Stock Price Movement and Market Context
On 19 Feb 2026, Keystone Realtors Ltd’s share price declined to Rs.442, its lowest level in the past year. This new low comes despite the stock outperforming its sector by 0.4% on the day, indicating relative resilience within a challenging environment. However, the broader market context was less favourable, with the Sensex reversing sharply after a positive start, closing down by 0.41% at 83,393.78 points. The benchmark index remains 3.32% below its 52-week high of 86,159.02, trading below its 50-day moving average, though the 50DMA itself remains above the 200DMA, signalling mixed technical signals.
Keystone Realtors is currently trading below all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — underscoring the prevailing bearish momentum. The stock’s 52-week high was Rs.697, highlighting the extent of the recent decline.
Financial Performance and Profitability Metrics
The company’s financial results have contributed to the stock’s subdued performance. Keystone Realtors reported a sharp fall in operating profit by 61.96% in the December 2025 quarter, which was characterised as very negative. This marks the second consecutive quarter of negative results, with the latest quarterly profit after tax (PAT) at Rs.3.38 crores, down 86.9% compared to the previous four-quarter average.
Return on Capital Employed (ROCE) for the half-year period stands at a low 5.27%, while the operating profit to interest coverage ratio has deteriorated to 0.49 times, indicating limited buffer to service debt obligations from operating earnings. Return on Equity (ROE) is also subdued at 3.7%, which, combined with a price-to-book value of 2, suggests the stock is trading at a relatively expensive valuation despite its recent price decline.
Over the past year, Keystone Realtors has generated a negative return of 10.74%, underperforming the Sensex, which delivered a positive 9.82% return over the same period. Profitability has also contracted by 33.8% year-on-year, reflecting challenges in maintaining earnings growth.
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Long-Term and Relative Performance
Keystone Realtors’ performance over the longer term has also been below par. The stock has underperformed the BSE500 index across multiple time frames, including the last three years, one year, and the past three months. This persistent underperformance highlights structural issues affecting the company’s growth trajectory and market positioning within the realty sector.
Despite the challenges, the company maintains a low average debt-to-equity ratio of 0.04 times, which is a positive indicator of financial prudence and limited leverage risk. The majority shareholding remains with promoters, providing a stable ownership structure.
Valuation and Market Sentiment
Keystone Realtors’ current valuation metrics reflect a complex picture. While the price-to-book ratio of 2 suggests a premium relative to book value, the stock trades at a discount compared to its peers’ average historical valuations. This discrepancy may be attributed to the company’s recent earnings decline and cautious market sentiment.
The downgrade in the company’s Mojo Grade from Sell to Strong Sell on 5 Dec 2025, with a current Mojo Score of 20.0, further emphasises the cautious stance adopted by rating agencies. The Market Cap Grade stands at 3, indicating a relatively modest market capitalisation within the realty sector.
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Summary of Key Metrics
To summarise, Keystone Realtors Ltd’s key financial and market indicators as of 19 Feb 2026 are:
- New 52-week low price: Rs.442
- Six consecutive days of price decline, total return -12.67%
- Operating profit decline of 61.96% in latest quarter
- Quarterly PAT at Rs.3.38 crores, down 86.9%
- ROCE at 5.27%, operating profit to interest coverage at 0.49 times
- ROE at 3.7%, price-to-book value of 2
- One-year stock return: -10.74% versus Sensex +9.82%
- Low average debt-to-equity ratio of 0.04 times
- Mojo Grade: Strong Sell (upgraded from Sell on 5 Dec 2025)
These figures illustrate the challenges faced by Keystone Realtors in maintaining profitability and market valuation amid a competitive realty sector environment.
Market and Sector Comparison
While Keystone Realtors has struggled, the broader Sensex index has shown relative strength, remaining close to its 52-week high and supported by mixed technical indicators. The realty sector, however, has experienced volatility, with Keystone’s underperformance highlighting company-specific factors impacting investor confidence.
Trading below all major moving averages, Keystone Realtors’ price action suggests continued caution among market participants. The stock’s recent performance contrasts with the Sensex’s modest decline on the day, emphasising the differentiated impact of sectoral and company fundamentals.
Ownership and Capital Structure
The company’s promoter group continues to hold the majority stake, providing a stable ownership base. The low leverage ratio further supports financial stability, although profitability pressures remain a concern.
Overall, Keystone Realtors Ltd’s fall to a 52-week low of Rs.442 reflects a combination of subdued earnings, valuation pressures, and market dynamics within the realty sector. The stock’s performance over the past year and recent quarters underscores the challenges faced in reversing the downtrend.
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