Raymond Realty's share price gained over 3% in intraday trade on Monday, trading at ₹672.25 on NSE, following the announcement of exceptional Q2 FY27 results. Pre-sales surged 98% year-on-year to ₹902 crore, while collections increased 67% to ₹682 crore, according to provisional operational data released by the company. The impressive growth was achieved without launching any new projects during the quarter, with growth driven entirely by sales from its existing "Address by GS" portfolio and steady price realisation. As reported by Essential Business Intelligence, pre-sales nearly doubled from ₹455 crore in the same period last year, with Harmohan Sahni, managing director and CEO, stating "We nearly doubled pre-sales this quarter without any new launches, supported by resilient sustenance sales and continued homebuyer confidence in our projects." The company maintained high sales momentum and steady price realisation, indicating sustained consumer demand with its 'Address by GS' portfolio continuing to drive sales velocity.
The company's strong momentum continued into the first half of FY27, with pre-sales increasing 111% to ₹1,602 crore from ₹760 crore in the corresponding period last year. Collections during the period rose 57% to ₹1,233 crore from ₹783 crore, as reported by Essential Business Intelligence. The figures are provisional and subject to review, but they indicate sustained growth trajectory in the real estate sector.
Raymond Realty is transitioning from a Thane-led developer into an asset-light MMR platform, with ₹52,000 crore of development potential across ₹25,000 crore of owned land in Thane and ₹27,000 crore across eight JDAs. The key differentiator is its ability to selectively secure mature, execution-ready opportunities, enabling faster conversion from signing to launch and scaling across Mumbai without acquiring land. JDA contribution to bookings rose from 22% in FY25 to 54% in FY26 and 64% in Q1FY27, crossing the company's 50% target a year early, as reported by The Hindu BusinessLine. The strategy is already ahead of plan, with annual cash generation of ₹600-750 crore from the combined portfolio to fund further expansion. We see Thane as the cash engine and JDA as the growth engine, with forecast bookings/collections to clock around 24/46% CAGR over FY26-29e.
Raymond Realty's gross borrowings increased by ₹125 crore during the quarter to ₹1,220 crore as of September 30, 2026, primarily used to fund construction across projects launched in FY26. With liquidity of ₹306 crore, net debt stood at ₹914 crore, and the company maintained its net debt-to-equity ratio below the board-approved ceiling of 1.0 times. The company stated that the borrowing was backed by its collection pipeline and would support revenue milestones over the next 12–18 months. CARE Ratings separately reaffirmed the company's CARE A+ credit rating with a stable outlook, citing consistent booking momentum and an improved launch pipeline for the reaffirmation. We estimate debt rising from ₹1,010 crore in FY26 to ₹2,010 crore by FY29E, with D/E peaking at 0.7x, below management's 1x threshold, before moderating as collections scale.
The company maintained its FY27 guidance of around 20% growth in pre-sales, return on capital employed of around 20%, an earnings before interest, taxes, depreciation and amortisation margin of 17-19%, and a profit-after-tax margin of 9-10%. According to Essential Business Intelligence, Raymond Realty said it was accelerating its growth trajectory over the next two quarters with a strong pipeline of MMR launches. The company stated that it is "accelerating its growth trajectory over the next two quarters with a strong pipeline of MMR launches, representing a cumulative GDV of over ₹4,100 crore, these launches are expected to strengthen our market position and support our objective of achieving the pre-sales guidance for FY27." Harmohan Sahni emphasized their disciplined approach: "Our approach remains disciplined: grow based on collections, keep leverage well within our ceiling, and compound returns for our shareholders."
Anand Rathi has initiated coverage with a Buy rating and a target price of ₹879, based on an NAV methodology, with the current market price at ₹679.85. The valuation is supported by the value of the identified development portfolio and the longer-term potential of its JDA-led development franchise, with the implied 6.6x FY29E embedded EV/EBITDA. The broker's forecast bookings/collections to clock around 24/46% CAGR over FY26-29e, with key risks identified as delays in launches, rising competition, and higher debt levels. Raymond Realty shares gained over 3% in intraday trade on Monday, trading at ₹672.25 on NSE, as of 1 PM, as reported by Essential Business Intelligence. The stock had recouped some losses following a 9% decline seen during the last four trading sessions.
