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Raymond Realty released provisional operational numbers for Q2FY27

ICICIdirect Research 06 Oct 2026 DISCLAIMER

News: Raymond Realty released provisional operational numbers for Q2FY27, wherein pre-sales were up 98% YoY (up 29% QoQ) at ₹ 902 crore and collections were up 67% YoY (up 24% QoQ) at ₹ 682 crore. During Q2FY27, it received OC for Address by GS Season 1 Tower B in Thane comprising of 270 units, Total RERA Carpet Area of 3,44,478 sq. ft., well ahead of RERA Timelines (Proposed RERA Completion Date was Mar-28). During the quarter, its gross borrowings increased by ₹ 125 crore, bringing the total to ₹ 1,220 crore. Backed by liquidity of ₹ 306 crore, net debt stood at ₹ 914 crore.

View: The company reported strong pre-sales growth despite any new project launches, entirely driven by sustenance sales in existing projects. Further, its collection efficiency showed visible improvement highlighting strong execution across projects. Rise in borrowings during the quarter were primarily utilized to fund construction across its FY26 project launches. Its net debt-to-equity ratio stays well below its Board-approved ceiling of 1.0x. It is accelerating its growth trajectory over the next two quarters with a strong pipeline of MMR launches, representing a cumulative GDV of over ₹ 4,100 crore (two Mahim projects having 0.80 msf RERA area). For FY27, it remains on track for ~20% growth in pre-sales, ROCE of ~20%, EBITDA margin of 17–19% and PAT margin of 9–10%.

Impact: Positive

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