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Raymond Realty share price today

Raymond Realty Ltd · NSE: RAYMONDREL · Realty - Regional · price as of the 4 November 2026 close, updated every trading day · results updated weekly · research updated 28 October 2026

Raymond Realty share price today: ₹561.70 at the NSE close on 4 November 2026, down 6.2% in a year. Raymond Realty (NSE: RAYMONDREL) is worth ₹3,738 crore, trades at a P/E of 12.7 and has closed between ₹357.35 and ₹722.75 over the past 52 weeks. Latest change: indian funds and insurers (DIIs) cut their stake for 5 quarters in a row.

₹561.70Price −6.2% in a year
12.7×P/E lower than 81% of the last 1 year
₹749 CrRevenue (Sep 2026) +7.5% on a year ago
₹53.0 CrProfit (Sep 2026) −11.7% on a year ago
14.0%Operating margin +1.0 points on a year ago
30%ROCE FY26
16.0%ROIC against a 12.0% cost of capital: +4.0 points
−355%Profit that came in as cash last 2 years

Raymond Realty Ltd's results are improving, while its P/E is near the low end of its own history over 1 year, higher than only 19% of past readings.

The main question: profits are rising, but only −355% of the last 2 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch.

The price has been rising for 18 weeks, and the P/E is lower than 81% of its own last 1 year. Over the last four quarters, results have been improving, with profit −11.7% on a year earlier, and −355% of the last 2 years' profit came in as cash. What will decide it: whether the cash starts to follow the profit.

What is the Raymond Realty share price today?

Raymond Realty Ltd's share price was ₹561.70 at the close on 4 November 2026. It has been rising for 18 weeks. That is 6.3% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹357 and ₹723, and at that close it sat 56% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Raymond Realty Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row.

Nov 2026: ₹562, 6.3% below its 200-day average. The price has been rising for 18 weeks.

  • Price ₹562
  • 50-day avg ₹615
  • 200-day avg ₹599
Nov 2026: ₹562, 6.3% below its 200-day average. The price has been rising for 18 weeks.
WeekPrice50-day avg200-day avg
4 Jul 2025₹926₹962₹967
11 Jul 2025₹856₹947₹963
18 Jul 2025₹816₹923₹956
25 Jul 2025₹715₹892₹946
1 Aug 2025₹675₹857₹934
8 Aug 2025₹645₹824₹921
14 Aug 2025₹647₹799₹911
22 Aug 2025₹638₹771₹898
29 Aug 2025₹607₹749₹887
5 Sep 2025₹614₹725₹874
12 Sep 2025₹615₹707₹862
19 Sep 2025₹665₹695₹851
26 Sep 2025₹613₹685₹841
3 Oct 2025₹597₹671₹831
10 Oct 2025₹607₹659₹820
17 Oct 2025₹588₹646₹809
24 Oct 2025₹661₹645₹802
31 Oct 2025₹618₹645₹794
7 Nov 2025₹599₹640₹787
14 Nov 2025₹543₹626₹776
21 Nov 2025₹512₹607₹764
28 Nov 2025₹503₹586₹751
5 Dec 2025₹486₹570₹738
12 Dec 2025₹484₹553₹725
19 Dec 2025₹463₹538₹713
26 Dec 2025₹491₹531₹704
2 Jan 2026₹530₹528₹695
9 Jan 2026₹485₹524₹686
16 Jan 2026₹482₹517₹678
23 Jan 2026₹413₹503₹666
1 Feb 2026₹486₹494₹656
6 Feb 2026₹461₹490₹647
13 Feb 2026₹442₹486₹638
20 Feb 2026₹440₹479₹629
27 Feb 2026₹420₹470₹619
6 Mar 2026₹381₹460₹611
13 Mar 2026₹373₹447₹600
20 Mar 2026₹417₹439₹590
27 Mar 2026₹367₹429₹581
17 Apr 2026₹457₹429₹564
24 Apr 2026₹440₹435₹559
30 Apr 2026₹445₹435₹554
8 May 2026₹630₹457₹554
15 May 2026₹552₹478₹555
22 May 2026₹557₹494₹555
29 May 2026₹561₹507₹557
4 Jun 2026₹606₹519₹558
5 Jun 2026₹602₹522₹558
10 Jun 2026₹577₹529₹559
12 Jun 2026₹593₹532₹559
17 Jun 2026₹595₹541₹561
19 Jun 2026₹634₹547₹562
24 Jun 2026₹643₹560₹565
25 Jun 2026₹625₹562₹565
1 Jul 2026₹639₹570₹567
3 Jul 2026₹676₹576₹569
10 Jul 2026₹700₹597₹575
17 Jul 2026₹683₹616₹581
24 Jul 2026₹655₹626₹585
31 Jul 2026₹643₹631₹589
7 Aug 2026₹690₹641₹593
14 Aug 2026₹578₹631₹593
21 Aug 2026₹577₹621₹592
28 Aug 2026₹557₹613₹592
4 Sep 2026₹529₹597₹588
11 Sep 2026₹584₹593₹588
18 Sep 2026₹588₹591₹587
25 Sep 2026₹711₹603₹591
28 Sep 2026₹682₹606₹591
1 Oct 2026₹648₹612₹593
9 Oct 2026₹698₹627₹598
16 Oct 2026₹653₹634₹602
23 Oct 2026₹583₹629₹602
30 Oct 2026₹510₹615₹599
4 Nov 2026₹562₹615₹599
Weekly closing price (₹) with its 50-day and 200-day averages. The strip under the chart shows the phase: tan sideways, green rising, yellow stalling near a high, orange falling. 1-year window.

Price stage: Falling from Jul 2025 to Jul 2026; Rising from Jul 2026 to Oct 2026.

Week by week since 2025: did it beat the NIFTY 500 over the past 13 weeks?

Ahead in 24 of 62 weeks

Week by week since 2025: did it beat the NIFTY 500 over the past 13 weeks?
Week13-week return vs NIFTY 500
4 Jul 2025no NIFTY 500 reading
11 Jul 2025no NIFTY 500 reading
18 Jul 2025no NIFTY 500 reading
25 Jul 2025no NIFTY 500 reading
1 Aug 2025no NIFTY 500 reading
8 Aug 2025no NIFTY 500 reading
14 Aug 2025no NIFTY 500 reading
22 Aug 2025no NIFTY 500 reading
29 Aug 2025no NIFTY 500 reading
5 Sep 2025no NIFTY 500 reading
12 Sep 2025no NIFTY 500 reading
19 Sep 2025no NIFTY 500 reading
26 Sep 2025no NIFTY 500 reading
3 Oct 2025−33.6%
10 Oct 2025−28.7%
17 Oct 2025−29.3%
24 Oct 2025−11.5%
31 Oct 2025−12.9%
7 Nov 2025−12.1%
14 Nov 2025−19.4%
21 Nov 2025−25.0%
28 Nov 2025−20.8%
5 Dec 2025−22.4%
12 Dec 2025−21.6%
19 Dec 2025−33.2%
26 Dec 2025−24.0%
2 Jan 2026−15.2%
9 Jan 2026−20.5%
16 Jan 2026−14.1%
23 Jan 2026−33.9%
1 Feb 2026−20.3%
6 Feb 2026−22.8%
13 Feb 2026−17.4%
20 Feb 2026−11.7%
27 Feb 2026−10.9%
6 Mar 2026−17.7%
13 Mar 2026−16.2%
20 Mar 2026−0.1%
27 Mar 2026−13.0%
17 Apr 2026−9.5%
24 Apr 2026−6.8%
30 Apr 2026−9.0%
8 May 2026+54.9%
15 May 2026+17.4%
22 May 2026+25.7%
29 May 2026+31.1%
4 Jun 2026+41.7%
5 Jun 2026+43.0%
10 Jun 2026+51.1%
12 Jun 2026+56.2%
17 Jun 2026+35.2%
19 Jun 2026+62.2%
24 Jun 2026+40.1%
25 Jun 2026+41.0%
1 Jul 2026+42.9%
3 Jul 2026+4.0%
10 Jul 2026+23.2%
17 Jul 2026+19.6%
24 Jul 2026+15.5%
31 Jul 2026+1.7%
7 Aug 2026+9.0%
14 Aug 2026−4.3%
21 Aug 2026−6.9%
28 Aug 2026−8.1%
4 Sep 2026−17.0%
11 Sep 2026−8.2%
18 Sep 2026−4.6%
25 Sep 2026+14.3%
28 Sep 2026+7.1%
1 Oct 2026−1.0%
9 Oct 2026+8.5%
16 Oct 2026+2.5%
23 Oct 2026−0.8%
30 Oct 2026−18.4%
4 Nov 2026+4.4%
Each bar is one week, from 2025 to now (62 weeks with a reading). Green means the stock's return over the previous 13 weeks beat the NIFTY 500; red means it trailed. The colour is strongest at a gap of 25 percentage points or more. A gap means there is no reading for that week.

