Raymond Realty H1 FY27 EBITDA rises 30% as bookings climb 111%
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Raymond Group's non-lifestyle businesses, Raymond Realty and Raymond Limited, together supplied 49% of group EBITDA for the six months ended 30 September 2026. The disclosure, covering the second quarter and first half of Fiscal Year 2027 for Raymond Lifestyle, Raymond Realty and Raymond Limited, was filed in early November 2026. Group EBITDA for the year-to-date period rose 15% to Rs 792 crore from Rs 690 crore a year earlier.
Within the group, Raymond Realty, the Mumbai-focused residential developer, reported H1 FY27 EBITDA of Rs 185 crore, up 30% from Rs 142 crore. Its Q2 EBITDA rose 14% to Rs 115 crore from Rs 101 crore. Booking value for the half-year surged 111% to Rs 1,602 crore, and total income grew 18% to Rs 1,293 crore. The growth came without any new residential launches in the period, with sales coming from existing projects.
Key figures from the H1 FY27 results
Raymond Realty's total income for H1 FY27 stood at Rs 1,293 crore, compared with Rs 1,098 crore in H1 FY26. EBITDA margin improved to 14% from 13%, which the company attributed to an optimised product mix. Profit after tax moved in the opposite direction, falling 14% to Rs 66 crore from Rs 77 crore, and PAT margin eased to 5% from 7%. The presentation did not give a specific reason for the PAT movement.
In the second quarter alone, booking value rose 98% year on year to Rs 902 crore, while total income increased 7% to Rs 757 crore. EBITDA margin for the quarter reached 15%, up from 14%. Quarterly PAT declined 12% to Rs 53 crore from Rs 60 crore.
Collections for the half-year totalled Rs 1,233 crore, up 57%, and the company's collections from existing projects were supported by the pre-sales momentum.
Balance sheet and segment performance
Raymond Realty reported net debt of Rs 912 crore, with a debt-to-equity ratio of 0.8 times, below its ceiling of 1.0 times. Its cash balance stood at Rs 308 crore against long-term debt of Rs 768 crore. Net debt to EBITDA for the realty business was 1.70 times, while the consolidated group ratio was 0.43 times.
Raymond Limited's engineering business posted H1 EBITDA of Rs 203 crore, up 22%, and Q2 EBITDA of Rs 103 crore, up 30%. Raymond Lifestyle contributed Rs 404 crore of H1 EBITDA, or 51% of the group total, with growth of 6%. Its H1 total income rose 10% to Rs 3,685 crore.
Scale and business model
Raymond Realty was listed on 1 July 2025 after the group separated its lifestyle, real estate and engineering businesses. Under the demerger terms, Raymond Limited shareholders received one Raymond Realty share for every share held. The company develops residential projects under three brands: Tenx for aspirational homes, The Address by GS for premium housing and Invictus by GS for the super-premium segment.
Its first growth engine is a legacy land bank of about 100 acres in Thane. Around 65 acres, or about 6.7 million square feet, is under development there with an estimated revenue potential of Rs 16,500 crore. The company's asset-light joint development agreements contributed 57% of Q2 FY27 booking value, and it has signed eight JDAs, including a residential project in Parel. During FY26, the company launched seven projects across BKC, Wadala, Sion and Thane, expanding beyond its earlier Thane concentration.
Its maiden project, Ten X Habitat in Thane, spans 14 acres with about 3,100 residential units. The first three towers were delivered two years ahead of the RERA timeline. The company also received occupancy certificates for Address by GS Season 1 Tower B in Thane ahead of RERA timelines.
Management targets for FY27
Management said Raymond Realty remains on track for about 20% growth in pre-sales for FY27, along with return on capital employed of about 20%, an EBITDA margin of 17% to 19% and a PAT margin of 9% to 10%. The company has indicated that margins naturally fluctuate by project phase because of upfront marketing and construction setup costs, and that they are expected to normalise progressively.
Harmohan Sahni, managing director and CEO of Raymond Realty, leads the company's expansion strategy. Brokerage commentary following the results expects pre-sales growth to exceed the 20% guidance over FY27, while noting that real estate demand remains sensitive to property prices and broader economic conditions.
What comes next
The company plans two redevelopment launches in Mahim during FY27, with a combined gross development value of about Rs 4,500 crore. A planned launch programme in the Mumbai Metropolitan Region over the next two quarters carries a gross development value above Rs 4,100 crore. Management has indicated that the Parel project is likely to be launched in about 18 months.
Further milestones include the proposed allotment of convertible warrants, approved in September 2026 for up to Rs 409 crore, and the progress of the Parel development. Results for the coming quarters will show whether the company's pre-sales momentum and margin recovery track against the FY27 targets.