**Financial Highlights:** Raymond Realty (RRL) Q1 FY26 revenue: ₹374 Cr (down 23% YoY), net profit: ₹17 Cr (down 52% YoY), EBITDA margin: 10.5%. RRL holds ₹233 Cr net cash.

Historical growth is strong, with 4-year booking value CAGR of 55% and revenue CAGR of 64%. **Strategic Initiatives & Growth Drivers:** RRL employs a capital-light JDA model in MMR/Pune, targeting ~20% annual growth and ROCE.

Its pipeline projects ~₹25,000 Cr from Thane land and ~₹14,000 Cr from JDA, for ~₹40,000 Cr total Gross Development Value. **Business Developments:** RRL grew from one project (2019) to six ongoing.

Plans for 2025-26 include 2 new Thane projects and 3-4 new Mumbai JDA projects, with JDA expected to drive 50% of annual presales. **Market Position & Competitive Advantage:** A top 10 national/top 5 MMR developer, RRL is known for timely delivery and Thane market share.

Achieved ₹2,000 Cr topline and 26% ROCE in 6 years, significantly outpacing peers. **Investor Implications:** Despite Q1's profit dip, RRL's substantial pipeline, asset-light strategy, strong market position, and net cash balance indicate positive long-term growth potential.

Project execution will be crucial.