Raymond Realty Q2 pre-sales reach ₹902 crore as Thane tower gets OC

Q2 growth came without new launches

Raymond Realty reported provisional pre-sales of ₹902 crore for the quarter ended September 2026, nearly twice the ₹455 crore recorded in Q2 FY26. The October 5 update also reported collections of ₹682 crore, a 67% increase from ₹409 crore a year earlier. No projects were launched during the quarter; the company attributed the sales performance to its existing inventory, sales velocity and steady price realisation.

The quarter also brought an Occupation Certificate for Tower B of The Address by GS Season 1 in Thane. Raymond Realty said the 270-unit tower, with 344,478 sq. ft. of RERA carpet area, was completed around 18 months ahead of its March 2028 RERA completion date. The operational figures were provisional and subject to review.

Quarterly figures and project milestones

For the first half of FY27, pre-sales reached ₹1,602 crore, up 111% from ₹760 crore in H1 FY26. Collections for the six months were ₹1,233 crore, 57% above the ₹783 crore reported in the corresponding period last year. The company said growth in the quarter was generated by its existing Address by GS portfolio rather than new project launches.

• Q2 FY27 pre-sales: ₹902 crore, compared with ₹455 crore in Q2 FY26.
• Q2 FY27 collections: ₹682 crore, compared with ₹409 crore a year earlier.
• H1 FY27 pre-sales: ₹1,602 crore; H1 collections: ₹1,233 crore.
• The Address by GS Season 1, Tower B: 270 units and 344,478 sq. ft. of RERA carpet area; Occupation Certificate received during Q2 FY27.

Raymond Realty also outlined two planned joint development projects in Mahim. Together, they have a stated gross development value (GDV) of more than ₹4,100 crore and 0.80 million sq. ft. of combined RERA area. The first is assigned a GDV of ₹1,800 crore and 0.41 million sq. ft. of RERA area; the second, ₹2,300 crore and 0.39 million sq. ft.

Gross borrowings rose by ₹125 crore during the quarter to ₹1,220 crore as of September 30, 2026. The company said the funds were primarily directed to construction on projects launched in FY26. It reported liquidity of ₹306 crore and net debt of ₹914 crore, with net debt-to-equity below the board-approved ceiling of 1.0x. CARE reaffirmed its CARE A+ rating with a stable outlook.

Thane and Mahim in the MMR pipeline

The completed tower is in Thane, while the two planned JDA developments are in Mahim. Raymond Realty described the Mahim projects as part of its Mumbai Metropolitan Region pipeline. Their combined GDV of more than ₹4,100 crore gives the proposed launches a substantial place in the company’s plans for the region.

The quarterly update did not report local connectivity or infrastructure details. Its focus was on the projects’ delivery and commercial contribution: an Occupation Certificate for Tower B, alongside two Mahim developments expected to add to the launch pipeline.

Financial position and FY27 guidance

The results point to a quarter in which Raymond Realty increased sales from ongoing inventory while continuing construction expenditure on projects introduced in FY26. Managing director and CEO Harmohan Sahni said pre-sales had nearly doubled without new launches, crediting sustained sales and homebuyer confidence. He added that planned launches in the MMR were expected to support the company’s FY27 pre-sales target.

Despite the increase in borrowings, the company said capital deployment was aligned with a robust collections pipeline and positioned to unlock revenue milestones over the following 12–18 months. It maintained its FY27 guidance: around 20% growth in pre-sales, around 20% return on capital employed, an EBITDA margin of 17–19% and a profit-after-tax margin of 9–10%.

Mahim launches planned for the second half

Raymond Realty plans to launch both Mahim JDA projects during H2 FY27, within the current financial year. The company expects the launches to contribute to its pre-sales guidance and expand its operational footprint across the MMR. Specific launch dates were not part of the reported update.

The company’s near-term priorities are therefore to progress the Mahim pipeline, continue construction across its portfolio and pursue its stated FY27 financial targets. Tower B’s Occupation Certificate adds a completed milestone to a quarter otherwise marked by growth from existing inventory.