1. Opening Hook
Real estate stocks usually wake up only after brokers shout “BKC exposure” three times.
Raymond Realty didn’t wait. It walked into Q3FY26, dropped ₹743 Cr of pre-sales, launched Invictus in BKC, and calmly told the market—this is just warming up.
Revenue jumped, margins slimmed, cash flows sulked, and yet management sounded unbothered. The script is familiar: “brand-led luxury, asset-light JDAs, and disciplined execution.” The scale, however, is no longer small-talk material.
With ₹40,000 Cr of potential revenue staring investors in the face, the real question isn’t growth—it’s execution fatigue.
Read on, because the numbers look polite, but the ambition is aggressively Mumbai-level confident.
2. At a Glance
- Pre-sales ₹743 Cr – Demand showed up on time, unlike most site approvals.
- Revenue up 56% YoY – Accounting finally caught up with bookings.
- EBITDA margin at 13% – Luxury branding, mid-level margin reality check.
- Collections ₹427 Cr – Cash came in, just not fast enough to flex.
- Net profit flat YoY – Growth ran, profits jogged.
- Net debt ₹230 Cr – Leverage behaving, for now.
3. Management’s Key
Commentary
“Demand across ongoing projects remains robust.”
(Translation: Mumbai real estate is still allergic to price cuts 😏)
“We remain disciplined on cash collections.”
(Disciplined, yes. Cash-positive, not yet 😏)
“Invictus by GS, BKC received an overwhelming response.”
(BKC still sells itself; branding just adds perfume 😏)
“JDAs allow capital-light expansion.”
(Landowners fund the land, Raymond takes the upside 😏)
“We target ~20% annual growth in revenue and pre-sales.”
(Ambitious, but Mumbai absorption data is on their side 😏)
“ROCE expected around 20%.”
(Assumes execution gods stay cooperative 😏)
4. Numbers Decoded
| Metric | Q3FY26 | What It Really Means |
|---|---|---|
| Total Income | ₹766 Cr | Strong YoY optics, timing-led |
| EBITDA | ₹100 Cr | Absolute growth, margin pressure |
| EBITDA Margin | 13% | Luxury brand, non-luxury margins |
| Net Profit | ₹67 Cr | Stable, not exciting |
| Pre-sales | ₹743 Cr | Demand engine fully on |
| Net Debt | ₹230 Cr | Manageable, but watch cash flows |
