By Arosh John, Founder, John Real Estate (MahaRERA Reg. No. A51700001835) | Editor-in-Chief, Thane Real Estate News (TREN)
MMR | 28 January 2026
Key Financials — Q3 FY26 (Quarter Ended 31 December 2025)
Raymond Realty reported a net consolidated profit (PAT) of ₹66.79 crore for Q3 FY26, compared to ₹3.01 crore in the corresponding quarter last year, as per its regulatory disclosure.
The company also reported net consolidated total income of ₹765.97 crore in Q3 FY26, versus ₹93.26 crore in the year-ago quarter.
Management Commentary: Margin Pressure Linked to Upfront Spend
Harmohan Sahni, Managing Director & CEO, stated that margins were temporarily impacted due to upfront approval and marketing costs, positioned as investments to build scale and support sustained growth.
Operating Indicators: Bookings, Collections, and Near-Term Pipeline
9M FY26 (April–December 2025):
- Booking value: ₹1,504 crore (vs ₹1,678 crore in 9M FY25)
- Customer collections: ₹1,210 crore (vs ₹1,391 crore in 9M FY25)
Q3 FY26 booking value (as reported):
- ₹743 crore
Net debt (end of Q3 FY26, as reported):
- ₹230 crore
JDA Strategy: Asset-Light Expansion Becomes Central
Raymond Realty indicated it expects joint development agreements (JDAs) to contribute around 50% of booking value over the next 2–3 years.
It disclosed six JDA projects in its portfolio:
- Two already launched / under development
- Four targeted for launch in the next 9–12 months
This frames the next few quarters as execution-led, with approval velocity and launch timing as key monitorables.
Thane Remains the Core Engine: 55 Acres Under Development
For Thane, the company disclosed:
- 55 acres currently under development
- ~5.8 million sq ft of carpet area
- Potential revenue of ~₹13,200 crore
It further stated:
- ~₹8,500 crore already sold
- ~₹6,700 crore collected so far
Closing View
The Q3 FY26 print is significant for two reasons beyond the headline PAT jump:
- Clear Thane pipeline disclosures with monetisation progress, and
- A stated ramp-up of JDAs as a booking-value growth lever in the next 2–3 years.
For Thane and MMR market watchers, the next data points to track are straightforward: timely launches of the four upcoming JDAs, approval timelines, and how collections track against fresh inventory absorption.
Also READ: Lodha Developers Q3 FY26: Record ₹5,620 Crore Pre-Sales As Momentum Builds Into FY-End
Also READ: Lodha Net Debt And Landbank In MMR: Why Top Builders Are Doubling Down Before The Next Launch Cycle
About the Author
Arosh John is the Founder of John Real Estate (MahaRERA Reg. No. A51700001835) and the Editor-in-Chief of Thane Real Estate News (TREN). With over a decade of on-ground advisory experience across Thane’s residential, resale, and premium segments—including villa and NRI advisory—he tracks listed-developer disclosures, project pipelines, regulatory signals, and infrastructure-led micro-market shifts to deliver factual, decision-grade real estate intelligence for end-users, investors, and industry stakeholders.
Disclaimer
This article is prepared for information and market-awareness purposes only. The figures and statements referenced are based on publicly disclosed information, including company regulatory filings and management commentary reported in the public domain, as available on the publication date. It does not constitute investment advice, legal advice, or a solicitation or recommendation to buy, sell, or hold any security or real estate asset. While due care has been taken to ensure factual accuracy, readers should independently verify details from official filings and disclosures and consult qualified professionals before making any decision.
