Raymond Realty Announces Q1 FY27 Financial Results: Total Income Up 37% YoY to ₹536 Crore, EBITDA Surges 70%; Net Profit Falls 18.6% to ₹13.43 Crore

Raymond Realty Posts Strong Revenue Growth in Q1 FY27 as Operating Leverage Expands

Raymond Realty Limited announced its unaudited financial results for the quarter ended 30th June 2026 on August 7 and 8. The Mumbai-based developer reported divergent signals across its profit-and-loss statement: rapid topline expansion paired with significant margin pressure, driven by rising operating costs.

Revenue and EBITDA Surge Outpace Cost Control

Total income (consolidated) was reported at ₹535.71 crore (also cited as ₹536 crore), rising 37% year-on-year from ₹391.86 crore. Revenue from operations rose 38.4 per cent to Rs 526.67 crore, suggesting strong delivery momentum across the company's residential portfolio.

EBITDA surged to ₹ 70 Cr in Q1 FY27 vs ₹ 41 Cr in Q1 FY26, a 70% Y-o-Y growth driven by an optimized product mix. However, total expenses climbed 40.5 per cent during the June quarter, compressing the path to profit.

Net Profit Declines Despite Operating Momentum

Net profit fell to ₹13.43 crore amid higher expenses and lower profit-before-tax (PBT) margins, marking an 18.6 per cent year-on-year decline. Profit-before-tax (before exceptional items) was reported at ₹15 crore in Q1FY27 compared with ₹21 crore in Q1FY26, a decline of 29%.

EBITDA margins were at 13% vs 11% in Q1 FY26, on account of expected seasonality and in line with our expectations. Management noted that project-phase dynamics explain part of the seasonal variation. PBT margin (before exceptional items) was reported at 2.8% versus 5.4% in Q1FY26, highlighting margin compression even as topline expanded.

Bookings and Collections Show Robust Demand

Operating metrics signalled strong consumer appetite and execution capability. Raymond Realty's pre-sales in Q1FY27 reached ₹700 crore, up 129 per cent year-on-year. Its collections rose 47 per cent year-on-year to ₹550 crore.

Booking Value Contribution Mix: JDAs - 64%; Thane Land Parcel - 36% for the quarter. This mix underscores the company's deliberate pivot toward its asset-light joint development agreement strategy in the Mumbai Metropolitan Region.

Scale and Portfolio Expansion Amid Deleveraging

The company's total portfolio has a gross development value of ₹52,000 crore across the Mumbai Metropolitan Region. This portfolio reflects recent major wins: This is Raymond Realty's eighth major JDA. Recent agreements in South Mumbai, including a ₹8,500 crore Parel residential project signed in July 2026, extend the company's reach beyond its established Thane land base.

As of June 2026, Raymond Realty's net debt stood at ₹824 crore, with a debt-to-equity ratio of 0.7 times, below its self-imposed ceiling of 1 time.

Guidance and Near-Term Outlook

Management remains cautious on profitability timing. The company remains on track to meet its FY27 EBITDA margin guidance of 17%–19%. Harmohan Sahni, managing director and chief executive officer of Raymond Realty, said, "We have entered FY27 with strong operational momentum, carrying forward the scaled execution and strategic clarity that defined our performance last year."

The company's disciplined approach to capital allocation—prioritising JDA partnerships over direct land acquisition—has helped limit leverage while scaling topline. The challenge ahead is translating stronger pre-sales into measurably higher profitability as new projects move through revenue-recognition thresholds in coming quarters.