Keystone Realtors sets Sept 18 AGM for ₹1,500 crore NCD borrowing
- Keystone Realtors holds 31st AGM on September 18, 2026, via video conference
- Shareholders to approve ₹1,500 crore NCD borrowing limit for one year
- Board re-appoints Boman Irani and other directors until May 2032
- FY26 profit after tax fell 56% to ₹4,072 lakh despite 12% revenue rise
*this image is generated using AI for illustrative purposes only.
Keystone Realtors has scheduled its 31st Annual General Meeting for September 18, 2026. The meeting will address board re-appointments and authorize significant debt capacity via Non-Convertible Debentures.
The event will be conducted via Video Conferencing or Other Audio Visual Means in accordance with Ministry of Corporate Affairs and SEBI circulars. The Annual Report for FY26 is available on the company website.
Leadership Re-Appointments
The Nomination and Remuneration Committee recommended the re-appointment of Mr. Boman Irani as Chairman and Managing Director for five years from May 11, 2027. Mr. Irani will not be subject to retirement by rotation. Similarly, Mr. Chandresh Mehta and Mr. Percy Chowdhry are set for re-appointment as Executive Directors for five-year terms starting May 11, 2027, subject to retirement by rotation.
Independent directors Mr. Ramesh Tainwala, Mr. Rahul Divan, and Ms. Seema Mohapatra are also up for re-appointment for second five-year terms expiring in May 2032.
Remuneration Approvals
Shareholders will consider special resolutions to approve remuneration scales for the executive directors for three years from April 1, 2026, to March 31, 2029:
| Director | Position | Proposed Remuneration Scale (₹ crore p.a.) |
|---|---|---|
| Boman Irani | Chairman & Managing Director | 5.15 – 7.50 |
| Chandresh Mehta | Executive Director | 5.15 – 7.50 |
| Percy Chowdhry | Executive Director | 3.08 – 4.50 |
The proposed salary scales remain unchanged from those approved in September 2023, though certain perquisites will be discontinued. The company noted that these resolutions are passed as a matter of precaution given potential variability in future profitability.
Debt Authorization
A special resolution seeks shareholder consent for the Board to issue NCDs, bonds, or other instruments on a private placement basis. The total borrowing amount is capped at ₹1,500 crore over one year from the date of resolution passage. These borrowings must remain within the company’s overall borrowing limits approved by shareholders.
Auditor Appointment
M/s. Walker Chandiok & Co. LLP has been recommended as Statutory Auditor for five years until the 2031 AGM, replacing M/s. Price Waterhouse Chartered Accountants LLP. The proposed remuneration for FY26-27 is ₹70 lakh excluding taxes.
What the Numbers Show
The divergence between revenue growth and profit contraction highlights margin pressure. Total income rose 12% to ₹84,743 lakh in FY26, yet profit after tax fell 56% to ₹4,072 lakh. This indicates that total expenses grew faster than revenue, expanding by 27% to ₹79,831 lakh during the same period.
Historical Stock Returns for Keystone Realtors
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.28% | -0.24% | -6.39% | -14.40% | -43.10% | -32.80% |
How will the authorized ₹1,500 crore debt capacity impact Keystone Realtors' current leverage ratios and interest coverage given the recent 27% surge in total expenses?
What specific strategic projects or land acquisitions is the company likely to fund with the new Non-Convertible Debentures to justify the significant borrowing against a backdrop of contracting profits?
Given the 56% drop in PAT despite revenue growth, what operational cost-control measures or pricing strategies will management implement to reverse the margin erosion before the 2029 remuneration period ends?
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