Raymond Realty Limited, the real estate development arm of the Raymond Group, reported its first quarterly results after becoming an independently listed company on July 1, 2025, following its demerger from Raymond Limited. For the quarter ended June 30, 2025 (Q1 FY26), the company recorded total income of ₹392 crore, marking a year-on-year decline of 21% compared to ₹498 crore in Q1 FY25. The revenue drop was attributed primarily to the natural tapering of sales in mature projects with limited unsold inventory.
The company posted revenue of ₹374 crore for the quarter, compared to ₹488 crore in the same period last year, representing a 23% decline. EBITDA stood at ₹41 crore, down from ₹67 crore a year earlier, while EBITDA margin contracted to 10.5% from 13.5%. Profit before tax (excluding exceptional items) declined 55% year-on-year to ₹21 crore, from ₹48 crore in Q1 FY25. The PBT margin fell to 5.5% from 9.7%.
|
Particulars
(₹ Cr.) |
Q1 FY26 |
Q4 FY25* |
Q1 FY25* |
YoY |
|
Revenue |
374 |
766 |
488 |
(23%) |
|
Other income |
18 |
4 |
11 |
64% |
|
Total
Income |
392 |
771 |
498 |
(21%) |
|
EBITDA |
41 |
170 |
67 |
(39%) |
|
EBITDA
Margin % |
10.5% |
22.1% |
13.5% |
|
|
PBT (before exceptional items) |
21 |
154 |
48 |
(55%) |
|
PBT
Margin (before
exceptional items) |
5.5% |
20.0% |
9.7% |
|
* These figures represent historical financial performance including the Raymond Realty Division of Raymond Limited before its demerger on April 01, 2025(appointment date). Figures are provided solely for ease of comparison and does not form part of the published financial results in SEBI format.
Commenting on the performance, Mr. Harmohan Sahni, Managing Director, Raymond Realty Limited said; “Our performance this quarter was in line with our expectations, reflecting sales moderation owing to low inventory levels in mature projects; a steady progress in launching new ones in H2. We are steadfast in our current fiscal journey & as planned the second half of the year will display higher activity with new launches planned. We remain dedicated to delivering exceptional value to our shareholders.”
This financial update reflects the standalone performance of Raymond Realty Limited after the structural separation from Raymond Ltd. Figures from Q1 FY25 and Q4 FY25 are provided for comparative reference and include the real estate division’s earlier financials as part of the parent company.
Despite the subdued top-line performance, the company maintains a net cash surplus position of ₹233 crore. The leadership has indicated that the current quarter was aligned with expectations, driven by completion-phase project dynamics and lower inventory availability in key developments. However, the second half of FY26 is expected to see heightened activity as multiple new launches are scheduled.
During Q1 FY26, the company achieved a booking value of ₹306 crore. The demand was primarily driven by its flagship projects in the Mumbai Metropolitan Region (MMR), including The Address by GS 2.0 and Ten X Era in Thane, as well as The Address by GS in Bandra under its joint development agreement (JDA) model.
The company has indicated that the total potential revenue across its current real estate portfolio now stands at approximately ₹40,000 crore. A significant portion of this comes from the 100-acre Thane land parcel, which is central to Raymond Realty’s long-term revenue pipeline. Of this land bank, 40 acres are currently under development, translating to around 4 million square feet of RERA carpet area and an estimated revenue potential of ₹9,000 crore. The developer has already sold inventory worth approximately ₹7,850 crore from this phase and collected around ₹6,000 crore.
The remaining 60 acres in Thane are yet to be launched and are expected to yield another 7.4 million square feet of developable RERA carpet area. These future launches are scheduled to unfold over the next seven to eight years.
In addition to its own land parcels, Raymond Realty is pursuing an asset-light expansion strategy through joint development agreements. The company currently has six JDA projects in its portfolio, one of which is already under development. The remaining five are expected to be phased into the market over the next 6 to 18 months, with three to four scheduled for launch in the next two quarters. These JDA-led developments are projected to contribute approximately ₹14,000 crore in revenue potential.
Raymond Realty's forward-looking strategy emphasizes a balance between leveraging its owned land bank and scaling up via partnerships. The company is betting on upcoming launches in the second half of FY26 to offset the slowdown in Q1 and drive higher sales and collections. The execution of its JDA projects will also be closely watched as it aims to expand its footprint across the MMR.
With a structured rollout plan and a substantial revenue pipeline, Raymond Realty is positioning itself for sustained growth in the coming quarters, supported by continued consumer interest in its branded real estate offerings and a conservative financial posture.
Image source-raymondrealty.in
