Raymond Realty Q2 FY26 results: Profit jumps over 12x to ₹60.2 crore

Revenue grows over 200 per cent YoY; company eyes Rs 40,000 crore potential from current projects and new joint development agreements

Raymond Realty’s net profit for the second quarter of the financial year 2025–26 (Q2 FY26) surged multiple times year-on-year (YoY) to Rs 60.2 crore from Rs 4.92 crore in Q2 FY25.

 

The company’s revenue also grew 207.9 per cent YoY to Rs 696.5 crore. The firm said the growth was in line with expectations, reflecting moderation in sales from mature projects due to low inventory levels, balanced by steady progress in new projects being prepared for launch in the second half of the fiscal.

 

According to Harmohan Sahni, managing director of Raymond Realty, the growth was driven by executional efficiency and healthy demand trends during the quarter.

 

 

The company recorded bookings worth Rs 455 crore during the quarter, down by about 19.3 per cent. Sales were primarily driven by two projects — Ten X Era in Thane and The Address by GS in Bandra.

 

Meanwhile, collections in the quarter declined by 14.07 per cent YoY to Rs 409 crore. Explaining the dip, Sahni said, “Our business is not comparable in that sense because it always depends on which projects are going on and what collection is happening.”

 

Earnings rise despite moderation in bookings

 

Raymond Realty’s earnings before interest, taxes, depreciation, and amortisation (Ebitda) for Q2 FY26 grew 7 per cent YoY to Rs 101 crore.

 

In the first half of FY26 (H1 FY26), the company’s revenue stood at Rs 1,070.85 crore, up 200.91 per cent YoY, while profit surged 520.38 per cent YoY to Rs 76.68 crore. However, Ebitda for the first half declined 12 per cent YoY to Rs 143 crore.

 

During the quarter, the company launched two new residential towers — Address by GS Season 3 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.

 

Rs 40,000-crore revenue potential from real estate business

 

Raymond Realty said its current real estate business has a total potential revenue of about Rs 40,000 crore. This includes its 100-acre Thane land parcel, which alone carries a revenue potential of Rs 25,000 crore. Of this, 55 acres are currently under development, with a revenue potential of Rs 13,200 crore — Rs 8,200 crore of which has already been sold and Rs 6,300 crore collected so far.

 

The company currently has six joint development agreements (JDAs) with a combined revenue potential of Rs 14,000 crore. One of these projects has already been launched and is under development.

 

“We remain on track to launch about three to four of the remaining five JDAs over the next six to nine months, and the balance over the next 12 to 18 months,” the company added.