Any current/future new fundraising through debt or equity?

There is no explicit mention of any immediate plans for fundraising through debt or equity in the transcript. Management emphasized capital allocation towards launching new JDA projects, aiming to sign INR6,000 to INR10,000 crores worth annually. The company prefers reinvesting generated cash into business growth rather than buybacks or financial engineering. The focus is on an asset-light model through JDAs and achieving strong operational growth with ROCE targets around 20%-25%. No indication of fundraising plans, but capital is prioritized for project launches rather than external equity or

Any current/future capex/capital investment/strategic investment?

Raymond Realty plans significant capital allocation toward launching new projects, targeting to sign JDAs worth INR6,000-10,000 crores annually. The company is focused on an asset-light model through Joint Development Agreements (JDAs), minimizing heavy landholding investments. Five projects are expected to launch in the next year, requiring capital deployment for project execution. Management prefers reinvesting earnings into business growth rather than financial engineering like buybacks. Capital expenditure prioritizes project launches with targeted IRRs of 20%-25%, emphasizing profitable g

Future growth expectations in sales/revenue/volumes?

Raymond Realty expects a 20% year-on-year growth in revenue for FY26, consistent with previous guidance. New project launches are concentrated in Q3 and Q4 of FY26, which should drive sales and margin improvements in the second half of the year. Annual signing targets for Joint Development Agreements (JDA) projects are between INR 6,000 to INR 10,000 crores, helping maintain a strong project pipeline. The company aims to maintain steady-state operating margins around 20%. JDA projects are expected to deliver 20-25% IRR, aligning with overall ROCE guidance of a minimum 20%. The busine

Future growth expectations in earnings/operating earnings/profits/EPS?

FY25 revenue was about INR2,300 crores with an expected 20% growth in FY26. Operating EBITDA margins are targeted around 20%, with initial quarters lower due to seasonality and project maturations. JDA projects expected to deliver IRRs between 20%-25%, aligning with a minimum 20% ROCE going forward. Blended margins (Thane + JDA) anticipated around 20%, with potential slight improvements. Q2 FY26 revenues expected to be in line with Q1 (~INR400 crores), with significant launches planned in H2, driving higher revenues and profits. Rayzone (maintenance arm) currently breaking even, marg

Current/ Expected Orderbook/ Pending Orders?

Raymond Realty's JDA projects have a Gross Development Value (GDV) of approximately INR 14,000 crores. Raymond Realty’s share in these JDA projects is about INR 11,500 crores. The projected timeline for completion of these projects is between five to six years. Inventory launches are scheduled with 3-4 launches by March and 1-2 more in Q1 and Q2 of the next year. Two new buildings worth INR 1100 crores (318 units) are being introduced imminently. Bandra 2 and Wadala 1 project launches are planned for H2 of the financial year 2025. The company follows an asset-light JDA model for future growth,

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Raymond Realty LtdQ2 FY26

Raymond Realty Ltd Q2 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹683P/E: 12.1Market Cap: ₹3.7K Cr

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→Raymond Realty expects a 20% year-on-year growth in revenue for FY26, consistent with previous guidance.
→New project launches are concentrated in Q3 and Q4 of FY26, which should drive sales and margin improvements in the second half of the year.
→Annual signing targets for Joint Development Agreements (JDA) projects are between INR 6,000 to INR 10,000 crores, helping maintain a strong project pipeline.
→The company aims to maintain steady-state operating margins around 20%.
→JDA projects are expected to deliver 20-25% IRR, aligning with overall ROCE guidance of a minimum 20%.
→The business growth is underpinned by a strong focus on timely project launches and delivery, an asset-light JDA model, and continued demand in Maharashtra real estate markets.

Margin guidance

Category 3

→FY25 revenue was about INR2,300 crores with an expected 20% growth in FY26.
→Operating EBITDA margins are targeted around 20%, with initial quarters lower due to seasonality and project maturations.
→JDA projects expected to deliver IRRs between 20%-25%, aligning with a minimum 20% ROCE going forward.
→Blended margins (Thane + JDA) anticipated around 20%, with potential slight improvements.
→Q2 FY26 revenues expected to be in line with Q1 (~INR400 crores), with significant launches planned in H2, driving higher revenues and profits.
→Rayzone (maintenance arm) currently breaking even, margins expected to improve beyond 2-3 years but remain modest (10%-11%).
→Growth driven by inventory launches across Thane, Bandra, Pune focused on mid to premium segments in Maharashtra region only.
→Management confident of meeting annual guidance of 20% year-on-year growth in bookings and maintaining strong return ratios.

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Fundraise plans

→There is no explicit mention of any immediate plans for fundraising through debt or equity in the transcript.
→Management emphasized capital allocation towards launching new JDA projects, aiming to sign INR6,000 to INR10,000 crores worth annually.
→The company prefers reinvesting generated cash into business growth rather than buybacks or financial engineering.
→The focus is on an asset-light model through JDAs and achieving strong operational growth with ROCE targets around 20%-25%.
→No indication of fundraising plans, but capital is prioritized for project launches rather than external equity or debt raising at this stage.

Order book

→Raymond Realty's JDA projects have a Gross Development Value (GDV) of approximately INR 14,000 crores.
→Raymond Realty’s share in these JDA projects is about INR 11,500 crores.
→The projected timeline for completion of these projects is between five to six years.
→Inventory launches are scheduled with 3-4 launches by March and 1-2 more in Q1 and Q2 of the next year.
→Two new buildings worth INR 1100 crores (318 units) are being introduced imminently.
→Bandra 2 and Wadala 1 project launches are planned for H2 of the financial year 2025.
→The company follows an asset-light JDA model for future growth, reducing land ownership and focusing on partnerships.

Capex plans

Yes

→Raymond Realty plans significant capital allocation toward launching new projects, targeting to sign JDAs worth INR6,000-10,000 crores annually.
→The company is focused on an asset-light model through Joint Development Agreements (JDAs), minimizing heavy landholding investments.
→Five projects are expected to launch in the next year, requiring capital deployment for project execution.
→Management prefers reinvesting earnings into business growth rather than financial engineering like buybacks.
→Capital expenditure prioritizes project launches with targeted IRRs of 20%-25%, emphasizing profitable growth rather than buybacks or share price engineering.
→No indication of major strategic investments outside core real estate development and maintenance services via their subsidiary Rayzone.
→Focus remains on MMR and Pune regions for geographic expansion without other significant capex announcements.

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