Raymond Realty reported provisional pre-sales of ₹902 crore for the second quarter of FY2026–27, a 98% increase from ₹455 crore a year earlier, according to its operating update reported on 5 October. The Mumbai real estate news is notable because the company said the growth came from existing projects rather than a fresh launch during the quarter.
Collections increased 67% year on year to ₹682 crore. For the first half of FY27, NDTV Profit reported pre-sales of ₹1,602 crore, compared with ₹760 crore in the same period a year earlier. These figures describe bookings and customer cash collections. They should not be treated as equivalent to accounting revenue, profit or completed construction.
Existing projects drove the quarterly update
Business Standard said the developer attributed the performance to sustenance sales in its Address by GS portfolio, price realisation and buyer confidence. Because no new project was launched in Q2, the comparison provides a view of continued sales from the existing inventory rather than an opening-period surge from a new scheme.
The same reporting placed the company’s FY26 pre-sales at ₹3,023 crore and Q1 FY27 pre-sales at ₹700 crore. Comparisons across quarters should remain cautious: booking patterns can vary with launch schedules, inventory availability and the timing of customer decisions.
Mahim launches are a pipeline, not completed supply
Raymond Realty plans two joint-development projects in Mahim over the next two quarters, with a stated combined gross development value above ₹4,100 crore. GDV is an estimate of potential project sales value; it is not committed investment, collected cash or guaranteed revenue.
The planned launches also remain forward-looking until the company provides the project-specific approvals, registration details, inventory, pricing and launch dates relevant to buyers. BrickBharat has not independently verified those project documents for this article.
Borrowings and liquidity add financial context
Business Standard reported gross borrowings of ₹1,220 crore at 30 September 2026 after a ₹125 crore increase during the quarter. With reported liquidity of ₹306 crore, net debt was ₹914 crore. The company said its net debt-to-equity ratio remained below its board-approved ceiling of 1.0 times.
That ceiling is an internal risk parameter, not an external guarantee. Buyers and investors should distinguish the company’s stated discipline from an independent credit assessment. They should also separate debt used for construction from the pace at which booked homes are delivered and revenue is recognised.
What this means for Mumbai homebuyers
BrickBharat’s assessment is that the update signals active demand for the company’s existing premium inventory, but it does not establish the availability or value of any individual apartment. Homebuyers considering a Raymond Realty development should compare the relevant RERA registration, carpet area, total consideration, possession schedule and construction progress.
For the proposed Mahim projects, buyers should wait for project-level documentation rather than rely on the aggregate GDV. A local launch can affect choices in its micro-market, but its actual competitive position will depend on pricing, unit mix and delivery terms.
What property investors should watch next
The next operating updates can be read against three separate measures: new bookings, collections from customers and changes in borrowing. Strong pre-sales may support future cash generation, but collections and construction execution determine how quickly that potential converts into financial progress.
Investors should also watch whether the planned MMR launches arrive within the stated period and whether they help the company meet its FY27 guidance. Guidance is management’s target, not a confirmed outcome. This article reports the current operating update and does not make a share-price or investment recommendation.
Sources and verification
- BSE-announcement index for Raymond Realty — Regulation 30 press release, Key Operational Updates Q2 FY27. Exchange filing indexed 5 October 2026, 11:22 am; accessed 5 October 2026. This index links the company’s BSE submission.
- Business Standard — Raymond Realty sees 98% Q2 pre-sales growth, keeps leverage below ceiling. First published and last updated 5 October 2026, 2:13 pm IST.
- NDTV Profit — Raymond Realty Q2 pre-sales jump 98% to ₹902 crore. Published 5 October 2026, 1:28 pm IST; updated 3:12 pm IST.
Verification boundary: The operational figures are provisional company disclosures. The two Mahim projects and their GDV are stated plans, not completed launches or guaranteed sales.