Operational Performance Metrics

Q2 FY27 (July–September 2026) Performance:

  • Pre-sales: ₹902 Crore, up 98% YoY from ₹455 Crore in Q2 FY26
  • Collections: ₹682 Crore, up 67% YoY from ₹409 Crore in Q2 FY26

H1 FY27 (April–September 2026) Performance:

  • Pre-sales: ₹1,602 Crore, up 111% YoY from ₹760 Crore in H1 FY26
  • Collections: ₹1,233 Crore, up 57% YoY from ₹783 Crore in H1 FY26

Performance Drivers

Growth was driven entirely by sustained sales velocity and steady price realization within the existing "Address by GS" portfolio, with no new project launches during the quarter.

Project Execution Highlights

  • Received Occupation Certificate for Address by GS Season 1 Tower B in Thane comprising 270 units
  • Total RERA Carpet Area: 3,44,478 sq. ft.
  • Delivered approximately 18 months ahead of RERA timeline (Proposed RERA Completion Date was March 2028)

Future Launch Pipeline

H2 FY27 Planned Launches (Mahim projects):

| Project | GDV (₹ Cr) | RERA Area (Mn sq. ft.) |

| Mahim 1 | 1,800 | 0.41 |

| Mahim 2 | 2,300 | 0.39 |

| Total | 4,100 | 0.80 |

Financial Position & Leverage

  • Gross borrowings: ₹1,220 crore as of September 30, 2026 (increased by ₹125 crore during quarter)
  • Liquidity: ₹306 crore
  • Net debt: ₹914 crore
  • Net debt-to-equity ratio: Well below Board-approved ceiling of 1.0x

Borrowings were primarily utilized to fund construction across FY26 project launches, aligned with robust collection pipeline.

Credit Rating Update

CARE reaffirmed Raymond Realty at CARE A+ with Stable outlook, citing:

  • Consistent booking momentum
  • Improving launch pipeline
  • Healthy execution on existing portfolio

FY27 Guidance

Company remains on track for:

  • ~20% growth in pre-sales
  • ROCE of ~20%
  • EBITDA margin of 17–19%
  • PAT margin of 9–10%

Management Commentary

Mr. Harmohan Sahni, Managing Director & CEO, stated: "We nearly doubled pre-sales this quarter without any new launches, supported by resilient sustenance sales and continued homebuyer confidence in our projects. Simultaneously, the 67% year-on-year growth in collections highlights our focus on cash flow efficiency."

Company Background

Raymond Realty Limited is one of India's fastest-growing real estate developers, headquartered in Mumbai and part of the Raymond Group. The company has:

  • Estimated gross development value of approximately ₹52,000 crores
  • 100 acre owned land
  • 8 Joint Development Agreements
  • Portfolio includes TenX, The Address by GS and Invictus brands