Raymond Realty Achieves Significant Q3 FY26 Sales Growth

Raymond Realty Limited has announced its unaudited financial results for the quarter ended December 31, 2025. The company delivered a robust performance, with a total income of ₹ 766 Cr in Q3 FY26, compared to ₹ 492 Cr in Q3 FY25, marking a 56% year-over-year growth. This significant revenue increase was driven by strong demand and a healthy delivery pipeline, although EBITDA margins were impacted by higher upfront marketing costs and product mix.

During the quarter, Raymond Realty Limited reported an EBITDA of ₹ 100 Cr, down from ₹ 105 Cr in the same period last year, with an EBITDA margin of 13.0% in Q3 FY26, compared to 21.4% in Q3 FY25. The company's PBT (before exceptional items) stood at ₹ 77 Cr, a 13% decrease from ₹ 89 Cr in Q3 FY25, and the PBT margin (before exceptional items) was 10.1% in Q3 FY26, down from 18.0% in Q3 FY25.

Mr. Harmohan Sahni, Managing Director & CEO of Raymond Realty Limited, commented on the performance: “We delivered strong revenue growth during the quarter, reflecting healthy demand and successful execution of our new launches. Margins were temporarily impacted by upfront approval and marketing costs, which are essential investments to build scale and sustain long-term growth. As these projects mature, we expect operating leverage to drive a steady improvement in profitability.”

The company’s total potential revenue from its current real estate business is now close to ₹ 40,000 Cr, which includes significant land parcels and Joint Development Agreements (JDAs).

Thane Land Parcel – 100 Acres with ₹ 25,000 Cr Potential Revenue

Raymond Realty has approximately 55 acres of its Thane land parcel currently under development, translating to about 5.8 million square feet of RERA Carpet Area with a potential revenue of ₹ 13,200 Cr. To date, the company has sold ₹ 8,500 Cr and collected ₹ 6,700 Cr. The company plans to launch two additional projects in the coming quarter: a TenX residential development focused on 2-BHK homes and a high-street retail project, further diversifying its product portfolio.

JDA Led Model – Six JDAs with ₹ 14,000 Cr Potential Revenue

Raymond Realty launched its second JDA project, Invictus by GS in BKC, which received an overwhelming response. This project marks a significant milestone in the company’s strategic pivot into the ultra-luxury segment, with a revenue potential of over ₹ 2,000 Crore. Raymond Realty aims for JDAs to contribute 50% of annual pre-sales within the next 2 to 3 years (by FY28), a significant shift from the FY25 mix where Thane projects accounted for 78% and JDAs for 22%.

Currently, the company has a total of six JDAs in its portfolio, with two already launched and under development: Address by GS in Bandra East and Invictus by GS in BKC. The remaining four JDAs are scheduled to be launched over the next 9 to 12 months.

In Q3 FY26, Raymond Realty achieved a booking value of ₹ 743 Cr, primarily driven by demand for ‘The Address by GS’ and ‘Invictus by GS’ in Thane, 'The Address by GS' in Bandra, and ‘Invictus by GS’ in BKC. The company continues to see strong traction in bookings across its projects, especially in Ten X Era and the Address by GS Bandra.

Raymond Realty Limited currently has a Net Debt of ₹ 230 Cr. The company remains committed to disciplined precision and strategic investments in its project pipeline, balancing short-term costs with long-term profitability and growth.