Raymond Realty Ltd

- As of FY26, Raymond Realty ended the year with a debt to EBITDA ratio of 0.6 and maintains an internal discipline not to exceed 1:1 debt to equity. - The company communicated to markets its commitment to stay within this debt-to-equity limit. - Liquidity buffer of INR 358 crores plus access to debt makes the company well-funded for FY27 requirements. - Internal accruals from projects (e.g., INR 450-500 crores annually from Thane land) support operations and growth. - The company projects to remain cash negative overall for next two years due to growth investments, but internal accruals will grow and be reinvested. - No specific mention of planned new fundraising through equity or additional debt in near term. - Focus is on disciplined financial management and reinvesting cash flows rather than aggressive new fundraises.

- No explicit mention of current or future capex or strategic investments in new land acquisitions, as the company follows an asset-light model without capital-intensive land purchases. - Focus is on approval costs for launching new projects rather than land acquisition costs. - Internal accruals from existing projects like Thane (INR 450-500 crores annually) and JDAs (INR 100-150 crores) are reinvested into portfolio growth. - Approval costs are substantial and necessary to launch new projects. - For the next two years, overall cash flow is expected to be negative due to ongoing expansion and investments in approvals. - The company targets sustainable growth by reinvesting internal accruals and managing debt prudently (debt-to-equity maintained below 1:1). - Future commercial development in Thane is planned but not yet activated. - Pipeline of new JDAs remains strong, with new projects to be launched, indicating ongoing investment into development projects.

- The company targets a minimum 20% growth in pre-sales and top-line revenue year-on-year, with expectations to do better in FY27 (Page 11). - EBITDA margin guidance for FY27 is between 16%-18%, indicating a stable margin profile despite growth (Pages 9, 15). - New project launches in Mahim set for Q3 FY27 and Kandivali development planned for FY28 will expand the portfolio and contribute to growth (Page 5). - The 6-year CAGR since 2021 has been 50% in booking value pre-sales and 84% in reported revenue, demonstrating strong growth trajectory (Page 5). - Revenue growth is supported by a balanced mix of legacy land in Thane (INR25,000 crores GDV) and an expanding JDA portfolio (~INR17,000 crores GDV) across prime micro-markets (Page 5). - The percentage of JDAs in pre-sales increased to 54% in FY26, providing growth via an asset-light model (Page 5). - Sales volumes in Thane remain stable at INR1,300–1,500 crores annually due to competitive market dynamics (Page 7).

- EBITDA margins expected to remain range-bound between 16%-18% in FY27, improving from 16% in FY26. - Target to achieve a 20% EBITDA margin as projects mature by FY28, driven by a mix of mature and new project launches. - Revenue growth guidance of a minimum 20% year-on-year increase in pre-sales and top-line for FY27. - Operating cash flow expected to remain negative over the next two years due to growth investments, but internal accruals and reinvestments will drive portfolio expansion. - Gross Development Value (GDV) pipeline of ~INR42,000 crores with strong execution and strategic launches planned in FY27 and FY28. - Consistent financial discipline maintained with debt-to-equity ratio below 1:1, supporting sustainable growth. - Earnings and profit growth to follow as new JDAs mature and sales/collections accelerate.

- The company has around INR 4,000 crores of pending collections from sold inventory as of FY26. - Internal accruals from Thane projects generate about INR 450 to 500 crores annually. - Joint Development Agreements (JDAs) launched in FY25 are expected to contribute another INR 100 to 150 crores annually. - Overall, internal accruals approximate INR 600 to 650 crores per year. - The total Gross Development Value (GDV) is approximately INR 42,000 crores, with INR 25,000 crores from the Thane region. - INR 25,000 crores includes both launched and yet-to-be-launched projects. - Detailed breakup of sales, launches, and collections is available in the investor presentation. - The company aims to maintain a disciplined debt-to-EBITDA ratio, ending FY26 at 0.6 and not exceeding 1:1 debt to equity going forward.