Raymond Realty delivered a robust performance for Q4 FY26 and the full financial year FY26, reporting a 53% surge in quarterly revenue to INR1,176 crores and a 29% year-on-year increase in total income to INR3,039 crores. The company's quarterly bookings registered a 139% year-on-year jump, which management described as a result of a deliberate multi-year strategic growth roadmap executed across the Mumbai Metropolitan Region (MMR). MD & CEO Harmohan Sahni characterized FY26 as a year of "validation," noting that the company delivered on all planned targets despite regulatory hurdles during the year.

Financial Performance at a Glance

The following table summarizes the key financial metrics reported for FY26 and Q4 FY26:

Management highlighted that the blended EBITDA margin improved from approximately 13% in the first nine months of FY26 to 16% for the full year, driven by economies of scale and an optimized product mix. The gross debt-to-equity ratio of 0.6 remained comfortably below the company's internal ceiling of 1:1. The liquidity buffer of INR358 crores at year-end was described as sufficient to fund all requirements for the coming year.

Portfolio Milestone: JDA Mix Achieves Target One Year Early

A significant strategic achievement in FY26 was the shift in portfolio composition. The company had previously guided markets toward a 50-50 split between its legacy Thane land and new joint development agreements (JDAs) by FY27. This milestone was achieved one year ahead of schedule in FY26 itself. The share of JDAs in booking values rose from 22% in FY25 to 54% in FY26.

The JDA portfolio now comprises seven projects with a combined revenue potential of approximately INR17,000 crores based on current prices, including the most recent addition in Kandivali added during FY26. Key micro-markets penetrated through the asset-light JDA model include Bandra, BKC, Wadala, Sion, and Kandivali. For the Kandivali project, Raymond Realty holds a 70% revenue share, with a gross GDV of INR3,000 crores and a targeted EBITDA margin of 20% to 22%.

Thane Land Bank and Q4 Launches

Raymond Realty's 100-acre legacy land parcel in Thane carries a total revenue potential of INR25,000 crores, with approximately 60 acres currently under development at various stages. Annual pre-sales from Thane have averaged between INR1,300 crores and INR1,500 crores, with FY26 recording approximately INR1,400 crores. Management noted that competition in Thane has been intense for over 20 years and that price growth in the micro-market has been marginal, making volume the primary growth lever.

Q4 FY26 was marked by a series of major project launches:

• Address by GS Wadala and Address by GS Sion — combined GDV of approximately INR6,400 crores released into the market
• TenX District 9 — launched in Thane
• Park Street — a retail development in Thane
• The flagship project TenX Habitat, comprising approximately 3,100 homes, was fully sold out and received complete Occupancy Certificate during FY26

The company's total gross development value stands at approximately INR42,000 crores, and its six-year CAGR in booking value since 2021 has been 50%, with reported revenue CAGR at 84% over the same period.

Margin Outlook and Revenue Recognition

Management guided for a blended EBITDA margin in the range of 16% to 18% for FY27, with FY28 expected to show further improvement as recently launched projects mature. The company follows the percentage completion method for revenue recognition, which management said ensures consistency in quarterly reporting and avoids the lumpiness associated with the completed contract method used by some peers.

On construction costs, management indicated a potential 3% to 4% cost impact if commodity price pressures from global supply disruptions persist over a longer period, but expressed confidence in passing on any such increases to the market without a material impact on EBITDA margins.

Cash Flow and Debt Trajectory

Management acknowledged that operating cash flows are expected to remain negative over the next two years as the company continues to invest in new project approvals and portfolio expansion. Internal accruals from Thane are estimated at INR450 crores to INR500 crores per year, with maturing JDAs expected to contribute an additional INR100 crores to INR150 crores, bringing total internal accruals to approximately INR600 crores to INR650 crores annually. The company reiterated its commitment to maintaining a gross debt-to-equity ratio within the 1:1 ceiling. Pending collections from sold inventory stood at approximately INR4,000 crores as of the reporting period. Two additional projects in Mahim are at advanced stages of approval and are expected to launch by Q3 of the current fiscal year, with the Kandivali development slated for FY28.

Raymond Realty Limited has secured in-principle approval from BSE Limited and the National Stock Exchange of India Limited for the issue, allotment, and listing of up to 13,80,588 equity shares of Rs.10/- each. These shares are to be issued under the Raymond Realty Employees Stock Option Plan 2025, referred to as RRL ESOP 2025. The approvals were communicated to the company on May 12, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Approval Details

Both exchanges issued their respective in-principle approval letters on May 12, 2026. The key details of the approvals are summarised below:

Conditions Stipulated by the Exchanges

The in-principle approvals granted by both BSE and NSE are subject to the company fulfilling a set of conditions before the shares can be listed and traded. The key conditions include:

• Notification to the exchanges as per Regulation 10(c) of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, along with a listing application, only after allotment of shares and credit to beneficiaries' accounts or dispatch of share certificates.
• Payment of fees as prescribed by the exchanges from time to time.
• Receipt of all statutory and other approvals, including compliance with guidelines issued by SEBI, RBI, and MCA.
• Compliance with all guidelines, regulations, and directions of the exchanges and statutory authorities.
• Compliance with all conditions of the SEBI (LODR) Regulations, 2015, as on the date of listing.
• Compliance with the Companies Act, 1956 / 2013 and other applicable laws.
• Submission of all required documents as specified in the checklists provided by BSE and NSE.

Both exchanges have reserved the right to withdraw their in-principle approvals if information submitted is found to be incomplete, incorrect, misleading, or false, or in contravention of applicable rules, bye-laws, and regulations.

Regulatory Disclosure

The intimation was made by Raymond Realty Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has stated that this information will also be made available on its website at www.raymondrealty.in in accordance with Regulations 30 and 46 of the SEBI Listing Regulations. The disclosure was signed by Hiren Sonawala, Company Secretary of Raymond Realty Limited, on May 12, 2026.