Raymond Realty reported a strong operational performance for the first quarter of FY27, with pre-sales surging 129% year-on-year to ₹700 crore, despite not launching any new residential projects during the quarter.
The real estate developer said the robust growth, compared with ₹306 crore in Q1 FY26, was driven by sustained demand for its premium residential portfolio and strong price realisation across the Mumbai Metropolitan Region (MMR).
The company said the performance reflects strong consumer confidence in its brand and the continued sales momentum across its residential developments.
Collections rise 47%
Raymond Realty’s cash collections increased 47% year-on-year to ₹550 crore during the quarter, strengthening liquidity generated from its operating business.
The company said the healthy collections underscore the resilience of its business model and support ongoing project execution.
Borrowings increase to fund project execution
During Q1 FY27, Raymond Realty raised ₹198 crore in borrowings, primarily to fund construction activities and working capital requirements for projects launched in FY26.
As of June 30, 2026, total outstanding borrowings stood at ₹1,097 crore, compared with ₹380 crore a year earlier. The company attributed the increase to peak construction activity across the seven residential projects launched during FY26.
Liquidity stood at ₹270 crore at the end of the quarter, resulting in a net debt position of ₹827 crore.
Maintains conservative balance sheet
Despite the higher borrowings, Raymond Realty said it continues to maintain a disciplined capital structure, with its net debt-to-equity ratio remaining below its internal ceiling of 1.0x.
The company said the current investments are backed by a strong collections pipeline and are expected to unlock significant revenue milestones over the next 12 to 18 months.
Margins to normalise as projects progress
Raymond Realty said its Q1 FY27 margin profile reflects the typical seasonality of the real estate development cycle, where marketing expenses and initial construction costs are incurred ahead of revenue recognition.
The company noted that profitability is expected to improve as projects advance and cross statutory revenue recognition thresholds in the coming quarters.
It reiterated its FY27 EBITDA margin guidance of 17% to 19%, stating that current performance remains in line with internal financial forecasts.