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Raymond Realty reported a sharp jump in its profit for the second quarter of FY26, posting Rs. 60.2 crore in net earnings compared to Rs. 4.92 crore in the same period last year, a more than tenfold increase. The company’s revenue also saw strong growth, rising 208 per cent year-on-year (YoY) to Rs. 696.5 crore, as its ongoing projects continued to perform well and new ones moved closer to launch.
According to Managing Director Harmohan Sahni, the results reflect “executional efficiency and healthy demand trends” across the company’s key projects. While some slowdown was expected due to limited inventory in mature developments, the strong financial performance shows the business remains on a solid footing ahead of new project launches in the second half of the fiscal year.
Earnings Rise Despite Softer Bookings
During the quarter, Raymond Realty recorded sales bookings worth Rs. 455 crore, about 19 per cent lower than the previous year. Most of the sales came from two major projects — Ten X Era in Thane and The Address by GS in Bandra.
Collections, which refer to customer payments received during the quarter, declined 14 per cent YoY to ?409 crore. Sahni explained that such variations are typical for real estate businesses since they depend on the stage of construction and billing cycles across projects.
Despite the dip in bookings and collections, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew 7 per cent YoY to ?101 crore. The results indicate that cost discipline and timely construction progress helped protect margins even as sales slowed temporarily.
Strong Half-Yearly Performance
For the first half of FY26, Raymond Realty’s total revenue stood at Rs. 1,070.85 crore, a 201 per cent jump from last year’s first half. Net profit surged more than fivefold to Rs. 76.68 crore. However, EBITDA for the period slipped 12 per cent YoY to Rs. 143 crore, reflecting higher input and construction costs as multiple new projects advanced simultaneously.
During the second quarter, the company launched two new residential towers: Address by GS Season 3 in Bandra and Invictus Tower B in Thane. “We witnessed continued traction in bookings across our projects, especially in Ten X Era and The Address by GS Bandra,” the company said in a statement.
Expanding Portfolio with Rs. 40,000 Crore Potential
Raymond Realty, the real estate arm of the Raymond Group, now estimates its total development potential at around Rs. 40,000 crore across ongoing and upcoming projects. The company’s flagship 100-acre land parcel in Thane alone has a projected revenue potential of Rs. 25,000 crore. Of this, 55 acres are currently under development with a total value of Rs. 13,200 crore. The company has already sold Rs. 8,200 crore worth of inventory and collected Rs. 6,300 crore from customers so far.
In addition to its owned land, Raymond Realty has entered into six joint development agreements (JDAs) with an estimated combined potential of Rs. 14,000 crore. One of these projects is already under development, while the remaining five are expected to be launched over the next 12 to 18 months.
“We remain on track to launch about three to four of the remaining JDAs within the next six to nine months,” the company said, underscoring its focus on scaling operations and expanding its footprint in the Mumbai Metropolitan Region.
Outlook
Raymond Realty’s performance in Q2 FY26 reflects a maturing real estate business with steady growth and a strong pipeline. While near-term sales fluctuations are natural as projects move through different phases, the company’s large land bank and active project launches position it well for sustained growth.
With continued focus on execution and demand in key micro-markets such as Thane and Bandra, Raymond Realty appears poised to strengthen its presence in Mumbai’s premium housing segment, turning its parent company’s legacy of trust and craftsmanship into long-term real estate value.
