3 Mumbai Real Estate Developer Stocks With a Strong Future Roadmap: Ajmera Realty & Infra India, Marathon Nextgen Realty and Keystone Realtors

Ajmera Realty Rs 115.77, P/E 14.02. Marathon Nextgen Rs 361.20, P/E 12.36. Keystone Realtors Rs 359.00, P/E 34.65. Closing prices of 8 Oct 2026.

Updated: 9 Oct 2026 • 10:32 am

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3 Mumbai Real Estate Developer Stocks With a Strong Future Roadmap: Ajmera Realty & Infra India, Marathon Nextgen Realty and Keystone Realtors

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Mumbai real estate developer stocks with the clearest long-term roadmaps today include Ajmera Realty in township-style housing in Mumbai, Marathon Nextgen in Mumbai residential and commercial development and Keystone Realtors in Rustomjee redevelopment housing. FY26 revenue growth was 45.8% at Ajmera Realty, -5.6% at Marathon Nextgen and 28.1% at Keystone Realtors. P/E stands at 14.02 for Ajmera Realty (industry 32.08), 12.36 for Marathon Nextgen (industry 32.08) and 34.65 for Keystone Realtors (industry 32.08). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company's risks need equal attention.

Mumbai real estate developer stocks give investors exposure to housing launches and redevelopment in India's most land-scarce large city. Revenue depends on project completions and sales bookings, which is why cash flow and balance sheet strength matter as much as headline growth.

Readers comparing Mumbai real estate developer stocks should weigh growth, margins, cash flow and valuation together instead of leaning on any single number.

This list covers three Mumbai real estate stocks: Ajmera Realty & Infra India for township-style housing in Mumbai, Marathon Nextgen Realty for Mumbai residential and commercial development and Keystone Realtors for Rustomjee redevelopment housing. Every figure comes from the latest reported financials and the 8 October 2026 market close. Companies without complete current figures were left out.

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Table of Contents

What Are Mumbai Real Estate Developer Stocks?

Mumbai real estate developer stocks are shares of companies that build residential and commercial projects in Mumbai and nearby markets. Results depend on launches, pre-sales, construction progress and operating margin, so project pipelines and cash collections separate the stronger names.

Mumbai Real Estate Developer Stocks at a Glance

The table compares size, valuation, return on equity and debt for the three Mumbai real estate developer stocks as of the 8 Oct 2026 close.

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E	Industry P/E	ROE	Debt to Equity
Ajmera Realty & Infra India	115.77	2,279	14.02	32.08	10.71%	0.51
Marathon Nextgen Realty	361.20	2,437	12.36	32.08	8.92%	0.04
Keystone Realtors	359.00	4,539	34.65	32.08	2.75%	0.52

Among residential developer stocks, Keystone Realtors trades at a premium to the industry P/E, while Ajmera Realty and Marathon Nextgen trade at a discount.

Valuation matters here because Mumbai real estate developer stocks can look attractive on growth and still look expensive on earnings.

Why Do Mumbai Real Estate Developer Stocks Have a Strong Roadmap in India?

Mumbai real estate developer stocks have a strong roadmap in India because redevelopment is releasing land, premium housing demand is firm and organised developers are gaining share. Three drivers stand out.

Redevelopment pipeline: Ageing buildings and cessed properties offer a steady stream of projects.
Premium housing demand: Buyers favour branded developers with a record of delivery.
Organised share gains: Regulation and financing needs favour larger listed developers.

Together these drivers explain why Mumbai real estate developer stocks keep drawing investor attention.

Ajmera Realty & Infra India: Mumbai Township Launches Anchor the Roadmap

Ajmera Realty's roadmap rests on residential projects in Mumbai, including large township-style launches and redevelopment, with a pipeline of launches in established Mumbai micro-markets.

Revenue grew from Rs 489.12 crore in FY22 to Rs 1,098.00 crore in FY26, a 124.5% rise, and FY26 revenue was 45.8% higher than FY25. FY26 net profit rose 24.3% to Rs 157.08 crore. Over four years, net profit rose from Rs 46.34 crore in FY22 to Rs 157.08 crore. In Q1 FY27, revenue grew 23.1% to Rs 319.52 crore, and net profit rose 13.9% to Rs 44.94 crore. Operating margin was 28.09% in FY26 and 29.69% in Q1 FY27 against 30.70% a year earlier.

Debt to equity is 0.51 and return on equity is 10.71%. FY26 operating cash flow was Rs 68.63 crore against capital expenditure of Rs 28.77 crore. Ajmera Realty paid a dividend of Rs 1 per share for FY26, a yield of 0.86%. At a P/E of 14.02 against an industry P/E of 32.08, the stock trades below its industry multiple.

