Raymond Realty Outlines ₹52,000 Crore GDV Pipeline; Targets 20% Revenue Growth in FY27
Raymond Realty Limited has presented its Q1 FY27 business and financial performance, highlighting strong momentum in pre-sales, collections and project execution. The company reported ₹700 crore of pre-sales in Q1 FY27, up 129% year-on-year, supported by demand across ongoing and newly launched projects. Customer collections stood at ₹550 crore, rising 47% YoY, while total income increased 37% YoY to ₹536 crore. The company also highlighted its transition toward an asset-light growth model, with Joint Development Agreement (JDA) projects contributing more than 50% of gross development value (GDV).
Q1 FY27 Financial Results
Raymond Realty reported revenue from operations of ₹527 crore in Q1 FY27 compared with ₹381 crore in Q1 FY26, representing 38% YoY growth. Total income increased to ₹536 crore from ₹392 crore, while EBITDA rose sharply to ₹70 crore from ₹41 crore, resulting in an EBITDA margin improvement to 13% from 11%. However, higher interest costs impacted profitability. Interest expense increased to ₹47 crore, including ₹29 crore on bank borrowings and ₹18 crore payable to government authorities such as BMC, TMC and MHADA for additional FSI and approvals. Consequently, PBT declined to ₹15 crore from ₹21 crore, while net profit stood at ₹13 crore compared with ₹16 crore in Q1 FY26.
Capex and Capital Position
The presentation does not provide a separate consolidated Q1 FY27 capex figure under a specific capital-expenditure heading. Instead, the company provides visibility on project-level costs and capital requirements. For its ongoing and upcoming projects, the estimated balance cost to complete is around ₹24,597 crore, while the balance JDA partner share is about ₹4,830 crore. The company estimates that its overall ongoing and upcoming project portfolio could generate more than ₹14,421 crore of net project-level surplus cash flow after considering the stated project costs and partner share. The company ended FY26 with a debt-to-equity ratio of 0.6, an average ROE of 24%, and a CARE A+ Stable credit rating, indicating a focus on growth while maintaining financial discipline.
Order Book / Project Pipeline
For a real estate developer such as Raymond Realty, the conventional industrial concept of an order book is better represented by its project pipeline, GDV, unsold inventory, and future launches. The company has a total project portfolio GDV of approximately ₹52,000 crore, comprising ₹25,000 crore from owned-land projects and ₹27,000 crore from JDA projects. Of this, ₹28,000 crore has been launched, ₹12,300 crore has been sold, and ₹9,000 crore has been recognised as revenue, while approximately ₹15,700 crore remains as unsold inventory and ₹24,000 crore represents projects yet to be launched. The company also highlighted more than ₹39,000 crore of unsold and unlaunched GDV, providing multi-year visibility for pre-sales and cash flows.
Future Plans and Launch Pipeline
Raymond Realty plans to continue expanding its project portfolio, particularly through its asset-light JDA model. The future launch pipeline includes projects such as Mahim-Seaview, Mahim-Navjivan, Kandivali, Parel and a Thane owned-land parcel, with an aggregate estimated saleable area of about 8.23 million sq. ft. and expected booking value of approximately ₹24,100 crore. Mahim-Seaview and Mahim-Navjivan are targeted for launch in Q3 FY27, while additional projects are planned for subsequent financial years. The company has also outlined FY27 guidance of approximately 20% growth in pre-sales, 20% revenue growth and 20% ROCE, along with an EBITDA margin target of 17–19% and PAT margin target of 9–10%.
Management Commentary / Business Strategy
The key management message from the presentation is that Raymond Realty is focusing on profitable growth, faster project execution and an asset-light expansion strategy. The company says its JDA model now contributes more than half of its gross GDV, allowing it to expand its development pipeline without relying entirely on owned land. Its portfolio spans aspirational, premium and luxury housing across key Mumbai Metropolitan Region (MMR) micro-markets. The company has also highlighted strong execution capabilities, having delivered more than 3,000 homes ahead of RERA timelines, while its growing unsold and unlaunched portfolio provides significant future sales and cash-flow visibility.
Important Points Discussed
One of the most important takeaways is the sharp improvement in operating performance during Q1 FY27. Pre-sales increased 129% YoY to ₹700 crore, collections rose 47% to ₹550 crore, and EBITDA increased 71% to ₹70 crore. The company is also seeing strong project-level traction. For example, The Address by GS – Wadala recorded 96 bookings worth ₹269 crore during Q1 FY27, taking cumulative bookings to 282 units worth ₹807 crore. The company also highlighted a sizeable future development opportunity, with upcoming projects and existing inventory providing significant revenue and cash-flow visibility.
Disclaimer
The investor presentation states that the financial and supplementary information has been compiled by management and is not intended to constitute an offer, solicitation or investment recommendation. The presentation has not been subjected to review by the company’s auditors or Board of Directors, and previous-period figures may have been regrouped or reclassified where necessary. It also cautions that projections, estimates, expectations and other forward-looking statements are based on management’s assumptions and are subject to risks and uncertainties, meaning actual results could differ materially. Investors should therefore not rely solely on the presentation when making investment decisions.