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Revenue
₹1,157 Cr
verified against source
Revenue YoY
29%
reported change
EBITDA
₹495 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Raymond Realty delivered a strong Q4 FY26 with total income surging 53% YoY to ₹1,176 crore and full-year revenue up 29% to ₹3,039 crore. EBITDA margin improved to 16.3% for the year, driven by economies of scale and product mix optimization. The key strategic milestone was achieving a 54% share of JDA bookings (vs 22% in FY25), one year ahead of the 50% target, reducing capital intensity. Pre-sales bookings jumped 39% YoY in Q4, supported by launches worth ₹6,400 crore GDV in Bandra and Wadala. Management guided for 20%+ minimum growth in FY27 and EBITDA margin of 16-18%. Risk: Intense competition in Thane market may cap pricing power and volume growth.
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Guidance to track
- Management guided for at least 20% growth in pre-sales and top line for FY27, with potential to exceed this target.
- Blended EBITDA margin expected to be in the range of 16-18% for FY27, with a target to reach 20% over time.
- Two projects in Mahim are at advanced approval stages and expected to launch by Q3 FY27.
- Management reiterated internal discipline to keep gross debt-to-equity below 1:1.
Risks flagged
- Thane market is highly competitive with many large players, limiting pricing power and volume growth.
- Potential 3-4% cost increase if commodity price pressures persist, though management believes it can be passed on.
- Some JDA projects take longer to launch due to counterparty issues, as seen with Mahim (2.5 years).
- Company expects to remain cash negative for the next two years as it reinvests internal accruals into new projects.
Key quotes
- We have achieved this milestone one year ahead of schedule in FY26 itself.
- Our target is to hit a 20% EBITDA margin as quickly as we can.
- We will definitely do better than that is all I can tell you just now.
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