Synopsis:-Reporting its first full-year audited results as a listed entity, Raymond Realty delivered 29 percent revenue growth and ₹3,023 crore in FY26 pre-sales, while its asset-light JDA business hit management’s contribution target two years ahead of plan, raising the question of whether the stock is due for a rerating.
Shares of a Mumbai-focused premium residential developer surged on Tuesday after the company reported its first full-year audited results as a listed entity, with pre-sales and revenue both accelerating sharply and its asset-light joint development model hitting a key milestone two years ahead of schedule.
With a market capitalization of Rs. 3,677 crore, the shares of Raymond Realty Limited were trading at Rs. 569.60 per share, hitting the upper circuit by 20 percent from their previous closing price of Rs. 474.65 apiece. It is trading at a P/E of approximately 12x.
Q4 FY26 and FY26 Financial Performance
The quarterly numbers were the cleaner story. Revenue from operations came in at ₹1,157 crore for Q4FY26, a 51 percent jump year-on-year, taking total income for the quarter to ₹1,176 crore, up 53 percent. EBITDA for Q4 stood at ₹253 crore with a margin of 21.5 percent, recovering sharply from the 13 percent reported in Q3 FY26. Net profit for Q4 was ₹161 crore, a 44 percent increase over Q4FY25’s ₹112 crore.
For the full year, revenue from operations reached ₹2,991 crore against ₹2,320 crore in FY25, a 29 percent rise. Full-year EBITDA was ₹495 crore, though margin compressed to 16.3 percent from 18.6 percent in FY25, reflecting the elevated approval and construction costs tied to the company’s aggressive JDA-driven expansion. Net profit for FY26 came in at ₹305 crore, up 11 percent year-on-year. The interest expense line bears watching: it doubled to ₹98 crore in FY26 from ₹50 crore in FY25 as the company drew down ₹811 crore in bank loans to fund its pipeline buildout.
The JDA Story: Two Years Ahead of Schedule
The standout narrative of Raymond Realty’s FY26 is not just strong topline numbers; it’s how decisively the joint development agreement model has reshaped the business, well before management’s own timeline.
JDA projects contributed 55% of annual pre-sales in FY26, up sharply from just 22% in FY25. Full-year pre-sales hit ₹3,023 crore, up 31% year-on-year, while Q4FY26 alone recorded ₹1,519 crore, a 139% surge over Q4FY25’s ₹636 crore, reflecting the impact of back-to-back project launches in the second half.
Four JDA projects are now live across Mumbai’s premium corridors. The Address by GS in Bandra, the oldest in the portfolio, is 62% sold, with a revenue potential of ₹2,000 crore. Invictus by GS in BKC, launched in H2FY25, stands at 38% sold. The two newest additions, The Address by GS in Wadala (₹5,000 crore revenue potential across 1.4 msf) and Sion (₹1,400 crore), were launched in H2FY26 and recorded 30% and 4% sell-through, respectively, with Sion barely off the blocks.
A newly signed JDA in Kandivali, expected to launch in FY27, adds ₹3,000 crore to the pipeline. Mahim 1 and Mahim 2 bring another ₹3,500 crore. Combined with the 100-acre Thane land bank, total potential revenue across the portfolio stands at approximately ₹42,000 crore.
What Should Investors Watch?
Raymond Realty’s FY26 story is one of a company executing faster than its own roadmap. The JDA model is clearly gaining momentum, and the Mumbai pipeline is deep. But margin compression and rising debt deserve attention. Investors will want to track whether Wadala and the upcoming Kandivali launch sustain the pre-sales velocity and whether operational cash flows can eventually reduce dependence on bank borrowings.
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