Raymond Realty LimitedH1 pre-sales +111%, guidance held, ICICI deal

Raymond Realty's Q2 FY27 call, held on 28 October 2026, reported that quarterly pre-sales nearly doubled without any new launch, taking first-half booking value up 111% to ₹1,602 crore.

Total income grew 7% to ₹757 crore and EBITDA was ₹115 crore at a 15% margin against 14%, while customer collections rose 67% to ₹682 crore. Net debt stood at ₹912 crore with gross debt of about ₹1,200 crore, debt-to-equity of 0.8x against a 1:1 ceiling, a 9.6% cost of debt and a Q2 interest bill of ₹44 crore. A subsidiary raised ₹210 crore from an ICICI Prudential-promoted fund for a Mahim redevelopment, and the promoter is infusing about ₹400 crore of equity.

Management kept its FY27 guidance of at least 20% pre-sales growth, 20% return on capital employed, a 17% to 19% EBITDA margin and a 9% to 10% PAT margin, with two Mahim launches of about ₹4,100 crore due in the second half. Debt is expected to stay at ₹1,200 crore to ₹1,500 crore for the next year or two. Analysts questioned the share price against the listing value and the rising interest cost.