Raymond Group non-lifestyle arms supply 49% of H1 FY27 EBITDA; realty EBITDA up 30%

What the filing shows

Raymond Group reported that its non-lifestyle businesses, Raymond Realty and Raymond Limited, contributed Rs 388.16 crore of the group's Rs 792 crore year-to-date EBITDA, which is 49%. Raymond Lifestyle made up the remaining 51%, at Rs 404 crore.

Group portfolio EBITDA rose 11% in Q2 FY27 to Rs 488 crore from Rs 439 crore. For H1 FY27 it rose 15%.

Raymond Realty was the fastest-growing of the three segments on EBITDA over the half-year. Raymond Limited's engineering business reported H1 EBITDA of Rs 203 crore, up 22%, and Q2 EBITDA of Rs 103 crore, up 30%.

Raymond Realty's half-year numbers

Raymond Realty's EBITDA rose 14% in Q2 FY27 to Rs 115 crore from Rs 101 crore, with the EBITDA margin at 15% against 14% a year earlier. For the half-year, EBITDA rose 30% to Rs 185 crore.

Booking value in Q2 FY27 rose 98% to Rs 902 crore from Rs 455 crore. For H1 FY27, bookings rose 111% to Rs 1,602 crore. Q2 total income rose 7% to Rs 757 crore, and H1 total income rose 18% to Rs 1,293 crore.

The company said the bookings came from existing projects. It made no new residential launches in the period.

Margins and profit

The H1 EBITDA margin was 14%, up from 13%. The company attributed the improvement to an optimised product mix.

Profit after tax moved in the opposite direction. H1 PAT fell 14% to Rs 66 crore from Rs 77 crore, and the PAT margin fell to 5% from 7%. Q2 PAT fell 12% to Rs 53 crore from Rs 60 crore, with the PAT margin at 7% against 8.5%.

Management said that margins fluctuate by project phase because of upfront marketing and construction set-up costs, and that they are expected to normalise progressively toward its FY27 EBITDA margin guidance of 17% to 19%.

Balance sheet and leverage

Raymond Realty reported net debt of Rs 912 crore, a debt-to-equity ratio of 0.8 times, and a cash balance of Rs 308 crore against long-term debt of Rs 768 crore. The company said its debt-to-equity was below its ceiling of 1.0 times.

On this measure Raymond Realty carries more leverage than the group. Group cash stood at Rs 3,382 crore and group long-term debt at Rs 1,647 crore. One brokerage note reads the 0.43x group leverage and an average debt maturity of 4.24 years as a lower near-term refinancing need for the group.

Business model and Mumbai land

Raymond Realty is a residential developer focused on the Mumbai Metropolitan Region, operating through subsidiaries. It uses owned land in Thane and asset-light joint development agreements (JDAs). JDAs accounted for 57% of Q2 FY27 booking value.

The company holds about 100 acres of legacy land in Thane, which it estimates could yield more than Rs 25,000 crore in potential revenue. About 65 acres, or 6.7 million sq ft, is under development in Thane, with revenue potential of Rs 16,500 crore.

During FY26 it launched seven projects across BKC, Wadala, Sion and Thane. FY26 pre-sales were Rs 3,023 crore, up 31%, and collections were Rs 1,725 crore.

What it means for buyers and investors

The disclosure is a financial report. It sets out results and targets, not prices, possession dates or offers for homebuyers.

For investors, the main points are the faster EBITDA growth, the sharp rise in bookings with no new launch, and the lower profit after tax. Leverage at Raymond Realty is higher than at the group level, and the company says it is working to improve its balance sheet.

One brokerage note expects Raymond Realty to exceed its FY27 pre-sales growth guidance of 20%. Another broker report flags that real estate demand remains sensitive to property prices and economic conditions.

What comes next

Management's FY27 targets are about 20% pre-sales growth, ROCE of about 20%, an EBITDA margin of 17% to 19% and a PAT margin of 9% to 10%. These are targets, not reported results. The H1 figures are an EBITDA margin of 14% and a PAT margin of 5%.

• An MMR launch programme planned over the next two quarters, with gross development value above Rs 4,100 crore.
• Two redevelopment launches in Mahim planned for FY27, with combined gross development value reported at Rs 4,500 crore.
• The Parel project, under a residential JDA signed in FY26 with estimated revenue potential of about Rs 8,500 crore. Management has indicated a launch in about 18 months.
• The proposed convertible warrant allotment, approved in September 2026 for up to Rs 409 crore.