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Raymond Realty Q2 FY27 results: net profit down 11.8% to ₹53.06 crore, revenue up 7.5%
Raymond Realty Limited reported Q2 FY27 consolidated revenue of ₹748.52 crore, up 7.5% from a year earlier, while profit after tax fell 11.8% to ₹53.06 crore. EBITDA rose 15.8% to ₹106.27 crore and the margin widened to 14.2% from 13.2%, but higher finance costs and tax reduced the bottom line. On a standalone basis, revenue was ₹279.95 crore and profit after tax was ₹41.55 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹748.52 crore, up 7.5% from ₹696.50 crore in Q2 FY26.
- EBITDA was ₹106.27 crore, up 15.8%, with the margin rising 1.0 percentage point to 14.2%.
- Profit after tax fell 11.8% to ₹53.06 crore and basic EPS fell 11.8% to ₹7.97.
- Finance costs rose 70.0% to ₹43.53 crore, while tax expense rose 33.4% to ₹13.26 crore.
- H1 FY27 revenue rose 19.1% to ₹1,275.19 crore, while profit after tax fell 13.3% to ₹66.49 crore.
How did Raymond Realty perform in Q2 FY27?
Raymond Realty reported consolidated revenue of ₹748.52 crore for Q2 FY27, up 7.5% from ₹696.50 crore in Q2 FY26. Total income rose 7.3% to ₹757.49 crore. EBITDA was ₹106.27 crore, up 15.8% from ₹91.77 crore, and the EBITDA margin rose 1.0 percentage point to 14.2% from 13.2%.
Profit before tax fell 5.4% to ₹66.32 crore from ₹70.12 crore, and profit after tax fell 11.8% to ₹53.06 crore from ₹60.18 crore. Basic EPS was ₹7.97, down 11.8% from ₹9.04, and the PAT margin fell 1.5 percentage points to 7.1% from 8.6%. Against Q1 FY27, revenue was higher by ₹221.85 crore, or 42.1%, and profit after tax was higher by ₹39.63 crore, or 295.1%.
On a standalone basis, Q2 FY27 revenue was ₹279.95 crore and profit after tax was ₹41.55 crore, against profit before tax of ₹58.42 crore. Standalone revenue for the year-ago quarter was ₹39,176 lakh, and standalone basic EPS for the current quarter was ₹6.24.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 748.52 | 526.67 | 696.50 | +7.5% | +42.1% |
| Other income | 8.97 | 9.04 | 9.29 | −3.4% | −0.8% |
| Total expenses | 691.17 | 520.54 | 635.67 | +8.7% | +32.8% |
| EBITDA | 106.27 | 61.17 | 91.77 | +15.8% | +73.7% |
| EBITDA margin | 14.2% | 11.6% | 13.2% | +1.0 pp | +2.6 pp |
| Profit before tax | 66.32 | 15.17 | 70.12 | −5.4% | +337.2% |
| Tax | 13.26 | 1.74 | 9.94 | +33.4% | +662.1% |
| Net profit | 53.06 | 13.43 | 60.18 | −11.8% | +295.1% |
| EPS (₹) | 7.97 | 2.02 | 9.04 | −11.8% | +294.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Raymond Realty's costs and profit?
Total expenses rose 8.7% to ₹691.17 crore from ₹635.67 crore in Q2 FY26, against revenue growth of 7.5%. Cost of materials fell 8.2% to ₹1,261 crore from ₹1,374 crore, but employee cost rose 40.4% to ₹47.71 crore from ₹33.98 crore and other expenses rose 8.8% to ₹73.16 crore from ₹67.23 crore.
Finance costs rose 70.0% to ₹43.53 crore from ₹25.61 crore, a difference of ₹17.92 crore, while depreciation was ₹5.39 crore, up 1.1%. Other income fell 3.4% to ₹8.97 crore from ₹9.29 crore. There was no exceptional item in either quarter.
