Raymond Realty Limited today announced its unaudited financial results for the quarter ended 31st March 2026.
| Particulars (₹ Cr.) | Q4FY26 | Q3FY26 | Q4FY25 | YoY | FY26 | FY25 | YoY | |
| Total Income | 1,176 | 766 | 771 | 53% | 3,039 | 2,351 | 29% | |
| EBITDA | 253 | 100 | 170 | 49% | 495 | 437 | 13% | |
| EBITDA Margin % | 21.5% | 13.0% | 22.1% | 16.3% | 18.6% | |||
| PBT (before exceptional items) | 206 | 77 | 154 | 34% | 375 | 370 | 1% | |
| PBT Margin (before exceptional items) | 17.5% | 10.1% | 20.0% | 12.3% | 15.7% |
These figures represent historical financial performance including the Raymond Realty Division of Raymond Limited before its demerger on April 01, 2025 (appointment date). Figures are provided solely for ease of comparison and does not form part of the published financial results in SEBI format.
Raymond Realty’s financial performance in Q4 FY26 was marked by significant scale, with Total Income of ₹ 1,176 Cr in Q4 FY26 vs ₹ 771 Cr in Q4 FY25, a robust growth of 53% Y-o-Y, driven by strong demand and a healthy delivery pipeline across all our projects. EBITDA surged to ₹ 253 Cr in Q4 FY26 vs ₹ 170 Cr in Q4FY25, a 49% Y-o-Y growth driven by an optimized product mix. Despite the rapid scaling of operations, EBITDA margins remained resilient and stable at 21.5% vs 22.1% in Q4 FY25, demonstrating our ability to maintain high profitability while significantly expanding our market footprint.
Our focus has shifted seamlessly from market entry to operational excellence, allowing us to capture the inherent economies of scale within our portfolio. As sales momentum continues to build, we expect a consistent upward trajectory in our margin profile on a Y-o-Y basis. By combining strategic investment agility with rigorous financial discipline, we are ensuring that our rapid growth translates into sustained profitability and value.
In line with our strategic roadmap, the addition of the ₹3,000 Crore JDA project in Kandivali, highlights our successful transition to a JDA-led, asset-light model. This approach facilitates rapid market penetration and portfolio growth without compromising our commitment to maintaining a robust and efficient financial profile.
Strategic Portfolio & Operational Review
Our total portfolio is now ~ ₹42,000 Crore in Gross Development Value (GDV), reflecting a diversified and high-growth asset base across the MMR.
100 Acre Thane Land Parcel: Cornerstone of our success, with a ₹25,000 Crore revenue potential.
Development Velocity: Approximately 60 acres are currently under development, representing ~6.6 million sq. ft. of RERA carpet area and a revenue potential of ₹15,300 Crore
Sales Milestones: Performance remains robust with ₹9,100 Crore already sold and collections reaching ₹7,000 Crore to date
New Launches: Q4 saw the successful introduction of a new Ten X – District 9 residential development (focused on 2-BHK homes) and Park Street, a high-street retail destination. Both projects debuted to exceptional market reception.
JDA Portfolio: The Structural Pivot to Asset-Light Growth, which now comprises seven projects with a combined revenue potential of ~₹17,000 Crore.
New Launches: The quarter was headlined by the dual-launch of The Address by GS in Wadala and Sion, marking a decisive expansion into Mumbai’s most sought-after premium corridors. These marquee developments start the unlock of a combined GDV exceeding ₹6,400 Crore, serving as the flagship pillars of our JDA portfolio and a testament to our ability to scale with speed and sophistication
Target of 50:50 Portfolio Mix: We have successfully realized our 50:50 portfolio mix, one year ahead of schedule, a significant milestone in our transition toward a diversified growth engine. In a remarkable shift from FY25 (where JDAs contributed just 22%), our JDA projects now lead with 54% of our annual booking value, fundamentally validating the speed and scalability of our asset-light strategy
Pipeline Visibility: Of the seven JDAs, four are currently under active development (Bandra East, BKC, Wadala, and Sion). We are on track to activate the remaining JDA pipeline, with two marquee projects in Mahim slated for launch within the next 12 to 15 months, followed by the highly anticipated Kandivali development. These activations will further solidify our presence in prime MMR micro-markets
Performance & Liquidity
Booking Momentum: In a landmark final quarter, we secured a booking value of ₹1,519 Crore, propelled by a strategic blitz of four major launches: The Address by GS (Wadala and Sion), Ten X, and the Park Street high-street retail project (Thane). This performance was further bolstered by unwavering demand for the Ten X, The Address by GS and Invictus by GS brands across Thane, Bandra, and BKC, continuing to demonstrate exceptional market pull and buyer loyalty
Prudent Leverage: Maintaining a healthy balance sheet, we concluded the quarter with a lean Net Debt of ₹656 Crore and a debt / equity ratio of 0.6 comfortably below our 1.0 ceiling, providing headroom for future expansion
Liquidity & Cost of Debt: With a ₹358 Crore liquidity buffer, we are fully funded for the next year of construction spends. Our Cost of Debt remains stable at ~9.60
Commenting on the performance, Mr. Harmohan Sahni, Managing Director & CEO, Raymond Realty Limited said; “FY26 marks a defining chapter for us, transitioning from a period of robust planning to one of scaled execution. Our performance, particularly the ₹1,519 crore in pre-sales this final quarter, validates our strategic adaptability and our ability to unlock value across diverse micro-markets through the JDA model. This momentum is a testament to the ‘Go Beyond’ philosophy—a commitment to beauty, discipline, and excellence that continues to resonate deeply with our homebuyers. As we look ahead, we remain focused on driving sustainable growth and delivering consistent, long-term value to our shareholders.”