Raymond Realty Limited has informed the Exchange about Transcript of theconference call held on August 06, 2025, with respect to the financial results for the first quarter ended June 30, 2025.
RAYMONDREL · price
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Awaiting price reaction for this filing.
Raymond Realty's Q1 FY26 results were in line with management expectations but appeared weak on the surface, with revenue around INR400 crores versus INR488 crores on a like-to-like basis in Q1 FY25, mainly because 91% of Thane and 50% of Bandra inventory was already sold out at the start of the year. Management reiterated its 20% year-on-year booking value growth guidance, 20% EBITDA margin target, and minimum 20% ROCE commitment, and expects a much stronger H2 driven by 3-4 new launches including Bandra 2, Wadala 1 (a INR5,000 crore opportunity), and two new Thane buildings worth INR1,100 crores launching this week. The company confirmed an INR14,000 crore JDA pipeline (Raymond's share ~INR11,500 crores, to be completed in 5-6 years) and aims to sign INR6,000-10,000 crores of new JDA projects annually. Collections remain healthy at 97-98% with no concerns, and the company is sticking to its asset-light JDA model focused only on the MMR and Pune markets.
The Q1 weakness was already flagged by management and full-year guidance has been held, which should reassure investors that this is a temporary inventory gap rather than a demand issue. Near-term stock action will hinge on the execution and traction of the H2 launch pipeline, since the stock is already trading at roughly a 40% discount to its listing price of INR1,050.