Raymond Realty reported a sharp improvement in operating performance during the second quarter of FY27, with pre-sales nearly doubling year-on-year to ₹902 crore, up 98 per cent from the year-earlier period. Collections also recorded strong growth, rising 67 per cent to ₹682 crore, according to the company’s provisional operational update. The performance came despite the absence of any new project launches during the quarter, with sales driven by the existing Address by GS portfolio and steady price realisation. For the first half of FY27, Raymond Realty’s pre-sales climbed 111 per cent year-on-year to ₹1,602 crore, compared with ₹760 crore in the corresponding period last year. Collections increased 57 per cent to ₹1,233 crore from ₹783 crore. The company said the reported figures are provisional and subject to review. During the quarter, Raymond Realty received the occupation certificate for Tower B of The Address by GS Season 1 in Thane. The tower comprises 270 units with a total RERA carpet area of 344,478 square feet and was completed around 18 months ahead of its scheduled March 2028 RERA completion date. The developer is also preparing to expand its presence in Mumbai’s Metropolitan Region through two joint development agreement projects in Mahim, which are planned for launch during the current financial year. The two projects have a combined gross development value of more than ₹4,100 crore and a total RERA area of 0.80 million square feet. The first project carries a GDV of ₹1,800 crore and a RERA area of 0.41 million square feet, while the second has a GDV of ₹2,300 crore and a RERA area of 0.39 million square feet. Raymond Realty Managing Director and Chief Executive Officer Harmohan Sahni said the company is focused on expanding its operational footprint through a strong pipeline of scheduled launches across the Mumbai Metropolitan Region. He added that the planned Mahim launches are expected to strengthen the company’s market position and support its FY27 pre-sales target. The results underscore the momentum in Raymond Realty’s core development business, particularly across the Mumbai Metropolitan Region, where demand and execution have supported higher sales from its existing inventory. The absence of fresh launches also highlights the strength of the company’s current project portfolio and its ability to generate growth through ongoing developments while maintaining disciplined execution and capital allocation. The strong operating performance was accompanied by higher borrowings. Gross debt increased by ₹125 crore during the quarter to ₹1,220 crore as of September 30, 2026, primarily to fund construction across projects launched in FY26. With liquidity of ₹306 crore, net debt stood at ₹914 crore, while the company said its net debt-to-equity ratio remained below the board-approved ceiling of 1.0 times. CARE also reaffirmed Raymond Realty’s CARE A+ rating with a stable outlook. Despite the rise in debt, the company maintained its FY27 guidance, targeting around 20 per cent growth in pre-sales, return on capital employed of about 20 per cent, an EBITDA margin of 17-19 per cent and a profit-after-tax margin of 9-10 per cent.
