AI-generated · cited to primary sources · not investment advice
Raymond Realty (544420) Feb 2026 Filing Analysis
Does management do what it says?
The company significantly exceeded its FY26 booking value target, driven by a 139% year-on-year surge in quarterly bookings in Q4. (3 exceeded across 3 tracked commitments)
“So, there will be 13 total projects which will be delivering this INR2,800 crores number that you talked about, which is actually a derivative of the 20% growth that we have promised.”
The company achieved its strategic milestone of a 50-50 portfolio mix between own land and JDAs one year ahead of the FY27 schedule. (1 exceeded across 1 tracked commitment)
“JDA projects expected to be 50% of annual pre-sales within 2 to 3 years”
The reported EBITDA margin for 9MFY26 is 13%, significantly lower than the 20% guidance and the 17% achieved in 9MFY25. (2 missed, 1 exceeded across 3 tracked commitments)
“But business as a whole we will be close to a 20% margin somewhere between 17% and 20% range we would be. And next year, we will continue our march towards 20%. So effectively the business is 20%, if I remove that accounting standard issue which has come, if I remove that averaging effect we will be very close to 20% by the end of this year also.”
See the full cited Management analysis of Raymond Realty
Where does growth come from?
Management has formalized a long-term growth strategy targeting 20% annual growth across sales, revenue, and returns on capital. (1 new trend across 1 signal)
“Annual Pre Sales Growth ~20%, Annual Revenue Growth ~20%, ROCE ~20%”
See the full cited Future Growth analysis of Raymond Realty
AI-generated informational research only. ThesisLoop is not investment advice, a stock recommendation, or a guarantee of returns.