Raymond Realty Q2 Pre-Sales Jump 98 to 902 Crore Without a New Project Launch

Raymond Realty reported ₹902 crore of pre-sales in Q2 FY27, nearly double the ₹455 crore recorded in the same quarter last year, despite launching no new projects during the quarter.

The 98% year-on-year increase was driven entirely by sales from the developer's existing portfolio, particularly its Address by GS projects, along with what the company described as steady price realisation.

Collections also strengthened.

Raymond Realty collected ₹682 crore during Q2 FY27, up 67% from ₹409 crore a year earlier.

The combination is notable because large jumps in developer pre-sales are often associated with new project launches.

Raymond Realty achieved this quarter's growth through sustenance sales from projects already in the market.

The next phase will be different.

The company plans two Mahim joint-development projects with a combined gross development value of more than ₹4,100 crore, creating a sizeable launch pipeline for the remainder of FY27.

Raymond Realty Pre-Sales Reach ₹902 Crore in Q2 FY27

Raymond Realty's Q2 FY27 pre-sales increased to ₹902 crore from ₹455 crore in Q2 FY26.

That represents reported growth of 98% year on year.

No new project was launched during the quarter.

Management attributed the performance to sustained sales velocity and steady price realisation across its existing premium residential portfolio.

This makes the quarter particularly useful for assessing underlying sales momentum.

The increase did not depend on the temporary booking surge that can accompany a large new launch.

Collections Rise 67% to ₹682 Crore

Customer collections increased to ₹682 crore, from ₹409 crore in the corresponding quarter last year.

That represents 67% YoY growth.

Pre-sales and collections should not be treated as the same metric.

Pre-sales generally represent property bookings during the period.

Collections represent customer cash received according to project payment schedules.

The ₹682 crore figure is therefore important because it provides another indicator of cash conversion across Raymond Realty's existing projects.

It is not equivalent to accounting revenue.

H1 FY27 Pre-Sales Reach ₹1,602 Crore

Raymond Realty's first-half performance was even stronger on a year-on-year basis.

H1 FY27 pre-sales reached ₹1,602 crore, compared with ₹760 crore in H1 FY26.

That represents growth of 111%.

Collections during H1 increased 57% to ₹1,233 crore, from ₹783 crore.

The company describes these operational figures as provisional and subject to review.

Q2 Accounted for More Than Half of H1 Pre-Sales

Q2's ₹902 crore represented approximately 56.3% of Raymond Realty's H1 FY27 pre-sales.

This is a Vantage-derived calculation:

₹902 crore divided by ₹1,602 crore = approximately 56.3%.

Q1 FY27 pre-sales were ₹700 crore.

Q2 therefore added ₹202 crore more bookings than Q1, equivalent to approximately 28.9% sequential growth.

This is also a Vantage-derived calculation.

Sequential comparisons should be interpreted carefully because real estate bookings can vary substantially depending on launch schedules and inventory availability.

The Important Detail Is That There Was No Q2 Launch

New launches can materially change a developer's quarterly bookings.

A newly opened project releases fresh inventory and can concentrate months of buyer interest into a relatively short sales window.

That did not happen in Raymond Realty's Q2.

The company says the ₹902 crore was generated through sustenance sales.

This means buyers continued purchasing inventory from projects that were already available.

For investors, that can provide useful evidence about the depth of demand for the existing portfolio.

But one quarter does not establish that the same sales velocity can continue indefinitely.

Existing inventory is finite.

Raymond Realty Has More Than ₹4,100 Crore of Mahim Launches Ahead

The next growth phase is expected to include two joint-development projects in Mahim, Mumbai.

Together, they have a cumulative gross development value of more than ₹4,100 crore.

The first project has:

• approximately ₹1,800 crore GDV; and
• approximately 0.41 million sq ft of RERA area.

The second has:

• approximately ₹2,300 crore GDV; and
• approximately 0.39 million sq ft of RERA area.

Together, the projects represent approximately 0.80 million sq ft of RERA area.

They are planned for launch during FY27.

GDV represents estimated development value, not achieved sales or revenue.

Mahim Could Change the Sales Mix

Raymond Realty's Q2 growth came from existing inventory.

The Mahim projects will introduce fresh inventory if launched as scheduled.

That means investors will eventually be able to compare two different types of sales performance:

sustenance sales from existing projects

and

launch-led sales from new projects.

Both matter.

Strong sustenance sales can indicate continuing buyer interest after the initial launch period.

Strong launch sales can demonstrate demand for new inventory and help replenish the company's future booking pipeline.

Gross Borrowings Rise to ₹1,220 Crore

Raymond Realty's gross borrowings increased by ₹125 crore during Q2, reaching ₹1,220 crore as of 30 September 2026.

The company said the additional borrowing was primarily used to fund construction across projects launched in FY26.

With liquidity of ₹306 crore, net debt stood at ₹914 crore.

Raymond Realty said its net debt-to-equity ratio remained below its board-approved ceiling of 1.0 times.

The increase in debt should therefore be considered alongside construction activity, collections and future launches rather than in isolation.

Collections and Debt Need to Be Read Together

Real estate development requires capital before projects are completed and all customer payments are received.

Borrowing can therefore rise while a developer is increasing construction activity.

The key question is whether project execution and customer collections subsequently generate enough cash to support the capital structure.

Raymond Realty's Q2 data provides two relevant signals:

collections increased 67%,

while gross borrowings increased by ₹125 crore.

That does not by itself establish either strengthening or weakening financial risk.

A fuller assessment requires cash flow, project-level commitments, future collections and debt maturity information.