Tax expense rose 33.4% to ₹13.26 crore from ₹9.94 crore, a difference of ₹3.32 crore. Management said margins fluctuate by project phase because upfront marketing and construction setup costs come before later benefits, and said they are expected to normalise progressively as more projects move into mid-stage.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,261 | 1,374 | −113.09 | −8.2% |
| Employee cost | 47.71 | 33.98 | +13.73 | +40.4% |
| Finance costs | 43.53 | 25.61 | +17.92 | +70.0% |
| Depreciation | 5.39 | 5.33 | +0.06 | +1.1% |
| Other expenses | 73.16 | 67.23 | +5.93 | +8.8% |
| Total expenses | 691.17 | 635.67 | +55.50 | +8.7% |
| Other income | 8.97 | 9.29 | −0.32 | −3.4% |
| Tax | 13.26 | 9.94 | +3.32 | +33.4% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue rose 19.1% to ₹1,275.19 crore from ₹1,070.85 crore in H1 FY26, and total income rose 17.8% to ₹1,293.2 crore from ₹1,097.65 crore.
Profit before tax fell 11.0% to ₹81.49 crore from ₹91.57 crore, and profit after tax fell 13.3% to ₹66.49 crore from ₹76.68 crore. Basic EPS for the first half was ₹9.99, down 13.3% from ₹11.52.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,275 | 1,071 | +19.1% |
| Profit before tax | 81.49 | 91.57 | −11.0% |
| Net profit | 66.49 | 76.68 | −13.3% |
| EPS (₹) | 9.99 | 11.52 | −13.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets rose to ₹7,911.48 crore at 30 September 2026 from ₹7,062.38 crore at 31 March 2026. Total equity rose to ₹1,622.18 crore from ₹1,567.42 crore, while borrowings rose to ₹1,219.73 crore from ₹1,013.75 crore. Cash fell to ₹125.75 crore from ₹265.12 crore.
Inventories rose to ₹4,998.47 crore from ₹4,280.87 crore, trade receivables fell to ₹223.84 crore from ₹225.58 crore, and trade payables fell to ₹1,607.7 crore from ₹1,653.9 crore. For H1 FY27, operating cash flow was a negative ₹147.02 crore against a negative ₹319.08 crore in H1 FY26, and investing cash flow was a negative ₹93.87 crore against ₹39.37 crore. Financing cash flow was ₹101.52 crore against ₹332.89 crore, and capital expenditure was ₹20.69 crore against ₹18.1 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 7,911 | 7,062 |
| Total equity | 1,622 | 1,567 |
| Borrowings | 1,220 | 1,014 |
| Cash and equivalents | 125.75 | 265.12 |
| Inventories | 4,998 | 4,281 |
| Trade receivables | 223.84 | 225.58 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −147.02 | −319.08 |
| Cash from investing | −93.87 | 39.37 |
| Cash from financing | 101.52 | 332.89 |
| Capital expenditure | 20.69 | 18.10 |
Source: Company's results filing (XBRL).
How has Raymond Realty done over the last 6 quarters?
Revenue reached its highest point in Q4 FY26 at ₹1,156.74 crore and its lowest in Q1 FY26 at ₹374.35 crore. It fell to ₹526.67 crore in Q1 FY27 before rising to ₹748.52 crore in Q2 FY27, with revenue rising year-on-year in each of the last two quarters.
Profit after tax also peaked in Q4 FY26 at ₹161.12 crore and bottomed in Q1 FY26 at ₹16.5 crore. It fell to ₹13.43 crore in Q1 FY27, then recovered to ₹53.06 crore in Q2 FY27. The EBITDA margin was highest at 20.3% in Q4 FY26 and lowest at 6.3% in Q1 FY26, and it rose to 14.2% in Q2 FY27 from 11.6% in Q1 FY27.
What else did the company announce?
The board approved the unaudited financial results, both standalone and consolidated, for the quarter and half year ended 30 September 2026, along with the press release, at a meeting on 27 October 2026 that ran from 03:40 P.M. to 05:00 P.M. The filing also enclosed the limited review report of the statutory auditors.
The company filed an investor presentation on the same day, which stated that Q2 pre-sales jumped 98% and guided the FY27 EBITDA margin at 17-19%. No dividend, fund raise or appointment was set out in the same-day filings reviewed.
