Raymond Realty Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Raymond Realty Ltd filed with BSE on 17 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Raymond Realty reported Q1 FY27 booking value of Rs 700 crore, up 129% year-on-year, with total income of Rs 536 crore and EBITDA of Rs 70 crore, up 70% year-on-year. Management said net debt stood at Rs 824 crore with a debt-to-equity ratio of 0.7x and a liquidity buffer of Rs 271 crore. The company also detailed its joint development agreement (JDA) pipeline, including a new Parel project with an estimated GDV of Rs 8,500 crore, and reiterated full-year FY27 guidance for presales growth, revenue growth, EBITDA margin, and return on capital employed.
Numbers mentioned
Booking value: INR700 crores (Q1 FY27)
p. 3
“We achieved a robust booking value of INR700 crores, representing a 129% year-on-year growth compared to Q1 of FY26, which was INR306 crores”
Harmohan Sahni, page 3 of the filed PDF · View the filing
Customer collections: INR550 crores (Q1 FY27)
p. 3
“customer collections reached INR550 crores for Q1, which is a 47% year-on-year growth compared to Q1 of FY26”
Harmohan Sahni, page 3 of the filed PDF · View the filing
Total income: INR536 crores (Q1 FY27)
p. 3
“the total income stood at INR536 crores as compared to INR392 crores in Q1 FY26”
Harmohan Sahni, page 3 of the filed PDF · View the filing
EBITDA: INR70 crores (Q1 FY27)
p. 3
“EBITDA increased by 70% year-on-year to INR70 crores as compared to INR41 crores in FY26”
Harmohan Sahni, page 3 of the filed PDF · View the filing
EBITDA margin: 13% (Q1 FY27)
p. 3
“The EBITDA margins also, compared to Q1 FY26, expanded from 11% to 13%”
Harmohan Sahni, page 3 of the filed PDF · View the filing
Net debt: INR824 crores (Q1 FY27)
p. 4
“The net debt at the end of Q1 closed at INR824 crores, maintaining a healthy debt-to-equity ratio of 0.7x in Q1 FY27”
Harmohan Sahni, page 4 of the filed PDF · View the filing
Liquidity buffer: INR271 crores (Q1 FY27)
p. 4
“We also hold INR271 crores liquidity buffer at the end of the quarter”
Harmohan Sahni, page 4 of the filed PDF · View the filing
Cost of debt: 9.6% (Q1 FY27)
p. 4
“The cost of debt stood at on an average 9.6%, so below 10%”
Harmohan Sahni, page 4 of the filed PDF · View the filing
Total GDV: INR52,000 crores
p. 4
“our total GDV, which is the gross development value, now stands at INR52,000 crores”
Harmohan Sahni, page 4 of the filed PDF · View the filing
JDA revenue potential: INR27,000 crores
p. 4
“our JDA engine now encompasses eight projects with a combined revenue potential of INR27,000 crores”
Harmohan Sahni, page 4 of the filed PDF · View the filing
Owned land revenue potential: INR25,000 crores
p. 5
“that represents an aggregate revenue potential of INR25,000 crores”
Harmohan Sahni, page 5 of the filed PDF · View the filing
Parel project GDV: INR8,500 crores
p. 5
“We also secured a flagship JDA project in Parel during this period with an estimated GDV of INR8,500 crores”
Harmohan Sahni, page 5 of the filed PDF · View the filing
Gross debt: INR1,095 crores (Q1 FY27)
p. 12
“Cash is INR271 crores. So, the gross debt is INR1,095 crores.”
Harmohan Sahni, page 12 of the filed PDF · View the filing
FY26 EBITDA: 495 (FY26)
p. 17
“Just give me a minute, 495.”
Harmohan Sahni, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — 17% to 19% · FY27
stated firmly by Harmohan Sahni
p. 4
“So, we are firmly and completely on track to achieving our full year EBITDA margin guidance of 17% to 19%.”
Harmohan Sahni, page 4 of the filed PDF · View the filing
Presales growth — upward of 20% year-on-year · FY27
stated firmly by Harmohan Sahni
p. 6
“For the full year FY27, I would like to reiterate that we are committed and very, very confident that we will be delivering a presales growth of upward of 20% year-on-year.”
Harmohan Sahni, page 6 of the filed PDF · View the filing
Revenue growth — minimum 20% year-on-year growth · FY27
stated firmly by Harmohan Sahni
p. 6
“Even revenue growth on the P&L, the total turnover, you will see a minimum 20% year-on-year growth.”
Harmohan Sahni, page 6 of the filed PDF · View the filing
Return on capital employed — 20% or upward of that · FY27
stated firmly by Harmohan Sahni
p. 6
“And the return on capital employed will be 20% or upward of that.”
Harmohan Sahni, page 6 of the filed PDF · View the filing
Debt-to-equity ratio — below 1x
stated firmly by Harmohan Sahni
p. 8
“we have maintained an internal discipline of not going beyond 1:1 as far as debt-to-equity is concerned”
Harmohan Sahni, page 8 of the filed PDF · View the filing
Mahim project launches — two Mahim projects · Q3 and Q4 FY27
stated firmly by Harmohan Sahni
p. 9
“Yes. So, we are on track to launch 2 of the Mahim projects this year. The first one should get launched towards the latter part of Q3, and then Q4 we will have the second Mahim which will launch.”
Harmohan Sahni, page 9 of the filed PDF · View the filing
Full year interest cost — INR100 crores to INR120 crores · FY27
stated conditionally by Harmohan Sahni
p. 14
“Yes, INR100 crores to INR120 crores max. That should be the range.”
