Raymond Realty Share Price: Bookings mein **47%** ka Blast! Kya Nayi Strategy investors ki karegi balle balle?

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AuthorKavya Nair|Published at:
Raymond Realty Share Price: Bookings mein **47%** ka Blast! Kya Nayi Strategy investors ki karegi balle balle?
Overview

Raymond Realty ne Q3 FY26 mein kamaal kar diya! Booking value saal dar saal **47%** badh kar **₹743 Crore** ho gayi, aur income bhi **56%** tez hokar **₹766 Crore** pahunch gayi. Sabse badi baat, company ab asset-light Joint Development Agreement (JDA) model par zor shor se shift kar rahi hai.

Is baar numbers ne toh kamaal hi kar diya! Raymond Realty ne Q3 FY26 mein booking value mein 47% year-on-year ka jump dikhaya, jo ₹743 Crore tak pahunch gaya (pehle ₹505 Crore tha). Total income bhi 56% saal dar saal badhkar ₹766 Crore ho gayi.

Aur is saal ke pehle 9 mahine (9M FY26) ki baat karein toh booking value ₹1,504 Crore aur income ₹1,864 Crore rahi. Customer collections bhi healthy hain, ₹1,210 Crore collect ho chuke hain, jo cash flow ko strong dikha raha hai.

Ab strategy ki baat karte hain! Company ekdum se asset-light Joint Development Agreement (JDA) model ki taraf bhag rahi hai. Aim yeh hai ki FY28 tak annual pre-sales ka 50% JDA projects se aaye, jo FY25 mein sirf 22% tha. Isse company ko zyada capital lagaye bina apna footprint badhane mein help milegi aur margins bhi improve honge. Current 13% EBITDA margin, management kehti hai ki accounting rules aur common costs ki wajah se hai. Lekin yeh badhkar 18%-20% ho jayega jab naye JDA projects mature honge aur high-value developments aayenge. Long term target toh 20% hai.

Company par net debt bhi zyada nahi hai, bas ₹230 Crore tha December 2025 ke end tak. Bandra Kurla Complex (BKC) mein jo 'Invictus by GS' project launch kiya hai, woh JDA model ka example hai, jismein ₹2,000 Crore se zyada ki revenue potential hai. Overall, poore portfolio ki revenue potential lagbhag ₹40,000 Crore hai, jo growth ke liye kafi bada runway hai.

Risk yeh hai ki JDA model ko successfully execute karna hoga. Agar projects mein der hui ya sales slow hui toh margin targets miss ho sakte hain. Investors ab Q4 FY26 mein hone wale 4 project launches par nazar rakhenge, kyunki yahi growth ko drive karenge.

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