Raymond Realty Keeps Walker Chandiok as Statutory Auditor After Joint-Auditor Exit

What happened

On 2 November 2026, Raymond Realty Limited issued a statement on its corporate governance and audit continuity. The company said Walker Chandiok & Co. LLP continues as its statutory auditor and will oversee all financial audit processes. The statement was issued by Harmohan Sahni, Managing Director and CEO.

The company had been running a joint-audit arrangement with Chaturvedi & Shah LLP. That arrangement has ended. One secondary report gives 28 October 2026 as the effective date of the exit.

Why the joint audit ended

According to the company, the change followed a commercial disagreement over a fee revision requested by the joint auditor. One report says the auditor cited expanded work scope in seeking the higher fee. The company tied the decision to its internal cost-management policies covering vendor and professional-service contracts.

Auditor position and related-party review

The company says the outgoing auditors confirmed they had no concerns about the company's management. It also says they completed all reporting obligations through the third quarter of FY27 before leaving.

The company said it relies on independent third-party review and certification by E&Y LLP for all related-party transactions. One report quotes the company as saying the Audit Committee did not need to intervene under SEBI frameworks. That is the company's own position.

A brokerage research note described the resignation as a fee-related financial decision. It did not expect a negative effect on the share price. This is an analyst's view, not a regulatory finding. No regulator or court action has been reported in connection with the auditor change.

Portfolio and balance-sheet context

The company's asset-light Joint Development Agreement strategy now covers eight projects with revenue potential of about Rs 27,000 crore. The total portfolio is valued at about Rs 52,000 crore in gross development value (GDV).

In its Q2 FY27 update, the company reported total income of Rs 757 crore, up 7% from Rs 706 crore a year earlier. Booking value rose 98% to Rs 902 crore, and collections rose 67% to Rs 682 crore. Net debt stood at Rs 914 crore, with net debt-to-equity below 1.0x.

The company also owns about 100 acres in Thane, with revenue potential of about Rs 25,000 crore. Four JDA projects in Bandra, BKC, Wadala and Sion have been launched, with revenue potential of about Rs 11,500 crore.

What it means for buyers and investors

The statement does not describe any change for individual buyers. The company says its launch pipeline and sales support near-term operations. Those points come from the company and have not been independently checked.

For investors, the main point is that the company attributes the auditor change to a fee dispute rather than a management concern. The JDA model, which the company says reduces upfront land purchases, is the basis for its expansion beyond Thane. Sales from projects outside Thane were 57% of H1 FY27 pre-sales, according to a market analysis.

What comes next

• Two Mahim JDA launches are planned for the second half of FY27, with combined GDV of over Rs 4,100 crore. Mahim 1 is listed at Rs 1,800 crore and Mahim 2 at Rs 2,300 crore in the company's later figures.
• The company says the eight JDA projects will continue to be executed. No further auditor-appointment step has been announced.
• The Parel redevelopment JDA, with revenue potential of about Rs 8,500 crore, is expected to launch about 18 months after its FY26 signing.
• A Rs 210 crore investment by subsidiary Ten X Realty West from ICICI Prudential Real Estate Development Fund, for MMR redevelopment, was reported in late October 2026.