Raymond Realty Aims for 20% Growth in FY26 with Strong JDA Pipeline

Shares of Raymond Realty, one of India’s fastest-growing real estate developers with a strong presence across the Mumbai Metropolitan Region (MMR), are drawing attention on the stock exchanges. The company expects to achieve a 20% Return on Capital Employed (RoCE) and a 20% annual revenue growth rate for FY26.

At 11:38 a.m., the shares of Raymond Realty Limited were trading at Rs. 484.85 on BSE, up by around 2.5 percent from the previous closing price of Rs. 473, with a market cap of Rs. 3,228 crores. Raymond Realty was formally demerged from Raymond Limited with effect from April 30, 2025, simplifying the corporate structure and strengthening business focus. Since listing, the stock has seen negative returns of about 48 percent.

Management Guidance

Raymond Realty’s current portfolio includes a 100-acre land parcel, with approximately 55 acres under ongoing development and 45 acres earmarked for upcoming projects. The company estimates the value of its Thane land bank at around Rs. 25,000 crore and has signed six Joint Development Agreements (JDAs) collectively valued at roughly Rs. 14,000 crore.

These JDA projects include Bandra 1 (ongoing), Bandra 2 (recently launched), Wadala, Sion, Mahim 1, and Mahim 2, with more launches expected in H2 FY26 and FY27. The total potential revenue from the combined land parcel and JDA projects is projected to be around Rs. 40,000 crores.

Raymond Realty is on track to achieve approximately 20 percent growth in booking value for FY26, supported by a strong pipeline of project launches. In H1 FY26, booking contributions came primarily from five ongoing Thane projects (13 percent), one ongoing JDA project (10 percent), and two new Thane launches (3 percent), with no new JDA launches during the period.

For H2 FY26, the company projects a significantly stronger performance, with 73 percent of total FY26 bookings expected in the second half. This will be driven by five ongoing Thane projects contributing 21 percent, one ongoing JDA project adding 7 percent, four new Thane launches accounting for 17 percent, and three new JDA launches making up a substantial 28 percent of projected bookings.

The company’s outlook remains positive, aiming for approximately 20 percent annual growth in pre-sales, revenue, and ROCE. It plans to maintain a strong strategic focus on the MMR/Pune markets while continuing to drive expansion through a JDA-led, capital-light business model. Raymond Realty is targeting JDA projects to contribute 50 percent of annual pre-sales within the next 2 to 3 years (by FY28). Additionally, the company aims to strengthen its portfolio by creating distinctive product brands and sustaining high operational intensity, positioning itself for steady and scalable growth.

Financial Highlights

In Q2 FY26, Raymond Realty reported a strong operational performance, with revenue from operations rising to Rs. 696 crores, an increase of around 86 percent quarter-over-quarter (QoQ) and 208 percent year-over-year (YoY). Net profit for the quarter stood at Rs. 60 crores, representing an impressive rise of around 275 percent QoQ and 1100 percent YoY. These results reflect the historical performance of the Raymond Realty Division prior to its demerger from Raymond Limited on April 1, 2025.

During the quarter, the company delivered a total income of Rs. 706 crore, compared with Rs. 589 crore in Q2 FY25, representing a 20 percent YoY growth. The revenue performance remained in line with expectations, as sales from mature projects moderated due to limited inventory availability. This impact was offset by steady progress on upcoming project preparations, which are scheduled for launch in the second half of the fiscal year. The company reported an EBITDA of Rs. 101 crore in Q2 FY26, up from Rs. 95 crore in the same period last year, with an EBITDA margin of 14.3 percent compared with 16.2 percent in Q2 FY25.

Raymond Realty reiterated its commitment to its fiscal strategy and anticipates stronger momentum in H2 FY26, driven by a series of planned new launches and increased project activity. The company remains focused on delivering sustained value to shareholders through disciplined execution. As of the quarter end, Raymond Realty Limited continues to maintain a net cash surplus of Rs. 48 crore.