Raymond Realty Reports 37% Revenue Surge in Q1 FY27 Powered by Asset-Light Expansion
New Delhi, August 9, 2026: Raymond Realty Limited announced its unaudited financial results for the first quarter ended June 30, 2026, delivering total income of Rs 536 crore compared to Rs 392 crore in Q1 FY26, representing a 37% year-on-year growth. The performance was supported by steady market demand and a healthy project delivery pipeline across its portfolio in the Mumbai Metropolitan Region, Raymond Realty said in a press release.
The company’s EBITDA surged 70% year-on-year to Rs 70 crore from Rs 41 crore in the corresponding period of the previous fiscal year, driven by an optimized product mix. EBITDA margins expanded to 13% from 11% in Q1 FY26. Management attributed the margin performance to expected seasonal shifts, project lifecycle phases, and upfront marketing and construction setup costs, maintaining that margins will normalize in coming quarters as projects cross revenue-recognition thresholds. The company confirmed it remains on track to achieve its full-year EBITDA margin guidance of 17% to 19% for FY27.
Profit before tax stood at Rs 15 crore before exceptional items, down from Rs 21 crore in Q1 FY26, yielding a PBT margin of 2.8%. During the quarter, the developer recorded Rs 700 crore in booking value, propelled by demand across its core brands, including Ten X, The Address by GS, and Invictus by GS, spanning developments in Thane, Bandra, BKC, Wadala, and Sion.
In line with its strategic roadmap, Raymond Realty has expanded its joint development agreement (JDA) portfolio as part of an ongoing transition toward an asset-light growth model. The JDA segment now comprises eight projects with a combined revenue potential of approximately Rs 27,000 crore, backed by recent additions including a landmark agreement in Parel with a gross development value of nearly Rs 8,500 crore and a new project in Kandivali valued at approximately Rs 3,000 crore. Four JDA projects are currently active across Bandra, BKC, Wadala, and Sion, where sales have reached approximately Rs 2,900 crore with cumulative collections of Rs 692 crore to date.
The developer’s total portfolio currently reflects approximately Rs 52,000 crore in Gross Development Value across the region. Its foundational 100-acre land parcel in Thane represents a total revenue potential of approximately Rs 25,000 crore, with roughly 65 acres currently under active development. Sales at the Thane location have crossed Rs 9,400 crore, with total collections reaching Rs 7,460 crore to date.
On the balance sheet side, Raymond Realty ended the quarter with a net debt of Rs 824 crore and a debt-to-equity ratio of 0.7x, remaining comfortably within its self-imposed leverage ceiling of 1.0x. The company maintains a liquidity buffer of Rs 271 crore to cover construction expenditures over the next year, while holding its cost of debt stable at approximately 9.60%. For FY27, the company targets 20% growth in both pre-sales and revenue, alongside a target Return on Capital Employed of approximately 20%.
Commenting on the quarterly results, 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.”