Over the last 1 year the share price moved −39% while the NIFTY 500 moved −7%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

What changed at Raymond Realty this quarter?

Two changes stood out: indian funds and insurers (DIIs) cut their stake for 5 quarters in a row and revenue up on a year earlier for 6 quarters in a row (every quarter we can compare).

  1. Indian funds and insurers (DIIs) cut their stake for 5 quarters in a row

    From 6.4% to 2.4% of the company by the September 2026 quarter.

  2. Revenue up on a year earlier for 6 quarters in a row (every quarter we can compare)

    In the September 2026 quarter revenue was ₹749 crore, +7.5% on a year earlier.

What are Raymond Realty's latest quarterly results?

For July to September 2026 (the quarter ended 30 September 2026), Raymond Realty reported revenue of ₹749 crore, up 7.5% from ₹697 crore a year earlier, and a profit of ₹53.0 crore, down 11.7% from ₹60.0 crore.

Raymond Realty results: July to September 2026 against a year earlier

Raymond Realty results: July to September 2026 against a year earlier
MeasureJuly to September 2026July to September 2025Change
Revenue₹749 crore₹697 crore+7.5%
Profit₹53.0 crore₹60.0 crore−11.7%
Earnings per share₹7.97₹9.04−11.8%
Operating margin14.0%13.0%+1.0 points

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Raymond Realty's management discussed these results on a call held on 28 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

What is the Raymond Realty share price history?

Raymond Realty closed at ₹561.70 on 4 November 2026, down 6.2% from ₹598.85 a year earlier (7 November 2025). Its highest weekly close since July 2025 was ₹926.20 on 4 July 2025.

Raymond Realty share price: then and now

Raymond Realty share price: then and now
WhenCloseChange to 4 Nov 2026
1 week ago · 30 Oct 2026₹509.85+10.2%
1 month ago · 1 Oct 2026₹648.45−13.4%
6 months ago · 8 May 2026₹629.60−10.8%
1 year ago · 7 Nov 2025₹598.85−6.2%
Earliest and highest weekly close in our records · 4 Jul 2025₹926.20−39.4%
Lowest weekly close since July 2025 · 27 Mar 2026₹366.70+53.2%
52-week high (weekly close) · 13 Jul 2026₹722.75−22.3%
52-week low (weekly close) · 16 Mar 2026₹357.35+57.2%

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

75 weekly closes from 4 July 2025 to 4 November 2026.

What is the latest news on Raymond Realty?

4 Nov 2026: Raymond Realty closed at ₹561.70, up 10.2% on the week and down 13.4% on the month. 28 Oct 2026: Raymond Realty held its results call for July to September 2026. Management guided: FY27 presales minimum 20% growth on sustenance plus two H2 Mahim launches totalling ₹4,100 crore, one each in Q3 and Q4.

Earlier

  • Our read, 10 Oct 2026: Signed redevelopment projects and scheduled launches provide operating fuel, subject to approvals, tenant agreements and customer collections.,The latest reported quarter increased operating profit while interest consumed most of the improvement; reported profit declined.,The case depends on project maturation producing cash and profit, rather than extending the borrowing-funded growth phase.
  • Results for July to September 2026: Revenue up 7.5% and profit down 11.7% on a year earlier.
  • 3 Jul 2026: ex-date for a dividend of ₹2 a share.

Our read of the business

Signed redevelopment projects and scheduled launches provide operating fuel, subject to approvals, tenant agreements and customer collections.,The latest reported quarter increased operating profit while interest consumed most of the improvement; reported profit declined.,The case depends on project maturation producing cash and profit, rather than extending the borrowing-funded growth phase.

April to June 2026: Operating improvement did not reach reported profit.

Our read after the April to June 2026 results, written 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

What dividend does Raymond Realty pay?

Raymond Realty paid ₹2 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.36% at the ₹561.70 close on 4 November 2026. The last was a dividend of ₹2 a share, ex-date 3 July 2026.

Raymond Realty dividends since 1 April 2021

Raymond Realty dividends since 1 April 2021
Ex-dateDividend per shareType
3 Jul 2026Dividend₹2Dividend

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

0 of 5Of the last 5 financial years, years with an NSE dividend record

Yes. Raymond Realty Ltd paid out 4% of its profit as dividends in FY26, and it paid a dividend in 1 of its last 3 reported years.

From the NSE corporate-actions record, read 5 November 2026.

What did Raymond Realty management say on the latest results call?

On the call for July to September 2026, held on 28 October 2026, Raymond Realty's management guided: FY27 presales minimum 20% growth on sustenance plus two H2 Mahim launches totalling ₹4,100 crore, one each in Q3 and Q4.

“We achieved a landmark milestone this quarter by nearly doubling our quarterly presales without any new launches, driven entirely by robust sales velocity and steady price realizations within our existing product portfolio.”Harmohan Sahni, on the call for July to September 2026

What management guided

  • FY27 operating margin 17-19%, profit margin 9-10% and ROCE 20% reiterated for full year.
  • FY27 operating profit growth about 20% with revenue expected in similar range on sustenance and H2 execution.
  • Debt to stay around current gross levels up to ₹1,500 crore next 1-2 years with H2 finance cost at H1 ₹91 crore run rate.
  • Five-year presales yearly growth about 20% needing ₹8,000-10,000 crore GDV yearly, Thane stabilising at ₹1,500-1,600 crore p.a.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 28 October 2026.

What is the future of Raymond Realty? What is changing in the business?

The changes showing up in Raymond Realty's own numbers are a bigger order book. It is too early to say whether they last.

A bigger order book too early to call

Home bookings (signed sale contracts, which a developer books as revenue as construction progresses) grew fast and are turning into reported revenue. Bookings were ₹455 crore in the September 2025 quarter, ₹743 crore in December 2025 (up 47% on the year), and jumped 139% in the March 2026 quarter on four big launches. Reported revenue followed: ₹696 crore, ₹758 crore, ₹1,157 crore, and ₹527 crore in the seasonally light June 2026 quarter (₹380 crore a year earlier). Management guides at least 20% growth in bookings and revenue for FY27.

Why it may last: Bookings ride the Mumbai housing cycle, which management ties to rate cuts and strong end-user demand, and it says prices could stagnate in a downturn; Thane, its own core market, was flat in FY26.

What could be flattering it: Bookings that do not turn into profit or cash: revenue inflated by accounting (partner land in joint-development projects is booked as revenue at only a 5% margin), thinner margins on new launches, and customers paying slowly while construction cash goes out first.

Next check: The September 2026 quarter shows bookings of at least ₹546 crore (20% above ₹455 crore a year earlier) and revenue above ₹696 crore with operating profit above ₹91 crore.

