Raymond Realty Limited — Investor Meet, 04-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Raymond Realty reported Q2 FY26 booking value of Rs. 455 Cr and total income of Rs. 706 Cr (+20% YoY), with EBITDA at Rs. 101 Cr (14.3% margin). H1 FY26 booking value stood at Rs. 760 Cr, total income Rs. 1,098 Cr, and EBITDA Rs. 143 Cr (13% margin). The company remains net-debt-free with a Rs. 48 Cr cash surplus, despite H1 operating cash flow being negative due to significant upfront costs for new project launches.

Management reiterates its commitment to a minimum 20% booking value growth for FY26, with H2 expected to be stronger due to planned launches. They are expanding via an asset-light JDA model, with Rs. 14,000 Cr potential from new JDA projects. Q3 will see launches in Bandra and Wadala, and Q4 will include Sion, Mahim, and two more in Thane (total H2 launch potential ~Rs. 5,000 Cr). While current margins reflect new project launches, they anticipate stabilization and improvement to the targeted 20% blended EBITDA margin as projects mature (FY27 onwards). Management expressed optimism for H2 performance, driven by a strong project pipeline and robust market conditions.