Raymond Realty Q2 Pre-Sales Rise 98% to ₹902 Crore

Raymond Realty reported provisional pre-sales of ₹902 crore for the second quarter of FY27, a 98% year-on-year increase from ₹455 crore in the corresponding quarter a year earlier. Collections rose 67% year-on-year to ₹682 crore. The operational update is notable because the company reported the growth without launching any new projects during the quarter. It attributed the performance to sustained sales velocity and steady price realisation in its existing portfolio, including the Address by GS developments. The company has retained its FY27 guidance for approximately 20% pre-sales growth.

Pre-sales nearly doubled in the September quarter

The Q2 FY27 pre-sales figure of ₹902 crore indicates a sharp acceleration over the year-earlier base. Pre-sales are an important operating measure for developers because they show the value of properties booked by customers before project completion and revenue recognition. Raymond Realty said the increase came entirely from its current project portfolio. No new launches were reported during the July-September quarter. This makes sales momentum in existing projects the central driver of the quarterly update.

Collections also recorded strong growth

Collections reached ₹682 crore in Q2 FY27, compared with a lower figure in the prior-year period implied by the reported 67% growth. Collections represent money received from customers and are closely watched for their relevance to project funding and working-capital management. The gap between pre-sales and collections is typical in residential real estate, where customer payments are linked to construction and contractual milestones. The disclosed numbers show that cash collections rose alongside bookings during the quarter. Raymond Realty did not provide a project-wise break-up of the collections in the information supplied.

First-half operating metrics strengthened

For the first half of FY27, Raymond Realty reported pre-sales of ₹1,602 crore, up 111% year-on-year. H1 collections rose 57% year-on-year to ₹1,233 crore. The first-half figures provide a broader view of the company’s performance than the quarterly data alone. They also show that the strong second-quarter result followed positive operating momentum earlier in the year. The company has not changed its stated operating targets for the full financial year.

Key operating figures at a glance

All values are as disclosed in the company’s operational update. The Q2 pre-sales comparison is against ₹455 crore in Q2 FY26.

Existing portfolio drove the quarter

Raymond Realty said the quarter’s expansion was driven by sustained demand and price realisation in its existing Address by GS portfolio. The absence of new launches means the reported pre-sales were not supported by adding new inventory during the period. For investors, this provides an indication of how the existing portfolio performed without a launch-led boost. However, the company did not disclose the number of units sold, average realisation, inventory details, or the contribution of individual projects. Those details would be relevant for a fuller assessment of sales mix and pricing trends.

FY27 guidance remains unchanged

The company maintained its FY27 guidance of around 20% growth in pre-sales. It also reiterated targets for return on capital employed of approximately 20%, an EBITDA margin of 17% to 19%, and a profit after tax margin of 9% to 10%. Guidance represents management’s target and not a reported financial outcome. The operational update did not revise these targets despite the sharp year-on-year gains in the first half. Future performance will depend on sales execution, collections, construction progress, pricing, and the timing of future project launches.

Financial results provide wider context

The supplied results information states that Raymond reported consolidated revenue from operations of ₹655.16 crore in Q2 FY27, up 24.16% from ₹527.69 crore in Q2 FY26. Total income rose to ₹683.22 crore from ₹563.71 crore, while total expenses increased to ₹641.22 crore from ₹544.37 crore. Consolidated profit from continuing operations stood at ₹32.06 crore, compared with ₹13.89 crore in the prior-year quarter. Basic earnings per share for continuing operations increased to ₹3.36 from ₹1.71. These financial figures should be viewed separately from the realty business’s pre-sales and collections, which are operational indicators.

Rating and capital-related developments

CARE reaffirmed Raymond Realty’s CARE A+ rating with a Stable outlook, according to the supplied information. A credit rating reflects the agency’s assessment of the issuer’s ability to meet financial obligations and is not a recommendation to buy or sell securities. Separately, shareholders approved a preferential issue of 33,28,686 convertible warrants to Minerva Ventures Fund at ₹645 per warrant. The proposed issue aggregates ₹214.70 crore and remains subject to regulatory approvals. The company reported no exceptional items affecting comparability in the quarter.

Board meeting and disclosures

Raymond Realty had scheduled a board meeting for October 27, 2026, to consider standalone and consolidated unaudited results for Q2 and the half year ended September 30, 2026. The company also said its trading window would remain closed for designated persons until 48 hours after the results declaration, in line with the stated compliance process. The operational update was released ahead of the formal financial-results consideration. Investors will look to the detailed results and management commentary for further information on profitability, project execution, balance-sheet items, and the outlook for the rest of FY27.

What the update means for investors

The main takeaway is that Raymond Realty reported strong booking and collection growth despite no new project launches in Q2 FY27. Pre-sales of ₹902 crore and collections of ₹682 crore point to continued activity in the existing portfolio. The retained FY27 guidance sets a stated benchmark against which subsequent quarters can be assessed. The next significant disclosure is the company’s detailed Q2 and H1 FY27 financial results and any related management commentary after the board’s consideration.