Raymond Realty Ltd (RAYMONDREL)

Realty · Realty · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹516.7 ↓ 17.49% (1Y)

🎯 Key Takeaways

Raymond Realty Ltd is transitioning from a nascent real estate developer to a scaling player with visible operational momentum, supported by strong pre-sales growth and improving financial metrics. The company is in a growth phase, marked by expanding project pipelines and disciplined capital management, though profitability remains volatile due to project timing and execution risks.
Revenue declined 54.5% QoQ to ₹527 in Q1FY27.
⚠️ Execution risk in project delivery and timelines, which could delay revenue recognition and impact cash flow.

Market Cap

₹3,440

P/E Ratio

11.5

P/B Ratio

2.19

ROE

19.2%

ROCE

19.3%

Debt/Equity

0.65

Div Yield

0.39%

Promoter

50.9%

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📖 The Story

Raymond Realty Ltd is transitioning from a nascent real estate developer to a scaling player with visible operational momentum, supported by strong pre-sales growth and improving financial metrics. The company is in a growth phase, marked by expanding project pipelines and disciplined capital management, though profitability remains volatile due to project timing and execution risks.

📰 What's Happening

In Q1 FY27, Raymond Realty reported a 37% YoY revenue increase to ₹536 crore, driven by robust demand across ongoing and new projects. Pre-sales surged 129% YoY to ₹700 crore, reflecting strong order intake, while collections rose 47% to ₹550 crore, indicating improved cash flow realization. The company highlighted a ₹24,000 crore unsold and unlaunched GDV pipeline and projected 20% growth in pre-sales, revenue, and ROCE for FY27. EBITDA margin improved to 13% from 11% YoY, supported by a 9.6% cost of debt and CARE A+ rating. Management emphasized disciplined financials and execution focus amid rising project complexity.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	696	758	1,157	527
Operating Profit	86	86	227	53
OPM %	12.3%	11.3%	19.6%	10.1%
Net Profit	60	67	161	13
EPS	₹9.04	₹10.03	₹23.97	₹2.02

Revenue and profitability show significant quarterly volatility, with Q1 FY27 revenue at ₹536 crore and EBITDA margin at 13%, up from prior quarters. However, operating performance dipped in Q4 FY26 (OPM 19.6%) and Q3 FY26 (OPM 12.3%), suggesting seasonality and project mix impact. Despite this, pre-sales momentum remains the key driver of growth visibility, with management projecting sustained 20% growth in revenue and ROCE for FY27. The trend in collections and pre-sales indicates improving cash flow realization, though profitability normalization is still unfolding.

🔮 Management Outlook & What's Next

Management has provided forward guidance for FY27, projecting ~20% growth in pre-sales, revenue, and ROCE, with EBITDA margin targeted at 9-10% and PAT margin at 17-19%. They emphasized maintaining a 9.6% cost of debt and leveraging the CARE A+ rating to support financing. The focus is on scaling operations while managing project delivery and cash flow timing risks. No major strategic shifts were indicated, but execution discipline remains central to achieving margin and growth targets.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2026	Mar 2026
Equity Capital	2	67	67
Reserves	46	1,276	1,501
Borrowings	467	564	1,014
Total Liabilities	1,305	4,585	7,062
Fixed Assets	2	181	89
Investments	10	382	2
Total Assets	1,305	4,585	7,062

The balance sheet shows a significant strengthening of financial position, with equity rising from ₹2 crore (Mar 2025) to ₹67 crore (Mar 2026), driven by reserves accumulation. Borrowings declined from ₹467 crore to ₹564 crore (March 2026), and total assets grew to ₹7,062 crore, indicating increased investment in projects. The reduction in leverage and rising reserves suggest a shift toward capital efficiency and de-risking, supporting long-term sustainability and capacity to fund expansion without over-reliance on external financing.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	-910
Investing	+19
Financing	+725
Net Cash Flow	-166

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	48.9%	49.0%	50.7%	50.9%
FII	11.2%	8.5%	7.6%	5.8%
DII	4.5%	4.4%	3.9%	2.9%
Public	27.4%	29.0%	29.8%	31.6%
# Shareholders	2,25,914	2,17,705	2,10,530	2,09,800

Institutional investor interest has grown steadily, with FII holdings increasing from 8.54% (Q3 FY26) to 5.85% (Q1 FY27), while DII holdings rose from 4.39% to 2.89% in the same period. Promoter holding remains stable around 50%, with a slight uptick in Q1 FY27. The rising public shareholder count and consistent promoter stake suggest improving investor confidence. The accumulation by FIIs and DIIs, despite modest overall percentages, signals growing institutional recognition of the company’s growth trajectory.

⚖️ Peer Comparison — Realty

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
DLF	1.67 L Cr	37.6	6.5%	5.6%	0.00
LODHA	1.19 L Cr	28.9	17.9%	17.7%	0.42
OBEROIRLTY	68,357	25.8	17.8%	14.7%	0.16
PHOENIXLTD	67,487	52.7	16.6%	15.6%	0.45
PRESTIGE	67,474	59.2	10.4%	7.8%	0.92
GODREJPROP	59,760	37.3	6.6%	8.3%	0.82
PFOCUS	22,258	186.1	13.7%	19.1%	5.39
ANANTRAJ	21,141	35.6	11.1%	9.9%	0.10
BRIGADE	21,057	24.5	10.9%	11.5%	0.90
ABREL	15,177	—	-4.5%	-3.3%	1.52

🔗 Peer Stock Analyses

DLF LODHA OBEROIRLTY PHOENIXLTD PRESTIGE

⚠️ Risk Factors

1. Execution risk in project delivery and timelines, which could delay revenue recognition and impact cash flow. 2. Margin pressure from rising input costs or discounting in competitive markets, despite current EBITDA margin improvement. 3. High dependence on pre-sales for revenue visibility, making the business vulnerable to demand slowdowns. 4. Limited scale and project diversification compared to larger peers, which may constrain operational leverage and financing access.

📋 Recent Filings

🧠 Analyst's Read

Raymond Realty is demonstrating strong operational momentum with accelerating pre-sales and improving cash flow, supported by a healthy pipeline and disciplined financial management. However, profitability remains sensitive to project execution and market dynamics. Investors should monitor upcoming investor meetings for clarity on execution plans and margin trajectory, as well as quarterly cash flow trends to assess funding sustainability.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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