Raymond Realty Limited – Q2 FY27 Performance Overview

Raymond Realty Limited announced its unaudited results for the quarter ended 30 September 2026. Booking value surged 98% year‑on‑year (YoY) to ₹902 crore in Q2 FY27, while the first half (H1) FY27 booking value rose 111% YoY to ₹1,602 crore. The booking mix comprised 57% from Mumbai Joint Development Agreements (JDAs) and 43% from the owned Thane land parcel.

Collections also accelerated, with Q2 FY27 cash receipts up 67% YoY to ₹682 crore and H1 FY27 collections up 57% YoY to ₹1,233 crore. Total income for the quarter reached ₹757 crore, a 7% YoY increase from ₹706 crore in Q2 FY26. EBITDA rose 14% YoY to ₹115 crore, improving the EBITDA margin to 15% from 14% a year earlier. Profit before tax (PBT) declined to ₹66 crore from ₹70 crore, reflecting a PBT margin contraction to 8.8% from 9.9%.

Portfolio and Project Highlights

The company's total Gross Development Value (GDV) now stands at approximately ₹52,000 crore, underpinned by a diversified asset base across the Mumbai Metropolitan Region (MMR). The cornerstone is a 100‑acre Thane land parcel with an estimated revenue potential of ~₹25,000 crore. Of this parcel, about 65 acres (≈ 6.7 million sq ft. of RERA‑certified carpet area) are under development, offering a further ~₹16,500 crore revenue upside. Sales from the Thane asset have reached ~₹9,770 crore, with collections of ~₹7,977 crore to date.

In Q2 FY27, the company received Occupancy Certificate (OC) for Address by GS Season 1 Tower B in Thane, comprising 270 units and a total RERA carpet area of 344,478 sq ft., delivered well ahead of the projected March‑2028 completion date.

The JDA (asset‑light) portfolio now includes eight projects with a combined revenue potential of ~₹27,000 crore. Four JDAs have been launched in Bandra, BKC, Wadala and Sion, covering roughly 2.8 million sq ft. of RERA carpet area and a revenue potential of ~₹11,500 crore. Sales from the JDA segment total ~₹3,430 crore, with collections of ~₹857 crore.

Upcoming Launch Pipeline

Raymond Realty plans to accelerate growth over the next two quarters with a ₹4,100 crore pipeline of MMR launches. The upcoming projects include:

  • Mahim 1 – GDV ₹1,800 crore, RERA area 0.41 million sq ft.
  • Mahim 2 – GDV ₹2,300 crore, RERA area 0.39 million sq ft.

The combined GDV of these two launches equals ₹4,100 crore with a total RERA‑certified area of 0.80 million sq ft.

Leverage, Liquidity and Cost of Debt

The quarter ended with gross debt of ₹1,220 crore and net debt of ₹912 crore, yielding a debt‑to‑equity ratio of 0.8x, comfortably below the company’s ceiling of 1.0x. A liquidity buffer of ₹308 crore is available, deemed sufficient to fund one year of construction spend. The cost of debt remains stable at approximately 9.60%. Total interest expense for Q2 FY27 was ₹44 crore, split between ₹27 crore on bank borrowings and ₹17 crore on interest payable to government authorities (BMC/TMC/MHADA) for additional FSI and approvals.

CARE reaffirmed Raymond Realty’s credit rating at CARE A+ with a Stable outlook, citing consistent booking momentum, an expanding launch pipeline, and solid execution on existing assets.

FY27 Guidance and Management Commentary

The company reiterates its FY27 guidance of ~20% growth in pre‑sales, a Return on Capital Employed (ROCE) of ~20%, EBITDA margin 17‑19%, and PAT margin 9‑10%.

Managing Director & CEO Harmohan Sahni stated that the firm’s “Go Beyond” ethos has driven operational momentum, with pre‑sales nearly doubling despite no new launches and collections surging 67%. He highlighted the early delivery of a Thane tower 18 months ahead of the RERA timeline as evidence of construction capability, and affirmed that the disciplined capital approach and the ₹4,100 crore MMR launch pipeline position the company to meet full‑year growth targets and deliver shareholder returns.

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