Raymond Realty Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Raymond Realty Ltd filed with BSE on 13 May 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 FY26 total income of Rs 3,039 crore, up 29% year-on-year, with Q4 income up 53% to Rs 1,176 crore and full-year EBITDA of Rs 495 crore. Management said quarterly bookings rose 139% year-on-year and that the share of pre-sales bookings from JDA land outside Thane reached 54% in FY26, a target it said was achieved a year ahead of schedule. The company ended the year with net debt of Rs 656 crore and a debt-equity ratio of 0.6, and management discussed launches, collections and margin trajectory for the coming year.
Numbers mentioned
Total income: Rs 3,039 crore (FY26)
p. 4
“our total income for FY26 stood at INR3,039 crores, which is a 29% growth over the previous year”
Harmohan Sahni, page 4 of the filed PDF · View the filing
Q4 income: Rs 1,176 crore (Q4 FY26)
p. 4
“For the quarter, which is Q4, income surged 53% to INR1,176 crores.”
Harmohan Sahni, page 4 of the filed PDF · View the filing
EBITDA: Rs 495 crore (FY26)
p. 4
“Our EBITDA for the year rose to INR495 crores.”
Harmohan Sahni, page 4 of the filed PDF · View the filing
EBITDA margin: 21.5% (Q4 FY26)
p. 4
“we also maintained a resilient EBITDA margin profile of 21.5% in Q4”
Harmohan Sahni, page 4 of the filed PDF · View the filing
Net debt: Rs 656 crore (FY26 year-end)
p. 4
“We concluded the year with a net debt of INR656 crores.”
Harmohan Sahni, page 4 of the filed PDF · View the filing
Debt-equity ratio (gross): 0.6 (FY26 year-end)
p. 4
“Our debt equity on gross basis stands at 0.6, which is comfortably below our internal ceiling of 1:1 debt to equity”
Harmohan Sahni, page 4 of the filed PDF · View the filing
Liquidity buffer: Rs 358 crore (FY26 year-end)
p. 4
“our liquidity buffer was INR358 crores at the end of the year”
Harmohan Sahni, page 4 of the filed PDF · View the filing
Quarterly bookings growth: 139% year-on-year (FY26)
p. 3
“we've seen a 139% year-on-year surge in quarterly bookings, which is an extraordinary achievement which we believe given that the market which is there”
Harmohan Sahni, page 3 of the filed PDF · View the filing
Share of pre-sales bookings from non-Thane land: 54% (FY26)
p. 4
“FY26 share of pre-sales bookings which is there from non-Thane land which is outside of our legacy land was 54%”
Harmohan Sahni, page 4 of the filed PDF · View the filing
JDA share in FY25: 22% (FY25)
p. 4
“if I was to just look at FY25 numbers, the share of JDAs was 22% in booking values”
Harmohan Sahni, page 4 of the filed PDF · View the filing
JDA portfolio revenue potential: approximately Rs 17,000 crore
p. 4
“our JDA portfolio now comprises of seven projects with a combined revenue potential of approximately INR17,000 crores based on current prices”
Harmohan Sahni, page 4 of the filed PDF · View the filing
Thane land revenue potential: Rs 25,000 crore
p. 4
“it has been a massive value creator for us with a total revenue potential of INR25,000 crores on that entire land”
Harmohan Sahni, page 4 of the filed PDF · View the filing
Total Gross Development Value: approximately Rs 42,000 crore
p. 5
“we've built a focused pure-play branded real estate development brand with a gross development value of approximately INR42,000 crores”
Harmohan Sahni, page 5 of the filed PDF · View the filing
Six-year CAGR in booking value: 50% (since 2021)
p. 5
“our six-year CAGR since 2021, that is when we gained some kind of size in terms of booking value pre-sales, has been a 50% CAGR we have achieved over the six-year period”
Harmohan Sahni, page 5 of the filed PDF · View the filing
Six-year CAGR in reported revenue: 84% (since 2021)
p. 5
“in terms of reported revenue in P&L, the CAGR has been 84%”
Harmohan Sahni, page 5 of the filed PDF · View the filing
FY26 blended EBITDA margin: 16% (FY26)
p. 9
“it’s around 16% is what we have reported on a blended basis”
Harmohan Sahni, page 9 of the filed PDF · View the filing
Nine-month cumulative EBITDA margin: 13% (9M FY26)
p. 9
“we've improved that number over from the first nine months cumulative that we had reported which was around 13% and the improvement has happened to 16%”
Harmohan Sahni, page 9 of the filed PDF · View the filing
Kandivali project GDV: Rs 3,000 crore
p. 12
“the gross GDV is INR3,000 crores for our Kandivali project”
Ankur Jindal, page 12 of the filed PDF · View the filing
Raymond's revenue share in Kandivali: 70%
p. 12
“Revenue share is 70% for Raymond. For us, it’s 70%.”
