Raymond Realty Ltd (RAYMONDREL) Quarterly Report Analysis & Insights

Raymond Realty Ltd

| Consolidated Financial Results – Q4 & FY 2025-26

⬤25th Jun 26

Summary : Raymond Realty achieved significant FY26 growth, driven by strong sales, new project launches, and an asset-light JDA model, maintaining robust profitability and liquidity.

Quarterly Report Analysis & Insights

Financial Disclosures

Consolidated Total Expenses FY26: ₹2,66,478 Lakhs.
Standalone Total Expenses FY26: ₹1,40,023 Lakhs.
Consolidated Total Income FY26: ₹3,03,942 Lakhs (29% YoY growth).
Standalone Total Income FY26: ₹1,72,568 Lakhs.
Consolidated Net cash used in operating activities FY26: (₹90,996) Lakhs.
Consolidated Net cash generated from financing activities FY26: ₹72,508 Lakhs.
Standalone Net cash used in operating activities FY26: (₹14,490) Lakhs.
Standalone Net cash used in investing activities FY26: (₹58,018) Lakhs.
Consolidated Total Assets FY26: ₹7,06,238 Lakhs.
Standalone Total Assets FY26: ₹3,50,867 Lakhs.
Consolidated Net Debt: ₹656 Crore.
Consolidated Debt/Equity Ratio: 0.6.
Both standalone and consolidated results presented.
Consolidated includes 5 subsidiaries.
Demerger accounting makes FY26 figures not comparable to FY25.

Corporate Overview

Mumbai Metropolitan Region (MMR).
Specific locations: Thane, Wadala, Sion, Bandra, BKC, Mahim, Kandivali.
Reliance on Joint Development Agreement (JDA) model for growth.
Focused, pure-play branded real estate developer.
Operates with a JDA-led, asset-light model.
Confident and positive outlook on scaled execution and strategic adaptability.
Emphasizes value creation, discipline, and sustainable growth for shareholders.
Homebuyers for aspirational, premium, and super premium residential brands.
Real Estate (residential and commercial projects).
Total portfolio Gross Development Value (GDV) of ~₹42,000 Crore.
100-acre Thane land parcel with ₹25,000 Crore revenue potential.
60 acres under development, 6.6 million sq. ft. RERA carpet area, ₹15,300 Crore revenue potential.
JDA portfolio comprises seven projects with ~₹17,000 Crore revenue potential.
Addition of ₹3,000 Crore JDA project in Kandivali.
Two marquee projects in Mahim slated for launch within 12-15 months.
Highly anticipated Kandivali development in the pipeline.

Risk Factors

Regulatory and political changes impact results.
Economic developments can affect performance.
Technological risks may impact operations.
Future events could affect going concern.

Key Drivers

Robust Q4 booking value surge.
Successful JDA-led asset-light model.
New project launches driving growth.
Strong liquidity and prudent leverage.

Auditor’s Report

Unmodified opinion on consolidated and standalone financial results.
Demerger of real estate business from Raymond Limited into Raymond Realty Limited.
Scheme effective from April 01, 2025, with assets/liabilities recorded at book values.
Figures for FY26 are not comparable with FY25 due to demerger accounting.

Board Commentary

Recommended 20% dividend (₹2 per share) for FY26.
Subject to shareholder approval at the 7th Annual General Meeting.
Regulatory changes, local political or economic developments, technological risks.
Demerger of real estate business approved by NCLT.
Scheme effective from April 01, 2025.
₹3,000 Crore JDA project in Kandivali.
Upcoming marquee projects in Mahim and Kandivali.

Corporate Governance

Adherence to ICAI Code of Ethics.
Board complied with ethical requirements regarding independence.
Audit Committee reviewed and recommended results.

Management Discussion & Analysis

Future Strategy

Transitioning to a JDA-led, asset-light model for rapid market penetration.
Achieved 50:50 portfolio mix one year ahead of schedule.
Focus on operational excellence and economies of scale.

Industry Overview

Company is among India's fastest-growing real estate developers.
Positioned among Top 10 Real Estate players.
Anticipates consistent upward trajectory in margin profile.

Macroeconomic Outlook

Implied positive macro environment due to strong demand and market pull.

Operational Focus Areas

Ensuring rapid growth translates into sustained profitability.
Maintaining a robust and efficient financial profile.
Rigorous financial discipline and strategic investment agility.

Performance Drivers

Robust Q4 booking value surge of 139% YoY.
Strategic launch of four major projects.
Strong demand for existing and new brands.
Optimized product mix driving EBITDA growth.
Successful transition to JDA-led, asset-light model.

Risk Control Measures

Prudent leverage with low debt/equity ratio (0.6).
Strong liquidity buffer of ₹358 Crore for construction spends.
Rigorous financial discipline.

Critical Risks

Regulatory changes, local political or economic developments.
Technological risks and other unforeseen factors.