Raymond Realty Limited H1 pre-sales rise 111% without launches

Raymond Realty Limited recorded Rs 1,602 crore of pre-sales in H1 FY27, up 111% from Rs 760 crore a year earlier, despite making no new project launches during the six-month period. Raymond Realty attributed the increase to sustained sales velocity in its existing portfolio and disclosed planned Mumbai Metropolitan Region launches with gross development value above Rs 4,100 crore.

How did Raymond Realty more than double H1 pre-sales?

Raymond Realty more than doubled H1 FY27 pre-sales through its existing projects, with booking value rising to Rs 1,602 crore from Rs 760 crore in H1 FY26. Collections increased 57% to Rs 1,233 crore from Rs 783 crore, while the company stated that it made no new launches during the first half.

The Q2 FY27 pre-sales contribution was Rs 902 crore, compared with Rs 455 crore in Q2 FY26, a 98% year-on-year increase. Q2 collections rose 67% to Rs 682 crore from Rs 409 crore, and Raymond Realty again reported no new project launches during that quarter.

Total income increased 18% to Rs 1,293 crore in H1 FY27, a slower rate than the 111% increase in pre-sales. 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%; Raymond Realty attributed the margin change to an optimised product mix.

What portfolio supported Raymond Realty's existing-project sales?

Raymond Realty's H1 FY27 sales came from a portfolio spanning its owned Thane land and asset-light joint development agreements (JDAs) in Mumbai. In Q2 FY27, asset-light Mumbai JDAs supplied 57% of booking value, while the owned Thane land parcel accounted for 43% of the Rs 902 crore quarterly pre-sales total.

The 100-acre Thane land portfolio has estimated revenue potential of about Rs 25,000 crore. About 65 acres are under development, representing about 6.7 million square feet of Real Estate Regulatory Authority (RERA) carpet area and revenue potential of about Rs 16,500 crore; Raymond Realty reported about Rs 9,770 crore already sold and collections of about Rs 7,977 crore.

The asset-light JDA portfolio has estimated revenue potential of about Rs 27,000 crore, compared with about Rs 25,000 crore for the full Thane land portfolio. 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; cumulative sales were about Rs 3,430 crore and collections were about Rs 857 crore.

The Thane portfolio had higher cumulative sales and collections than the JDA portfolio, while JDAs carried the higher stated total revenue potential. The Q2 booking split, however, showed JDAs as the larger contributor to new bookings during the quarter, at 57% versus 43% from owned Thane land.

What were Raymond Realty's H1 FY27 earnings and debt figures?

Raymond Realty reported H1 FY27 total income of Rs 1,293 crore, EBITDA of Rs 185 crore and profit after tax (PAT) of Rs 66 crore. Compared with H1 FY26, income rose Rs 195 crore and EBITDA rose Rs 43 crore, while PAT declined Rs 11 crore from Rs 77 crore.

The H1 FY27 EBITDA margin increased by about 100 basis points to 14% from 13% in H1 FY26. PAT margin fell by about 200 basis points to 5% from 7%, accompanying the 14% decline in PAT despite 30% EBITDA growth.

In Q2 FY27, total income increased 7% to Rs 757 crore and EBITDA rose 14% to Rs 115 crore, lifting EBITDA margin to 15% from 14% in Q2 FY26. Q2 PAT declined 12% to Rs 53 crore from Rs 60 crore, while PAT margin fell to 7% from 8.5%.

Raymond Realty reported net debt of Rs 912 crore and a debt-to-equity ratio of 0.8 times in its H1 FY27 update, below its stated ceiling of 1.0 times. CARE reaffirmed the company’s CARE A+ credit rating with a stable outlook in Q2 FY27, citing consistent booking momentum, an improving launch pipeline and execution on the existing portfolio.

What is Raymond Realty planning for the rest of FY27?

Raymond Realty plans to accelerate its growth over the next two quarters through Mumbai Metropolitan Region launches with cumulative gross development value (GDV) above Rs 4,100 crore. The launch plan follows H1 FY27, when the company reported Rs 1,602 crore of pre-sales without adding new projects.

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

Raymond Realty also received an occupancy certificate in Q2 FY27 for Tower B of Address by GS Season 1 in Thane, covering 270 units and 344,478 square feet of RERA carpet area. The company said the certificate was received 18 months before the proposed RERA completion date of March 2028.

Conclusion

Raymond Realty's H1 FY27 outcome shows that its existing portfolio generated substantially higher sales before any fresh launches: pre-sales rose 111% to Rs 1,602 crore and collections rose 57% to Rs 1,233 crore. The business combines owned Thane land with asset-light JDAs, with the latter contributing 57% of Q2 FY27 booking value.

The next measure to watch is execution of the more than Rs 4,100 crore Mumbai Metropolitan Region launch pipeline over the next two quarters. Management’s FY27 targets for about 20% pre-sales growth, 17% to 19% EBITDA margin and 9% to 10% PAT margin depend on the planned launches alongside continuing sales and collection progress in the existing portfolio.