Raymond Realty Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹3,613 Cr
- P/E
- 11.99
- ROE
- 36.31%
- Price to sales
- 1.16
- Debt to equity
- 0.65
- 52W high / low
- ₹723 / ₹357
- EBITDA margin
- 15.24%
- Net profit margin
- 9.80%
- Promoter holding
- 50.93%
- Sales (last year)
- ₹3,137 Cr
Incorporated in 2017, Raymond Realty Ltd is in the business of real estate development.[1]
Guidance scorecard · Q2 FY27 call
What Raymond Realty Ltd's management guided
and where it ranks in Realty
Realty
RevenueQ1 FY27 call
20–40%- Committed to delivering presales growth of upward of 20% year-on-year for FY27.
- Revenue growth on the P&L expected to be at least 20% year-on-year.
- EBITDA margin guidance between 17% and 19% for FY27.
- Return on Capital Employed (ROCE) targeted at 20% or higher.
- Strong multi-year growth visibility with total GDV at INR 52,000 crores, covering 6-7 years.
- Joint Development Agreements (JDAs) now constitute 52% of GDV, showing strong pipeline momentum.
- Two major project launches (Mahim projects) with combined GDV around INR 4,500 crores planned for the year.
2 more points from Raymond Realty Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Raymond Realty Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Raymond Realty has incorporated a new SPV, TenX Mahalakshmi Limited, in anticipation of new projects, indicating upcoming investments.
- The company is focusing on launching two Mahim projects this year with GDVs of approximately INR 2,500 crores and INR 2,100-2,200 crores.
- Expansion is backed by disciplined capital allocation with all borrowings directed toward project construction and joint development agreements (JDAs), not for corporate expenses.
- The asset-light JDA strategy is a key growth driver, with eight JDAs totaling INR 27,000 crores GDV, showing continued strategic capital deployment focused on capital-efficient models.
- Raymond Realty maintains a net debt-to-equity ratio below 1:1, signaling prudent leverage to fund expansion.
2 more points from Raymond Realty Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Raymond Realty Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Raymond Realty Limited has a significant orderbook with strong long-term growth visibility across prime Mumbai Metropolitan Region (MMR) micro-markets.
- Active development includes 65 acres of the Thane land parcel, constituting about 6.7 million sq.ft. of RERA carpet area with INR 16,500 crores revenue potential.
- Out of this, INR 9,400 crores worth of stock is already sold with INR 7,460 crores collected as cash.
- Total unsold GDV from launched projects is approx. INR 15,700 crores.
- Additionally, there is unlaunched GDV of about INR 24,000 crores across various micro-markets.
2 more points from Raymond Realty Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Realty
on management's own guidance
- Sobha LtdGood growth2
- Strong growth1
- Man Infraconstruction LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Realty companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹12,035 Cr | 41.1 | |
| 2 | Sobha Ltd | 20–40% | Up 2%+ | ₹12,548 Cr | 54.4 |
| 3 | Man Infraconstruction Ltd | 20–40% | Up 2%+ | ₹4,602 Cr | 21.2 |
| 4 | 20–40% | Up 2%+ | ₹1,157 Cr | 12.7 | |
| 5 | 20–40% | Flat | ₹1.06L Cr | 25.6 | |
| 6 | 20–40% | Flat | ₹61,922 Cr | 23.4 |
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Pro shows every company guiding 40%+ revenue growth →Full Realty rankingRaymond Realty Ltd announcements
All announcements →- Fundraise / allotmentNotableRaymond Realty Limited receives in-principle approval for preferential issue of shares
- Fundraise / allotmentNotableRaymond Realty Limited shareholders approve capital increase and preferential issue
Financials of Raymond Realty Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Raymond Realty Ltd
Shareholding breakup across reporting periods.
| Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|
| Promoters + | 48.87% | 48.87% | 49.02% | 50.71% | 50.93% | 50.93% |
| FIIs + | 15.52% | 11.19% | 8.54% | 7.62% | 5.85% | 6.21% |
| DIIs + | 6.35% | 4.51% | 4.40% | 3.92% | 2.90% | 2.40% |
| Public + | 29.22% | 35.40% | 38.00% | 37.72% | 40.29% | 40.42% |
| Others + | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
| No. of Shareholders | 2,61,564 | 2,25,914 | 2,17,705 | 2,10,530 | 2,09,800 | 2,01,733 |
Financials of Raymond Realty Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 130 | 226 | 92 | 117 | 380 | 697 | 758 | 1,157 | 527 | 749 |
| Expenses + | 112 | 211 | 78 | 103 | 351 | 605 | 666 | 922 | 466 | 642 |
| Operating Profit | 18 | 15 | 14 | 14 | 30 | 92 | 91 | 234 | 61 | 106 |
| OPM % | 14% | 7% | 15% | 12% | 8% | 13% | 12% | 20% | 12% | 14% |
| Other Income + | 0 | 1 | 1 | 0 | 11 | 9 | 8 | 19 | 9 | 9 |
| Interest | 10 | 11 | 12 | 13 | 15 | 26 | 17 | 40 | 47 | 44 |
| Depreciation | 0 | 0 | 0 | 0 | 5 | 5 | 5 | 7 | 8 | 5 |
| Profit before tax | 7 | 4 | 2 | 2 | 21 | 70 | 77 | 206 | 15 | 66 |
| Tax % | -6% | -13% | -25% | -42% | 23% | 14% | 13% | 22% | 11% | 20% |
| Net Profit + | 7 | 5 | 3 | 2 | 16 | 60 | 67 | 161 | 13 | 53 |
| EPS in Rs | 2.48 | 9.04 | 10.03 | 24.20 | 2.02 | 7.97 |
Financials of Raymond Realty Ltd
Profit & Loss
Annual income statement trend
| Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|
| Sales + | 3 | 565 | 2,991 | 3,189 |
| Expenses + | 22 | 504 | 2,544 | 2,696 |
| Operating Profit | -19 | 61 | 447 | 493 |
| OPM % | -543% | 11% | 15% | 15% |
| Other Income + | 1 | 2 | 48 | 45 |
| Interest | 27 | 46 | 98 | 148 |
| Depreciation | 0 | 1 | 23 | 26 |
| Profit before tax | -45 | 15 | 375 | 365 |
| Tax % | -2% | -15% | 19% | |
| Net Profit + | -44 | 18 | 305 | 294 |
| EPS in Rs | 45.75 | 44.22 | ||
| Dividend Payout % | 0% | 0% | 4% |
Financials of Raymond Realty Ltd
Balance Sheet
Capital structure and asset base
| Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|
| Equity Capital | 0.15 | 2 | 67 | 67 |
| Reserves | -1 | 46 | 1,501 | 1,556 |
| Borrowings + | 231 | 467 | 1,014 | 1,220 |
| Other Liabilities + | 531 | 790 | 4,481 | 5,070 |
| Total Liabilities | 762 | 1,305 | 7,062 | 7,911 |
| Fixed Assets + | 1 | 2 | 89 | 88 |
| CWIP | 1 | 0 | 5 | 14 |
| Investments | 4 | 10 | 2 | 100 |
| Other Assets + | 756 | 1,293 | 6,966 | 7,710 |
| Total Assets | 762 | 1,305 | 7,062 | 7,911 |
Financials of Raymond Realty Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Cash from Operating Activity + | -226 | -237 | -910 |
| Cash from Investing Activity + | -6 | -8 | 19 |
| Cash from Financing Activity + | 234 | 261 | 725 |
| Net Cash Flow | 2 | 17 | -166 |
| Free Cash Flow | -228 | -238 | -990 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 1,288% | -388% | -188% |
Financials of Raymond Realty Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Debtor Days | 7 | 5 | 28 |
| Inventory Days | |||
| Days Payable | |||
| Cash Conversion Cycle | 7 | 5 | 28 |
| Working Capital Days | 55,665 | 126 | 225 |
| ROCE % | 16% | 30% |
Guidance history
How Raymond Realty Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Up 2%+ | Planned | None planned | Rising |
| Q2 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
26 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −16.6% | 41% |
| Last 6 months | +21.9% | 76% |
| Last 3 months | −15.9% | 27% |
The price is 41.5% below its all-time high of ₹926.2 (4 Jul 2025). Stocks more than 20% below their peak have their score halved, so 52 became 26.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Raymond Realty Ltd: 0.4 × 41 + 0.4 × 76 + 0.2 × 27 = 52, halved to 26 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Raymond Realty Ltd's management said in earlier quarters
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