Ankur Jindal, page 12 of the filed PDF · View the filing
Pokhran Road pre-sales: Rs 1,400 crore (FY26)
p. 12
“We’ve sold close to INR1,400 crores out as pre-sales during the year.”
Harmohan Sahni, page 12 of the filed PDF · View the filing
Thane internal accruals: Rs 450-500 crore per year
p. 14
“Thane, which is my own land, releases about INR450 crores to INR500 crores of cash for me every year”
Harmohan Sahni, page 14 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 — between 16% and 18% · FY27
stated firmly by Harmohan Sahni
p. 10
“my suggestion or guidance would be to assume between 16% and 18 % as the EBITDA margin on a blended basis for FY27.”
Harmohan Sahni, page 10 of the filed PDF · View the filing
Pre-sales and top-line growth — minimum 20% growth · ongoing
stated firmly by Harmohan Sahni
p. 11
“we've always given a guidance that you can expect a minimum 20% growth from us on the pre-sales number and on the top-line as well”
Harmohan Sahni, page 11 of the filed PDF · View the filing
FY27 top-line growth — FY27
stated as an aspiration by Harmohan Sahni
p. 11
“And for FY27 we will definitely do better than that is all I can tell you just now.”
Harmohan Sahni, page 11 of the filed PDF · View the filing
Debt to equity ratio — not to exceed 1:1 · FY27
stated firmly by Harmohan Sahni
p. 15
“we have internally kept a discipline that we will not exceed 1:1 debt to equity and we have communicated that to the markets as well”
Harmohan Sahni, page 15 of the filed PDF · View the filing
New project launches in Mahim — two projects · by Q3
stated firmly by Harmohan Sahni
p. 5
“So, they will definitely get launched by Q3.”
Harmohan Sahni, page 5 of the filed PDF · View the filing
Kandivali development launch — FY28
stated firmly by Harmohan Sahni
p. 5
“which will be followed by the Kandivali development, which will spill over to the, not FY27, but will be going into FY28.”
Harmohan Sahni, page 5 of the filed PDF · View the filing
Thane annual pre-sales — Rs 1,300-1,500 crore
stated as an aspiration by Harmohan Sahni
p. 7
“So INR1,300 to INR1,500 crores I think is an achievable number for -- because we have a very strong location, one of the best locations in Thane that we have.”
Harmohan Sahni, page 7 of the filed PDF · View the filing
Bandra JDA revenue — above Rs 2,100 crore
stated firmly by Harmohan Sahni
p. 9
“So, we will definitely do better than that on the topline.”
Harmohan Sahni, page 9 of the filed PDF · View the filing
Operating cash flow — cash negative on overall basis · next two years
stated firmly by Harmohan Sahni
p. 14
“going forward for the next two years, we will be cash negative on an overall basis but internal accruals will keep on growing”
Harmohan Sahni, page 14 of the filed PDF · View the filing
Construction cost impact from commodity price escalation — 3% to 4% impact on costs
stated conditionally by Harmohan Sahni
p. 13
“we are expecting about 3% to 4% impact on costs if this goes on for a long period of time.”
Harmohan Sahni, page 13 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.
Collections are linked to construction progress via construction-linked payment plans, with most cash collected as the superstructure nears completion.
Answered by Harmohan Sahni
Asked by Yeshas Paramesh: How does cash collection flow over time relative to pre-sales bookings?
p. 6
“So, in three years' time, almost 80% of that cash flow comes to us, and for the last year about roughly about 20%.”
Harmohan Sahni, page 6 of the filed PDF · View the filing
Management said Thane sales depend on the product mix available each year and that competition has always been intense, with average annual sales of Rs 1,300-1,500 crore expected to continue.
Answered by Harmohan Sahni
Asked by Ujjwal Lal: Why have Thane pre-sales been declining over the last few years?
p. 7
“So, there is no challenge we are facing, but year-on-year depending on the mix.”
