Raymond Realty Ltd Management Discussions

Economic Review

Indian Economy 2

Global Economy 1

In Calendar year (CY) 2025, the global economy grew by 3.4%, supported by moderating inflation despite persistent supply-side pressures and uneven regional recovery trends. Emerging Market and Developing Economies (EMDEs) continued to outperform advanced economies, while advanced markets grew at a moderate pace of around 1.9% amid softer consumption and investment activity. The United States recorded growth of approximately 2.1% and global inflation moderated from 5.8% to nearly 4.1% during the year.

Looking ahead, global growth is projected to moderate to around 3.1% in CY2026 and improve marginally to approximately 3.2% in CY2027, while inflation is expected to gradually ease further over the medium term. The outlook remains influenced by geopolitical developments, evolving trade dynamics and financial market conditions. However, stable monetary conditions, easing inflation and improving economic activity are expected to support liquidity, investment sentiment and capital flows, creating a relatively supportive environment for the real estate sector.

India remained one of the fastest-growing major economies during the year, with real GDP growth projected at 7.7%, supported by strong domestic consumption, sustained investments and prudent fiscal management. CPI inflation moderated to around 3.2%, supporting macroeconomic stability and consumer sentiment. Strong FDI inflows, manufacturing growth of 8.1% and services expansion of 9.1%, along with the Rs1.97 lakh crore PLI scheme across 14 strategic sectors, further strengthened industrial and economic activity.

The outlook for FY2027 remains positive, with GDP growth projected at around 6.6%, supported by urbanisation, resilient domestic demand and stable monetary conditions, with the repo rate maintained at 5.25%. Infrastructure-led development remains a key growth catalyst, with public capex increased to approximately Rs12.2 lakh crore in the Union Budget 2026-27. Continued investments in urban infrastructure, transport corridors and emerging economic clusters, along with the development of Tier-ll and Tier-Ill cities, are expected to support long-term real estate demand and broad-based economic growth.

Industry Overview Indian Real Estate sector

Indias real estate sector is expected to sustain its growth momentum, supported by continued urbanisation, strong infrastructure investments, favourable demographic trends and rising household incomes. Strong residential demand, increasing redevelopment activity and growing participation from institutional

investors are likely to support sector expansion. Additionally, improving connectivity across major metropolitan regions and a growing preference for organised developers are expected to drive long-term growth and strengthen the sectors overall outlook.

Mumbai Metropolitan Region (MMR)

The Mumbai Metropolitan Region (MMR) remains the largest and most dominant residential market in India, driven by strong end- user demand, high investor participation and sustained supply activity across both core and peripheral micro-markets. MMR consistently accounts for a significant share of total housing supply and absorption among the top cities, reinforcing its position as a key demand anchor. The market has transitioned into a more mature phase characterised by premiumisation, higher ticket sizes and improved pricing power, supported by infrastructure upgrades such as metro expansion and enhanced connectivity across suburban clusters. While demand momentum has moderated from peak levels, the region continues to exhibit resilience with steady absorption and calibrated supply, indicating a structurally stable growth trajectory. 3

The regions long-term growth outlook is further supported by large-scale infrastructure investments that are reshaping mobility and accessibility across MMR. Projects such as the Coastal Road, Mumbai Metro network, Atal Setu (Mumbai Trans Harbour Link), Sewri-Worli Connector, Bandra-Worli Sea Link, Eastern Freeway and the expansion of airport and transit infrastructure are enhancing connectivity between key residential, commercial and emerging growth corridors. Improved integration between western, central and eastern micro-markets is reducing travel times, expanding catchment areas and supporting residential demand across established and developing locations. These infrastructure initiatives, coupled with ongoing urbanisation and expanding social infrastructure, are expected to reinforce MMRs position as Indias most attractive real estate market.

Government Initiatives

Government initiatives provide a favourable operating environment for the residential real estate sector. Pradhan Mantri Awas Yojana (Urban) 2.0 and SWAMIH Fund II are expected to improve housing affordability, enhance access to finance and support the completion of stalled projects, thereby strengthening buyer confidence and sustaining long-term housing demand.

Additionally, the Urban Infrastructure Development Fund, National Urban Digital Mission, Land Record Digitisation and Model Tenancy Act reforms are expected to improve connectivity, regulatory efficiency and transparency across the sector. Higher infrastructure capital expenditure is also expected to accelerate urban development and support long-term growth in organised residential real estate markets.

