Raymond Realty: consolidated PAT falls 19% YoY as finance costs surge, revenue up 38%

Raymond Realty's consolidated bottom line moved opposite to its headline growth story in Q1 FY27: PAT fell 18.6% YoY to ₹13.4 Cr (from ₹16.5 Cr) even as revenue from operations grew 38.4% YoY to ₹526.7 Cr (total income ₹535.7 Cr, +36.7% YoY, which the company rounds to ₹536 Cr/+37%). Standalone tells a different story again — parent-only revenue actually fell 23% YoY to ₹239.9 Cr while PAT was roughly flat (₹26.4 Cr vs ₹26.9 Cr) — underlining that the consolidated growth is being driven by subsidiary-level (Ten X SPV) projects, not the parent entity; readers comparing the two numbers should note this is a real divergence, not a data error.

The gap between strong revenue/EBITDA growth and a weaker net line sits squarely on finance costs, which more than tripled YoY (₹14.6 Cr to ₹47.2 Cr) as the company draws down debt to fund construction across its JDA and Thane land-parcel pipeline; net debt stood at ₹824 Cr against a 0.7x debt/equity ratio (below its 1.0x ceiling) with cost of debt near 9.6%. Company-defined EBITDA rose 70% YoY to ₹70 Cr with margin expanding to 13% from 11%, but that is still below the 17-19% EBITDA margin range guided for FY27; management calls the shortfall 'expected seasonality' tied to project phase and launch timing, and says margins will normalize as construction crosses revenue-recognition thresholds. Net profit margin, in contrast, compressed to 2.5% from 4.2% a year ago and 13.7% in the immediately preceding (Q4 FY26) quarter — QoQ revenue and PAT both fell sharply (-54% and -92% respectively), consistent with the lumpy, completion-linked revenue recognition typical of real estate rather than a demand problem.

The stock went into the print at ₹690, down 1.4% over the past month of trading.

On management's own FY27 guidance of a minimum 20% growth in pre-sales and revenue, this quarter was a clear beat: booking value surged 129% YoY to ₹700 Cr and customer collections rose 47% YoY to ₹550 Cr, both well ahead of the guided floor, and consolidated revenue growth of 38% is nearly double the guided minimum. We found no specific analyst/brokerage consensus estimate for this quarter's PAT or revenue in public previews, so vsStreet is recorded as unknown rather than guessed. Management's press release frames the quarter as 'healthy' with 'robust momentum,' a framing borne out at the topline and EBITDA level but not at the PAT line once financing costs are included.