Raymond Realty Q2 Pre-Sales Jump 98% to ₹902 Crore

Raymond Realty, the property development arm of the Gautam Singhania-led Raymond Group, reported strong operating performance for the second quarter ended September 30, 2026 (Q2 FY27). According to provisional operational data submitted to the exchanges on Monday, October 5, 2026, the company’s pre-sales surged 98% year-on-year to ₹902 crore, up from ₹456 crore in the corresponding period last fiscal year.

The performance was achieved without any new project launches during the quarter, supported by sustained booking momentum across existing inventory in its flagship “Address by GS” residential portfolio in Thane and stable per-square-foot price realizations.

Key takeaways

• Pre-sales jump 98%: Q2 FY27 pre-sales nearly doubled year-on-year to ₹902 crore, up from ₹456 crore in Q2 FY26.
• No new launches needed: Sales growth was generated entirely from ongoing phases and sustaining inventory in the premium Thane micro-market.
• Collections up 67%: Customer cash collections grew 67% year-on-year to ₹682 crore (compared to ₹408 crore in Q2 FY26), reflecting milestone-linked construction progress and cash flow efficiency.
• H1 FY27 pre-sales up 111%: Cumulative pre-sales for the first half of FY27 reached ₹1,602 crore, more than doubling the ₹760 crore recorded in H1 FY26.
• Early project delivery: The developer received the Occupation Certificate (OC) for Tower B of The Address by GS Season 1 in Thane (270 units spanning 3.44 lakh sq. ft. RERA carpet area) approximately 18 months ahead of its March 2028 RERA deadline.
• H2 pipeline anchored by Mahim: The company plans to launch two Joint Development Agreement (JDA) projects in Mahim, Mumbai, during H2 FY27, carrying a combined Gross Development Value (GDV) of more than ₹4,100 crore.

Operating metrics: Pre-sales, collections, and half-year momentum

The developer’s second-quarter disclosures highlight consistent absorption in Mumbai Metropolitan Region (MMR) residential housing:

RAYMOND REALTY Q2 FY27 OPERATIONAL SURGE:

Pre-Sales (YoY Growth):
[█████████████████████████████████████████████] +98% (To ₹902 Crore)

Customer Collections (YoY Growth):
[███████████████████████████████] +67% (To ₹682 Crore)

H1 FY27 Cumulative Pre-Sales (YoY Growth):
[██████████████████████████████████████████████████] +111% (To ₹1,602 Crore)

Operating Metric	Q2 FY26 (Base Quarter)	Q2 FY27 (Provisional)	YoY Growth (%)	H1 FY26	H1 FY27	H1 YoY Growth (%)
Pre-Sales Bookings	₹456 Crore	₹902 Crore	+98.0%	₹760 Crore	₹1,602 Crore	+110.8%
Customer Collections	₹408 Crore	₹682 Crore	+67.2%	₹783 Crore	₹1,233 Crore	+57.5%
Net New Launches	—	Nil (0)	—	Phased	Phased	—
Primary Project Driver	Thane (Ten X Habitat / GS)	The Address by GS	Sustained demand	Mixed	Thane Core	Steady absorption

Source: Compiled from Raymond Realty regulatory filings and provisional corporate disclosures.

Strong cash collection efficiency

Customer collections—a metric reflecting real-time project execution and construction milestones—reached ₹682 crore in Q2 and ₹1,233 crore for H1 FY27. Because construction progress dictates payment milestones under the Real Estate (Regulation and Development) Act (RERA), the 67% increase in collections confirms that execution speed kept pace with paper bookings.

Execution milestone: 18 months ahead of RERA deadline

A primary operational highlight during the quarter was the receipt of the Occupation Certificate (OC) for Tower B of The Address by GS (Season 1) on its Pokhran Road land parcel in Thane.

PROJECT COMPLETION TIMELINE: TOWER B (THE ADDRESS BY GS)

Scheduled RERA Delivery Deadline:        [ March 2028 ]
                                               │
                                               ▼
Actual Occupation Certificate Received:   [ September 2026 (Q2 FY27) ]
                                          └─► Delivered 18 Months Ahead of Schedule

• Capacity Delivered: 270 residential units.
• Carpet Area Handed Over: 344,478 sq. ft. of RERA carpet area.
• Delivery Track Record: Delivering residential towers well ahead of statutory RERA timelines enhances developer credibility among MMR homebuyers, driving repeat customer referrals and premium pricing over neighboring projects.

Balance-sheet position: Leverage profile

While pre-sales and cash inflows surged, Raymond Realty’s capital deployment expanded in line with construction activity and land approvals:

• Gross Borrowings: Increased by ₹125 crore during the quarter, bringing total gross debt to ₹1,220 crore as of September 30, 2026.
• Net Debt Position: Net debt stood at ₹914 crore at the close of Q2 FY27.
• Leverage Headroom: Management noted that the company’s net debt-to-equity ratio remains well below 1.0x, preserving balance-sheet headroom to fund construction outlays for upcoming central Mumbai developments.

Growth pipeline: Entering Central Mumbai via Mahim JDAs

Having established an operating base on its captive 100-acre land bank in Thane, Raymond Realty is expanding beyond Thane into Central Mumbai through an asset-light Joint Development Agreement (JDA) model.

The company plans to launch two residential JDA projects in Mahim during the second half of FY27:

• Projected Gross Development Value (GDV): Exceeding ₹4,100 crore.
• Strategic Geographic Shift: Expanding from Thane’s suburban residential belt into an established South-Central Mumbai catchment area characterized by high per-square-foot capital values and strong redevelopment demand.
• Asset-Light Economics: By partnering with land-owning societies and regional partners under revenue-share or area-share JDAs, the developer minimizes upfront land acquisition debt while deploying its project management and sales machinery.

What could happen next

• Audited Q2 FY27 financial statement: Raymond Realty will report its complete audited quarterly financial statement in late October or early November 2026, disclosing recognized revenues, EBITDA, and profit after tax under percentage-of-completion accounting.
• Mahim launch approvals: The market will watch for regulatory RERA registrations and marketing rollouts for the two Mahim JDA developments, which will test the brand’s pricing power in prime island-city Mumbai.
• Corporate demerger milestones: Investors continue to track the final corporate structuring and listing milestones surrounding Raymond Group’s real estate division as an independent listed entity on the BSE and NSE.

Frequently asked questions

How much did Raymond Realty achieve in pre-sales during Q2 FY27?

Raymond Realty recorded pre-sales of ₹902 crore in Q2 FY27, representing a 98% year-on-year increase compared to ₹456 crore in Q2 FY26.

Did Raymond Realty launch any new projects in Q2?

No. The company achieved the 98% jump in pre-sales without launching any new projects during the quarter, relying entirely on demand for existing inventory in its Thane projects like “The Address by GS”.

What was Raymond Realty’s customer collection figure in Q2 FY27?

Customer collections rose 67% year-on-year to ₹682 crore in Q2 FY27, up from ₹408 crore in the corresponding quarter of the previous year.

What are Raymond Realty’s upcoming project launch plans?

The company is preparing to launch two Joint Development Agreement (JDA) projects in Mahim, Mumbai, during the second half of FY27, with a combined Gross Development Value (GDV) of more than ₹4,100 crore.