RAYMOND REALTY LIMITED

Develops and sells residential real estate in the Mumbai Metropolitan Region (MMR), split between two models: building on its own 100-acre Thane land parcel and joint development agreements (JDAs) on third-party landowners' land. In FY26, the business booked pre-sales of INR 3,023 crore (+31% YoY) and reported total income of INR 3,039 crore at an EBITDA margin of 16.6%, with INR 1,725 crore in collections. The JDA model has grown rapidly: 54% of FY26 pre-sales came from JDAs versus 22% in FY25, and the JDA portfolio now spans 8 projects (including the recent Parel project in South Mumbai with a Gross Development Value of ~INR 8,500 crore) and a combined revenue potential of about INR 25,000 crore. The Thane legacy parcel itself carries an estimated INR 25,000 crore total revenue potential, with annual pre-sales from this land expected in the INR 1,300-1,500 crore range. The single largest cost is materials/construction at 162.7% of revenue, reflecting the cost of land and build-outs; employee cost is 4.6% and other operating expenses 8.8%. As of FY26 close, net debt stood at INR 656 crore and the order book at INR 17,330 crore, with the company guiding to at least 20% YoY growth in pre-sales and top-line for FY27.