What to watch: Q1 FY27 operating margin was 29.69% against 28.09% for FY26, so margin stability is the figure to follow as volumes grow.

Marathon Nextgen Realty: Mumbai Redevelopment and Launches Drive the Pipeline

Marathon Nextgen's roadmap rests on residential and commercial development across Mumbai, including Lower Parel and the eastern and central suburbs, with redevelopment and new launches adding to the project pipeline.

Revenue grew from Rs 344.22 crore in FY22 to Rs 638.58 crore in FY26, an 85.5% rise, and FY26 revenue was 5.6% lower than FY25. FY26 net profit rose 15.9% to Rs 188.38 crore. In Q1 FY27, revenue grew 13.7% to Rs 216.99 crore, and net profit fell 6.7% to Rs 49.09 crore. Operating margin was 32.43% in FY26 and 33.42% in Q1 FY27 against 57.54% a year earlier.

Debt to equity is 0.04 and return on equity is 8.92%. FY26 operating cash flow was negative at Rs 54.16 crore against capital expenditure of Rs 3.37 crore. Marathon Nextgen paid a dividend of Rs 1 per share for FY26, a yield of 0.28%. At a P/E of 12.36 against an industry P/E of 32.08, the stock trades below its industry multiple.

What to watch: The Q1 FY27 operating margin of 33.42% was below the 57.54% of a year earlier, and Q1 FY27 net profit was 6.7% lower than a year earlier. Operating cash flow was negative in FY26.

Keystone Realtors: Rustomjee Redevelopment Projects Build the Next Leg

Keystone Realtors' roadmap rests on the Rustomjee brand of premium and mid-segment housing across Mumbai, Thane and nearby markets, with redevelopment projects and new phases supporting bookings.

Revenue grew from Rs 1,302.97 crore in FY22 to Rs 2,716.85 crore in FY26, a 108.5% rise, and FY26 revenue was 28.1% higher than FY25. FY26 net profit fell 49.5% to Rs 94.95 crore. Over four years, net profit fell from Rs 135.83 crore in FY22 to Rs 94.95 crore. In Q1 FY27, revenue grew 70.9% to Rs 493.26 crore, and net profit rose 220.7% to Rs 52.37 crore. Operating margin was 7.87% in FY26 and 22.59% in Q1 FY27 against 9.96% a year earlier.

Debt to equity is 0.52 and return on equity is 2.75%. FY26 operating cash flow was negative at Rs 509.05 crore against capital expenditure of Rs 8.58 crore. At a P/E of 34.65 against an industry P/E of 32.08, the stock trades above its industry multiple.

What to watch: FY26 net profit of Rs 94.95 Cr was lower than the Rs 188.13 Cr of FY25, and return on equity of 2.75% is modest. Operating cash flow was negative in FY26.

Best Mumbai Real Estate Developer Stocks in India: Ajmera Realty vs Marathon Nextgen vs Keystone Realtors on Key Financials

Among the best Mumbai real estate developer stocks in India, Ajmera Realty leads on FY26 revenue growth and FY26 net profit growth; Marathon Nextgen leads on FY26 operating margin and the lowest P/E; Keystone Realtors leads on Q1 FY27 revenue growth and Q1 FY27 net profit growth. The table puts the numbers side by side.

Metric	Ajmera Realty	Marathon Nextgen	Keystone Realtors
FY26 revenue (Rs Cr)	1,098.00	638.58	2,716.85
FY26 revenue growth	45.8%	-5.6%	28.1%
FY26 net profit (Rs Cr)	157.08	188.38	94.95
FY26 net profit growth	24.3%	15.9%	-49.5%
FY26 operating profit margin	28.09%	32.43%	7.87%
Q1 FY27 revenue growth (YoY)	23.1%	13.7%	70.9%
Q1 FY27 net profit growth (YoY)	13.9%	-6.7%	220.7%
Return on equity	10.71%	8.92%	2.75%
P/E ratio	14.02	12.36	34.65
Debt to equity	0.51	0.04	0.52
Dividend yield	0.86%	0.28%	0.00%
FY26 operating cash flow (Rs Cr)	68.63	-54.16	-509.05

Developer earnings follow project completions and bookings, so full-year numbers and quarterly trends together give a better view.

No single metric ranks Mumbai real estate developer stocks, so the table works as a starting point for deeper research.

How to Evaluate Mumbai Redevelopment and Housing Stocks to Buy Before You Invest

A short checklist keeps the research consistent when you screen Mumbai real estate developer stocks and shortlist Mumbai redevelopment and housing stocks to buy.

