Raymond Realty Limited (formerly Raymond Lifestyle Limited) submitted the transcript of its Q1 FY27 earnings conference call held on August 10, 2026, to the National Stock Exchange of India Limited and BSE Limited pursuant to Regulation 30 of the SEBI Listing Regulations.

Financial Performance Highlights (Q1 FY27 vs Q1 FY26)

  • Presales/Booking Value: ₹700 crore, representing 129% year-on-year growth (Q1 FY26: ₹306 crore)
  • Customer Collections: ₹550 crore, representing 47% year-on-year growth
  • Total Income/Revenue Booking: ₹536 crore, representing 37% year-on-year growth (Q1 FY26: ₹392 crore)
  • EBITDA: ₹70 crore, representing 70% year-on-year growth (Q1 FY26: ₹41 crore)
  • EBITDA Margin: Expanded to 13% from 11% in Q1 FY26

Balance Sheet and Liquidity Position

  • Net Debt: ₹824 crore as of Q1 FY27 end
  • Debt-to-Equity Ratio: 0.7x, below internal target of 1x
  • Liquidity Buffer: ₹271 crore
  • Cost of Debt: Average 9.6%
  • Gross Debt: ₹1,095 crore

Portfolio and Development Update

  • Total Gross Development Value (GDV): ₹52,000 crore
  • JDA Portfolio: 52% of total GDV (₹27,000 crore) across 8 projects
  • Owned Land Portfolio: 100-acre Thane land parcel with ₹25,000 crore revenue potential
  • Q1 Sales Contribution: 64% from JDA models, 36% from Thane land

JDA Project Details

  • Recently Secured Projects: Flagship JDA in Parel with estimated GDV of ₹8,500 crore
  • Launched JDAs: 4 projects at marquee locations (Bandra East, BKC, Wadala, Sion)
  • Total RERA carpet area: 2.8 million square feet
  • Revenue potential: ₹11,500 crore
  • Cumulative sales: ₹2,900 crore
  • Collections: Approximately ₹692 crore
  • Future Launches: Two Mahim projects planned for FY27 with GDV of ₹2,500 crore and ₹2,100-2,200 crore respectively

Thane Land Development

  • Active Development: 65 acres out of 100 acres
  • RERA Carpet Area: 6.7 million square feet
  • Revenue Potential: ₹16,500 crore
  • Sales Achieved: ₹9,400 crore
  • Collections: ₹7,460 crore
  • Deliveries: 11 towers (approximately 4,000 homes) delivered

Future Growth Visibility

  • Unsold GDV (Launched): ₹15,700 crore
  • Unlaunched GDV: ₹24,000 crore
  • Multi-year Visibility: 6-7 years of growth pipeline

FY27 Guidance

  • Presales Growth: Minimum 20% year-on-year
  • Revenue Growth: Minimum 20% year-on-year
  • EBITDA Margin: 17-19%
  • Return on Capital Employed: 20% or above

Management Commentary

Management emphasized strong operational momentum continuing from Q4 FY26, with sustained homebuyer confidence in Raymond Realty's brand. The company highlighted its focus on developer reliability, execution velocity, and product quality as key differentiators. The asset-light JDA strategy was noted as the key engine of strategic pivot, providing capital efficiency and higher returns.

Q&A Session Highlights

  • Execution Priorities: Focus on executing projects launched in Q4 FY26; demand remains strong across all micro-markets
  • Cost Pressures: Acknowledged temporary cost pressures due to global conditions but noted adequate budgeting for project lifecycles
  • Government Policy: Current Maharashtra government described as pro-growth and pro-development with policy stability
  • Capital Allocation: Maintaining debt-to-equity discipline below 1x; exploring AIF participation at SPV level as alternative funding
  • Parel Project: 18-month timeline to market; ticket sizes expected between ₹6-20 crore
  • Interest Cost: Expected to be in range of ₹100-120 crore for FY27 (Q1 interest cost was ₹47 crore)
  • Institutional Holdings: Addressing decline through improved investor relations outreach and potential PE participation in projects