Raymond Realty Posts Strong Q3 FY26 Sales Growth

Raymond Realty Limited has announced its unaudited financial results for the quarter ended 31st December 2025.

* These figures represent historical financialperformance including the Raymond Realty Division of Raymond Limited before its demerger on April 01, 2025 (appointment date). Figures are provided solely for ease of comparison and does not form part of the published financial results in SEBI format.

During the quarter, the Raymond Realty Limited delivered a total income of ₹ 766 Cr in Q3 FY26 vs ₹ 492 Cr in Q3 FY25, a 56% Y-o-Y growth. Our robust revenue growth was driven by strong demand and a healthy delivery pipeline, however, our EBITDA margins remained subdued, primarily due to product mix and higher upfront marketing costs associated with our new launches.

As we transition from launch to execution, we are positioned to capture significant operating leverage. With increasing sales velocity, we anticipate a steady normalization and expansion of our margins. We are operating with disciplined precision and balancing strategic investments in our project pipeline with a steadfast commitment to delivering long-term, superior profitability.

We reported an EBITDA of ₹ 100 Cr in Q3 FY26 from ₹ 105 Cr in Q3 FY25 and an EBITDA margin at 13.0% in

Q3FY26 vs 21.4% in Q3 FY25.

Commenting on the performance, Mr. Harmohan Sahni, Managing Director & CEO, Raymond Realty Limited said; “We delivered strong revenue growth during the quarter, reflecting healthy demand and successful execution of our new launches. Margins were temporarily impacted by upfront approval and marketing costs, which are essential investments to build scale and sustain long-term growth. As these projects mature, we expect operating leverage to drive a steady improvement in profitability."

The total potential revenue from our current Real Estate Business is now close to ~₹ 40,000 Cr, which includes:

THANE LAND PARCEL – 100 Acres with ~ ₹ 25,000 Cr Potential Revenue:

We have ~55 acres of our Thane Land parcel currently under development which translates to ~5.8Mn square feet of RERA Carpet Area with a potential revenue of ~ ₹ 13,200 Cr, of which, we have already sold ~

₹ 8,500 Cr and collected an amount of ~ ₹ 6,700 Cr so far.

We are on track to launch two additional projects in the coming quarter—a TenX residential development focused on 2-BHK homes and a high-street retail project—further strengthening and diversifying our product portfolio.

JDA Led Model – Six JDA’s with ~ ₹ 14,000 Cr Potential Revenue

During the quarter, we launched our 2nd JDA project, Invictus by GS in BKC, which received an overwhelming response. This launch is strategic milestone that marks our structural pivot into the ultra-luxury segment, unlocking a revenue potential of over ₹2,000 Crore from this project alone. This development serves as the cornerstone of our JDA portfolio. We are strategically pivoting towards a balanced portfolio mix, aiming for JDA projects to contribute 50% of annual pre-sales within the next 2 to 3 years (by FY28). This represents a significant shift from the FY25 mix, where Thane projects accounted for 78% and JDAs for 22%, underscoring the growing importance of the asset-light model in our long-term expansion.

We currently have a grand total of six JDA’s in our portfolio, of which, two are currently launched and under development (Address by GS - Bandra East, Invictus by GS - BKC). We remain on track to launch the remaining 4 JDA’s over the next 9 to 12 months.

In Q3 FY26, the company achieved a booking value of ₹ 743 Cr, primarily driven by demand for ‘The Address by GS’ & ‘Invictus by GS’ in Thane, 'The Address by GS' in Bandra & ‘Invictus by GS’ in BKC. We witnessed continued traction in bookings across our projects, especially in Ten X Era and the Address by GS Bandra.

Raymond Realty Limited has a Net Debt with ₹ 230 Cr.