Raymond Realty544420Earnings call transcript

Q2 FY27 call: income up 7% to INR757 crores, EBITDA margin 15%, FY27 margin guidance 17% to 19%

Transcript of the Q2 FY27 earnings call held on 28 October 2026.

By ScoutQuest · Fri 30 Oct 2026, 8:46 PM IST · 3 min read

Total income for Q2 FY27 grew 7% year-on-year to INR757 crores.
EBITDA stood at INR115 crores, with margin at 15%, compared with 14% in the same quarter last year.
Customer collections for the quarter were INR682 crores, up 67%.
For the first half, booking value rose 111% year-on-year to INR1,602 crores and cumulative collections reached INR1,233 crores.
Management said quarterly pre-sales nearly doubled, achieved without any new launches, on sales velocity and steady price realisations within the existing product portfolio.

Total portfolio GDV is approximately INR52,000 crores, including about INR8,500 crores added in H1 in Parel.
The Thane land parcel of 100 acres carries a revenue potential of INR25,000 crores. About 65 acres is under development, representing about 6.7 million square feet of RERA carpet area and INR16,500 crores of revenue potential.
Of that INR16,500 crores, INR9,770 crores has already been sold over the years, with collections of INR7,977 crores till date.
JDA (asset-light joint development) projects account for approximately 52% of total GDV, a revenue potential of INR27,000 crores at current prices.
Four JDA projects, Bandra, BKC, Wadala and Sion, have been launched and have generated a sales value of INR3,432 crores and collections of INR857 crores till date.
Booking value contribution mix: non-Thane projects 57% and Thane 43%.

Management said it is firmly on track to meet the full year FY27 EBITDA margin guidance of 17% to 19%, and that further improvement would be visible in the balance of the year.
Margins are expected to normalise progressively as more projects move into mid-stage.
Management expects a steady state of 8 to 10 projects outside Thane under execution, and estimates reaching that steady state in about 2 years, with more stable cash flows and quarter-on-quarter numbers.
A new JDA project typically stays cash flow negative for the first 2 years and turns cash flow positive from the third year or middle of the third year onwards.

Occupation certificate received for Address by GS 1 Tower B in Thane, comprising 270 units and almost 3.5 lakh square feet, delivered ahead of the RERA completion timeline.

Net debt of INR912 crores and gross debt of INR1,200-odd crores, with a debt-to-equity ratio of 0.8x; net debt-to-equity is closer to 0.5, against an internal ceiling of 1:1.
Liquidity buffer of INR308 crores and a cost of debt of 9.6%.
Total interest cost for Q2 FY27 was INR44 crores, including INR27 crores on bank borrowings and INR17 crores payable to government authorities for approval payments.

The transcript sets out management's own reading of the quarter: growth in pre-sales and collections, a margin that is still below the full-year guidance band, and a stated path to improvement as projects mature.
The business now runs on two engines, owned Thane land and asset-light JDAs, and the mix is shifting towards projects outside Thane, which changes how and when cash flows arrive.
Debt is described as being kept below the company's own 1:1 ceiling, with the interest cost split between bank borrowings and payments to government authorities.

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