KEY HIGHLIGHTS
● Strong Booking Value Trajectory: Achieved a robust Booking Value (BV) of ₹700 Crore in Q1FY27, marking an outstanding 129% growth compared to ₹306 Cr in Q1 FY26
● Booking Value Contribution Mix: JDAs - 64%; Thane Land Parcel - 36% for the quarter
● Strong Growth Visibility: Total portfolio is now ~ ₹52,000 Cr in Gross Development Value (GDV), with a prudent mix of Own land as well as JDA projects
● Customer Collections of ₹ 550 Cr in Q1FY27 vs ₹ 374 Cr in Q1FY26, 47% Y-o-Y growth
● Total Income of ₹ 536 Cr in Q1FY27 vs ₹ 392 Cr in Q1FY26, 37% Y-o-Y growth
● EBITDA of ₹ 70 Cr in Q1FY27 vs ₹ 41 Cr in Q1FY26, 70% Y-o-Y growth
● Net Debt of ₹ 824 Cr, Debt to Equity ratio of 0.7x, well below the ceiling of 1.0x
Particulars (₹ Cr.):
● Total Income: Q1FY27 – 536 | Q1FY26 – 392 | YoY – 37%
● EBITDA: Q1FY27 – 70 | Q1FY26 – 41 | YoY – 70%
● EBITDA Margin %: Q1FY27 – 13% | Q1FY26 – 11%
● PBT (before exceptional items): Q1FY27 – 15 | Q1FY26 – 21 | YoY – (29%)
● PBT Margin (before exceptional items): Q1FY27 – 2.8% | Q1FY26 – 5.4%
Raymond Realty’s financial performance in Q1 FY27 continued with its robust momentum and significant scale, with Total Income of ₹ 536 Cr in Q1 FY27 vs ₹ 392 Cr in Q1 FY26, a robust growth of 37% Y-o-Y, driven by strong demand and a healthy delivery pipeline across all our projects. EBITDA surged to ₹ 70 Cr in Q1 FY27 vs ₹ 41 Cr in Q1 FY26, a 70% Y-o-Y growth driven by an optimized product mix. EBITDA margins were at 13% vs 11% in Q1 FY26, on account of expected seasonality and in line with our expectations. Our margins naturally fluctuate by project phase and launch timing, as initial profitability reflects upfront marketing and construction setup costs. Margins will progressively normalize over subsequent quarters as project construction crosses revenue-recognition thresholds. We remain firmly on track to meet our EBITDA margin guidance of 17% - 19% for the FY27.
Strategic Portfolio & Operational Review
Aligned with our strategic roadmap, securing the landmark ~ ₹8,500 Crore JDA project in Parel reflects our strategic transition to an asset-light growth model. This milestone agreement accelerates our expansion into South Mumbai, demonstrating strong confidence in the enduring value of the city’s high-end housing sector. Our total portfolio is now ~ ₹52,000 Crore in Gross Development Value (GDV), reflecting a diversified and high-growth asset base across the MMR.
100 Acre Thane Land Parcel: Cornerstone of our initial success, with a ~ ₹25,000 Crore revenue potential.
● Development Velocity: Approximately 65 acres are currently under development, representing ~6.7 million sq. ft. of RERA carpet area and a revenue potential of ~ ₹16,500 Crore
● Sales Milestones: Performance remains robust with ~ ₹9,400 Crore already sold and Collections reaching ~ ₹7,460 Crore to date
JDA Portfolio: The Structural Pivot to Asset-Light Growth, which now comprises eight projects with a combined revenue potential of ~ ₹27,000 Crore.
● Development Velocity: 4 JDA projects have been launched in Bandra, BKC, Wadala and Sion, representing ~ 2.8 million sq. ft. of RERA carpet area and a revenue potential of ~ ₹11,500 Crore. These marquee developments are the flagship pillars of our JDA portfolio and a testament to our ability to scale with speed and sophistication.
● Sales Milestone: Performance remains strong with ~ ₹2,900 Crore already sold and collections reaching ~ ₹692 Crore to date
● Pipeline Visibility: The recent signings of two new JDA projects in Kandivali (~ ₹3,000 Crore) & Parel (~ ₹8,500 Crore) will further solidify our presence in prime MMR micro-markets.
Performance & Liquidity
● Booking Momentum: In Q1FY27, we secured a booking value of ₹700 Crore, propelled by unwavering demand for the Ten X, The Address by GS and Invictus by GS brands across Thane, Bandra, BKC, Wadala and Sion continuing to demonstrate exceptional market pull and buyer loyalty.
● Prudent Leverage: Maintaining a healthy balance sheet, we concluded the quarter with a Net Debt of ₹824 Crore and a debt / equity ratio of 0.7x comfortably below our 1.0x ceiling, providing headroom for future expansion.
● Liquidity & Cost of Debt: With a ₹271 Crore liquidity buffer, we are fully funded for the next year of construction spends. Our Cost of Debt remains stable at ~9.60%.
For FY27 Guidance, Raymond Realty remains committed to a robust growth trajectory, targeting ~20% growth in both pre-sales and revenue. We are also focused on achieving a Return on Capital Employed (ROCE) of ~20%, and we remain firmly on track to deliver an EBITDA margin profile in the range of 17%–19%.
Commenting on the performance, Mr. Harmohan Sahni, Managing Director & CEO, Raymond Realty Limited said; " We have entered FY27 with strong operational momentum, carrying forward the scaled execution and strategic clarity that defined our performance last year. Our performance this quarter reflects sustained homebuyer confidence in the Raymond Realty brand and the continued success of our disciplined, asset-light JDA strategy across prime micro-markets in the MMR. We remain committed to sharp execution, financial prudence, and accelerating our growth trajectory to deliver long-term value to our shareholders."
About Raymond Realty
Raymond Realty Limited is one of India’s fastest-growing real estate developers, headquartered in Mumbai and part of the iconic Raymond Group. Bringing the Group’s century-long legacy of trust, quality, and excellence into the real estate sector, Raymond Realty is a focused, pure-play branded real estate developer with a strong presence across the Mumbai Metropolitan Region (MMR). Since its foray into real estate in 2019, the company has already carved position amongst the Top 10 Real Estate players in the country and delivered landmark residential and commercial projects characterized by superior design, timely execution, and customer-centric innovation. With iconic aspirational, premium, and super premium residential brands (TenX, The Address by GS and Invictus by GS), 100 acre owned land and 8 Joint Development Agreements, the company currently has an estimated gross development value of approximately ₹520 billion.
Disclaimer:
Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Raymond Realty Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
To know more, visit us today at www.raymondrealty.in
For further information, please contact:
Shalini Singh
Corporate Communications Raymond Limited
Tel: 022 6152 7624 | Email: Shalini.singh@raymond.in
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