Raymond Realty reports a 129% year-on-year increase in pre-sales, driven by its asset-light JDA model and prime Mumbai projects, indicating strong buyer confidence despite no new launches this quarter.
Raymond Realty has reported a sharp increase in quarterly pre-sales, underscoring continued demand for its Mumbai Metropolitan Region projects even without any new residential launches during the period. The developer said booking value rose to ₹700 crore in the quarter ended June 30, up 129% from ₹306 crore a year earlier, while collections climbed 47% to ₹550 crore. The company also said total income increased 37% year on year to ₹536 crore and EBITDA advanced 70% to ₹70 crore, although profit before tax fell to ₹15 crore from ₹21 crore.
The latest results come as Raymond Realty continues to lean on an asset-light joint development agreement model alongside its owned land bank. The company said its portfolio now has a gross development value of about ₹52,000 crore, with roughly 64% of quarterly booking value coming from JDAs and 36% from the Thane land parcel. It also highlighted a recently signed JDA in Parel, valued at about ₹8,500 crore, as part of its push deeper into prime South Mumbai micro-markets.
Raymond Realty said net debt stood at about ₹824 crore, with a debt-to-equity ratio of 0.7x, below its internal ceiling of 1.0x. The company said it had a liquidity buffer of ₹271 crore and a cost of debt of around 9.60%, leaving it funded for the next year of construction spending. Harmohan Sahni, managing director and chief executive, said the quarter reflected “sustained homebuyer confidence” and the company’s disciplined JDA strategy, adding that Raymond Realty remained on track to deliver EBITDA margins of 17% to 19% for FY27.
The performance drew a positive market response when the company issued its operational update earlier in the quarter, with Raymond Realty’s shares rising after the announcement. The result also compares with a broader trend of mixed but generally firm quarterly performances among listed property developers, including Sunteck Realty, which reported higher profit and a modest increase in pre-sales in the same reporting season. For Raymond Realty, the bigger test will be whether it can sustain its sales momentum while converting its growing project pipeline into stronger margins over the rest of the year.
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