Any current/future new fundraising through debt or equity?

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 b

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

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 investmen

Future growth expectations in sales/revenue/volumes?

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

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

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

Current/ Expected Orderbook/ Pending Orders?

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, launch

Raymond Realty LtdQ1 FY27

Raymond Realty Ltd Q1 FY27 Earnings Call Analysis

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

Price: ₹578P/E: 15.7Market Cap: ₹4.6K Cr

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→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).

Margin guidance

Category 3

→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.

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Fundraise plans

Yes

→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.

Order book

Yes

→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.

Capex plans

Yes

→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.

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