Raymond Realty Q1 FY27 Results (NSE: RAYMONDREL)
Signal: Margin expansion
The read
The operating trajectory remains constructive but quarterly earnings quality weakened: consolidated revenue grew 38.4% YoY and EBITDA margin expanded 250bps to 13.3%, while booking value reached ₹700 crore, yet PAT fell 18.6% because finance costs rose 223.5% and other income contributed 59.6% of PBT. The key forward test is whether margin can progress from 13.3% toward the 17%-19% FY27 guidance as project phases mature.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹526.67 Cr | +38.4% | -54.5% |
| EBIT | ₹62.34 Cr | +152.6% | |
| Net profit | ₹13.43 Cr | -18.6% | |
| EPS | ₹2.02 | -18.5% | |
| EBIT margin | 13.3% |
P&L walk
Consolidated revenue of ₹52,667 lakh grew 38.4% YoY, EBITDA margin was 13.3% versus 10.8% in Q1FY26, but PAT declined 18.6% to ₹1,343 lakh as finance costs rose 223.5% YoY and other income represented 59.6% of PBT.
Segments
The company reports a single Real Estate operating segment; the material divergence is basis-related, with standalone PAT of ₹2,638 lakh versus consolidated PAT of ₹1,343 lakh, implying subsidiary losses dragged the group, including ₹1,917 lakh of losses from four subsidiaries reviewed by other auditors.
Key positives
- Booking value was ₹700 crore, +129% YoY, with JDAs contributing 64% and the Thane land parcel 36%, supporting the asset-light growth pivot.
- EBITDA was ₹7,021 lakh, with margin at 13.3%, +250bps YoY; management attributed the improvement to optimized product mix.
- Portfolio GDV reached approximately ₹52,000 crore, including the newly signed approximately ₹8,500 crore Parel JDA, while customer collections rose 47% YoY to ₹550 crore.
- Net debt of ₹824 crore and debt-to-equity of 0.7x remained below the stated 1.0x ceiling, with a ₹271 crore liquidity buffer.
Key concerns
- Consolidated PAT declined 18.6% YoY to ₹1,343 lakh despite 38.4% revenue growth because finance costs increased 223.5% YoY to ₹4,717 lakh.
- Consolidated EBITDA margin of 13.3% remains 370bps below the FY27 guidance floor of 17%, requiring substantial improvement over subsequent quarters.
- Standalone PAT of ₹2,638 lakh was nearly twice consolidated PAT of ₹1,343 lakh, indicating that subsidiaries materially diluted group earnings.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.