Quarter by quarter, 4 quarters

July to September 2025

Bookings ₹455 crore from existing projects; total income ₹706 crore, which management calls 20% growth on its comparable basis. Revenue in the data ₹696 crore with operating profit ₹91 crore. ✓ fact

From our notes of the call for July to September 2025: Primarily driven by existing projects (TenX Era and Address by GS in Bandra)

October to December 2025

Bookings ₹743 crore, up 47% on the year; revenue ₹758 crore and operating profit ₹91 crore. ✓ fact

From our notes of the call for October to December 2025: October to December 2025 booking value surged to ₹743 crore (47% on a year earlier growth from ₹505 crore)

January to March 2026

Bookings up 139% on the year after the Wadala, Sion and Thane launches; revenue ₹1,157 crore and operating profit ₹234 crore, the best quarter so far. ✓ fact

From our notes of the call for January to March 2026: January to March 2026 total income ₹1,176 crore (up 33% on a year earlier); quarterly pre-sales bookings surged 139% on a year earlier.

April to June 2026

The call gave no bookings figure for the quarter. Revenue ₹527 crore against ₹380 crore a year earlier (up 39%) and operating profit ₹61 crore against ₹30 crore, in a quarter management calls seasonally light. Guidance of about 20% growth repeated. ✓ fact

From our notes of the call for April to June 2026: Latest quarter sales/revenue, operating profit, profit, EPS and key KPIs: not stated on the call.

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Checked against results and calls up to April to June 2026, 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

What could change the Raymond Realty story? What are the risks?

If launched redevelopment projects cross revenue-recognition thresholds but operating cash remains negative and borrowing continues rising without a reconciled project funding bridge, the proposed maturation-led earnings and cash recovery would fail.

Each change stops working if

  • Launched project maturation: Construction progress fails to produce collections or partner economics absorb the incremental project profit.
  • Mahim launch calendar: Approvals or tenant obligations move the revised launches beyond the current financial year.
  • Selective redevelopment commitments: Material approval or rehabilitation spending occurs before launch visibility, or project delays extend the funding period.
  • Later Mumbai launch runway: Approval or tenant dependencies prevent launches within the stated window.

The main risks

  • : Profit is not converting into operating cash, and borrowing is funding part of the gap. ⚠ estimate
  • : Interest absorption can prevent operating growth from reaching shareholders. ⚠ estimate
  • : Guidance changes and reporting-period inconsistencies reduce the reliability of an unreconciled forecast. ⚠ estimate
  • : Approval and tenant dependencies can delay launches while financing costs continue. ⚠ estimate

Our read after the April to June 2026 results, written 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

What to watch in Raymond Realty's next results?

When Raymond Realty reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: The September 2026 quarter shows bookings of at least ₹546 crore (20% above ₹455 crore a year earlier) and revenue above ₹696 crore with operating profit above ₹91 crore.

Raymond Realty: what to watch next quarter
What to checkWhy
The September 2026 quarter shows bookings of at least ₹546 crore (20% above ₹455 crore a year earlier) and revenue above ₹696 crore with operating profit above ₹91 crore.A bigger order book
H2 Mahim launches phased across quarters - check timing, opening inventory call and early velocity against flagged GDV total.From the call
BKC upper-floor aviation approval then RERA in coming weeks - check receipt and sales pick-up from limited-choice base.From the call
H2 presales and margin progression toward full-year framework as projects hit mid-stage - check festive uplift and cost discipline.From the call

Which stock lists is Raymond Realty on?

Raymond Realty is on one of our India lists: Real estate, REIT & cement.

Is Raymond Realty profitable?

Raymond Realty Ltd earned ₹53.0 Cr of net profit in the Sep 2026 quarter, −11.7% on the same quarter a year earlier. Full-year FY26 profit was ₹305 Cr. That is 7.1% of the quarter's revenue. The same quarter a year earlier earned ₹60.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹305 Cr (+1,594.4% on the year before).

FY26 profit ₹305 Cr (+1,594.4% on the year before)

  • Net profit ₹305
FY26 profit ₹305 Cr (+1,594.4% on the year before)
QuarterNet profit
FY24−₹44
FY25₹18
FY26₹305

Growth on a year earlier

  • Growth on a year earlier 1,594.4%
Growth on a year earlier
QuarterGrowth on a year earlier
FY24–
FY25–
FY261,594.4%
Top: net profit each year, ₹ Cr. Below: growth on the year before, %. 3-year window. A grey bar is lower than the year before.

Sep 2026: ₹53.0 Cr (−11.7% on a year earlier)

  • Net profit (quarterly) ₹53.0
Sep 2026: ₹53.0 Cr (−11.7% on a year earlier)
QuarterNet profit (quarterly)
Jun 2024₹7
Sep 2024₹5
Dec 2024₹3
Mar 2025₹2
Jun 2025₹16
Sep 2025₹60
Dec 2025₹67
Mar 2026₹161
Jun 2026₹13
Sep 2026₹53

Growth on a year earlier

  • Growth on a year earlier −11.7%
Growth on a year earlier
QuarterGrowth on a year earlier
Jun 2024–
Sep 2024–
Dec 2024–
Mar 2025–
Jun 2025128.6%
Sep 20251,100%
Dec 20252,133.3%
Mar 20267,950%
Jun 2026−18.8%
Sep 2026−11.7%
Top: net profit each quarter, ₹ Cr. Below: growth on the same quarter a year earlier, %. Last 12 quarters. A grey bar is lower than the quarter before.

Why profit moved: revenue changed +7.5% on a year earlier and the margin moved +1.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +2,513.2% and revenue +414.8%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY27-Q1. Operating improvement did not reach reported profit

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

How much revenue does Raymond Realty make, and is it growing?

Raymond Realty Ltd reported ₹749 Cr of revenue in the Sep 2026 quarter, +7.5% on the same quarter a year earlier. That is the 6th quarter in a row with growth on the year before. Over 2 years it has grown 3,057.5% a year on average. The last full year, FY26, came in at ₹2,991 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. Management links margin normalization to projects crossing revenue-recognition thresholds. Customers pay against construction progress, so execution governs both recognition and cash timing. This driver includes project-phase margin improvement; it is not an additional independent profit pool.

The last four reported quarters add to ₹3,191 Cr.

FY26 revenue was ₹2,991 Cr, +429.4% on the year before.

FY26 revenue ₹2,991 Cr (+429.4% on the year before), 3,057.5% a year over 2 years

  • Revenue ₹2,991
FY26 revenue ₹2,991 Cr (+429.4% on the year before), 3,057.5% a year over 2 years
QuarterRevenue
FY24₹3
FY25₹565
FY26₹2,991

Growth on a year earlier

  • Growth on a year earlier 429.4%
Growth on a year earlier
QuarterGrowth on a year earlier
FY24–
FY2518,733.3%
FY26429.4%
Top: revenue each year, ₹ Cr. Below: growth on the year before, %. 3-year window. A grey bar is lower than the year before.

Sep 2026: ₹749 Cr (+7.5% on a year earlier), the 6th quarter in a row of growth

  • Revenue (quarterly) ₹749
Sep 2026: ₹749 Cr (+7.5% on a year earlier), the 6th quarter in a row of growth
QuarterRevenue (quarterly)
Jun 2024₹130
Sep 2024₹226
Dec 2024₹92
Mar 2025₹117
Jun 2025₹380
Sep 2025₹697
Dec 2025₹758
Mar 2026₹1,157
Jun 2026₹527
Sep 2026₹749

Growth on a year earlier

  • Growth on a year earlier 7.5%
Growth on a year earlier
QuarterGrowth on a year earlier
Jun 2024–
Sep 2024–
Dec 2024–
Mar 2025–
Jun 2025192.3%
Sep 2025208.4%
Dec 2025723.9%
Mar 2026888.9%
Jun 202638.7%
Sep 20267.5%
Top: revenue each quarter, ₹ Cr. Below: growth on the same quarter a year earlier, %. Last 12 quarters. A grey bar is lower than the quarter before.

