NSE: RAYMONDREL · BSE: 544420
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Own-land residential development (Thane 100-acre parcel), Joint Development Agreement (JDA) residential projects (54%). Cyclical, asset-heavy own-land build plus increasingly asset-light JDA-led residential real estate developer
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 2,991 |
| EBITDA (ex other income) | 447 |
| margin % | 14.9 |
| Owners' profit | 0 |
| EPS, as reported (₹) | 45.52 |
| ROE % · ROCE % | 19.4 · 20.4 |
| Debt / equity (x) | 0.65 |
| Cash from operations | (910) |
| Capex | (80) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 374 | 697 | 758 | 1,157 | 527 |
| Profit before tax | 21 | 70 | 77 | 206 | 15 |
| Net profit | 17 | 60 | 67 | 161 | 13 |
| EPS (₹) | 2.48 | 9.04 | 10.03 | 23.97 | 2.02 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.1 | 20.5 | 15 of 57 | 75% |
| P/B | 2.3 | 1.9 | 37 of 64 | 43% |
| ROCE | 16.2 | 6.4 | 12 of 66 | 83% |
| ROE | 19.4 | 8.0 | 6 of 64 | 92% |
| Debt / Equity | 0.7 | 0.4 | 50 of 64 | 22% |
| EBITDA margin | 13.3 | 29.6 | 50 of 66 | 25% |
| Revenue growth | 40.7 | 12.8 | 23 of 67 | 67% |
| Profit growth | (18.6) | 7.5 | 44 of 66 | 34% |
| Market cap | 3625 | 1781 | 23 of 67 | 67% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Chaturvedi and Shah resigns as joint statutory auditor | management changes | medium | — | — |
| 28 Oct 2026 · Audio recording of Q2 and half-year investor call uploaded | investor communications | low | — | — |
| 28 Oct 2026 · Newspaper publication of Q2 and H1 FY2026-27 results | compliance | minimal | — | — |
| 27 Oct 2026 · Q2 pre-sales jump 98%; FY27 EBITDA margin guided at 17-19% | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 FY27: EBITDA up 14% and bookings double, but PAT falls 12% | compliance | low | — | — |
| 27 Oct 2026 · Q2 FY27 bookings nearly double; revenue up 7%, EBITDA margin at 15% | results | high | — | — |
| 27 Oct 2026 · Q2 FY27: consolidated income up 7%, EBITDA margin rises to 15% | results | high | — | — |
| 26 Oct 2026 · Ten X Realty West secures up to Rs 210 crore for project redevelopment | strategic transactions | high | — | — |
| 26 Oct 2026 · Ten X Realty West to raise ₹210 crore from ICICI Prudential fund | compliance | low | — | — |
| 23 Oct 2026 · Exchanges approve preferential convertible warrant issue in principle | fund raising | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.