Raymond Realty Q3 FY26 Results: Total Income Surges 56% YoY to ₹766 Crore; Booking Value Up 47%
Strong Momentum in Mumbai Real Estate: Q3 Results Reflect Broad-Based Demand
Raymond Realty released its Q3 FY26 financial results on January 27, 2026, for the quarter and nine months ended December 31, 2025. The company reported booking value of ₹743 crore (up 47% year-on-year) and total income of ₹766 crore (up 56% year-on-year).
The results underscore accelerating demand across the Mumbai Metropolitan Region. Mumbai's property market recorded over 36,000 registrations in Q3, and 1.5 lakh registrations for calendar year 2025—the highest in 14 years. Favorable monetary conditions, including a 25 basis point repo rate cut to 5.25%, have improved home loan affordability and strengthened buyer sentiment across residential segments.
Execution and Project Performance
In Q3 FY26, booking value was driven by demand for The Address by GS in Thane and Bandra, Invictus by GS in BKC, continued traction in Ten X Era, and the Address by GS in Bandra. The company's current portfolio comprises 100 acres in Thane and six joint development agreements (JDAs), with combined revenue potential of ₹40,000 crore.
Four major projects are scheduled for launch in Q4 FY26, including two JDA projects in Wadala and Sion, and two projects in Thane.
Margin Pressures Amid Strategic Investment
EBITDA margins came in at 13.0% in Q3 FY26 compared to 21.4% in Q3 FY25, with the decline attributed to product mix and higher upfront marketing costs associated with new project launches. The company maintained EBITDA margins at 13% for the nine-month period, with customer collections of ₹1,210 crore.
Raymond Realty reported net debt of ₹230 crore as of December 31, 2025.
Strategic Shift to Asset-Light Model
The company is transitioning toward an asset-light JDA (Joint Development Agreement) model, targeting 50% of annual pre-sales from JDAs by FY28. This structural shift reflects both the company's expansion into Mumbai's emerging commercial zones and its effort to balance land acquisition risk with capital efficiency.
Developer Context
Raymond Realty is the real estate arm of the Raymond Group, one of India's most respected business conglomerates with a legacy spanning over a century, bringing precision and craftsmanship into real estate development. Headquartered in Mumbai, the developer is focused on creating aspirational lifestyle developments that redefine urban living. The company has landmark projects across Mumbai, Thane, Pune, and Bengaluru.