Tower B at The Address by GS Season 1 Receives Occupation Certificate

Raymond Realty also received the occupation certificate for Tower B at The Address by GS Season 1 in Thane during the quarter.

The tower contains 270 units and approximately 344,478 sq ft of RERA carpet area.

The company says it completed the tower approximately 18 months ahead of its March 2028 RERA completion date.

Delivery progress matters because developers ultimately need to convert bookings into completed homes.

It can also influence future buyer confidence and customer collections.

Raymond Realty Maintains FY27 Guidance

The company maintained guidance for approximately 20% year-on-year growth in pre-sales during FY27.

It also retained guidance for:

• approximately 20% return on capital employed;
• 17% to 19% EBITDA margin; and
• 9% to 10% profit-after-tax margin.

These are management targets.

They should not be treated as achieved FY27 results.

What Does 98% Pre-Sales Growth Really Tell Investors?

The headline growth rate is strong.

But the underlying composition makes it more informative.

Raymond Realty did not need a new Q2 launch to nearly double bookings.

That suggests its existing inventory continued to find buyers.

Collections also grew strongly.

At the same time, gross borrowing increased and the company is preparing more than ₹4,100 crore of new Mahim inventory.

The investment question therefore moves from:

Can existing projects keep selling?

to:

Can Raymond Realty convert strong sustenance sales into successful new launches while maintaining collection discipline and leverage?

Why Sustenance Sales Matter

Launch-quarter bookings can sometimes make developer growth appear unusually strong.

A project may accumulate buyer interest before launch and record a large volume of bookings immediately after opening.

Sustenance sales occur after that initial launch period.

They can provide information about whether demand remains healthy once the first wave of buyers has passed.

Raymond Realty's Q2 performance is therefore notable because the entire quarter relied on this existing portfolio.

But Sustenance Sales Have a Natural Limit

Existing projects eventually run out of desirable unsold inventory.

A developer needs new projects to replenish the pipeline.

That is why the upcoming Mahim launches matter.

If those launches perform strongly while existing projects continue selling, Raymond Realty could broaden its booking base.

If launches are delayed or absorption weakens, sustaining the current growth rate could become more difficult.

What Should Homebuyers Watch?

For homebuyers, the operational update provides evidence of sales activity and execution.

But individual purchase decisions should still focus on project-level factors such as:

• RERA registration;
• construction progress;
• possession timeline;
• pricing;
• competing supply;
• payment schedule;
• connectivity; and
• developer obligations.

Company-wide pre-sales growth does not determine whether an individual project represents good value.

What Should Investors Watch Next?

The next two quarters provide several measurable milestones.

Mahim launches

Do the two projects launch on schedule?

Launch absorption

How quickly does the new inventory sell?

Sustenance sales

Do existing projects continue contributing meaningful bookings?

Collections

Do customer cash receipts continue growing alongside pre-sales?

Net debt

Does leverage remain within management's stated limits as construction and launches accelerate?

Delivery

Does Raymond Realty continue meeting or beating project schedules?

Together, these indicators will show whether Q2's 98% growth was the start of a broader acceleration or an unusually strong quarter for existing inventory.

Frequently Asked Questions

What were Raymond Realty's Q2 FY27 pre-sales?

Raymond Realty reported provisional pre-sales of ₹902 crore in Q2 FY27, up 98% from ₹455 crore a year earlier.

Did Raymond Realty launch a new project in Q2 FY27?

No. The company said Q2 pre-sales were generated entirely from sustenance sales in its existing portfolio.

How much did Raymond Realty collect in Q2 FY27?

Collections reached ₹682 crore, up 67% from ₹409 crore in Q2 FY26.

What were Raymond Realty's H1 FY27 pre-sales?

H1 FY27 pre-sales reached ₹1,602 crore, up 111% from ₹760 crore in H1 FY26.

What projects is Raymond Realty launching next?

The company plans two joint-development projects in Mahim during FY27 with combined GDV exceeding ₹4,100 crore and approximately 0.80 million sq ft of RERA area.

How much debt does Raymond Realty have?

Gross borrowings stood at ₹1,220 crore as of 30 September 2026. With ₹306 crore of liquidity, net debt was ₹914 crore.

What is Raymond Realty's FY27 pre-sales guidance?

Management has maintained guidance for approximately 20% year-on-year pre-sales growth. This is guidance rather than an achieved result.

Why is Raymond Realty's no-new-launch growth important?

It indicates that Q2 bookings came from existing inventory rather than a new-project launch. This provides evidence of sustained demand, although one quarter does not guarantee that the pace will continue.

Sources

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“Raymond Realty sees 98% Q2 pre-sales growth, keeps leverage below ceiling” published on 5 October 2026 in Business Standard

“Raymond Realty Q2 pre-sales jump 98% to ₹902 crore, collections rise 67%” published on 5 October 2026 in Business Standard

Evidence Caveats

• Q2 and H1 operational figures are provisional and subject to review.
• ₹902 crore represents pre-sales, not recognised revenue, profit or cash collected.
• ₹682 crore represents collections, not accounting revenue.
• More than ₹4,100 crore is the stated GDV of the planned Mahim projects, not achieved sales.
• 56.3% Q2 contribution to H1 pre-sales and approximately 28.9% sequential Q2 pre-sales growth are Vantage-derived calculations.
• The company says Q2 growth came entirely from sustenance sales, but the reviewed evidence does not provide project-by-project Q2 booking values.
• FY27 pre-sales growth, ROCE and margin figures are management guidance, not achieved results.
• Project-level margins, cancellation rates, cost of debt, debt maturities and future Mahim absorption are unavailable in the reviewed evidence.