Recent pace: the last four quarters grew +414.8% on average, against 3,057.5% a year over the longer run, so this year is growing slower than its own long-run rate.

FY27-Q1. Operating improvement did not reach reported profit

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Watch next

Metric
Launched project maturation
Threshold
Construction progress fails to produce collections or partner economics absorb the incremental project profit.
Which result
the next result

How much of every ₹100 of sales does Raymond Realty keep?

Raymond Realty Ltd's operating margin was 14.0% in the Sep 2026 quarter, 1.0 percentage points higher than the same quarter a year ago. Across 3 years it has been between −543.0% and 15.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed +0.9 percentage points on the year while gross margin changed −26.1 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

FY26: 15.0%, within a range of −543.0% to 15.0% over 3 years

  • Operating margin 15.0%
FY26: 15.0%, within a range of −543.0% to 15.0% over 3 years
QuarterOperating margin
FY24−543%
FY2511%
FY2615%

Change on the year before (points)

  • Change on the year before (points) +4.0 pts
Change on the year before (points)
QuarterChange on the year before (points)
FY24–
FY25+554.0 pts
FY26+4.0 pts
Operating margin each year, % (top). Below: change on the year before, in percentage points. 3-year window.

Sep 2026: operating margin 14.0% (+1.0 points on a year earlier)

  • Operating margin 14.0%
Sep 2026: operating margin 14.0% (+1.0 points on a year earlier)
QuarterOperating margin
Jun 202414%
Sep 20247%
Dec 202415%
Mar 202512%
Jun 20258%
Sep 202513%
Dec 202512%
Mar 202620%
Jun 202612%
Sep 202614%

Change on a year earlier (points)

  • Change on a year earlier (points) +1.0 pts
Change on a year earlier (points)
QuarterChange on a year earlier (points)
Jun 2024–
Sep 2024–
Dec 2024–
Mar 2025–
Jun 2025−6.0 pts
Sep 2025+6.0 pts
Dec 2025−3.0 pts
Mar 2026+8.0 pts
Jun 2026+4.0 pts
Sep 2026+1.0 pts
Top: quarterly operating margin, %. Below: change on the same quarter a year earlier, in percentage points. Last 12 quarters. Operating profit as a share of revenue, each quarter.

FY27-Q1. Operating improvement did not reach reported profit

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Is Raymond Realty's profit turning into cash?

Over the last 2 years Raymond Realty Ltd's operations used more cash than they brought in, so cash conversion was −355%, a gap worth watching. In FY26 its operations used ₹910 Cr of cash, against ₹305 Cr of profit. After ₹115 Cr of spending on assets, free cash was −₹1,025 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

FY26: operating cash −₹910 Cr against profit ₹305 Cr; −355% of 2 years' profit came in as cash

  • Operating cash −₹910
  • Net profit ₹305
  • Free cash −₹1,025
FY26: operating cash −₹910 Cr against profit ₹305 Cr; −355% of 2 years' profit came in as cash
QuarterOperating cashNet profitFree cash
FY24−₹226−₹44–
FY25−₹237₹18−₹238
FY26−₹910₹305−₹1,025
Operating cash flow and net profit each year, ₹ Cr. The line is free cash flow: operating cash minus spending on assets. 3-year window, yearly figures.

FY26: operating cash was −298% of profit (−355% over three years)

  • Operating cash as % of profit −298%
  • Break-even line 100%
FY26: operating cash was −298% of profit (−355% over three years)
QuarterOperating cash as % of profitBreak-even line
FY24–100%
FY25−1,317%100%
FY26−298%100%
Operating cash as a share of net profit, each year, % (line). The flat line marks 100%, meaning all of the profit came in as cash.

Why −355% of profit came in as cash: the cash cycle got 21 days longer between FY24 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: less of the profit turns into cash than it should, and the cash cycle is 21 days longer. The next section looks at where the cash is stuck.

Where does Raymond Realty's cash go?

Raymond Realty Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 28 days in FY26, up from 7 days in FY24. It spent ₹116 Cr on assets over the last 2 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹2,991 Cr, each day of that cycle ties up about ₹8.2 Cr, so roughly ₹229 Cr is tied up in the business at any time.

FY26: a 28-day cash cycle, +21 days compared with FY24

  • Cash cycle 28d
  • Debtor days 28d
FY26: a 28-day cash cycle, +21 days compared with FY24
QuarterCash cycleDebtor days
FY247d7d
FY255d5d
FY2628d28d
Debtor days, inventory days, payable days and the full cash cycle, each year. 3-year window.

Spending on assets: ₹116 Cr over the last 2 years, against ₹24.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹5.0 Cr (FY26): assets paid for that are not earning yet.

FY26: capex ₹115 Cr, work in progress ₹5.0 Cr, a build-out

  • Capex ₹115
  • Work-in-progress ₹5.0
FY26: capex ₹115 Cr, work in progress ₹5.0 Cr, a build-out
QuarterCapexWork-in-progress
FY25₹1₹0
FY26₹115₹5
Capital spending each year, ₹ Cr, with work in progress, ₹ Cr, as the line. Quarterly capital-spending figures are not available for India, so this is yearly.

In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit.

What is Raymond Realty's P/E ratio, and how does it compare with its own history?

Raymond Realty Ltd's P/E is 12.7×, near the low end of its own history: it has been lower only 19% of the time. Its usual P/E (the middle reading) is 14.6×, over 1 year of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

P/E 12.7× against a usual 14.6×: near the low end of its own history: it has been lower only 19% of the time