Harmohan Sahni, page 14 of the filed PDF · View the filing
Parel project launch timeline — about 18 months from signing
stated firmly by Harmohan Sahni
p. 9
“the Parel project is close to about 18 months away as far as hitting the market is concerned”
Harmohan Sahni, page 9 of the filed PDF · View the filing
ROCE — 20%
stated firmly by Harmohan Sahni
p. 11
“Now for the last six years, if you see, our ROCE has been upward of 25%. And going forward we are making a commitment of 20% is what we will do and we are very, very confident that we will achieve that.”
Harmohan Sahni, page 11 of the filed PDF · View the filing
JDA margin profile — 20% · FY28
stated as an aspiration by Harmohan Sahni
p. 15
“So, by FY28 you will see a higher margin profile on the JDAs because they would have matured.”
Harmohan Sahni, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the current focus is executing projects launched in Q4 last year, with demand remaining strong and cost pressures from global conditions viewed as temporary, and government policy in Maharashtra seen as supportive.
Answered by Harmohan Sahni
Asked by Sucrit D Patil: What are the top execution priorities for the immediate quarters and the biggest risks in demand, regulation, or competition?
p. 7
“The current year focus is primarily on execution of all the launch projects that we did launch in Q4 of last year.”
Harmohan Sahni, page 7 of the filed PDF · View the filing
Management said the Parel launch is about 18 months away, with ticket sizes underwritten between roughly Rs 6 crore and Rs 20 crore for Address by GS and Invictus by GS products.
Answered by Harmohan Sahni
Asked by Ishita Lodha: What are the ticket sizes, free sale component, and launch timeline for the Parel project?
p. 9
“the ticket sizes that we were looking at is starting somewhere around INR6 crores and going all the way up to INR20 crores”
Harmohan Sahni, page 9 of the filed PDF · View the filing
Management said JDA deals require far less capital than buying land outright, improving capital efficiency and ROCE, with each JDA typically requiring Rs 300-350 crore of capital.
Answered by Harmohan Sahni
Asked by Bhavin Modi: How should investors think about the margin and capital profile of JDA versus owned land, and can JDA growth improve ROCE while restricting leverage?
p. 10
“Typically, the kind of deals that we are signing today, INR2,000 crores upward, the ballpark number for each JDA, the capital required is somewhere in the range of INR300 crores to INR350 crores.”
Harmohan Sahni, page 10 of the filed PDF · View the filing
Management confirmed net debt of Rs 824 crore, cash of Rs 271 crore, gross debt of Rs 1,095 crore, and said the absolute interest cost would continue given ongoing growth.
Answered by Harmohan Sahni
Asked by Deepak Poddar: What is the current debt level and cash position, and will interest cost run rate continue?
p. 12
“Our current debt levels, our net debt is in the range of INR824 crores.”
Harmohan Sahni, page 12 of the filed PDF · View the filing
Management said all debt is going toward JDA signings and construction work-in-progress, not corporate expenses, and reiterated the 1:1 debt-to-equity discipline.
Answered by Harmohan Sahni
Asked by Kunjal: Is the increased borrowing construction/project-level debt or corporate debt, and will the GDV pipeline require more leverage?
p. 14
“All this debt is going into work-in-progress for the actual projects that we are signing as JDAs.”
Harmohan Sahni, page 14 of the filed PDF · View the filing
Management said demand remains strong, Home Fest is an annual event to sustain top-of-funnel inquiries during the monsoon lull rather than a response to weakness.
Answered by Harmohan Sahni
Asked by Maanvardhan Baid: Is there softness in demand, and what prompted the Home Fest event?
p. 15
“the demand remains quite strong all through and as far as Home Fest is concerned, Home Fest is an annual feature we do”
Harmohan Sahni, page 15 of the filed PDF · View the filing
Management said no formal net profit guidance has been given so far, though it noted interest cost would be range-bound around Rs 100-120 crore.
Answered by Harmohan Sahni
Asked by Pushpendu: Can management provide guidance on net profit and operating cash flow growth given rising interest costs?
p. 16
“As far as guidance of net profit is concerned, we have so far not given any guidance on net profit.”
Harmohan Sahni, page 16 of the filed PDF · View the filing
Management attributed part of the decline to index/market-cap threshold exits post-demerger and said it has strengthened the investor relations team to improve institutional outreach.
Answered by Harmohan Sahni
Asked by Pushpendu: Why has FII/DII holding fallen from 22% to about 8%, and what is being done to address it?
p. 17
“We have even bolstered our Investor Relation department; there is now a dedicated resource.”
Harmohan Sahni, page 17 of the filed PDF · View the filing
Management explained this represents installments on government approval costs at a lower rate than bank borrowing, around 8-9%.
Answered by Harmohan Sahni
Asked by Akshay Jawahar: What is the interest expense on dues to government as a finance cost component?
p. 18
“dues to government is nothing but the instalments that the government gives us on the various approval costs”
Harmohan Sahni, page 18 of the filed PDF · View the filing
Risks flagged
Cost pressures from global conditions affecting construction costs
p. 7
“As far as execution is concerned, today the challenge in execution only remains the cost pressures that you see because of the wars which are going on the global conditions which are there, but they are essentially temporary pressures”
Harmohan Sahni, page 7 of the filed PDF · View the filing
Real estate business is cyclical and timing of downturn is uncertain
p. 16
“we are in a cyclical business, and we don't know the timing of when the cycle will turn”
Harmohan Sahni, page 16 of the filed PDF · View the filing
Execution risk and possibility of disputes in joint development projects if partner obligations are delayed
p. 13
“we always have step-in rights, let's say if his obligations are getting delayed somewhere, we can step in and execute that part. So, this kind of mitigates any kind of execution risk which is there or eliminates possibilities of disputes and project getting delayed.”
Harmohan Sahni, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.