Raymond Realty Q2 Pre-Sales Nearly Double To ₹902 Crore As H1 Reaches ₹1,602 Crore

Market snapshot: Raymond Realty delivered an exceptional performance for Q2 FY27, with pre-sales nearly doubling to ₹902 crore, driven by strong sustained demand in its premium portfolios. For the first half of FY27, pre-sales surged 111% to ₹1,602 crore, showcasing strong operational momentum. To sustain this trajectory and achieve its FY27 targets, the company has lined up new project launches worth over ₹4,100 crore in the second half of the year.

Data Snapshot

• Q2 FY27 pre-sales reached ₹902 crore, representing a year-on-year growth of approximately 98% from the previous fiscal period.
• H1 FY27 pre-sales rose by 111% year-on-year to ₹1,602 crore, driven by robust performance across its residential offerings.
• The company planned cumulative H2 FY27 joint-development launches in Mahim worth over ₹4,100 crore in gross development value.
• Management reiterated its guidance of 20% pre-sales growth, 17% to 19% EBITDA margins, 9% to 10% PAT margins, and a 20% Return on Capital Employed (ROCE) for the full fiscal year.

What's Changed

• Pre-sales volume: H1 FY27 pre-sales increased to ₹1,602 crore, rising 111% from H1 FY26.
• Planned pipelines: Lined up over ₹4,100 crore of new project launches in the Mahim micro-market for H2 FY27 to achieve annual targets.
• Liquidity and net debt: Concluded the September quarter with a net debt of ₹914 crore and cash liquidity of ₹306 crore, maintaining a prudent net-debt-to-equity ratio below 1.0x.

Key Takeaways

• Significant Growth in Pre-Sales: Raymond Realty reported pre-sales of ₹902 crore in Q2 FY27, which is a nearly two-fold jump YoY.
• Strong H1 Booking Run-rate: Cumulative pre-sales for H1 FY27 reached ₹1,602 crore, up 111% compared to the same period last fiscal.
• Aggressive Launch Schedule: The company is planning launches worth over ₹4,100 crore in gross development value (GDV) in H2 FY27, specifically targeting the Mahim micro-market with 'Mahim 1' (GDV ₹1,800 crore) and 'Mahim 2' (GDV ₹2,300 crore).
• Robust Cash Collections: Q2 FY27 customer collections grew by 67% year-on-year to ₹682 crore, enhancing cash flow efficiency and capital allocation.

SAHI Perspective

Raymond Realty's performance shows that its focus on execution is paying off. The company completed and delivered its 'The Address by GS Season 1 Tower B' in Thane approximately 18 months ahead of its RERA timeline. This rapid execution strategy, combined with an asset-light joint-development agreement (JDA) pivot, is driving strong demand. Booking and collections both grew substantially, validating the premium-focused strategy in the Mumbai Metropolitan Region (MMR). By shifting away from outright land purchases to JDAs (which now make up more than half of pre-sales), Raymond Realty is minimizing capital intensity while maintaining margins. Financial leverage remains comfortable, with net debt at ₹914 crore and a debt-to-equity ratio well below the Board's 1.0x limit.

Market Implications

The strong pre-sales and collections report is likely to act as a positive catalyst for real estate stocks, particularly developers with strong execution records in the MMR. Organised players are continuing to capture market share from smaller developers as buyer preference tilts heavily toward premium, timely projects. Raymond Realty's focus on high-ticket JDAs will likely improve return ratios over the medium term.

Trading Signals

Market Bias: Bullish

Strong Q2 pre-sales growth of 98% YoY to ₹902 crore and robust collections growth of 67% YoY to ₹682 crore provide clear visibility on future cash flows and earnings. Reaffirmed EBITDA guidance of 17-19% and ROCE of ~20% support a positive stance.

Overweight: Real Estate, Home Materials

Trigger Factors:

• Launches of Mahim 1 and Mahim 2 JDA projects in H2 FY27 worth over ₹4,100 crore GDV
• Sustained quarterly customer collections above ₹500 crore
• Progressive improvement in EBITDA margins toward the guided 17-19% range

Time Horizon: Medium-term (3-12 months)

Industry Context

The Indian residential real estate market, especially in major metro markets like the Mumbai Metropolitan Region (MMR), is undergoing structural premiumisation. Established developers with solid execution track records are seeing robust demand. Raymond Realty, which listed independently in July 2025 following its demerger from Raymond Limited, has established a portfolio spanning aspirational, premium, and super-premium projects with a cumulative GDV pipeline of ₹52,000 crore.

Key Risks to Watch

• Execution risk: Delays in obtaining regulatory approvals for upcoming JDA launches in Mahim could impact booking timelines.
• Geopolitical or macroeconomic volatility: Inflation in input costs (steel, cement) could pressure margins if cost escalations cannot be passed on entirely.
• Concentration risk: High dependence on the MMR housing market makes the company sensitive to region-specific regulatory changes or slowdowns.

Recent Developments

In August 2026, Capacite Infra secured an LOI from Raymond Realty for a ₹589 crore construction contract in Shastri Nagar, Wadala, reinforcing rapid project execution. Earlier in September 2026, the Board of Directors approved a capital raising proposal via preferential convertible warrants to its promoter group, which could inject up to ₹409 crore of equity upon conversion.

Closing Insight

Raymond Realty is scaling rapidly by transitioning into an asset-light, JDA-focused developer. Its ability to repeatedly deliver projects ahead of schedule is a crucial competitive moat in an industry historically plagued by execution delays. With a robust pipeline and clean balance sheet, the company's operational trajectory remains strongly positioned.

High Performance Trading with SAHI.