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Intense competition in Thane market
View Risks →Raymond Realty Ltd — Q4 FY26
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.
bullish
high
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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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Pre-sales bookings growth (Q4 YoY)
39%
+39% YoY
Quarterly bookings surged 39% year-on-year, driven by strategic launches.
JDA share of bookings
54%
+32pp YoY
JDA share of pre-sales bookings rose from 22% in FY25 to 54% in FY26.
Gross Development Value (GDV)
₹42,000 crore
N/A
Total GDV of Raymond Realty's portfolio stands at approximately ₹42,000 crore.
Thane pre-sales (FY26)
₹1,360 crore
-24% YoY
Thane pre-sales declined from ₹1,800 crore in FY25 to ₹1,360 crore in FY26 due to product mix.
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Guidance and risk preview
Management guided for at least 20% growth in pre-sales and top line for FY27, with potential to exceed this target.
Thane market is highly competitive with many large players, limiting pricing power and volume growth.
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