Harmohan Sahni, page 7 of the filed PDF · View the filing
Management explained that launch timelines depend on the maturity of the deal and how quickly counterparties and societies move, citing BKC as fast and Mahim as slow due to disputes among residents.
Answered by Harmohan Sahni
Asked by Ujjwal Lal: Why does the timeline to launch JDA projects vary so much, e.g., Mahim vs Wadala?
p. 8
“So somewhere the average for a project is about 15 months to 18 months. Some may take twoand-a-half years, some may happen in nine, ten months.”
Harmohan Sahni, page 8 of the filed PDF · View the filing
Management said an area is master planned for commercial development but has not yet been activated.
Answered by Harmohan Sahni
Asked by Ujjwal Lal: Is Raymond Realty planning a commercial/office mixed development in Thane?
p. 8
“We will activate it at the right time. That time doesn't seem to be very far, but as of now, we haven't pressed the button.”
Harmohan Sahni, page 8 of the filed PDF · View the filing
Management explained that margins on new projects start low and mature over time, with a company target of 20% margin on contracted deals.
Answered by Harmohan Sahni
Asked by Darshil Jhaveri: How should investors think about EBITDA/PAT margin trends given higher revenue but lower PAT in FY26?
p. 10
“our target is to hit a 20% EBITDA margin as quickly as we can.”
Harmohan Sahni, page 10 of the filed PDF · View the filing
Management confirmed a 70% revenue share for Raymond in the Kandivali JDA.
Answered by Ankur Jindal
Asked by Ishita Lodha: What is Raymond Realty's effective economic/revenue share in the Kandivali project?
p. 12
“Revenue share is 70% for Raymond. For us, it’s 70%.”
Ankur Jindal, page 12 of the filed PDF · View the filing
Management said a modest cost impact is expected if the situation persists, but does not foresee a material effect on EBITDA margins as costs can be passed on.
Answered by Harmohan Sahni
Asked by Ishita Lodha: Has commodity price escalation from the war impacted construction costs and EBITDA margins?
p. 13
“I don't foresee any impact on EBITDA margins because of this.”
Harmohan Sahni, page 13 of the filed PDF · View the filing
Management said the company will remain cash negative overall for the next two years due to continued investment in new projects, even as internal accruals grow.
Answered by Harmohan Sahni
Asked by Rishabh Kothari: Will operating cash flow turn positive in FY27 as collections accelerate?
p. 14
“going forward for the next two years, we will be cash negative on an overall basis but internal accruals will keep on growing”
Harmohan Sahni, page 14 of the filed PDF · View the filing
Management said there is no current disruption, as suppliers continue to supply at contracted rates.
Answered by Harmohan Sahni
Asked by Tejas Khandelwal: Are ceramic plant shutdowns in Morbi due to gas supply constraints disrupting the supply chain?
p. 14
“We have suppliers who are continuing to supply to us at the contracted rates that we have.”
Harmohan Sahni, page 14 of the filed PDF · View the filing
Management named several large listed developers active in Thane and described the market as highly competitive and end-user driven.
Answered by Harmohan Sahni
Asked by Mehul Panjuani: Who are the top competitors in the Thane market?
p. 16
“Lodha is there, Adani is there, Oberoi is there, Kalpataru is there, Piramal is there, and some of the local players are also there.”
Harmohan Sahni, page 16 of the filed PDF · View the filing
Risks flagged
Intense competition in the Thane market limiting pricing power and volume growth
p. 7
“Thane has been an intensely competitive market, and that's why most people in Thane don't have pricing power like some of the other markets developers get pricing power after first year, of launching of the project.”
Harmohan Sahni, page 7 of the filed PDF · View the filing
Some real estate markets are overheated, requiring caution in business development
p. 8
“you're right to an extent that there are some parts of the market which are overheated and we have to be cautious and disciplined in the deals that we take.”
Harmohan Sahni, page 8 of the filed PDF · View the filing
Potential construction cost escalation from commodity price increases linked to the war
p. 13
“we are expecting about 3% to 4% impact on costs if this goes on for a long period of time.”
Harmohan Sahni, page 13 of the filed PDF · View the filing
Variance and delay risk in JDA project timelines due to counterparty and society-level disputes
p. 8
“a lot of senior citizens were involved in that, and managing committee also had issues with some of the residents over there which took time to resolve between themselves.”
Harmohan Sahni, page 8 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.