Raymond Realty Q1 FY27 Earnings Call — Analysis (NSE: RAYMONDREL)
Raymond Realty Q1 FY27 pre-sales rose 129% YoY to ₹700 Cr and management reaffirmed FY27 guidance of at least 20% pre-sales and revenue growth with 17-19% EBITDA margin, while adding a ₹8,500 Cr Parel JDA.
Result quality: strong — Margin expansion. Management sentiment: optimistic.
The take
Q1FY27 Total income ₹536 Cr ( +37% YoY ) . New guidance — FY27 fy27 pre-sales growth upward of 20% year-on-year . New story: Asset-light JDA expansion .
Results
Q1 FY27 booking value ₹700 Cr (+129% YoY), collections ₹550 Cr (+47% YoY), total income ₹536 Cr (+37% YoY), EBITDA ₹70 Cr (+70% YoY) with 13% EBITDA margin (vs 11%); net debt ₹824 Cr.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Booking value | ₹700 Cr | +129% | yoy · Q1FY27 · vs ₹306 Cr in Q1FY26 |
| Customer collections | ₹550 Cr | +47% | yoy · Q1FY27 · vs Q1 FY26 |
| Total income | ₹536 Cr | +37% | yoy · Q1FY27 · vs ₹392 Cr in Q1FY26 |
| EBITDA | ₹70 Cr | +70% | yoy · Q1FY27 · vs ₹41 Cr in Q1FY26 |
| EBITDA margin | 13% | +200bps | yoy · Q1FY27 · vs 11% in Q1FY26 |
| Net debt | ₹824 Cr | point_in_time · Q1FY27 · End Q1FY27 | |
| Liquidity buffer | ₹271 Cr | point_in_time · Q1FY27 · End Q1FY27 | |
| Gross debt | ₹1,095 Cr | point_in_time · Q1FY27 · End Q1FY27 | |
| Net debt-to-equity | 0.7x | point_in_time · Q1FY27 · End Q1FY27 | |
| Average cost of debt | 9.6% | point_in_time · Q1FY27 · Q1FY27 average blended | |
| Total GDV | ₹52,000 Cr | point_in_time · Q1FY27 · Q1FY27 | |
| JDA GDV | ₹27,000 Cr | point_in_time · Q1FY27 · 52% of total GDV | |
| Owned land GDV | ₹25,000 Cr | point_in_time · Q1FY27 · Thane 100-acre land parcel | |
| Parel JDA estimated GDV | ₹8,500 Cr | point_in_time · Q1FY27 · Signed in Q1FY27 |
Guidance
FY27 pre-sales growth of at least 20% YoY, total income growth of at least 20% YoY, EBITDA margin 17-19%, and ROCE of at least 20% reiterated.
What management committed to
- For FY27, [Raymond Realty] will deliver pre-sales growth of upward of 20% year-on-year as a minimum over FY26. — upward of 20% year-on-year, FY27
- For FY27, [Raymond Realty] expects minimum 20% year-on-year growth in total income/P&L revenue. — minimum 20% year-on-year, FY27
- For FY27, [Raymond Realty] is committed to full-year EBITDA margin between 17% and 19%. — 17% to 19%, FY27
- For FY27, [Raymond Realty] expects ROCE of 20% or upward. — 20% or upward, FY27
- [Raymond Realty] will maintain the internal discipline of net debt-to-equity below 1:1. — below 1:1, no stated horizon
- The first [Mahim] project will launch in the latter part of Q3 FY27, with a GDV of approximately ₹2,500 Cr. — ₹2,500 Cr GDV, Q3FY27
- The second [Mahim] project will launch in Q4 FY27, with a GDV close to ₹2,000-2,200 Cr. — ₹2,000-2,200 Cr GDV, Q4FY27
- [The Parel JDA project] will hit the market about 18 months after Q1 FY27 signing. — about 18 months away, Q3FY28
- Ticket sizes for [the Parel JDA project] are expected to start around ₹6 Cr and go up to ₹20 Cr at launch. — starting around ₹6 Cr and going up to ₹20 Cr, at launch
- [Raymond Realty] will have six JDA projects launched by the end of FY27 out of eight signed JDAs. — six out of eight JDAs, FY27
- JDA EBITDA margin should be around 20% and will scale up by FY28 as [JDA projects] mature. — 20%, FY28
- FY27 full-year interest cost for [Raymond Realty] is expected in the range of ₹100-120 Cr. — ₹100-120 Cr, FY27
Key themes
Asset-light JDA expansion in premium MMR
How the narrative shifted
- Asset-light JDA expansion: Management positions JDAs as the key growth engine, now 52% of total GDV, delivering capital-efficient access to prime MMR micro-markets.
