KEYSTONEREALTORS / bear-case history

Track the concerns that keep returning.

Keystone Realtors · risk themes across the available quarters.

Research layer active

Bear-case history

Risks carried through the record.

Input cost inflation

Commodity price volatility (steel, aluminium, glass) could increase construction costs by ~5% overall, with certain items up 8-13%.

medium

Legacy project margin drag

Legacy low-margin projects (e.g., Crown) still contribute 62% of revenue in FY26; full transition to high-margin projects expected only by FY28.

medium

Geopolitical risk impacting demand

Middle East crisis could slow footfalls and conversions, especially in the 1-3 crore segment, though premium demand remains resilient.

low