Raymond Realty's Q2 bookings almost double to ₹902 crore as profit slips 12%

Raymond Realty Limited said on 27 October 2026 that its booking value rose 98% year on year to ₹902 crore in the quarter ended 30 September 2026 (Q2 FY27). Consolidated net profit fell 12% to ₹53.06 crore from ₹60.18 crore in the same quarter last year. The Mumbai-based developer announced unaudited results and said it launched no new project in the period.

Booking value for the first half of FY27 rose 111% to ₹1,602 crore, against ₹760 crore a year earlier. Customer collections rose 67% to ₹682 crore in the quarter. Total income was ₹757 crore, up 7% from ₹706 crore. EBITDA rose 14% to ₹115 crore, and the margin widened to 15% from 14%.

Why profit fell while operations grew

The gap between EBITDA and net profit came from finance costs. Analyst reviews of the filing put interest expense at ₹44 crore, up from ₹26 crore, and profit before tax at ₹66 crore, down 6%. One independent analysis called the profit decline an area to monitor and said investors should look closely at finance costs, depreciation and tax.

The company said quarterly margins move with the phase of each project, because upfront marketing and construction set-up costs fall unevenly. It expects margins to normalise and has kept its FY27 EBITDA margin guidance of 17% to 19%. Analysts note that margins on joint development agreement (JDA) projects may look lower in percentage terms than on owned-land projects, even as absolute EBITDA per square foot improves.

Net debt was ₹912 crore at the end of the quarter, giving a debt-to-equity ratio of 0.8x against the company's 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 Ratings reaffirmed the company at CARE A+ with a Stable outlook, citing consistent booking momentum, an improving launch pipeline and healthy execution on the existing portfolio.

Pipeline, delivery and guidance

The company has ₹24,000 crore of projects yet to be launched. Kandivali, Parel and a Thane owned-land parcel are scheduled for Q2 FY28. Analysis of the Parel project puts its estimated revenue potential at about ₹8,500 crore. The company's owned land in Thane covers about 100 acres with an estimated gross development value (GDV) of about ₹25,000 crore, and nearly 60 acres had been launched as of July 2026.

JDAs made up 52% of GDV in the first half of FY27, up from 41% in FY26 and 36% in FY25, according to management figures cited in analysis of the results. Total portfolio GDV is about ₹52,000 crore.

On delivery, the company received an occupancy certificate for Address by GS Season 1 Tower B in the quarter. Its managing director and CEO, Harmohan Sahni, said delivering a Thane tower 18 months ahead of its RERA timeline reflects the company's construction capability. The company said Q2 pre-sales nearly doubled without new launches, alongside the 67% rise in collections.

• Pre-sales growth: about 20% in FY27
• ROCE: about 20%
• EBITDA margin: 17% to 19%
• PAT margin: 9% to 10%

The company reiterated this FY27 guidance on 28 October 2026. For buyers, the key question is when the next launches arrive, since none is scheduled before Q2 FY28. For investors, the things to track are whether finance costs ease as projects move through construction, and whether the three named sites launch on the stated timetable.