  • P/E 11.5×
  • Median 14.6×
P/E 12.7× against a usual 14.6×: near the low end of its own history: it has been lower only 19% of the time
WeekP/EMedian
25 Jul 202543.8×14.6×
1 Aug 202543.8×14.6×
8 Aug 202543.8×14.6×
14 Aug 202543.8×14.6×
22 Aug 202543.8×14.6×
29 Aug 202543.8×14.6×
5 Sep 202543.8×14.6×
12 Sep 202543.8×14.6×
19 Sep 202543.8×14.6×
26 Sep 202543.8×14.6×
3 Oct 202543.8×14.6×
10 Oct 202543.8×14.6×
17 Oct 202543.8×14.6×
24 Oct 202543.8×14.6×
31 Oct 202543.8×14.6×
7 Nov 202543.8×14.6×
14 Nov 202543.8×14.6×
21 Nov 202541.5×14.6×
28 Nov 202540.8×14.6×
5 Dec 202539.4×14.6×
12 Dec 202539.2×14.6×
19 Dec 202537.6×14.6×
26 Dec 202539.8×14.6×
2 Jan 202643.0×14.6×
9 Jan 202639.3×14.6×
16 Jan 202639.1×14.6×
23 Jan 202633.5×14.6×
1 Feb 202622.2×14.6×
6 Feb 202621.0×14.6×
13 Feb 202620.2×14.6×
20 Feb 202620.1×14.6×
27 Feb 202619.2×14.6×
6 Mar 202617.4×14.6×
13 Mar 202617.0×14.6×
20 Mar 202619.0×14.6×
27 Mar 202616.7×14.6×
2 Apr 202618.8×14.6×
10 Apr 202619.8×14.6×
17 Apr 202620.9×14.6×
24 Apr 202620.1×14.6×
30 Apr 202620.3×14.6×
6 May 202612.4×14.6×
7 May 202613.9×14.6×
8 May 202613.8×14.6×
11 May 202612.9×14.6×
12 May 202612.4×14.6×
13 May 202612.6×14.6×
14 May 202612.3×14.6×
15 May 202612.1×14.6×
18 May 202612.6×14.6×
19 May 202612.7×14.6×
20 May 202612.4×14.6×
21 May 202612.1×14.6×
22 May 202612.2×14.6×
25 May 202613.4×14.6×
26 May 202613.0×14.6×
27 May 202612.6×14.6×
29 May 202612.3×14.6×
1 Jun 202612.2×14.6×
2 Jun 202612.7×14.6×
3 Jun 202613.0×14.6×
4 Jun 202613.2×14.6×
5 Jun 202613.2×14.6×
8 Jun 202612.5×14.6×
9 Jun 202612.9×14.6×
10 Jun 202612.6×14.6×
11 Jun 202612.3×14.6×
12 Jun 202613.0×14.6×
15 Jun 202613.5×14.6×
16 Jun 202613.3×14.6×
17 Jun 202613.0×14.6×
18 Jun 202613.6×14.6×
19 Jun 202613.8×14.6×
22 Jun 202614.4×14.6×
23 Jun 202614.5×14.6×
25 Jun 202614.2×14.6×
29 Jun 202614.2×14.6×
30 Jun 202614.1×14.6×
1 Jul 202614.5×14.6×
2 Jul 202614.4×14.6×
3 Jul 202615.3×14.6×
6 Jul 202616.0×14.6×
7 Jul 202615.3×14.6×
8 Jul 202615.1×14.6×
9 Jul 202615.9×14.6×
10 Jul 202615.9×14.6×
13 Jul 202616.4×14.6×
14 Jul 202616.0×14.6×
15 Jul 202616.2×14.6×
16 Jul 202615.9×14.6×
17 Jul 202615.5×14.6×
20 Jul 202616.0×14.6×
21 Jul 202615.7×14.6×
22 Jul 202615.2×14.6×
23 Jul 202614.6×14.6×
24 Jul 202614.9×14.6×
27 Jul 202615.1×14.6×
28 Jul 202615.0×14.6×
29 Jul 202614.9×14.6×
30 Jul 202614.6×14.6×
31 Jul 202614.6×14.6×
3 Aug 202615.2×14.6×
4 Aug 202615.3×14.6×
5 Aug 202615.7×14.6×
6 Aug 202615.6×14.6×
7 Aug 202615.2×14.6×
10 Aug 202613.4×14.6×
11 Aug 202613.4×14.6×
12 Aug 202612.8×14.6×
13 Aug 202612.6×14.6×
14 Aug 202612.8×14.6×
17 Aug 202612.8×14.6×
18 Aug 202612.8×14.6×
19 Aug 202612.6×14.6×
20 Aug 202612.8×14.6×
21 Aug 202612.7×14.6×
24 Aug 202613.1×14.6×
25 Aug 202612.8×14.6×
26 Aug 202612.7×14.6×
27 Aug 202612.5×14.6×
28 Aug 202612.3×14.6×
31 Aug 202611.8×14.6×
1 Sep 202611.4×14.6×
2 Sep 202611.2×14.6×
3 Sep 202611.8×14.6×
4 Sep 202611.7×14.6×
7 Sep 202612.2×14.6×
8 Sep 202612.9×14.6×
9 Sep 202612.8×14.6×
10 Sep 202612.6×14.6×
11 Sep 202612.9×14.6×
18 Sep 202613.0×14.6×
25 Sep 202615.7×14.6×
28 Sep 202615.1×14.6×
1 Oct 202614.3×14.6×
9 Oct 202615.4×14.6×
16 Oct 202614.4×14.6×
23 Oct 202612.9×14.6×
30 Oct 202611.5×14.6×

Earnings per share, 12 months

  • Earnings per share, 12 months ₹44
Earnings per share, 12 months
WeekEarnings per share, 12 months
25 Jul 2025–
1 Aug 2025–
8 Aug 2025–
14 Aug 2025–
22 Aug 2025–
29 Aug 2025–
5 Sep 2025–
12 Sep 2025–
19 Sep 2025–
26 Sep 2025₹4
3 Oct 2025₹4
10 Oct 2025₹4
17 Oct 2025₹4
24 Oct 2025₹4
31 Oct 2025₹4
7 Nov 2025₹4
14 Nov 2025₹4
21 Nov 2025₹4
28 Nov 2025₹4
5 Dec 2025₹4
12 Dec 2025₹4
19 Dec 2025₹4
26 Dec 2025₹12
2 Jan 2026₹12
9 Jan 2026₹12
16 Jan 2026₹12
23 Jan 2026₹12
1 Feb 2026₹12
6 Feb 2026₹12
13 Feb 2026₹12
20 Feb 2026₹12
27 Feb 2026₹12
6 Mar 2026₹12
13 Mar 2026₹12
20 Mar 2026₹12
27 Mar 2026₹22
2 Apr 2026₹22
10 Apr 2026₹22
17 Apr 2026₹22
24 Apr 2026₹22
30 Apr 2026₹22
6 May 2026₹22
7 May 2026₹22
8 May 2026₹22
11 May 2026₹22
12 May 2026₹22
13 May 2026₹22
14 May 2026₹22
15 May 2026₹22
18 May 2026₹22
19 May 2026₹22
20 May 2026₹22
21 May 2026₹22
22 May 2026₹22
25 May 2026₹22
26 May 2026₹22
27 May 2026₹22
29 May 2026₹22
1 Jun 2026₹22
2 Jun 2026₹22
3 Jun 2026₹22
4 Jun 2026₹22
5 Jun 2026₹22
8 Jun 2026₹22
9 Jun 2026₹22
10 Jun 2026₹22
11 Jun 2026₹22
12 Jun 2026₹22
15 Jun 2026₹22
16 Jun 2026₹22
17 Jun 2026₹22
18 Jun 2026₹22
19 Jun 2026₹22
22 Jun 2026₹22
23 Jun 2026₹22
25 Jun 2026₹22
29 Jun 2026₹22
30 Jun 2026₹44
1 Jul 2026₹44
2 Jul 2026₹44
3 Jul 2026₹44
6 Jul 2026₹44
7 Jul 2026₹44
8 Jul 2026₹44
9 Jul 2026₹44
10 Jul 2026₹44
13 Jul 2026₹44
14 Jul 2026₹44
15 Jul 2026₹44
16 Jul 2026₹44
17 Jul 2026₹44
20 Jul 2026₹44
21 Jul 2026₹44
22 Jul 2026₹44
23 Jul 2026₹44
24 Jul 2026₹44
27 Jul 2026₹44
28 Jul 2026₹44
29 Jul 2026₹44
30 Jul 2026₹44
31 Jul 2026₹44
3 Aug 2026₹44
4 Aug 2026₹44
5 Aug 2026₹44
6 Aug 2026₹44
7 Aug 2026₹44
10 Aug 2026₹44
11 Aug 2026₹44
12 Aug 2026₹44
13 Aug 2026₹44
14 Aug 2026₹44
17 Aug 2026₹44
18 Aug 2026₹44
19 Aug 2026₹44
20 Aug 2026₹44
21 Aug 2026₹44
24 Aug 2026₹44
25 Aug 2026₹44
26 Aug 2026₹44
27 Aug 2026₹44
28 Aug 2026₹44
31 Aug 2026₹44
1 Sep 2026₹44
2 Sep 2026₹44
3 Sep 2026₹44
4 Sep 2026₹44
7 Sep 2026₹44
8 Sep 2026₹44
9 Sep 2026₹44
10 Sep 2026₹44
11 Sep 2026₹44
18 Sep 2026₹44
25 Sep 2026₹44
28 Sep 2026₹45
1 Oct 2026₹45
9 Oct 2026₹45
16 Oct 2026₹45
23 Oct 2026₹45
30 Oct 2026₹44
Top: P/E each week. Below: earnings per share, trailing twelve months, leaving out one-off items, a step line that moves once a quarter; 1 year of history; short peaks above 44× are drawn at the top edge.
12.7×P/E · lower than 81% of its last 1 year
0.21PEG · today, as reported

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

What growth does the Raymond Realty share price assume?

Worked out from its price on 11 October 2026, Raymond Realty Ltd's share price assumed profit growth of about 6.6% a year. Today its P/E is 12.7×, lower than 81% of its own last 1 year.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Is the Raymond Realty business getting better or worse?

