Quarterly Financial Highlights (Q2 FY27)

On October 27, 2026, Raymond Realty Limited released its unaudited results for the quarter ended 30 September 2026. Total income reached ₹757 crore, marking a 7% year‑on‑year increase from ₹706 crore in Q2 FY26. EBITDA rose to ₹115 crore, a 14% YoY rise, and the EBITDA margin expanded to 15% from 14% previously. Profit before tax slipped to ₹66 crore (down 6% YoY) with a PBT margin of 8.8% versus 9.9% in the prior year.

Booking and Collection Performance

Booking value for Q2 FY27 surged 98% YoY to ₹902 crore, while the first half of FY27 saw bookings of ₹1,602 crore, up 111% YoY. The booking mix comprised 57% Mumbai JDA projects and 43% owned Thane land parcel. Customer collections increased 67% YoY to ₹682 crore in the quarter and 57% YoY to ₹1,233 crore for the half‑year.

Portfolio and Project Updates

The company’s total Gross Development Value (GDV) now stands at approximately ₹52,000 crore. The flagship 100‑acre Thane land parcel carries an estimated revenue potential of ~₹25,000 crore; of this, about 65 acres (≈6.7 million sq ft RERA carpet area) are under development, representing a further ~₹16,500 crore revenue opportunity. To date, sales from the Thane parcel amount to ~₹9,770 crore with collections of ~₹7,977 crore.

A key milestone was the receipt of occupancy certificate for Address by GS Season 1 Tower B in Thane, comprising 270 units and 344,478 sq ft of RERA‑approved carpet area, delivered well ahead of the projected March‑2028 completion date.

The Joint Development Agreement (JDA) portfolio now includes eight projects with a combined revenue potential of ~₹27,000 crore. Four JDA projects have been launched in Bandra, BKC, Wadala and Sion, together offering ≈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.

Looking ahead, the pipeline for the current financial year features two premier JDA launches in Mahim (Mahim 1: ₹1,800 crore, 0.41 Mn sq ft; Mahim 2: ₹2,300 crore, 0.39 Mn sq ft), contributing a cumulative GDV of over ₹4,100 crore and 0.80 Mn sq ft of RERA area.

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 1.0x ceiling. A liquidity buffer of ₹308 crore is deemed sufficient to fund the next year of construction spend. The weighted average cost of debt remains stable at ~9.60%. Total interest expense for Q2 FY27 was ₹44 crore, split between ≈₹27 crore on bank borrowings and ≈₹17 crore payable to government authorities for additional FSI and approvals.

Credit Rating and FY27 Guidance

CARE reaffirmed Raymond Realty’s A+ rating with a Stable outlook, citing consistent booking momentum, an expanding launch pipeline, and solid execution on existing assets. The company reiterates its FY27 guidance of ~20% growth in pre‑sales, a ROCE of ~20%, an EBITDA margin target of 17‑19%, and a PAT margin of 9‑10%.

Management Commentary

Mr. Harmohan Sahni, Managing Director & CEO, stated that the firm’s “Go Beyond” ethos has driven operational momentum, with pre‑sales nearly doubling despite no new launches and collections jumping 67%. He highlighted the early delivery of the Thane tower, the disciplined capital approach, and the robust ₹4,100 crore+ MMR launch pipeline as foundations for meeting full‑year growth targets and delivering shareholder value.

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