Raymond Realty Q2 FY27 bookings rise 98% to ₹902 crore; profit falls 12%

What happened

Raymond Realty Limited, a Mumbai-based developer, announced its unaudited financial results for the quarter ended 30 September 2026 on 27 October 2026. Wire copies of the release carried a 28 October 2026 date. The company reported that booking value rose 98% year on year to ₹902 crore in Q2 FY27. For the first half of FY27, booking value rose 111% to ₹1,602 crore, compared with ₹760 crore in H1 FY26.

The company launched no new project in the quarter. It credited the growth to sales velocity and steady price realisation in its existing Address by GS portfolio.

Collections and income

Customer collections rose 67% to ₹682 crore in Q2, and rose 57% to ₹1,233 crore in H1. Total income for the quarter was ₹757 crore, against ₹706 crore a year earlier, an increase of 7%. Press agency PTI reported total income of ₹757.49 crore, against ₹705.79 crore.

One analysis reports revenue from operations of ₹749 crore, and another reports ₹748.52 crore. The company's total income figure is the one used here.

Why profit fell while EBITDA rose

EBITDA rose 14% to ₹115 crore, and the EBITDA margin was 15%, up from 14%. Consolidated net profit fell 12% to ₹53.06 crore from ₹60.18 crore. The gap comes mainly from finance costs. Interest expense rose to ₹44 crore from ₹26 crore, and profit before tax fell 6% to ₹66 crore, according to a Q2 analysis.

Management said quarterly margins move with project phase, because marketing and construction set-up costs are paid up front. It said it expects margins to normalise and that FY27 EBITDA margin guidance remains on track.

Balance sheet and financing

As of the end of the quarter, net debt stood at ₹912 crore, with a debt-to-equity ratio of 0.8x against a stated ceiling of 1.0x. Gross debt was ₹1,220 crore, and liquidity was ₹308 crore. The company said it is fully funded for the next year of construction spend.

CARE reaffirmed the company's rating at CARE A+ with a Stable outlook. CARE cited consistent booking momentum, an improving launch pipeline and healthy execution on the existing portfolio.

The company has a pending warrant issue. One report describes an in-principle approval for a ₹614 crore warrant issue, and another describes convertible warrants of up to ₹409 crore approved in September 2026. Shareholders approved a capital increase and a preferential issue on 8 October 2026.

Projects and portfolio

Raymond Realty's development focus is residential projects in the Mumbai Metropolitan Region, mainly on owned land in Thane and on joint development agreement (JDA) projects in Mumbai. Its Address by GS brand is its main residential platform.

• Thane owned land: about 100 acres, with an estimated gross development value of about ₹25,000 crore. As of July 2026, nearly 60 acres had been launched.
• Total portfolio: gross development value of about ₹52,000 crore, of which owned-land projects account for ₹25,000 crore and JDAs for ₹27,000 crore.
• JDA share: management said JDAs made up 52% of gross development value in H1 FY27, up from 41% in FY26 and 36% in FY25.
• Unlaunched pipeline: about ₹24,000 crore of projects yet to be launched.

Recent JDA activity covers projects in Bandra, BKC, Sion, Wadala, Mahim, Kandivali and Parel.

The company received an occupancy certificate for Address by GS Season 1 Tower B during Q2. The CEO, Harmohan Sahni, said delivering a Thane tower 18 months ahead of its RERA timeline reflects construction capability. The company reports that TenX Era is about 92% sold and Address by GS Season 1 is about 99% sold.

What it means for buyers

• Pre-sales are the company's main sales engine, and the earlier phases of the Address by GS and TenX brands are close to sold out.
• No new launches were made in Q2. The company has scheduled Kandivali, Parel and a Thane owned-land parcel for Q2 FY28, so buyers looking for new inventory from these sites will have to wait until then.
• Parel is expected to have an estimated revenue potential of about ₹8,500 crore, according to a Multibagg pipeline analysis.

What it means for investors

• Booking growth is strong, but the profit line is under pressure from financing costs. Analysts note that pre-sales are strong while financing costs test how much of that growth turns into profit.
• TradeBrains says the gap between rising EBITDA and falling net profit means investors should look closely at finance costs, depreciation and tax.
• Analysts also note that JDA margins in percentage terms can look lower than owned-land Thane projects, even though absolute EBITDA per square foot is improving.
• CARE's reaffirmation of the A+ Stable rating points to the company's booking momentum and execution.

Guidance and what comes next

For FY27, the company has guided to about 20% growth in pre-sales, ROCE of about 20%, an EBITDA margin of 17% to 19%, and a PAT margin of 9% to 10%. It reiterated this guidance on 28 October 2026.

The company estimates that its ongoing and upcoming projects could generate ₹14,375 crore of balance surplus project-level cash flow, after ₹22,513 crore of completion cost and ₹6,278 crore of JDA partner share. This is a management estimate.

Looking ahead, the next checkpoints are the Q2 FY28 launches at Kandivali, Parel and the Thane owned-land parcel, and the outcome of the pending warrant issue.

On infrastructure, the Thane Metro is a 29.5 km line. Construction began in 2025 and opening is planned for 2029, at an estimated cost of ₹12,200 crore.