- Premium South Bombay entry via Parel: Management frames Parel as a historic, marquee entry into South Bombay's premium housing market, with ₹8,500 Cr GDV and multi-year work.
- Execution of FY26 launches: The near-term priority is executing four projects launched in Q4 FY26; early costs drag margins before revenue recognition thresholds are crossed.
- MMR demand resilience: Demand across Thane and larger MMR remains strong, with homebuyers prioritizing developer reliability and execution; management sees no softness.
- Balance sheet discipline: Management stresses net debt-to-equity below 1x, 9.6% cost of debt, and ₹271 Cr liquidity to fund execution while preserving headroom.
- Thane maturity and geographic mix shift: Thane land remains a cash-collection pillar, but the revenue mix is shifting toward larger MMR JDA projects as new launches scale.
- Temporary cost pressures: Management acknowledges global cost pressures from wars but frames them as temporary and budgeted with contingencies over project life cycles.
- Institutional investor outreach: Management acknowledges falling institutional ownership and points to a new dedicated IR resource to improve outreach and investor understanding.
Operational commentary
- Secured a flagship JDA project in Parel with estimated GDV of ₹8,500 Cr, marking entry into South Bombay's premium housing market.
- JDA portfolio now has 8 projects with total GDV of ₹27,000 Cr, 52% of total GDV; 4 launched JDA projects in Bandra East, BKC, Wadala and Sion represent ₹11,500 Cr revenue potential, with cumulative sales of ₹2,900 Cr and collections of ~₹692 Cr.
- 64% of Q1 pre-sales came from the asset-light JDA model; Thane contributed about one-third of Q1 bookings.
- Thane 100-acre parcel: 65 acres under active development, 6.7 million sq ft RERA carpet area, revenue potential of ₹16,500 Cr; cumulative sales of ₹9,400 Cr and collections of ₹7,460 Cr; 11 towers and ~4,000 homes delivered.
- Two Mahim projects expected to launch in FY27: first in latter part of Q3 FY27 with GDV of ~₹2,500 Cr, second in Q4 FY27 with GDV of ~₹2,000-2,200 Cr.
- Parel project expected to launch about 18 months after signing, with ticket sizes expected to start around ₹6 Cr and rise up to ₹20 Cr.
- New dedicated IR hire Sumeet Sabharwal to drive institutional outreach after retail/family office participation partially offset DII/FII exits.
Analyst Q&A
Q. Top 2-3 execution priorities and biggest risks over immediate quarters
Focus is executing the four projects launched in Q4 FY26; demand remains strong; only cost pressures from global conditions, framed as temporary and budgeted with contingencies.
Q. Parel project ticket sizes, free sale component, units, and launch timing
Launch about 18 months away; ticket sizes expected to start around ₹6 Cr and go up to ₹20 Cr; total underwritten GDV ₹8,500 Cr; free sale component and unit count not specified.
Q. Mahim project approval status and launch timing
On track; first Mahim launch expected latter part of Q3 FY27 around November-December, second in February-March Q4 FY27.
Q. What is the TenX Mahalakshmi Limited incorporation related to?
Only an SPV kept ready in anticipation of future deals; no deal signed; management asked for patience and said investors would be informed when a deal is signed.
Q. Tentative launch calendar Q2 to Q4 and tentative GDV
Two Mahim projects launching this year: first ~₹2,500 Cr GDV, second ~₹2,000-2,200 Cr; six JDAs expected launched by FY27-end.
Q. Full-year interest cost for FY27
No exact number readily available; safe to assume around ₹100-120 Cr but said they will disclose a better number later.
Q. Borrowings composition, repayment schedule, and leverage needed for ₹52,000 Cr GDV pipeline
All debt is for project work-in-progress and JDAs; company will maintain below 1:1 debt-to-equity; repayment schedule was not provided.
Q. Net profit and cash profit growth guidance given rising interest cost
No net profit guidance policy; management reiterated EBITDA guidance and gave an interest cost range but did not answer whether PAT growth will decelerate.
Q. Why FII/DII holding has fallen despite improved performance
Demerger made company small-cap, forcing some institutional selling; new dedicated IR resource hired; rising market cap and renewed interest are expected to help.
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