Raymond Realty LimitedReal EstateRAYMONDREL
Q1 FY27 concall · earnings callRaymond Realty Limited
The company entered FY27 with strong momentum, achieving robust growth in bookings, revenue, and EBITDA while expanding its asset-light JDA portfolio and maintaining financial discipline.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Booking Value | ₹700 Cr | 129% | |
| Customer Collections | ₹550 Cr | 47% | |
| Revenue (Total Income) | ₹536 Cr | 37% | |
| EBITDA | ₹70 Cr | 70% | |
| EBITDA Margin | 13% | 2% | |
| Net Debt | ₹824 Cr | — | |
| Debt-to-Equity Ratio | 0.7x | — | |
| Liquidity Buffer | ₹271 Cr | — |
TL;DR
- Booking value grew 129% YoY to INR700 crores.
- EBITDA increased 70% YoY to INR70 crores, with margin expanding to 13%.
- Net debt-to-equity held steady at 0.7x.
- Gross Development Value (GDV) stands at INR52,000 crores, with JDAs now representing 52%.
- Full-year guidance includes minimum 20% growth in presales and revenue, and EBITDA margin of 17-19%.
Said on the call
“I mean, my personal hypothesis is that Bombay is going to be the best city to live in the country within few years itself.”
From the Q&A
| Topic | What management said |
|---|---|
| Execution Priorities & Risks | Focus is on executing projects launched in Q4 FY26; sees temporary cost pressures but no significant demand shifts; notes government stability and pro-growth policies. |
| Capital Allocation and Funding | Maintains internal debt-to-equity target of 1x, currently at 0.7x; can use AIFs at SPV level if needed; equity is a last resort. Cost of debt is stable at 9.6%. |
| Parel Project Details | Launch is ~18 months away; ticket sizes underwritten between INR6-20 crores; GDV is INR8,500 crores. |
| FY27 Launch Calendar | Two Mahim projects to launch in FY27 with GDVs of ~INR2,500 crores and ~INR2,100-2,200 crores. Six out of eight JDA projects will be launched by year-end. |
| JDA vs. Own Land Margins & ROCE | Blended FY27 margin guidance is 17-19%; own land margins are 25-26%, JDA margins are ~20% but currently lower due to early stage. JDA model is more capital efficient and supports >20% ROCE target. |
| Interest Cost Outlook | Full-year interest cost estimated in the range of INR100-120 crores; Q2-Q4 cost expected to be lower than Q1's INR47 crores. Debt is for growth, not fixed assets. |
| Geographic Diversification | Focused on MMR for foreseeable future; studying Pune market but no deals meeting return criteria yet. No plans to leave Maharashtra. |
| JDA Model Control | Requires 100% development control in JDAs; counterparties become passive partners; step-in rights mitigate execution risks. |
Guidance
- Full-year presales growth of minimum 20% year-on-year.
- Full-year revenue growth of minimum 20% year-on-year.
- Full-year EBITDA margin guidance of 17% to 19%.
- Return on capital employed will be 20% or upward.
Source
Summary written from the transcript filed by Raymond Realty Limited for the call held on 10 Aug 2026; published 18 Aug 2026, 21:04 IST.
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