Raymond Realty Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 7 quarters of 1 measure, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Growth year by year: revenue +429.4% in FY26, profit +1,594.4%

  • Revenue growth 429.4%
Growth year by year: revenue +429.4% in FY26, profit +1,594.4%
QuarterRevenue growth
FY24–
FY2518,733.3%
FY26429.4%

Profit growth, EPS growth

  • Profit growth 300%
Profit growth, EPS growth
QuarterProfit growth
FY24–
FY25–
FY26300%
Growth on the year before, each year, %. Top: revenue. Below: net profit and earnings per share, on their own scale because profit growth swings much more. Zero line drawn. Turnaround-year jumps are drawn at the edge (▲).

Three growth lines over twelve quarters

  • Revenue 7.5%
Three growth lines over twelve quarters
QuarterRevenue
Jun 2024–
Sep 2024–
Dec 2024–
Mar 2025–
Jun 2025192.3%
Sep 2025208.4%
Dec 2025300%
Mar 2026300%
Jun 202638.7%
Sep 20267.5%

Profit

  • Profit −11.7%
Profit
QuarterProfit
Jun 2024–
Sep 2024–
Dec 2024–
Mar 2025–
Jun 2025128.6%
Sep 2025300%
Dec 2025300%
Mar 2026300%
Jun 2026−18.8%
Sep 2026−11.7%
Growth on a year earlier, % at each quarter end. Top: revenue. Below: profit and earnings per share, on their own scale because they swing much more. Each is measured over the last 12 months. Where the 12-month history is short, the line uses single-quarter growth instead, which is noisier; extreme jumps from a tiny base are evened out before reading. Extreme jumps from a tiny base are drawn at the edge (▲). A gap means there is no reading for that quarter.

ROCE: the return line, worked out each quarter

  • ROCE 18.5%
ROCE: the return line, worked out each quarter
QuarterROCE
Jun 2024–
Sep 2024–
Dec 2024–
Mar 202525.4%
Jun 202533.3%
Sep 20255.2%
Dec 20257.8%
Mar 202637.1%
Jun 202639.1%
Sep 202618.5%
Operating profit over the last 12 months (before interest and tax) as a share of average capital employed (total assets minus current liabilities), %.
RisingROCE · latest 18.5%, range 5.2% to 39.1%

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Compound annual growth rate (%)
Measure1yr3yr5yr10yr
Revenue+429.4%———
Profit+1,594.4%———
Share price−6.2%———
+7.5%Revenue growth (Sep 2026) · latest quarter against a year ago
−11.7%Profit growth (Sep 2026) · latest quarter against a year ago
3,057.5%Revenue, 2 years · yearly growth over the long run

What is the Raymond Realty story, and has it been checked?

Raymond Realty Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: CONTRACTION.

NOT YET CHECKED

Our read, 10 October 2026. A growing Mumbai redevelopment portfolio offers future revenue, but borrowing-funded cash deficits and interest absorption prevent bookings growth from establishing an earnings recovery.

From the numbers. The operating engine indicates contraction despite historical reported earnings expansion. The price curve separately records stage 2, which does not establish an operating turn. The normalization verdict is…

From the price. Price stage 2, week 18, below its 200-day line, relative strength rising.

From the research. A growing Mumbai redevelopment portfolio offers future revenue, but borrowing-funded cash deficits and interest absorption prevent bookings growth from establishing an earnings recovery.

Where they disagree. The operating engine indicates contraction despite historical reported earnings expansion. The price curve separately records stage 2, which does not establish an operating turn. The normalization verdict is NA SHORT MARGIN HISTORY because standalone margin history is short.

What is proven. A growing Mumbai redevelopment portfolio offers future revenue, but borrowing-funded cash deficits and interest absorption prevent bookings growth from establishing an earnings recovery.

What is not proven yet. If launched redevelopment projects cross revenue-recognition thresholds but operating cash remains negative and borrowing continues rising without a reconciled project funding bridge, the proposed maturation-led earnings and cash recovery would fail.

What would change our mind. If launched redevelopment projects cross revenue-recognition thresholds but operating cash remains negative and borrowing continues rising without a reconciled project funding bridge, the proposed maturation-led earnings and cash recovery would fail.

The test written in advance. If launched redevelopment projects cross revenue-recognition thresholds but operating cash remains negative and borrowing continues rising without a reconciled project funding bridge, the proposed maturation-led earnings and cash recovery would fail. Measured by: the thesis as written as stated by the next result.

What the company does. Signed redevelopment projects and scheduled launches provide operating fuel, subject to approvals, tenant agreements and customer collections. The latest reported quarter increased operating profit while interest consumed most of the improvement; reported profit declined. The case depends on project maturation producing cash and profit, rather than extending the borrowing-funded growth phase.

The key numbers to watch, and the level that would change the picture

The key numbers to watch, and the level that would change the picture
MeasureWhy it mattersWhat to watch
Launched project maturationConstruction progress can convert existing bookings into recognized revenue and collections.Construction progress fails to produce collections or partner economics absorb the incremental project profit.
Mahim launch calendarThe next Mahim launches can add saleable inventory if approvals and execution meet the revised calendar.Approvals or tenant obligations move the revised launches beyond the current financial year.
Selective redevelopment commitmentsDeferring major spending until regulatory and tenant visibility improves can limit exposure to stalled projects.Material approval or rehabilitation spending occurs before launch visibility, or project delays extend the funding period.
Later Mumbai launch runwayParel and Kandivali offer a later source of inventory beyond the immediate launch calendar.Approval or tenant dependencies prevent launches within the stated window.

Everything further down this page is evidence for or against these.

The numbersresults shrinkingFY26-Q2 to FY27-Q1
The pricerising, below the 200-day averageFY26-Q2 to FY27-Q1
The whymultiple below its usual level, earnings turning upFY26-Q2 to FY27-Q1

FY26-Q2FY27-Q1

What the surface reading misses. The surface reading is: Higher revenue and operating margin suggest improving profitability. The research reads it further: Operating profit rose, but interest absorbed the operating improvement before it could reach net profit.

What the surface reading misses. The surface reading is: The quarter appears to establish a higher profit run rate. The research reads it further: Management attributes the quarter to mature-project concentration; new launches can subsequently dilute the mix.

  • 1 · Operating leveragequiet
  • 2 · Value-added mixquiet
  • 3 · Management changequiet
  • 4 · Paying down debtquiet
  • 5 · Regulatory approvalbuilding
  • 6 · Order-book winsquiet
  • 7 · Consolidationquiet
  • 8 · Demerger or value unlockquiet
  • 9 · Buybackquiet
  • 10 · New geographiesquiet
  • 11 · More business from existing customersquiet
  • 12 · New product launchbuilding
  • 13 · Mandatory normsquiet
  • 14 · A bigger market to servequiet
  • 15 · Market-share gainsquiet
  • 16 · Asset qualityquiet

Lever 12 · New product launch: building. The next Mahim launches can add saleable inventory if approvals and execution meet the revised calendar. What proves it keeps working: Mahim launch calendar. It stops working if Approvals or tenant obligations move the revised launches beyond the current financial year.

Lever 5 · Regulatory approval: building. Deferring major spending until regulatory and tenant visibility improves can limit exposure to stalled projects. What proves it keeps working: Selective redevelopment commitments. It stops working if Material approval or rehabilitation spending occurs before launch visibility, or project delays extend the funding period.

Sources: our stock research file (10 October 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

The whole page in one table. Each row links to its section.
SectionWhere it is nowThe one thing to watch next
Revenue₹1,157 CrLaunched project maturation

Did Raymond Realty management deliver what it promised?

What Raymond Realty Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Revenue Growth Guidance Withdrawn · 28 October 2026. In May and August 2026, management explicitly committed to minimum 20% FY27 revenue growth. In October 2026, management stated that it had not given revenue guidance and allowed for revenue growth to be lower, removing a metric that had been part of the prior outlook without identifying what changed.

