Raymond Realty reports a 37% rise in quarterly income, highlighting strong demand, a shift towards asset-light development, and a robust pipeline of projects across the Mumbai Metropolitan Region.
Raymond Realty said its first-quarter performance for fiscal 2027 improved sharply, with total income rising 37% year on year to Rs 536 crore for the three months ended June 30, 2026, from Rs 392 crore a year earlier. The Mumbai-based developer said the result reflected steady demand and a healthy pipeline of project deliveries across the Mumbai Metropolitan Region.
Earnings before interest, tax, depreciation and amortisation climbed 70% to Rs 70 crore from Rs 41 crore, while the margin widened to 13% from 11%. The company said the improvement was helped by a more favourable product mix, although it cautioned that margins may move around in the near term because of seasonality, project timing and upfront spending on marketing and construction. Raymond Realty said it still expects full-year EBITDA margins of 17% to 19%.
Profit before tax before exceptional items came in at Rs 15 crore, down from Rs 21 crore a year earlier, for a margin of 2.8%. Bookings during the quarter reached Rs 700 crore, supported by demand across its Ten X, The Address by GS and Invictus by GS brands in Thane, Bandra, BKC, Wadala and Sion.
The company has been shifting further towards an asset-light model through joint development agreements. It now has eight such projects with a combined revenue potential of about Rs 27,000 crore, including a recent deal in Parel with a gross development value of nearly Rs 8,500 crore and another in Kandivali valued at about Rs 3,000 crore. Four JDA projects are active in Bandra, BKC, Wadala and Sion, where sales have reached about Rs 2,900 crore and collections total Rs 692 crore.
Raymond Realty said its overall portfolio represents gross development value of about Rs 52,000 crore. Its 100-acre land parcel in Thane remains the anchor asset, with potential revenue of about Rs 25,000 crore. Roughly 65 acres are under active development there, and sales have crossed Rs 9,400 crore, with cumulative collections of Rs 7,460 crore.
The balance sheet remained relatively contained, with net debt of Rs 824 crore and a debt-to-equity ratio of 0.7 times, below its internal ceiling of 1.0 times. The company also said it held a liquidity buffer of Rs 271 crore for construction costs over the next year and kept its cost of debt at about 9.6%. For FY27, it is targeting 20% growth in both pre-sales and revenue, alongside a return on capital employed of about 20%.
In a statement on the results, managing director and chief executive Harmohan Sahni said the company had entered FY27 with strong operational momentum and described the quarter as evidence of continued buyer confidence in the brand and the expansion of its joint development strategy in prime micro-markets across the MMR.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
