Pre-sales bookings growth (Q4 YoY)
39%
+39% YoY
Quarterly bookings surged 39% year-on-year, driven by strategic launches.
RAYMONDREALTY
Infrastructure
15 May 2026
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
Minimum 20% growth in pre-sales and revenue for FY27
Management guided for at least 20% growth in pre-sales and top line for FY27, with potential to exceed this target.
Management guidance growthEBITDA margin guidance of 16-18% for FY27
Blended EBITDA margin expected to be in the range of 16-18% for FY27, with a target to reach 20% over time.
Management guidance marginsTwo new project launches in Mahim within 12-15 months
Two projects in Mahim are at advanced approval stages and expected to launch by Q3 FY27.
Management guidance expansionDebt-to-equity to remain below 1:1
Management reiterated internal discipline to keep gross debt-to-equity below 1:1.
Management guidance otherKey Risks
Intense competition in Thane market
Thane market is highly competitive with many large players, limiting pricing power and volume growth.
medium · analyst_questionCommodity price escalation impact on margins
Potential 3-4% cost increase if commodity price pressures persist, though management believes it can be passed on.
low · analyst_questionJDA project execution delays
Some JDA projects take longer to launch due to counterparty issues, as seen with Mahim (2.5 years).
medium · management_commentaryNegative operating cash flows due to growth investments
Company expects to remain cash negative for the next two years as it reinvests internal accruals into new projects.
medium · analyst_questionNotable 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.
Frequently Asked Questions
What was Raymond Realty's revenue in Q4 FY26?
Raymond Realty reported revenue of ₹1,157 Cr in Q4 FY26, representing a +29% change compared to the same quarter last year.
What guidance did Raymond Realty management give for FY27?
Minimum 20% growth in pre-sales and revenue for FY27: Management guided for at least 20% growth in pre-sales and top line for FY27, with potential to exceed this target. EBITDA margin guidance of 16-18% for FY27: Blended EBITDA margin expected to be in the range of 16-18% for FY27, with a target to reach 20% over time. Two new project launches in Mahim within 12-15 months: Two projects in Mahim are at advanced approval stages and expected to launch by Q3 FY27. Debt-to-equity to remain below 1:1: Management reiterated internal discipline to keep gross debt-to-equity below 1:1.
What are the key risks for Raymond Realty in FY27?
Key risks include Intense competition in Thane market — Thane market is highly competitive with many large players, limiting pricing power and volume growth.; Commodity price escalation impact on margins — Potential 3-4% cost increase if commodity price pressures persist, though management believes it can be passed on.; JDA project execution delays — Some JDA projects take longer to launch due to counterparty issues, as seen with Mahim (2.5 years).; Negative operating cash flows due to growth investments — Company expects to remain cash negative for the next two years as it reinvests internal accruals into new projects..
Did Raymond Realty meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Raymond Realty Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.