Credit Rating- Others

Date: July 22, 2026 The General Manager The Manager, Listing Department, Listing & Compliance Department, Bombay Stock Exchange Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, G Block, Dalal Street, Bandra Kurla Complex, Bandra East, Mumbai – 400 001, Mumbai – 400 051. Scrip Code: 543669 & 977174 Scrip Symbol: RUSTOMJEE Sub: Withdrawal of Credit rating by India Ratings and Research Pvt Ltd (“IND- RA”) Ref: Intimation under Regulation 30(6) read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dear Sir/ Madam, This is to inform you that IND-RA vide its letter dated July 22, 2026, has withdrawn the earlier affirmed credit rating i.e. 'INDA+/Positive' issued for the bank loan facilities of the Company. The letter from IND-RA is enclosed herewith. We request you to please take note of the aforesaid. Thanking you Yours Faithfully For Keystone Realtors Limited Bimal Nanda Company Secretary ACS 11578 Encl: As above KEYSTONE REALTORS LIMITED Registered Office : 702, NATRAJ, M. V. Road Junction, Western Express Highway, Andheri (East), Mumbai - 400 069. Tel.: +91 22 6676 6888 | CIN : L45200MH1995PLC094208 | Website: www.rustomjee.com India Ratings Affirms and Withdraws Keystone Realtors's Bank Loan Facilities Jul 22, 2026 | Keystone Realtors Ltd | Residential | Commercial Projects India Ratings and Research (Ind-Ra) has taken the following rating actions on Keystone Realtors Ltd’s (KRL) bank loan facilities: Details of Instruments Instrument Regulator of Date of Coupon Maturity Size of Issue Rating Assigned along Rating Description the Instrument Issuance Rate (%) Date (INR million) with Watch/Outlook Action Bank loan RBI - - - 3,000 WD Withdrawn facilities Affirmed at 'INDA+/Positive' before being withdrawn. Analytical Approach Ind-Ra continues to take a fully consolidated view of KRL and its subsidiaries to arrive at the rating as all the companies operate in the same line of business under a common management. Detailed Rationale of the Rating Action The Positive Outlook reflects a substantial increase in KRL's scale of operations in FY26, despite product and geographic concentration risks. Ind-Ra expects KRL's operational performance to remain robust, with presales of INR45 billion-50 billion in FY27, supported by sector consolidation that favours large, organised players. The rating reflects KRL’s prominent position in various micro markets in Mumbai through redevelopment projects, benefiting from its strong brand recall that allows it to command premium pricing and faster sales velocity. The company had 17 ongoing projects across the Mumbai metropolitan region (MMR) comprising an unsold saleable area of 4.43 million square feet (msf), as on 31 March 2026, and a project pipeline of 21.44 msf, ensuring project visibility for the next three-to- four years. KRL’s ongoing projects had a gross development value (GDV) of INR192.42 billion with a total saleable area of 8.69 msf as on 31 March 2026. The company’s bookings/presales stood at 2.12 msf in FY26, totalling INR40.22 billion. The company’s liquidity position remained adequate as on 31 March 2026, supported by robust operating cash flows and cash reserves. The agency estimates that the company’s committed receivables of around INR41.77 billion and inventory of around INR119.21 billion are sufficient to cover the remaining construction costs of its ongoing projects, which stood at about INR83.33 billion. The agency expects the company to continue to improve its operating cash flows over the next 12- 24 months, primarily driven by significant growth in scale and greater project diversification through new launches, while maintaining liquidity and credit strength. The management intends to maintain its gross debt/equity ratio at about 0.75x in the near term. Ind-Ra is no longer required to maintain the rating, as the agency has received a no-objection certificate from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra’s Policy on Withdrawal of Ratings. List of Key Rating Drivers Strengths Redevelopment business model Robust operational performance Launch pipeline underpins growth Leadership position and established brand in MMR Strong credit metrics Weaknesses High geographical concentration High project concentration risk Exposure to cyclicality and regulatory risks Detailed Description of Key Rating Drivers Redevelopment Business Model: Redevelopment Business Model: KRL has an asset-lite business model, with a high return on capital employed (ROCE); however, it entails fixed rental cash outflows and moderate perceived litigation risk. Although market acceptance for redevelopment projects is likely to remain lower than that of the own-land model, this risk is partially offset by reference sales from tenant customers. Regulatory changes aimed at facilitating redevelopment along with KRL’s established track record in redevelopment projects help it mitigate the risk. KRL had strong project gross operating surplus of over INR7.7 billion from its ongoing projects as on 31 March 2026. The management expects to generate an annual operating cash flow of around INR8.5 billion- 9.0 billion in the medium term. The agency expects KRL to maintain operating margins above 25% in project bidding and business development planning. Robust Operational Performance: Robust Operational Performance: In FY26, KRL’s presales increased 33% yoy to INR40.22 billion (FY25: INR30.3 billion; FY24: INR22.7 billion), driven by higher sales volumes and price growth. Its collections also improved to INR26.2 billion in FY26 (FY25: INR23.3 billion), while demand for its offerings remained strong, backed by brand recognition and a strong execution track record. As on 31 March 2026, its outstanding expenses yet to be incurred stood at INR83.3 billion; however, the same is covered by pending receivables from sales of INR41.8 billion along with available cash surplus of INR8.82 billion. KRL has strong sales momentum, advance collections and disciplined liquidity management, supporting healthy cash flows. With presales of INR45 billion–50 billion projected for FY27, KRL is positioned to sustain its growth momentum, supported by favourable sector dynamics, supply consolidation and customer preference. KRL recorded presales of INR6.17 billion in 1QFY27, about 12% of its full-year guidance. Launch Pipeline Underpins Growth: Launch Pipeline Underpins Growth: KRL’s presales growth was supported by its robust business development in FY26, with the addition of four projects having a business potential of over INR104.2 billion. Furthermore, KRL has guided for business development of INR80 billion in FY27. These projects will primarily be spread across MMR and include a mix of joint development and own development projects, including high-rise housing and plotted projects. As on 31 March 2026, around 79.9% of the upcoming residential project portfolio, by value, falls under the emerging premium and premium segments. Leadership Position and Established Brand in MMR: Leadership Position and Established Brand in MMR: KRL operates under the brand name of Rustomjee, which has been present over 30 years delivered over 320 projects across MMR, and established a strong track record in sales and collections. KRL derives 100% of its bookings from MMR. In addition to its established brand, KRL benefits from strong operating efficiencies and internal construction competencies. In FY26, KRL had projects across MMR, with an unsold saleable area of 4.4 msf. The company has a pipeline of 21.44 msf, providing project visibility for three-to-four years. The inventory comprises a mix of luxury, premium, mid-segment, and affordable segments. Furthermore, KRL's strong track record provides access to the large land bank across MMR, supporting profitable business continuity. Strong Credit Metrics: Strong Credit Metrics: KRL’s gross deb [Showing first 8,000 characters — download PDF for full document]