Revenue increased 38.4% year-on-year to ₹526.7 crore from ₹380.5 crore in Q1 FY26. The company said the growth was driven by strong demand and a healthy delivery pipeline across its projects.
Earnings before interest, tax, depreciation and amortisation (EBITDA) more than doubled, rising 105.1% to ₹61.2 crore from ₹29.8 crore in the year-ago period. EBITDA margin improved to 11.6% in Q1 FY27 from 7.8% in Q1 FY26.
Raymond Realty said margins are subject to project phase and launch timing, with initial profitability affected by upfront marketing and construction setup costs.
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The company expects margins to progressively normalise over subsequent quarters as project construction crosses revenue-recognition thresholds. It remains on track to meet its FY27 EBITDA margin guidance of 17%-19%.
The company reported a booking value of ₹700 crore in Q1 FY27, registering a 129% year-on-year growth from ₹306 crore in Q1 FY26. Joint development agreement (JDA) projects contributed 64% of the booking value, while the Thane land parcel accounted for the remaining 36%.
Customer collections increased 47% year-on-year to ₹550 crore in Q1 FY27 from ₹374 crore in the corresponding quarter last year. The company’s total portfolio now has a gross development value (GDV) of around ₹52,000 crore, comprising a mix of owned land and JDA projects across the Mumbai Metropolitan Region (MMR).
As part of its shift towards an asset-light growth model, Raymond Realty recently secured a landmark JDA project in Parel with a revenue potential of around ₹8,500 crore. The agreement expands the company’s presence in South Mumbai and forms part of its JDA portfolio.
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The 100-acre Thane land parcel remains a key part of the company’s portfolio, with a revenue potential of around ₹25,000 crore. Around 65 acres are currently under development, representing approximately 6.7 million square feet of Real Estate Regulatory Authority (RERA) carpet area and a revenue potential of around ₹16,500 crore.
Around ₹9,400 crore worth of sales have already been completed from the Thane land parcel, while collections have reached around ₹7,460 crore to date.
The JDA portfolio now comprises eight projects with a combined revenue potential of around ₹27,000 crore. Four JDA projects in Bandra, Bandra Kurla Complex (BKC), Wadala and Sion have been launched, representing approximately 2.8 million square feet of RERA carpet area and a revenue potential of around ₹11,500 crore.
These four projects have recorded sales of around ₹2,900 crore, while collections have reached around ₹692 crore to date.
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Raymond Realty has also signed two new Joint development agreement projects in Kandivali and Parel, with revenue potential of around ₹3,000 crore and ₹8,500 crore, respectively. The company said these projects will add to its presence across prime MMR micro-markets.
During Q1 FY27, booking momentum was driven by demand for the Ten X, The Address by GS and Invictus by GS brands across Thane, Bandra, BKC, Wadala and Sion.
On the balance sheet, Raymond Realty ended the quarter with net debt of ₹824 crore and a debt-to-equity ratio of 0.7x, below its ceiling of 1.0x. The company had a liquidity buffer of ₹271 crore, which it said is sufficient to fund the next year of construction spends. The cost of debt remained stable at around 9.60%.
For FY27, Raymond Realty is targeting around 20% growth in both pre-sales and revenue. The company is also targeting a return on capital employed (ROCE) of around 20% and remains committed to an EBITDA margin range of 17%-19%.
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Harmohan Sahni, Managing Director and CEO, Raymond Realty Ltd 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.”
Shares of Raymond Realty Ltd ended at ₹689.25, up by ₹0.80, or 0.12%, on the BSE.
