Raymond Realty H1 pre-sales double as ₹4,100 crore pipeline nears

Raymond Realty Limited reported ₹1,602 crore of pre-sales in the first half of fiscal year 2027 (H1 FY27), up 111% year on year without any new launches, and plans Mumbai Metropolitan Region (MMR) launches with cumulative gross development value (GDV) above ₹4,100 crore over the next two quarters. H1 FY27 collections rose 57% to ₹1,233 crore.

How did Raymond Realty grow pre-sales without new launches?

Raymond Realty grew H1 FY27 pre-sales through its existing portfolio, reporting ₹1,602 crore against ₹760 crore in H1 FY26. The company said it made no new project launches during the first half, attributing the 111% increase to sustained sales velocity. Collections rose 57% to ₹1,233 crore from ₹783 crore over the same period.

The second quarter of FY27 (Q2 FY27) contributed ₹902 crore of the H1 FY27 pre-sales total, compared with ₹455 crore in Q2 FY26, an increase of 98%. Q2 FY27 collections were ₹682 crore, up 67% from ₹409 crore a year earlier. The quarterly pre-sales growth rate was lower than the H1 rate of 111%, while both periods recorded substantially higher booking values.

Raymond Realty’s Q2 FY27 booking mix was led by asset-light Mumbai joint development agreements (JDAs), which supplied 57% of booking value. Its owned Thane land parcel accounted for the remaining 43%. The mix means JDA projects provided a greater share of Q2 bookings despite the company also selling from its owned land portfolio.

What changed in Raymond Realty’s H1 FY27 financial performance?

Raymond Realty increased H1 FY27 total income 18% to ₹1,293 crore and EBITDA 30% to ₹185 crore. EBITDA margin rose to 14% from 13% in H1 FY26, with the company attributing the improvement to an optimised product mix. Profit after tax (PAT), however, declined 14% to ₹66 crore from ₹77 crore, and PAT margin fell to 5% from 7%.

The Q2 FY27 figures showed a similar difference between EBITDA and PAT. Total income rose 7% to ₹757 crore from ₹706 crore, while EBITDA increased 14% to ₹115 crore from ₹101 crore. EBITDA margin increased to 15% from 14%, whereas PAT fell 12% to ₹53 crore from ₹60 crore and PAT margin declined to 7% from 8.5%.

Raymond Realty reported net debt of ₹912 crore in H1 FY27 and a debt-to-equity ratio of 0.8 times. The company said this was below its ceiling of 1.0 time. Its H1 FY27 EBITDA increase of 30% was therefore accompanied by a 14% decline in PAT, although the presentation does not specify the reason for the PAT movement.

How do Raymond Realty’s Thane and JDA portfolios compare?

Raymond Realty’s 100-acre Thane land holding has stated revenue potential of about ₹25,000 crore, with about 65 acres under development. These projects cover about 6.7 million square feet of Real Estate Regulatory Authority (RERA) carpet area and have revenue potential of about ₹16,500 crore. The Thane portfolio had already sold about ₹9,770 crore and collected about ₹7,977 crore.

Raymond Realty’s asset-light JDA portfolio has stated revenue potential of about ₹27,000 crore, compared with about ₹25,000 crore for the full Thane land holding. Four JDA projects have been launched, covering about 2.8 million square feet of RERA carpet area and carrying revenue potential of about ₹11,500 crore. These launched JDA projects had sold about ₹3,430 crore and collected about ₹857 crore.

The two portfolio types have different reported sales and collection bases. Thane’s cumulative sales of about ₹9,770 crore exceeded the JDA portfolio’s ₹3,430 crore, while Thane collections of about ₹7,977 crore were also above JDA collections of about ₹857 crore. Yet asset-light Mumbai JDAs generated 57% of Q2 FY27 booking value, ahead of the 43% contribution from Thane.

What launches and execution milestones does Raymond Realty have next?

Raymond Realty plans MMR launches over the next two quarters with cumulative GDV of more than ₹4,100 crore. Management described these launches as an acceleration of its growth trajectory. Since the company made no new launches in H1 FY27, the timing, execution and market response to this pipeline are the disclosed next stages of expansion.

For FY27, management said Raymond Realty remains on track for about 20% growth in pre-sales, return on capital employed (ROCE) of about 20%, EBITDA margin of 17% to 19%, and PAT margin of 9% to 10%. These are management targets rather than H1 FY27 outcomes. The reported H1 FY27 EBITDA margin was 14% and PAT margin was 5%.

Raymond Realty received an occupancy certificate (OC) in Q2 FY27 for Address by GS Season 1 Tower B in Thane. The tower comprises 270 units and 344,478 square feet of RERA carpet area. The company said the OC arrived ahead of its proposed RERA completion date of March 2028, describing the delivery as 18 months before that timeline.

Conclusion

Raymond Realty’s H1 FY27 performance combined ₹1,602 crore of pre-sales from existing projects with higher operating income and EBITDA. Pre-sales rose 111%, ahead of the 57% increase in collections, while EBITDA rose 30% to ₹185 crore and PAT declined 14% to ₹66 crore. JDAs also supplied 57% of Q2 FY27 booking value, although Thane retained the larger cumulative sales and collections base.

The next disclosed development is the planned MMR launch programme over the next two quarters, with GDV above ₹4,100 crore. Management’s FY27 targets include about 20% pre-sales growth, EBITDA margin of 17% to 19%, PAT margin of 9% to 10%, and ROCE of about 20%, compared with reported H1 FY27 margins of 14% and 5%.