Raymond Realty: bookings up 129%, profit fell 19%

Raymond Realty Limited (NSE: RAYMONDREL) grew Q1 FY27 bookings 129% to ₹700 crore. Reported net profit fell 19% to ₹13 crore. The stock is near ₹581, down 45% from its high of ₹1,050. What happened Revenue rose 38% to ₹527 crore. EBITDA grew 70% to ₹70 crore, at a 13% margin. Net profit fell because interest expense jumped to ₹47 crore from government approval charges. Customer collections grew 47% to ₹550 crore. Debt to equity is 0.7 times. Total portfolio GDV is ₹52,000 crore. The JDA book now has eight projects with ₹27,000 crore of revenue potential. Why it matters In real estate, bookings and collections move revenue recognition. Both are rising. The Thane parcel has 65 acres under development, ₹16,500 crore of potential. Two new JDA projects in Parel and Kandivali add ₹11,500 crore more. My view Read past the profit fall. It came from interest charges on approvals, a one time cost of the JDA pipeline. EBITDA grew 70%, the cleaner measure of health. The business model is shifting. JDAs need no land capital upfront, brought in 64% of bookings this quarter, and earn nearly double the margin of the Thane land. More JDAs mean less capital per rupee of revenue. At about 15 times trailing earnings and 2.4 times book, this is the cheapest in a year. Return on equity is 17%, decent for a developer. The risk is delivery. The Parel project is not yet launched and ₹52,000 crore of GDV is a long runway to de-risk. What I am watching Q2 FY27 results in November, the Parel JDA launch, and collections staying above ₹500 crore. On the chart, ₹350 is the 52-week low and ₹734 is resistance. My stance: Accumulate near ₹550. The JDA pivot is the real story here. Disclosure: I do not hold a position in Raymond Realty Limited at the time of writing. This is not investment advice.