Real estate developer Raymond Realty, part of Raymond Group, reported an 18.6% decrease in net profit compared to the same period last year in the first quarter of the 2026-27 fiscal year (Q1FY27). This was attributed to increased expenses and a decline in pre-tax profit (PBT).
The company's pre-tax profit in this quarter amounted to 2.8%, which is lower than the 5.4% recorded in Q1FY26. Representatives of Raymond Realty noted that margin fluctuations are a natural phenomenon dependent on the project stage and launch timing, as initial profitability reflects marketing and construction setup costs.
The company emphasized that the margin will gradually normalize in subsequent quarters as project construction reaches revenue recognition thresholds.
First Quarter Financial Performance
Raymond Realty's operating revenue in Q1FY27 reached 526.67 crore rupees, representing a year-on-year growth of 38.41%. Total expenses for the quarter increased by 40.53% compared to last year, totaling 520.54 crore rupees. This increase is driven by a 62.27% rise in the cost of land, real estate development, construction, and other expenditures, which reached 413.86 crore rupees.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the reporting quarter stood at 70 crore rupees, showing a 70% year-on-year growth. Furthermore, the EBITDA margin improved to 13% from 11% in Q1FY26.
The company stated that it remains confident in achieving a target EBITDA margin of 17–19% for the entire 2027 fiscal year.
Strategy and Market Achievements
Harmohan Sachni, Managing Director and CEO of Raymond Realty, mentioned that the company began the 2027 fiscal year with strong operational momentum, continuing the execution of scaled projects and strategic clarity that defined last year's results. He added that the current quarter's results indicate sustained buyer confidence in the Raymond Realty brand and the ongoing success of the disciplined Joint Development Agreement (JDA) strategy with low asset levels in key Mumbai micro-markets.
Preliminary sales in Q1FY27 reached 700 crore rupees, which is 129% higher compared to the previous year. Collections grew by 47% year-on-year, reaching 550 crore rupees. The company's total portfolio value stands at 52,000 crore rupees in the Mumbai Metropolitan Region.
As of June 2026, Raymond Realty's net debt was 824 crore rupees, and the debt-to-equity ratio was 0.7 times, which is below the company's set limit of 1 time. The company also reported that, thanks to a liquidity buffer of 271 crore rupees, it is fully funded for construction expenses next year.
For the 2027 fiscal year, Raymond Realty forecasts a 20% growth in preliminary sales and revenue and aims to achieve a Return on Capital Employed (RoCE) of 20%.