Compare each stock's P/E with its industry P/E, which is 32.08 for all three here.
Read operating cash flow alongside profit, because real estate cash flows lag bookings.
Check whether revenue growth is turning into profit growth, not only sales.
Read operating cash flow against capital expenditure to see how growth is funded.
Watch debt to equity and interest cover before sizing a position.
Spread exposure across companies and business lines instead of one demand cycle.

This process works for any basket of Mumbai real estate developer stocks, whatever the share price level.

Check the Univest Screener for live data on these Mumbai real estate developer stocks

Risks to Consider Before Investing in Mumbai Real Estate Developer Stocks

Every group of Mumbai real estate developer stocks carries risks that sit beside the growth story.

Debt and cash flow: Marathon Nextgen had negative operating cash flow of Rs 54.16 Cr in FY26.
Quarterly profit: Marathon Nextgen's Q1 FY27 net profit was 6.7% lower than a year earlier.
Annual profit: Keystone Realtors' FY26 net profit of Rs 94.95 Cr was lower than the Rs 188.13 Cr of FY25.
Project timing: Revenue recognition depends on construction milestones and approvals.

Download the Univest iOS App or Univest Android App to track Ajmera Realty, Marathon Nextgen and Keystone Realtors live.

Final Take: Which Stock Has the Strongest Roadmap?

These three residential developer stocks cover township-style Mumbai launches, Lower Parel and suburban redevelopment, and the Rustomjee housing brand. Ajmera Realty leads on FY26 revenue growth and FY26 net profit growth; Marathon Nextgen leads on FY26 operating margin and the lowest P/E; Keystone Realtors leads on Q1 FY27 revenue growth and Q1 FY27 net profit growth.

Used carefully, data on Mumbai real estate developer stocks helps investors separate steady compounding from short bursts of growth.

Across Mumbai real estate developer stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the Mumbai redevelopment and housing stocks to buy discussed here.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

FAQs on Mumbai Real Estate Developer Stocks

Which are the best Mumbai real estate developer stocks in India with a strong roadmap?

Ans. Ajmera Realty & Infra India, Marathon Nextgen Realty and Keystone Realtors stand out for their roadmaps in township-style Mumbai launches, Lower Parel and suburban redevelopment, and the Rustomjee housing brand. FY26 revenue growth was 45.8% at Ajmera Realty, -5.6% at Marathon Nextgen and 28.1% at Keystone Realtors, and return on equity ranges from 2.75% to 10.71%.

Is Ajmera Realty & Infra India a good stock to buy now?

Ans. Ajmera Realty & Infra India has a debt to equity ratio of 0.51, a return on equity of 10.71% and a P/E of 14.02 against an industry P/E of 32.08. Valuation, project timing and cash flow move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.

What is the P/E ratio of Ajmera Realty, Marathon Nextgen and Keystone Realtors?

Ans. The P/E ratio is 14.02 for Ajmera Realty (industry 32.08), 12.36 for Marathon Nextgen (industry 32.08) and 34.65 for Keystone Realtors (industry 32.08). Only Keystone Realtors trades at or above the industry multiple.

Which of these Mumbai real estate developer stocks has the highest return on equity?

Ans. Ajmera Realty & Infra India has the highest return on equity at 10.71%, followed by Marathon Nextgen Realty at 8.92% and Keystone Realtors at 2.75%.

What are the risks of investing in Mumbai real estate developer stocks?

Ans. The main risks are debt and cash flow, quarterly profit, annual profit and project timing. Marathon Nextgen had negative operating cash flow of Rs 54.16 Cr in FY26.

How did Ajmera Realty, Marathon Nextgen and Keystone Realtors perform in Q1 FY27?

Ans. Ajmera Realty & Infra India reported revenue of Rs 319.52 crore, up 23.1% year on year, and net profit rose 13.9% to Rs 44.94 crore. Marathon Nextgen Realty reported revenue of Rs 216.99 crore, up 13.7% year on year, and net profit fell 6.7% to Rs 49.09 crore. Keystone Realtors reported revenue of Rs 493.26 crore, up 70.9% year on year, and net profit rose 220.7% to Rs 52.37 crore.

Do Mumbai real estate developer stocks pay dividends?

Ans. Ajmera Realty and Marathon Nextgen pay dividends. The dividend yield is 0.86% for Ajmera Realty and 0.28% for Marathon Nextgen, based on dividends declared for FY26.

How can I invest in Mumbai real estate developer stocks in India?

Ans. You can buy Mumbai real estate developer stocks through a demat and trading account on NSE or BSE after checking each company's financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.