Raymond Realty H1 FY27 Pre-Sales Rise 111% Without Launches

Raymond Realty Limited reported first-half fiscal year 2027 (H1 FY27) pre-sales of Rs 1,602 crore, up 111% from Rs 760 crore a year earlier, despite no new project launches during the period. Raymond Realty attributed the increase to sales velocity in its existing portfolio and outlined planned Mumbai Metropolitan Region (MMR) launches with gross development value (GDV) of more than Rs 4,100 crore over the next two quarters.

How did Raymond Realty’s H1 FY27 pre-sales change?

Raymond Realty’s H1 FY27 pre-sales increased 111% to Rs 1,602 crore from Rs 760 crore in H1 FY26. Collections rose 57% to Rs 1,233 crore from Rs 783 crore, meaning the increase in booking value exceeded the increase in collections during the first half.

The H1 result included Q2 FY27 pre-sales of Rs 902 crore, up 98% from Rs 455 crore in Q2 FY26. Q2 FY27 collections rose 67% to Rs 682 crore from Rs 409 crore, while Raymond Realty reported no new project launches in that quarter as well.

The presentation says sustained sales velocity in the existing portfolio generated the H1 FY27 booking value. This is a material distinction from growth driven by fresh supply, because the Rs 1,602 crore of pre-sales was achieved before the planned MMR launch programme.

Why did Raymond Realty record sales without new launches?

Raymond Realty said no new projects were launched during H1 FY27, so sales came from projects already in the portfolio. The company repeated this explanation for Q2 FY27, when it recorded Rs 902 crore of booking value without a new launch.

The Q2 FY27 booking mix was split between asset-light Mumbai joint development agreements (JDAs), which contributed 57%, and the owned Thane land parcel, which contributed 43%. The disclosed mix shows that both the Mumbai JDA route and owned-land development supported bookings during the quarter.

Raymond Realty also received an occupancy certificate (OC) for Address by GS Season 1 Tower B in Thane during Q2 FY27. The project includes 270 units and 3,44,478 square feet of carpet area registered under the Real Estate Regulatory Authority (RERA), and Raymond Realty said the OC was received ahead of its proposed March 2028 RERA completion date.

What was Raymond Realty’s H1 FY27 financial performance?

Raymond Realty reported total income of Rs 1,293 crore in H1 FY27, an 18% increase from Rs 1,098 crore in H1 FY26. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 30% to Rs 185 crore from Rs 142 crore, and the EBITDA margin increased to 14% from 13%.

Profit after tax (PAT) moved in the opposite direction, declining 14% to Rs 66 crore from Rs 77 crore. PAT margin fell to 5% from 7%, a reduction of about 200 basis points, while EBITDA grew faster than total income.

In Q2 FY27, total income rose 7% to Rs 757 crore from Rs 706 crore, and EBITDA increased 14% to Rs 115 crore from Rs 101 crore. Q2 FY27 PAT declined 12% to Rs 53 crore from Rs 60 crore, while the PAT margin was 7% compared with 8.5% in Q2 FY26.

Raymond Realty reported net debt of Rs 912 crore and a debt-to-equity ratio of 0.8 times in H1 FY27. Management said the ratio was below its 1.0-times ceiling; the presentation does not disclose a comparable H1 FY26 net-debt figure.

What does Raymond Realty’s development portfolio show?

Raymond Realty’s owned 100-acre Thane land holding has revenue potential of about Rs 25,000 crore. About 65 acres are under development, covering about 6.7 million square feet of RERA carpet area and carrying revenue potential of about Rs 16,500 crore.

Raymond Realty said about Rs 9,770 crore had already been sold from the Thane development stream and collections totalled about Rs 7,977 crore. The difference between these two disclosed cumulative figures reflects the distinction between sales booked and cash collected, though the presentation does not provide project-level collection schedules.

The asset-light JDA portfolio has revenue potential of about Rs 27,000 crore, according to Raymond Realty. Four JDA projects have been launched, with about 2.8 million square feet of RERA carpet area and revenue potential of about Rs 11,500 crore.

The JDA portfolio had sold about Rs 3,430 crore and collected about Rs 857 crore, while the Thane portfolio had higher cumulative sales and collections. Raymond Realty’s Q2 FY27 booking mix, however, showed Mumbai JDAs accounting for a larger 57% share than the owned Thane parcel’s 43% share.

What has Raymond Realty said about launches and FY27 targets?

Raymond Realty plans MMR launches with cumulative GDV of more than Rs 4,100 crore over the next two quarters. Management presented this pipeline as the planned growth catalyst after a first half in which existing projects generated Rs 1,602 crore of pre-sales without any new project launch.

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

The presentation does not identify the individual MMR projects in the more than Rs 4,100 crore GDV pipeline, specify their launch dates, or state how much of the pipeline may become FY27 pre-sales. The disclosed timing is limited to the next two quarters.

Conclusion

Raymond Realty’s H1 FY27 performance shows that existing projects generated Rs 1,602 crore of pre-sales, up 111%, and Rs 1,233 crore of collections, up 57%, without new launches. Income and EBITDA increased 18% and 30%, respectively, but PAT declined 14% to Rs 66 crore and PAT margin fell from 7% to 5%.

The next disclosed event is Raymond Realty’s planned MMR launch programme over the next two quarters, with GDV exceeding Rs 4,100 crore. The key measures to watch are whether launches occur within that timetable and whether they support management’s FY27 targets of about 20% pre-sales growth, 17% to 19% EBITDA margin, and 9% to 10% PAT margin.