Raymond Realty Q2 Results: Bookings Double, Profit Falls 12% (October 27, 2026)

The Raymond Realty Q2 results for the July-September quarter, out on Tuesday, October 27, 2026, are a tale of two numbers. Sales bookings nearly doubled, yet net profit slipped about 12% to Rs 53 crore. Revenue from operations rose 7% to Rs 749 crore from Rs 697 crore, according to the company’s Q2 FY27 investor presentation filed on NSE.

That gap is not unusual for a developer. Bookings are counted when a flat is sold. Revenue only shows up as projects progress or get delivered, so the profit line lags the sales line by quarters, sometimes years.

Raymond Realty Q2 results in numbers

All figures are for Q2 FY27 against Q2 FY26, from the company’s presentation unless stated otherwise:

• Revenue from operations: Rs 749 crore, up 7% from Rs 697 crore.
• Total income (including other income): Rs 757 crore, against Rs 706 crore.
• EBITDA: Rs 115 crore, up 14% from Rs 101 crore, with the margin at 15% against 14%.
• Interest cost: Rs 44 crore, up from Rs 26 crore.
• Profit before tax: Rs 66 crore, down 6% from Rs 70 crore.
• Net profit: Rs 53 crore, down 12% from Rs 60 crore. CNBC-TV18 puts it more precisely at Rs 53.1 crore against Rs 60.2 crore, an 11.8% fall.

One small wrinkle. CNBC-TV18 reported EBITDA of Rs 106.3 crore, not Rs 115 crore. The company’s own figure includes about Rs 8 crore of other income; strip that out and you land close to the media number. Neither is wrong, they just measure different things.

Bookings doubled without a single launch

The operating side was much stronger. Pre-sales, or booking value, rose 98% to Rs 902 crore from Rs 455 crore, and customer collections climbed 67% to Rs 682 crore from Rs 409 crore. For the first half (H1 FY27), pre-sales were Rs 1,602 crore, up 111%, and collections Rs 1,233 crore, up 57%.

What stands out to us is that there were no new project launches in the quarter. The growth came from selling more in projects already on the market, largely the “Address by GS” portfolio. CNBC-TV18 reports that 57% of the quarter’s booking value came from Mumbai joint development (JDA) projects and 43% from the company’s own land in Thane.

Why profit fell

Interest is the main culprit. The Rs 44 crore interest line breaks into Rs 27 crore on bank borrowings and Rs 17 crore payable to government bodies such as the BMC, Thane Municipal Corporation and MHADA, linked to extra floor space and approvals. A year ago those two pieces were Rs 16 crore and Rs 10 crore. Higher EBITDA could not offset that jump, so profit before tax slipped.

The presentation shows gross debt of Rs 1,220 crore at the end of September, a debt-to-equity ratio of 0.8 times and a cost of debt of 9.6%. The borrowing is going into construction on projects launched last year.

What to watch from here

Management’s FY27 guidance, in the same presentation, is about 20% growth in pre-sales, ROCE of about 20%, an EBITDA margin of 17-19% and a PAT margin of 9-10%. On this quarter’s numbers the EBITDA margin is 15% and net profit is roughly 7% of revenue, so the second half has to do the heavy lifting. Two Mahim JDA launches are lined up, Mahim-2 with an estimated GDV of Rs 2,300 crore and Mahim-1 with Rs 1,800 crore, which could add bookings but will also need funding.

The market chose to focus on the sales. Raymond Realty shares ended at Rs 597.90 on the BSE, up 4.64%, according to CNBC-TV18.

If results like these confuse you, our guide on how to analyse quarterly results of a company explains why bookings and revenue diverge. For a peer read, see our take on Godrej Properties’ Q2 results.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.