both collections and cash flow by over 30%, supported by healthy sales and adequate construction progress in its ongoing projects and strong launch pipeline.
Leverage and Liquidity Position
The company's total consolidated debt to cash flow is likely to remain comfortable below 2.0 times in the coming years (1.7 times as of March 2026). ICRA expects consolidated debt to remain around Rs. 1,500-1,600 crore by March 2027. The company's liquidity is supported with cash and liquid balances of Rs. 818.3 crore as on March 31, 2026, with undrawn bank limits of approximately Rs. 1,364 crore.
Operational Track Record and Pipeline
The Rustomjee Group has a strong operational track record and established brand presence in the residential real estate market in Mumbai Metropolitan Region (MMR), supported by cumulative deliveries of over 29 msf till March 2026 and strong project saleability. The company has ongoing projects of 8.7 msf and a planned launch pipeline exceeding 21.4 msf over the next 3-4 years.
Strategic Asset-Light Model
The Group follows an asset-light strategy, by entering into joint development and redevelopment arrangements, which helps to limit capital outlay towards land investments. This approach reduces capital intensity while allowing the developer to maintain growth across new and existing markets within the MMR.
About Keystone Realtors
Established in 1996, Keystone Realtors Limited is a flagship entity of the Rustomjee Group and was listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on November 24, 2022. KRL and its subsidiaries undertake residential and mixed-use projects in MMR under the Rustomjee brand.