Raymond Realty's pre-sales more than double to Rs 700 crore without a single new launch

Raymond Realty reported pre-sales of Rs 700 crore for the June quarter, up 129 per cent from Rs 306 crore a year earlier, in a quarter in which it launched no new residential project. Collections rose 47 per cent to Rs 550 crore, and the shares rallied sharply when the operational update landed on Friday.

The composition of the beat is the interesting part. With no launch-day adrenaline, the entire number came from sustenance sales at existing projects, centred on the company's roughly 100-acre land bank on Pokhran Road in Thane and a clutch of joint development agreements in Mumbai's mid-band suburbs. The company reported liquidity of Rs 270 crore against net debt of Rs 827 crore, and said it remains on track for its 17-19 per cent EBITDA margin guidance for FY27.

For the Thane market, inventory moving at this pace without fresh discount-led launches suggests demand in the premium mid-segment remains deep, even as headline MMR sales volumes cooled through the April-June quarter. Raymond's H2 launch pipeline, including further Thane phases, will test whether that depth holds at higher price points.

As those towers reach the registrar over coming quarters, Thane's registered-deal flow, a sample of which Finclara tracks in its ledger, becomes one reference point to watch.