Analysts/Institutional Investor Meet/Con. Call Updates

RAYMOND REALTY LIMITED RRL/SE/26-27/81 October 30, 2026 The Department of Corporate Services – CRD, National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, 5th Floor, P.J. Towers, Dalal Street, Bandra-Kurla Complex, Mumbai - 400 001. Bandra (East), Mumbai - 400 051. Scrip Code: 544420 Symbol: RAYMONDREL Dear Sir/Madam, Sub: Raymond Realty Limited: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Investor Conference Call Transcript. Ref: Raymond Realty Limited (ISIN: INE1SY401010). Pursuant to Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’), we enclose herewith the transcript of the conference call held on October 28, 2026, with respect to the financial results of Raymond Realty Limited for the second quarter and half year ended September 30, 2026. This transcript has also been uploaded on the website of the Company i.e. www.raymondrealty.in in terms of Regulation 30 and 46 of the SEBI Listing Regulations. Kindly take the same on record and acknowledge. Thanking You, Yours faithfully, For Raymond Realty Limited (formerly known as Raymond Lifestyle Limited) Hiren Sonawala Company Secretary Encl: a/a Regd. Offic e: Jekegram, Pokhran Road No.1, Thane (W)- 400 606. CIN: L41000MH2019PLC332934 | Tel.: +91 22 6837 3700 | Website: raymondrealty.in | Email ID: raymondrealty.corporate@raymond.in “Raymond Realty Limited Q2 FY27 Earnings Conference Call” October 28, 2026 MANAGEMENT: MR. RAKESH TIWARY – GROUP CHIEF FINANCIAL OFFICER MR. HARMOHAN SAHNI – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER MR. ANKUR JINDAL – CHIEF FINANCIAL OFFICER MR. SALIL BAWA – GROUP HEAD, INVESTOR RELATIONS MR. AMMEET SABARWAL – HEAD, INVESTOR RELATIONS MODERATOR: MR. AKHIL LALCHANDANI – ANTIQUE STOCK BROKING LIMITED Page 1 of 18 Raymond Realty Limited October 28, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Raymond Realty Limited Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Akhil Lalchandani from Antique Stock Broking Limited. Thank you and over to you, sir. Akhil Lalchandani: Thank you. On behalf of Antique Limited, I would like to welcome all the participants to the Q2 and H1 FY27 conference call of Raymond Realty Limited. Today, we have with us from the senior management of Raymond Realty Limited, Mr. Rakesh Tiwary, Group CFO, Mr. Harmohan Sahni, MD and CEO, Mr. Ankur Jindal, CFO, Mr. Salil Bawa, Group Head of Investor Relations, Mr. Ammeet Sabarwal, Head of Investor Relations. Without taking further time, I would like to hand over the call to Mr. Harmohan Sahni. Over to you, Harmohan. Harmohan Sahni: Thank you. Good morning, everyone and thank you for joining us today to discuss our financial and operational performance for the second quarter of financial year 2027. So, guided by our go-beyond ethos, we have successfully carried out the scaled execution and with strategic clarity from last year. We have walked into the first half of FY27. Our performance this quarter reflects strong operational momentum, validating our execution capabilities and deep trust home buyers place in our brand. I would now like to share the operational and financial updates for the quarter Q2 in detail. We achieved a landmark milestone this quarter by nearly doubling our quarterly pre-sales without any new launches, driven entirely by robust sales velocity and steady price realizations within our existing product portfolio. Total income for Q2 FY27 grew at a steady 7% year-on- year to INR757 crores. And through an optimized product mix and disciplined cost management, our EBITDA also rose from 14% to INR115 crores with margins now at 15% as compared to 14% in the corresponding quarter. While our margins naturally fluctuate by project phase due to upfront marketing and construction setup costs, they are expected to normalize progressively as more of our projects go in mid-stage as this year progresses and moves into next year also. So, we are firmly on track to meet our full year FY27 EBITDA margin guidance of 17% to 19% and you will start seeing further improvements in the balance year. Our booking value contribution mix for the period reflects a well-balanced portfolio with projects outside of our legacy Thane land contributing 57% and Thane which is our owned land which started the business contributing 43%. Page 2 of 18 Raymond Realty Limited October 28, 2026 And this ratio will keep getting skewed more and more towards projects which are outside because most of the growth will come from outside of Thane. We also witnessed a 67% surge in customer collection to INR682 crores. This highlights our intense focus on cash flow efficiency and operational rigor. For the first half of the year, our cumulative collections have reached INR1,233 crores and booking values increased by 111% year-on-year to INR1,602 crores. So, this quarter has been a standout operational achievement for us and one of the features of that was receiving the occupation certificate for Address by GS 1 Tower B in Thane, which comprises 270 units and almost 3.5 lakh square feet. And this also has been delivered ahead of RERA completion timeline as it has been a tradition for all our projects, we have delivered well before the timeline committed to the market and customers, so as a result, delivering ahead of schedule stands as a testament to our strong execution capability and operational efficiency. Our total portfolio now stands at an impressive GDV of approximately INR52,000 crores, which includes what we have added in H1 of approximately INR8,500 crores in Parel. So, this year itself we have added INR8,500 crores to reach this level of INR52,000 crores. So, this reflects a diversified and high-growth asset base across MMR, and as of now represents a prudent mix of own land and asset-light JDA projects. If you look at the Thana land parcel, which is a 100-acre parcel, that remains the launchpad on which this business started, and it carries a INR25,000 crores revenue potential. Out of this, approximately 65 acres is currently under development, which represents about 6.7 million square feet of RERA carpet area, and a revenue potential of INR16,500 crores. So out of this INR16,500 crores, INR9,770 crores has already been sold over the years, and collections have reached INR7,977 crores till date from the initiation of the business. Now, driven by our strategic pivot towards asset-light model, if we look at the JDA, JDA is now account for approximately 52% of our total GDV portfolio, which represents a revenue potential of INR27,000 crores at current prices. Now, within the JDA, if we look at all the projects, 4 projects which are the Bandra project, the BKC project, Wadala, and Sion have already been launched and they are progressing rapidly. And they have already generated for us over the last 2.5 to 3 years that we have launched this JDA-based model, they have already generated a sales value of INR3,432 crores and a collection of INR857 crores till date. And this will keep on growing as we go on. So, if we look at our booking value contribution mix for the period, that also reflects and follows a very similar pattern of the GDV, where non-Thane JDAs have contributed 57% of the presale value and Thane has contributed 43% of the sale value. So, while there is a mix, if you see, INR25,000 crores versus INR27,000 crores in terms of GDV, but the sale contribution of JDAs is higher as compared to the Thana land because they are distributed across various micro markets and the potential to grow ov [Showing first 8,000 characters — download PDF for full document]