Raymond Realty's half-year bookings more than double to ₹1,602 crore as profit dips

Raymond Realty, the Mumbai-focused residential arm of Raymond Group, reported a 30% rise in half-year EBITDA to ₹185 crore for the six months to 30 September 2026. The results, released on 2 November 2026 in a stock exchange filing, cover the first half of FY27. Booking value rose 111% in the same period, but profit after tax fell 14%.

The company said H1 booking value reached ₹1,602 crore and total income rose 18% to ₹1,293 crore. Collections were ₹1,233 crore, up 57%. The company reported no new residential launches in the period, so the bookings came from projects already on sale.

Bookings rise, profit falls

In the second quarter alone, booking value rose 98% to ₹902 crore. Total income grew 7% to ₹757 crore. Q2 EBITDA rose 14% to ₹115 crore from ₹101 crore, with the EBITDA margin at 15%.

For H1, the EBITDA margin widened to 14% from 13%, which the company attributed to an optimised product mix. Profit after tax fell 14% to ₹66 crore from ₹77 crore, and the PAT margin fell to 5% from 7%. In Q2, PAT fell 12% to ₹53 crore from ₹60 crore. The company's presentation does not give a reason for the PAT decline.

Within the Raymond Group, Raymond Realty and Raymond Limited together contributed ₹388.16 crore, or 49%, of group EBITDA of ₹792 crore for H1. Group EBITDA rose 15%. Raymond Lifestyle contributed the remaining 51%, with EBITDA up 6% to ₹404 crore.

Balance sheet and guidance

Raymond Realty reported net debt of ₹912 crore and a debt-to-equity ratio of 0.8 times. The company said this was below its ceiling of 1.0 times. Cash was ₹308 crore and long-term debt was ₹768 crore. Net debt to EBITDA was 1.70 times, compared with 0.43 times for the consolidated group.

Management said the company remains on track for FY27 targets of about 20% pre-sales growth, return on capital employed of about 20%, an EBITDA margin of 17% to 19%, and a PAT margin of 9% to 10%. These are targets, not results. The company said margins fluctuate by project phase because of upfront marketing and construction set-up costs, and that they are expected to normalise progressively. One research house cited a narrower 17% to 18% EBITDA margin range.

ICICIdirect expects pre-sales growth to exceed the 20% guidance over FY27 and notes that the company is taking steps to strengthen its balance sheet. Jainam, in a broker report, flagged that real estate demand remains sensitive to property prices and economic conditions.

What to watch next

The company's pending items include the allotment of convertible warrants of up to ₹409 crore, which were approved in September 2026. The company has also said it plans a launch programme in the Mumbai Metropolitan Region over the next two quarters, with gross development value above ₹4,100 crore. Its Parel joint development project, with estimated revenue potential of about ₹8,500 crore, is expected to launch in about 18 months, management said.

The filing does not give buyer-facing terms such as prices or possession dates for any project. Its current portfolio includes about 100 acres of legacy land in Thane, with about 65 acres under development, and the company said joint development agreements made up 57% of Q2 booking value.

Investors will watch whether pre-sales growth meets the 20% target, whether the EBITDA margin moves toward the 17% to 19% range, and how the PAT trend changes in the next two quarters.