Full-Year Interest Cost Outlook Reversed · 28 October 2026. In May and August 2026, management capped FY27 interest cost at INR100-120 crores. In October 2026, after H1 interest reached INR91 crores, management said the full-year amount would follow the H1 run rate, implying a materially higher outcome with no explanation for the reversal.

Mahim Launch Pipeline GDV Reduced · 28 October 2026. In August 2026, management described the two FY27 Mahim projects as approximately INR2,500 crores and INR2,000-2,200 crores, or roughly INR4,500-4,700 crores combined. In October 2026, the same two Mahim launches were assigned combined GDV of approximately 4,100 crores, a roughly 9%-13% reduction without an explanation for the change.

Every quote above is taken word for word from the company’s own earnings calls.

How much does Raymond Realty earn on its capital?

Raymond Realty Ltd earned a ROCE of 30% in FY26. Its return on capital used (ROIC) is 4.0 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 10.2% net margin and 0.42× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 10.2% net margin × 0.42× asset turnover × 4.50× leverage (assets divided by equity) ≈ 19.3% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 16.0% − 12.0% = +4.0 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error.

The 16.0% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 25.6%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

FY26: ROCE 30%, the full history

  • ROCE 30%
  • ROIC (annual) 25.6%
  • Cost of capital 12%
FY26: ROCE 30%, the full history
QuarterROCEROIC (annual)Cost of capital
FY2516%11.4%12%
FY2630%25.6%12%
Return on capital employed each year, % (line); ROIC each year, % (line). 2-year window, low years included. The flat line is the 12.0% cost of capital used on this page.

Q4 FY26: ROCE 18.3% (last 12 months) against a 12.0% cost of capital

  • ROCE (12 months) 18.3%
  • ROIC (12 months) 26.3%
  • Cost of capital 12.0%
Q4 FY26: ROCE 18.3% (last 12 months) against a 12.0% cost of capital
QuarterROCE (12 months)ROIC (12 months)Cost of capital
Q4 FY2524.9%–12%
Q2 FY264.3%–12%
Q3 FY26––12%
Q4 FY2618.3%–12%
Q1 FY27–27.2%12%
Q2 FY27–26.3%12%
ROCE and ROIC over the last 12 months, each quarter, %; the flat line is the cost of capital. Last 6 quarters, lined up with the yearly figure.

Does Raymond Realty have too much debt?

Raymond Realty Ltd has total debt of ₹1,220 Cr against shareholder equity of ₹1,622 Cr as of Sep 2026, so its debt is 0.75× its equity. Year by year, that ratio went from 9.73 in FY25 to 0.65 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

FY26: debt ₹1,014 Cr, 0.65× equity

  • Total debt ₹1,014
FY26: debt ₹1,014 Cr, 0.65× equity
QuarterTotal debt
FY25₹467
FY26₹1,014

Debt-to-equity

  • Debt-to-equity 0.65×
Debt-to-equity
QuarterDebt-to-equity
FY259.73×
FY260.65×
Top: total debt each year, ₹ Cr. Below: debt-to-equity, ×. 2-year window.

Sep 2026: debt ₹1,220 Cr, debt-to-equity 0.75

  • Total debt (quarterly) ₹1,220
Sep 2026: debt ₹1,220 Cr, debt-to-equity 0.75
QuarterTotal debt (quarterly)
Jun 2024₹231
Mar 2025₹467
Jun 2025₹466
Sep 2025₹564
Dec 2025₹564
Mar 2026₹1,014
Jun 2026₹1,014
Sep 2026₹1,220

Debt-to-equity

  • Debt-to-equity 0.75×
Debt-to-equity
QuarterDebt-to-equity
Jun 2024–
Mar 20259.73×
Jun 20259.71×
Sep 20250.42×
Dec 20250.42×
Mar 20260.65×
Jun 20260.65×
Sep 20260.75×
Top: total debt each quarter, ₹ Cr. Below: debt-to-equity, ×. Last 8 quarters. Indian companies report the full balance sheet every six months, so the quarter in between repeats the last reading.

What is the Raymond Realty shareholding pattern?

Foreign institutions cut their stake in Raymond Realty Ltd by 9.3 percentage points over 5 quarters, the biggest change among its owners. Foreign institutions now own 6.2% of the company. Domestic institutions moved −3.9 points over the same period, to 2.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Foreign institutions: −9.3 points over 5 quarters, to 6.2%; Domestic institutions: −3.9 points over 5 quarters, to 2.4%; Promoters: +2.1 points over 5 quarters, to 50.9%.

Why the owners changed: foreign institutions drove it (−9.3 points), together with domestic institutions (−3.9 points). They reduced their stake.

Foreign institutions cut their stake by 9.3 points over 5 quarters

  • Promoters 50.93%
  • Foreign inst. 6.21%
  • Domestic inst. 2.4%
  • Public 40.42%
Foreign institutions cut their stake by 9.3 points over 5 quarters
QuarterPromotersForeign inst.Domestic inst.Public
Jun 202548.87%15.52%6.35%29.22%
Sep 202548.87%11.19%4.51%35.4%
Dec 202549.02%8.54%4.4%38%
Mar 202650.71%7.62%3.92%37.72%
Jun 202650.93%5.85%2.9%40.29%
Sep 202650.93%6.21%2.4%40.42%
Shareholding by owner group, % of the company, each quarter, last 6 quarters.

How far is Raymond Realty from balance-sheet trouble?

For Raymond Realty Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

How does Raymond Realty rank in its industry?

68.8 out of 100, rank 1 of 8 in Realty - Regional, with 68% of the evidence available.

Raymond Realty Ltd scores 68.8 out of 100 against the 8 companies it is compared with in Realty - Regional, ranking 1. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 30.3 + 16.9 + 11.5 + 10.1 = 68.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Which companies is Raymond Realty compared with?

Raymond Realty ranks 1 of 8 Realty - Regional companies on the 4-Factor Sector Score, with 68.8 out of 100.