What did Raymond Realty's management say?
Management maintained FY27 guidance of at least 20% pre-sales growth, 20% ROCE, a 17%-19% EBITDA margin, a 9%-10% PAT margin and 20% EBITDA growth. No formal revenue-growth target was given, though management said it should be close to 20%. Management also set an approximately 20% pre-sales CAGR target over the next five years.
Harmohan Sahni, Managing Director and Chief Executive Officer, said: "So, you can expect an approximately 20% CAGR as far as pre-sale is concerned over the next 5 years." On strategy, he said: "But as of today, buying land and sitting on it is not my strategy." On margins, he said: "We are firmly on track to meet our full year FY27 EBITDA margin guidance of 17% to 19% and you will start seeing further improvements in the balance year."
How did Raymond Realty shares react?
The filing was released after market hours. The stock fell 5.7% within five minutes of the filing appearing and was down 4.5% after 15 and 30 minutes. On the reaction day it closed 9.2% below the previous close of ₹600.0, and by the next day's close it was down 9.8% from that pre-results close. By five sessions, the decline was 6.0%.
On the reaction day, the median move across the Residential Commercial Projects industry was 0.0%, leaving the stock 9.2 percentage points behind the sector, while the Nifty Microcap 250 rose 0.1%. By the next day's close, the sector median was up 1.4% and the index was up 0.7%, and the stock trailed the sector by 11.2 percentage points. Past reaction-day moves were 19.8% on 5 May 2026, 0.4% on 27 January 2026, -5.1% on 28 October 2025 and -9.1% on 5 August 2025.
| After the filing | Stock | Residential Commercial Projects median |
|---|---|---|
| 5 minutes | −5.7% | |
| 15 minutes | −4.5% | |
| 30 minutes | −4.5% | |
| Reaction day | −9.2% | −0.0% |
| Next day | −9.8% | +1.4% |
| 5 days | −6.0% | +3.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 7 August 2026 | −11.3% |
| 5 May 2026 | +19.8% |
| 27 January 2026 | +0.4% |
| 28 October 2025 | −5.1% |
| 5 August 2025 | −9.1% |
Source: MarketPing price-reaction measurement.
How did other Residential Commercial Projects companies do?
Thirty-five other Residential Commercial Projects companies had filed for the quarter by 4 November 2026. Their median revenue growth was 27.1%, compared with Raymond Realty's revenue growth of 7.5% in Q2 FY27.
Of those peers, 12 grew more slowly than Raymond Realty and 23 grew faster. Twenty-one of the 35 peers reported higher profit.
| Raymond Realty revenue growth (YoY) | +7.5% |
|---|---|
| Median of 35 other Residential Commercial Projects companies | +27.1% |
| Companies with slower revenue growth than Raymond Realty | 12 of 35 |
| Companies with faster revenue growth than Raymond Realty | 23 of 35 |
| Companies whose net profit rose | 21 of 35 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Raymond Realty's revenue in Q2 FY27?
Revenue from operations was ₹748.52 crore, up 7.5% from ₹696.50 crore in Q2 FY26 (consolidated).
Did Raymond Realty make a profit in Q2 FY27?
Yes. Net profit was ₹53.06 crore, against a net profit of ₹60.18 crore in Q2 FY26.
What was Raymond Realty's EPS in Q2 FY27?
Basic earnings per share were ₹7.97, against ₹9.04 in Q2 FY26.
How did Raymond Realty shares react to the Q2 FY27 results?
On the reaction day the stock moved −9.2% from the previous close; the median Residential Commercial Projects stock moved −0.0%.
When did Raymond Realty announce its Q2 FY27 results?
On 27 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results (Standalone And Consolidated) Of The Company For The Second Quarter And Half Year Ended September 30, 2026. (BSE, 21 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On October 27, 2026. (BSE, 27 October 2026) · PDF
- Results - Unaudited Financial Results For The Second Quarter And Half Year Ended September 30, 2026. (BSE, 27 October 2026) · PDF
- The earnings call (30 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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