Analysts/Institutional Investor Meet/Con. Call Updates

RAYMOND REALTY LIMITED RRL/SE/26-27/45 August 17, 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 August 10, 2026, with respect to the financial results of Raymond Realty Limited for the First Quarter ended June 30, 2026. This transcript has also been uploaded on the website of the Company at 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 Q1 FY27 Earnings Conference Call” August 10, 2026 MANAGEMENT: MR. RAKESH TIWARY – GROUP CFO MR. HARMOHAN SAHNI – MD & CEO MR. ANKUR JINDAL – CFO MR. SUNNY DESA – HEAD, INVESTOR RELATIONS MODERATOR: MR. BHAVIN MODI – ANAND RATHI Page 1 of 18 Raymond Realty Limited August 10, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Raymond Realty Limited Q1 and FY27 Earnings Conference Call, hosted by Anand Rathi. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Bhavin Modi from Anand Rathi. Thank you, and over to you, sir. Bhavin Modi: Thank you. On behalf of Anand Rathi, I would like to welcome all the participants in the Q1 FY27 conference call of Raymond Realty Limited. Today, we have with us from Raymond Realty Limited senior management, Mr. Rakesh Tiwary, Group CFO; Mr. Harmohan Sahni, MD and CEO; Mr. Ankur Jindal, CFO; and Mr. Sunny Desa, Head, Investor Relations. Without taking further time, I would like to hand over the call to Mr. Harmohan Sahni. Over to you, sir. Harmohan Sahni: Today on this call for Raymond Realty's performance for the first quarter of financial year 2027. Very happy to share that we have entered FY27 with strong operational momentum. We have carried forward the scaled execution and the strategic clarity that we achieved in Q4 of last year, and which defined our entire last year's performance. The same momentum going forward continues. Our performance this quarter reflects sustained homebuyer confidence in Raymond Realty's brand and validates the deliberate execution of many years' work that we have put in over the last six years. The growth is finally coming to fruition, all the work that we have done. Across MMR, buyers continue to prioritize developer reliability, execution velocity, and product quality. And these are the exact areas where we, as your company, Raymond Realty, continue to lead and outperform a lot of other market participants. Let's look at our financial performance highlights for Q1. It has been underscored by both top line expansion and the operational efficiency that we have brought in. We achieved a robust booking value of INR700 crores, representing a 129% year-on-year growth compared to Q1 of FY26, which was INR306 crores, and Q1 FY27 we have achieved INR700 crores, which is a significant achievement over the last year. If we look at customer collections, customer collections reached INR550 crores for Q1, which is a 47% year-on-year growth compared to Q1 of FY26. Similarly, if we look at revenue booking, which is the total income that we have disclosed for Q1, the total income stood at INR536 crores as compared to INR392 crores in Q1 FY26. This is a 37% year-on-year growth and it is backed by sustained demand and project delivery and execution that we have shown. And last but not the least in the highlights is EBITDA. EBITDA increased by 70% year-on- year to INR70 crores as compared to INR41 crores in FY26. The EBITDA margins also, compared to Q1 FY26, expanded from 11% to 13%. So, we have managed to increase the profitability, even though we launched a lot of projects in Q4 of FY26. Page 2 of 18 Raymond Realty Limited August 10, 2026 So, all those projects that we launched in Q4 FY26, there were four projects that we launched during that quarter and quite a few of them in the month of March itself at the fag end of the year. So, the current year's initial profitability will reflect the upfront marketing and construction setup costs, and the margins will progressively normalize over subsequent quarters as project construction crosses revenue recognition thresholds, which is what we would be doing in Q2, Q3, and Q4. So, we are firmly and completely on track to achieving our full year EBITDA margin guidance of 17% to 19%. And this is a number that we have committed to the market over the last few interactions that we've had, that this is the range of EBITDA margin that you can expect from us, and we are completely on course to achieving that target for FY27. Now let's look at the balance sheet prudence and liquidity position, what has your company achieved. So, our expansion remains completely backed by strict financial discipline, while we have expanded quite aggressively and we continue to do so as we go forward, but we have maintained the financial discipline. The net debt at the end of Q1 closed at INR824 crores, maintaining a healthy debt-to-equity ratio of 0.7x in Q1 FY27. This number 0.7x is comfortably below our internal target of 1x that we have decided that we will maintain that discipline. So, it does provide enough headroom for our future expansion also going forward. Apart from other tools which are available to the company, this debt headroom also helps. We also hold INR271 crores liquidity buffer at the end of the quarter. So that ensures our ongoing construction pipeline is fully funded for the year ahead and it will continue at the breakneck speed that we have achieved over the previous years. We will continue to do so in the current year as well. Now let's look at our cost of debt. The cost of debt also remains stable and quite competitive compared to the market and our peers. The cost of debt stood at on an average 9.6%, so below 10%, which shows the confidence of the market and the lenders as well as the rating agencies in our business model as well as our performance. It is clearly reflected in the cost of debt that we have been able to achieve. Now let's look at the update on our overall portfolio, the GDV that we have. So, our total GDV, which is the gross development value, now stands at INR52,000 crores. This provides us a multi-year growth visibility, and we have work going forward at least, you know, six to seven years of growth is already there. The total work if we see, the company will have work for at least seven to eight years going forward. The key engine of our strategic pivot is the asset-light joint development agreement strategy. And if you look at just the JDA, the JDA's GDV today is about 52% of the total GDV out of the INR52,000 crores total GDV. So, JDA have already overtaken the owned land and that just shows you the growth momentum that we have in building our pipeline for future g [Showing first 8,000 characters — download PDF for full document]