Company Overview

Raymond Realty Limited is a real estate developer focused on high- growth micro-markets within the Mumbai Metropolitan Region. Following its demerger and listing during the year, the Company strengthened its strategic focus on real estate-led growth while expanding beyond its legacy Thane market into key locations across Mumbai. Its portfolio comprises premium residential and mixed-use developments, catering to the evolving preferences of urban homebuyers. Supported by a trusted brand, an experienced management team and a disciplined project selection approach, the Company is positioned among the leading listed developers in the Mumbai Metropolitan Region.

The Company follows a capital-efficient development model combining owned land projects with joint development agreements, enabling scalable growth while maintaining financial discipline. Strong execution capabilities, robust quality assurance processes and technology-enabled operations support timely project delivery and customer engagement. During the year, the Company launched seven projects across four key micro-markets within the Mumbai Metropolitan Region (MMR), namely Thane, BKC, Wadala and Sion. The launches witnessed encouraging customer response, reflecting sustained demand across its target markets. This strong performance showcases the Companys brand strength, execution capabilities and strategic focus on expanding its presence across high-potential real estate markets within the MMR.

Business Overview

Raymond Realty has established a diversified residential and retail real estate portfolio across the Mumbai Metropolitan Region (MMR), leveraging both its owned land bank in Thane and an asset- light Joint Development Agreement (JDA) model across key micromarkets including Bandra, BKC, Wadala and Sion.

Project Portfolio Overview

TenX Habitat, Thane

Live The Ten X Life

Ten X Habitat is a vibrant gated community on Pokhran Road, Thane, where sustainability, contemporary design, and cutting-edge architecture come together to create an exceptional living experience. Boasting seamless connectivity and proximity to key social infrastructure, the development offers ready-to-move-in homes complemented by thoughtfully curated amenities. Crafted for modern urban living, Ten X Habitat delivers a future-ready lifestyle centred on comfort, convenience, and tranquil living.

The Address By GS, Thane

Like No Other

The Address by GS is designed for those who have made living a good life a habit. Offering the perfect balance of convenience and exclusivity, it places the citys prime locations within easy reach. Surrounded by manicured gardens, its iconic twin towers and 45,000 sq. ft. of clubhouse space redefine modern, classy living. Signature three and four Bed residences and limited-edition five and six Bed homes bring together expansiveness, upscale design and personalised comfort.

TenX Era, Thane

Experience The New Era In Living

Ten X Era is an exclusive world created miles ahead of its time, where carefully curated amenities and smart use of space shape a futuristic lifestyle. Its two and three bed residences offer spacious living defined by unmatched elegance, comfort and signature architecture. A multitude of delights transforms everyday living into moments worth cherishing.

Invictus By GS - Tower A, Thane

The Birth Of Power Lliving

A landmark of ultra-luxe living, offering bespoke residences crafted with exceptional attention to detail. Blending timeless elegance with contemporary design, it creates an exclusive lifestyle defined by prestige, comfort, and sophistication.

The Address By GS - Season 2, Thane

An Incomparable World

The Address by GS Season 2 offers unparalleled luxury through intelligent design, expert craftsmanship, and exquisite detailing. Its thoughtfully crafted three, four, five and six bedroom abodes blend spacious living with modern comforts. Set amidst lush greenery and stunning views, it delivers a tranquil lifestyle enriched by amenities that redefine luxury living.

Park Avenue, Thane

High Street Retail Like Never Before

A premium retail destination thoughtfully designed to empower brands and unlock new avenues of growth. Catering to a discerning and affluent consumer base with a penchant for luxury and lifestyle, the development offers an exceptional platform for businesses to enhance visibility, strengthen customer engagement, and drive sustainable profitability.

TenX Vibes, Thane

A vibrant destination for work and retail

Ten X Vibes is a modern retail plaza offering a dynamic blend of retail outlets, convenience shops, and boutique office spaces. Anchored by a vibrant central plaza for events and community engagement, it is designed to support growth, connection, and everyday convenience. A destination where business flourishes and life thrives.

The Address By GS, Bandra

Bandras Finest Gated Community

The Address by GS Bandra redefines community living as Bandras finest gated community. Featuring elegantly designed two, three and four bed residences with exceptional finishes and meticulous detailing, it offers a truly elevated lifestyle. Set amidst lush landscapes and Portuguese-inspired architecture, this exclusive sanctuary creates an unparalleled living experience.

