Raymond Realty Ltd(RAYMONDREL)

NSE: RAYMONDRELBSE: 544420

₹ 590-1.91%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,928 crNext results: 27 Oct 2026Website: www.raymondrealty.inUpdated: 24 Oct 2026

About

Raymond Realty Ltd is a Mumbai Metropolitan Region (MMR) residential developer focused on premium housing, operating from a ~100-acre owned land bank in Thane and an expanding portfolio of Joint Development Agreements (JDAs) across Mumbai micro-markets. With FY26 revenue of ₹2,990.79 Cr and a total portfolio GDV of ₹52,000 Cr as of Q1 FY27, it ranks among the top 5 listed residential developers in MMR and top 10 in India.^[1]

Business model

Reports a single segment, real estate development, with FY26 revenue from operations of ₹2,990.79 Cr.^[2]
Two engines: own-land development on ~100 acres in Thane (₹25,000 Cr revenue potential) and an asset-light JDA model across broader MMR, which contributed 64% of pre-sales bookings in Q1 FY27.^[2]
JDA portfolio grew to eight signed projects with combined GDV of ₹27,000 Cr as of Q1 FY27, 52% of the total ₹52,000 Cr GDV pipeline.^[3]
Thane own-land pre-sales have stabilised at a ₹1,300 - 1,500 Cr annual steady state as growth focus shifts to JDA projects in Mumbai (Q4 FY26).^[4]

Portfolio and land bank

Total portfolio GDV of ₹52,000 Cr as of Q1 FY27: ₹15,700 Cr unsold launched inventory and ₹24,000 Cr unlaunched GDV; management states 6 - 8 years of growth visibility.^[3]
Thane land bank ~100 acres: ~60 acres under current development and ~40 acres of future potential with estimated ₹25,000 Cr revenue potential.^[2]
Portfolio comprises approximately 12,000 planned residential units across MMR micro-markets, with approximately 20 million sq ft of ongoing construction.^[2]

Key operating numbers

Q1 FY27 pre-sales ₹700 Cr, up 129% YoY from ₹306 Cr in Q1 FY26; FY26 pre-sales ₹3,023 Cr, up 31% YoY.^[3]
Q2 FY27 pre-sales ₹902 Cr vs ₹455 Cr in Q2 FY26; H1 FY27 pre-sales ₹1,602 Cr vs ₹760 Cr in H1 FY26, up 111%.^[5]
Q1 FY27 collections ₹550 Cr, up 47% YoY; Q2 FY27 collections ₹682 Cr vs ₹409 Cr in Q2 FY26, up 67%.^[3]
FY21 - FY26: 50% CAGR in booking value, 46% CAGR in collections, 84% CAGR in revenue recognition; ROCE of 23%.^[2]
Thane portfolio: ~₹9,132 Cr of inventory sold and ~₹7,076 Cr collected as of FY26.^[2]

Project margins and debt

Own-land Thane projects generate EBITDA margins of 25 - 26%; JDA projects are below 20% at early stage, expected to normalise toward 20% by FY28 (Q1 FY27).^[3]
Q1 FY27 net debt ₹824 Cr; gross debt ₹1,095 Cr; net debt-to-equity 0.7x; cost of debt 9.6%; cash ₹271 Cr.^[3]
Management keeps a gross debt-to-equity ceiling of 1:1; level at 0.7x as of Q1 FY27.^[3]

Active projects

Launched seven projects across Thane, BKC, Wadala and Sion during FY26.^[2]
Four JDA projects launched - Bandra East, BKC (Invictus by GS), Wadala (~₹5,000 Cr GDV) and Sion (~₹1,400 Cr GDV) - with cumulative pre-sales of ₹2,900 Cr against ₹11,500 Cr revenue potential as of Q1 FY27.^[3]
TenX Habitat (~1.7 mn sq ft RERA carpet area, 3,100+ homes) was fully sold and received OC for all towers in Q4 FY26.^[4]
Kandivali JDA: gross GDV of ₹3,000 Cr; Raymond retains 70% revenue share; targeted EBITDA margin of 20 - 22% (Q4 FY26).^[4]

Expansion pipeline

Parel JDA signed in Q1 FY27: GDV ₹8,500 Cr, 1.7 mn sq ft RERA carpet area, tickets ₹6 - 20 Cr; first entry into South Bombay; launch targeted ~18 months from signing (early 2028).^[3]
Mahim 1 JDA (~₹2,500 Cr GDV) targeted for Q3 FY27 launch; Mahim 2 (~₹2,000 - 2,200 Cr GDV) targeted for Q4 FY27.^[3]
Six of eight signed JDA projects on track for launch by end of FY27; Kandivali JDA launch expected in FY28.^[3]
Commercial development in Thane (1 mn+ sq ft earmarked) under study; timing not decided as of Q4 FY26.^[4]

Operations and structure

Five wholly owned subsidiaries: Ten X Realty Limited (material subsidiary), Ten X Realty East, Ten X Realty West, Rayzone Property Services and Ten X Realty North.^[2]
Total employees as at 31 March 2026: 529.^[2]
Channel partners managed through proprietary mobile platform SYNC; lead management runs on Salesforce.^[2]

Recent developments

FY26 annual report seeks AGM approval to raise the borrowing and security-creation limit to ₹2,500 crore.^[2]
Final dividend of ₹2 per share proposed for FY26, totalling ₹1,331 lakh.^[2]
FY26 annual report notes MMR demand momentum has moderated from peak levels; it lists approval delays, cost inflation, competition and interest rates as risks.^[2]

Market Cap

₹3,928 Cr

High / Low

₹742 / 350

Stock P/E

13.8

Price / Book

2.6

Book Value

₹235

EPS

₹45.8

No. of Shares

6.66 Cr

ROCE

18.3%

ROE

19.4%

OPM

15.5%

Debt / Equity

0.65

Sales

₹2,991 Cr

Net Profit

₹305 Cr

Promoter holding

50.9%

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