Raymond Realty reported a robust 98% year-on-year jump in pre-sales to Rs 902 crore for Q2 FY27, driven by strong velocity in its existing 'Address by GS' portfolio. The developer also achieved a notable operational milestone by delivering a Thane residential tower 18 months ahead of its RERA deadline. With a strong pipeline of upcoming launches in Mahim worth Rs 4,100 crore in Gross Development Value (GDV) and reaffirmed FY27 guidance, the company signals sustained growth momentum despite a slight increase in construction-related debt.
Raymond Realty Q2 Pre-sales Surge 98% to Rs 902 Crore
Pre-sales hit Rs 902 crore vs Rs 455 crore YoY; Collections rose 67% to Rs 682 crore.
Reader Takeaway: Strong execution and early delivery build investor confidence, though rising construction debt bears watching.
What just happened
Raymond Realty Limited has posted strong provisional operational results for Q2 FY27. The company recorded pre-sales of Rs 902 crore, a 98% increase over the same period last year, and collections of Rs 682 crore, up 67%. Notably, this growth was achieved entirely through existing inventory, as no new projects were launched during the quarter.
Why this matters
The company’s ability to drive sales velocity in its 'Address by GS' portfolio validates its current market strategy in the Mumbai Metropolitan Region (MMR). Furthermore, the company secured an Occupation Certificate for 'The Address by GS Season 1 Tower B' in Thane, delivering 270 units 18 months ahead of the RERA deadline. This execution record reinforces its brand credibility and project delivery capabilities.
Future Growth Pipeline
Raymond Realty is preparing to scale its operations in H2 FY27. It has announced a launch pipeline in Mahim consisting of two Joint Development Agreement (JDA) projects with a total Gross Development Value (GDV) of Rs 4,100 crore and 0.80 million sq. ft. of RERA carpet area.
Balance Sheet and Leverage
As of September 30, 2026, the company’s gross borrowings stood at Rs 1,220 crore, marking an increase of Rs 125 crore during the quarter. This capital was deployed toward construction costs for projects launched in FY26. With liquidity at Rs 306 crore, the net debt sits at Rs 914 crore, keeping the net debt-to-equity ratio well within the board's 1.0x comfort limit.
Guidance and Outlook
Management has reaffirmed its FY27 targets, projecting 20% pre-sales growth, 20% ROCE, 17–19% EBITDA margins, and 9–10% PAT margins. CARE Ratings has maintained an 'A+' Stable rating, citing healthy project execution and booking momentum.
What to track next
Investors should monitor the successful launch of the Mahim projects and keep an eye on how debt levels fluctuate as the company enters the next phase of its aggressive construction schedule.