  1. 1Raymond Realty Ltd this pageRAYMONDREL · quiet · Most evidence points up · 68% evidence68.8out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 30.3/35 · Revenue 100% · Profit 100% · Operating margin change 1 points · 100% evidenceCapital efficiency 16.9/25 · ROCE 29.6% · Operating margin 14% · 100% evidenceValuation 11.5/20 · P/E 11.5× · PEG — · 15% evidenceRelative strength 10.1/20 · Lead over its industry — · Lead over NIFTY 500 -0.6% · 1 year -17.5% · 25% evidence · 1 of 12 weeks aheadExact sum: 30.3 + 16.9 + 11.5 + 10.1 = 68.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  2. 2India Homes LtdISIBARS · breaking out · Most evidence points up · 63% evidence67.0out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 26.4/35 · Revenue 100% · Profit 100% · Operating margin change 11094.8 points · 71% evidenceCapital efficiency 12.9/25 · ROCE 17.5% · Operating margin — · 61% evidenceValuation 9.0/20 · P/E 59.6× · PEG — · 15% evidenceRelative strength 18.7/20 · Lead over its industry 37.7% · Lead over NIFTY 500 41.6% · 1 year 105.9% · 100% evidence · 12 of 12 weeks aheadExact sum: 26.4 + 12.9 + 9 + 18.7 = 67 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  3. 3Oberoi Realty LtdOBEROIRLTY · quiet · Evidence leans up · 100% evidence57.4out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 24.1/35 · Revenue 16.6% · Profit 17.9% · Operating margin change 4 points · 100% evidenceCapital efficiency 18.8/25 · ROCE 17.3% · Operating margin 61% · 100% evidenceValuation 7.9/20 · P/E 22.6× · PEG 2.58 · 100% evidenceRelative strength 6.6/20 · Lead over its industry -1.7% · Lead over NIFTY 500 2.6% · 1 year -7.4% · 100% evidence · 7 of 12 weeks aheadExact sum: 24.1 + 18.8 + 7.9 + 6.6 = 57.4 · What this means: Earnings are strong; relative strength in its sector is -1.7% and the one-year return is -7.4%.
  4. 4TARC LtdTARC · quiet · Evidence leans up · 61% evidence50.2out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 26.1/35 · Revenue 100% · Profit 91.8% · Operating margin change 178 points · 88% evidenceCapital efficiency 6.1/25 · ROCE 5.8% · Operating margin 19% · 100% evidenceValuation 10.0/20 · P/E — · PEG — · 0% evidenceRelative strength 8.0/20 · Lead over its industry — · Lead over NIFTY 500 -14.9% · 1 year -31.1% · 25% evidence · 5 of 12 weeks aheadExact sum: 26.1 + 6.1 + 10 + 8 = 50.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  5. 5Marathon Nextgen Realty LtdMARATHON · turning · Evidence leans down · 100% evidence44.7out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 12.1/35 · Revenue 6.8% · Profit -24.1% · Operating margin change -1 points · 100% evidenceCapital efficiency 9.8/25 · ROCE 7.6% · Operating margin 35% · 100% evidenceValuation 15.9/20 · P/E 14.6× · PEG 0.73 · 100% evidenceRelative strength 6.9/20 · Lead over its industry -17.8% · Lead over NIFTY 500 -13.4% · 1 year -38.5% · 100% evidence · 4 of 12 weeks aheadExact sum: 12.1 + 9.8 + 15.9 + 6.9 = 44.7 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far.
  6. 6Arkade Developers LtdARKADE · quiet · Evidence leans down · 68% evidence42.4out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 4.7/35 · Revenue -11.9% · Profit -80% · Operating margin change 0 points · 100% evidenceCapital efficiency 17.8/25 · ROCE 18.9% · Operating margin 24% · 100% evidenceValuation 11.0/20 · P/E 12.7× · PEG — · 15% evidenceRelative strength 8.9/20 · Lead over its industry — · Lead over NIFTY 500 -10.3% · 1 year -38.6% · 25% evidence · 7 of 12 weeks aheadExact sum: 4.7 + 17.8 + 11 + 8.9 = 42.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  7. 7Arihant Superstructures LtdARIHANTSUP · quiet · Evidence leans down · 63% evidence39.0out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 11.0/35 · Revenue 4.7% · Profit -41.8% · Operating margin change -9.6 points · 83% evidenceCapital efficiency 12.1/25 · ROCE 10.6% · Operating margin 20.9% · 76% evidenceValuation 8.4/20 · P/E 22.4× · PEG — · 50% evidenceRelative strength 7.5/20 · Lead over its industry — · Lead over NIFTY 500 -19.4% · 1 year -50.6% · 25% evidence · 0 of 12 weeks aheadExact sum: 11 + 12.1 + 8.4 + 7.5 = 39 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  8. 8Max Estates LtdMAXESTATES · breaking out · Too little evidence to rank firmly · 56% evidence34.3out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 8.6/35 · Revenue 16.6% · Profit -70% · Operating margin change -11.4 points · 83% evidenceCapital efficiency 5.2/25 · ROCE 1.4% · Operating margin 15.6% · 76% evidenceValuation 8.5/20 · P/E 1413× · PEG — · 15% evidenceRelative strength 12.0/20 · Lead over its industry — · Lead over NIFTY 500 20.3% · 1 year 8.3% · 25% evidence · 12 of 12 weeks aheadExact sum: 8.6 + 5.2 + 8.5 + 12 = 34.3 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Realty - Regional, all 8 compared on one page.

Which companies are close to Raymond Realty in size?

Raymond Realty is the 3rd largest of 8 Realty - Regional companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Oberoi Realty and Max Estates. Just below it: TARC, Marathon Nextgen Realty, Arkade Developers and India Homes.

Realty - Regional companies close in size

  1. Oberoi Realty Ltd ₹59,867 crore
  2. Max Estates Ltd ₹8,297 crore
  3. Raymond Realty Ltd ₹3,394 crore
  4. TARC Ltd ₹3,238 crore
  5. Marathon Nextgen Realty Ltd ₹2,517 crore
  6. Arkade Developers Ltd ₹1,988 crore
  7. India Homes Ltd ₹1,031 crore

All 8 Realty - Regional companies, largest first

Companies close in size in other industries

  1. Jash Engineering Ltd ₹3,401 crore · Water Treatment
  2. Grauer & Weil (India) Ltd ₹3,397 crore · Speciality Chemicals
  3. Raymond Realty Ltd ₹3,394 crore
  4. Kaveri Seed Company Ltd ₹3,390 crore · Miscellaneous
  5. Ashiana Housing Ltd ₹3,387 crore · Realty - Construction & Contracting

What else do people ask about Raymond Realty?

What is Raymond Realty's share price today?

Raymond Realty Ltd's share price is ₹561.70, −6.2% over the past year. The whole company is worth ₹3,738 Cr on the market.

In the last 52 weeks it traded between ₹357 to ₹723; today it is 56% of the way up from the low, 6.3% below its 200-day average (as of 4 November 2026).

What were Raymond Realty's latest quarterly results?

Raymond Realty Ltd reported revenue of ₹749 Cr and net profit of ₹53.0 Cr for the Sep 2026 quarter. Revenue rose 7.5% and profit fell 11.7% compared with a year earlier. Earnings per share were ₹7.97.

The operating margin was 14.0%, 1.0 percentage points higher than a year earlier (as of 4 November 2026).

What is Raymond Realty's market cap?

Raymond Realty Ltd's market capitalisation is ₹3,738 Cr at a share price of ₹561.70. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026).

How is Raymond Realty performing?

Raymond Realty Ltd's share price has been rising for 18 weeks. In its latest quarter, revenue rose 7.5% and profit fell 11.7% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 4 November 2026).

Will Raymond Realty's share price go up?

This page does not forecast Raymond Realty Ltd's share price. What it shows instead: the share price is ₹561.70, and it has been rising for 18 weeks. Its P/E of 12.7× is higher than 19% of its own last 1 years (as of 4 November 2026).

Who owns Raymond Realty?

Promoters own 50.9% of Raymond Realty Ltd, foreign institutions 6.2%, domestic institutions 2.4% and the public 40.4% (latest quarter). The biggest change over the last two years: Foreign institutions cut their stake by 9.3 percentage points over 5 quarters (as of 4 November 2026).

Does Raymond Realty have too much debt?

Raymond Realty Ltd has a moderate amount of debt: its debt is 0.65× its equity, and its operating profit is 5 times its interest bill. FY26 borrowings were ₹1,014 Cr against equity of ₹1,568 Cr.

Keep that borrowing in mind when reading the returns on this page (as of 4 November 2026).

Where is Raymond Realty in its business cycle?

Raymond Realty Ltd's FY26 operating margin was 15.0%, against a 3-year range of −543.0% to 15.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 14.0%.

Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026).

What could break the Raymond Realty story?

The main question: profits are rising, but only −355% of the last 2 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch.

On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026).

Is Raymond Realty a stock worth studying right now?

What the numbers show: Raymond Realty Ltd's results are improving, while its P/E is near the low end of its own history over 1 year, higher than only 19% of past readings. The main open question: whether the cash starts to follow the profit.

Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026).

Is there a Raymond Realty share price forecast for 2026?

What management itself guided: FY27 presales minimum 20% growth on sustenance plus two H2 Mahim launches totalling ₹4,100 crore, one each in Q3 and Q4. The changes showing up in Raymond Realty's own numbers are a bigger order book. It is too early to say whether they last.

What would change the story: If launched redevelopment projects cross revenue-recognition thresholds but operating cash remains negative and borrowing continues rising without a reconciled project funding bridge, the proposed maturation-led earnings and cash recovery would fail.

Where do these numbers come from?

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

See the plain-text version of this page.

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