Raymond Realty shares climbed 4.64% to ₹597.90 on the BSE after the firm disclosed a 11.8% YoY drop in net profit to ₹53.1 crore, even as revenue grew 7.4% to ₹749 crore— a modest lift from the ₹697 crore recorded a year earlier.
Earnings before interest, taxes, depreciation and amortisation surged 15% to ₹106.3 crore, pushing the EBITDA margin to 14.2% from 13.3% a year ago. The EBITDA beat of ₹106.3 crore, however, still falls short of the ₹115 crore analysts had pencilled in for the quarter.
Booking value exploded 98% YoY to ₹902 crore, with collections up 67% to ₹682 crore. The bulk of the bookings—57%—came from Mumbai JDA projects, while the Thane land parcel contributed 43%. The company’s 100‑acre Thane parcel, with a revenue potential of ₹25,000 crore, has already recorded sales of ₹9,770 crore and collections of ₹7,977 crore.
On the balance sheet, gross debt sits at ₹1,220 crore, net debt at ₹912 crore, and the debt‑to‑equity ratio is 0.8×, comfortably below the 1.0× ceiling. A liquidity buffer of ₹308 crore is deemed sufficient to fund next year’s construction spend, while the cost of debt remains steady at 9.60%.
CEO Harmohan Sahni said the firm is “well‑positioned to achieve full‑year growth guidance” with a FY27 EBITDA margin target of 17‑19% and a profit‑after‑tax margin of 9‑10%. The company plans to launch two JDA projects in Mahim over the next two quarters, adding a ₹4,100 crore pipeline to an already robust portfolio.
Looking ahead, Raymond Realty will report FY27 results on February 28, 2027. Investors will be watching closely for the company’s ability to translate its booking momentum into the targeted margin expansion and to maintain its disciplined capital structure.