Invictus By GS - Tower B, Thane

Reside In Luxury, At a Different Altitude

Invictus By GS (Tower B) is a masterful expression of timeless sophistication. Every space is meticulously curated, where luxury meets comfort in every detail. Blending indoor serenity with outdoor vitality, it offers seamless access to lifestyle-driven amenities. More than a residence, it is a canvas for elevated living.

The Address By GS - Season 3, Thane

Perfected Proven. Back For More

At Thanes most coveted address, luxury is defined by expansive elegance, intimate comfort, and timeless style. Featuring thoughtfully crafted three, four, five and six bed abodes, it offers an elevated lifestyle enriched by curated amenities. Surrounded by lush greens and stunning vistas, this sanctuary seamlessly blends modern design with refined living.

Invictus By GS, BKC

Welcome to the Gold Collar Life

The Gold Collar Life captures the essence of Invictus by GS, BKC, where power, privilege, and refined taste come together. Every finish and detail reflects the discipline, drive and distinction of those who have built their success. A world where success speaks and luxury indulges; this is living at its most elevated.

TenX District 9, Thane

An Evolved Lifestyle for a New Generation

Ten X District 9 is designed as a self-contained residential ecosystem integrating sophisticated architecture, intelligent spaces and seamless connectivity. The development aims to offer a sustainable and well-planned living environment within a rapidly evolving urban context.

Park Street, Thane

Next-Gen Retail Experience

At the heart of high-street brilliance, Park Street is home to iconic brands, designer boutiques, and gourmet cafes. Every step sparks discovery and style, while its dynamic energy shapes the citys rhythm of fashion, flavor and leisure from sunrise to twilight.

The Address By GS, Sion

Exceptionally Raymond. Erternally Sion.

In a world thats constantly moving, there is a rare luxury in staying rooted. The Address by GS - Sion is conceived as a residential sanctuary rather than just a housing development. Designed for those who value lasting stature, it reflects the belief that true distinction lies not only in height, but in the depth of its foundation and the strength of its legacy.

The Address By GS, Wadala

The Next Throne of SoBo - Central

The Address by GS, Wadala marks a new chapter in Mumbais luxury landscape. The Next Throne of South Bombay (SoBo) Central seamlessly blends the timeless sophistication of SoBo with the vibrant energy of the Central Suburbs. More than a residential address, it is a destination designed for those who aspire to belong to the citys new elite.

Financial Performance

(Rs in Lakh)

Particulars	Year ended March 31, 2026	Year ended March 31, 2025
Income
1. Revenue from operations	2,99,079	56,518
II. Other income	4,863	212
III. Total Income	3,03,942	56,730
IV. Total expenses	2,66,478	55,185
V. Profit from continuing operations before tax (III - IV)	37,464	1,545
VI. Total Tax expense	7,005	(232)
VII. Profit for the period from continuing operations (V - VI)	30,459	1,777
VIII.Other comprehensive income/expense for the period	152	-
IX. Total other comprehensive income for the period (VII - VIII)	30,307	1,777

Opportunities and Threats
Opportunities		Description
	Strong Housing Demand in MMR	Continued urbanisation, rising disposable incomes and sustained demand for premium and mid-premium housing in the Mumbai Metropolitan Region provide long-term growth visibility for residential developers.
	Redevelopment Potential	Mumbais ageing housing stock and increasing redevelopment activity present significant opportunities for organised developers with strong execution capabilities and established brand equity.
	Asset-Light JDA Expansion	The joint development model enables capital-efficient expansion with lower upfront investment, improving scalability while reducing land acquisition risks.
	Infrastructure-Led Growth	Ongoing metro rail expansion, road connectivity improvements and urban corridor development across MMR are enhancing accessibility and enhancing the attractiveness of emerging residential micro-markets.
	Premiumisation Trend	Increasing preference for branded, high-quality residential developments is strengthening pricing power and demand for differentiated housing offerings.
Challenges		Description
	Regulatory Approval Delays	Delays in obtaining statutory approvals, permits and clearances may affect project launch schedules and construction timelines.
	Rising Construction Costs	Inflation in raw materials, labour and contracting costs may exert pressure on project margins if not managed efficiently.
	Intense Market Competition	Strong competition from established regional and national developers in key urban micro-markets may impact pricing and market share.
	Demand Sensitivity to Interest Rates	Changes in home loan interest rates may affect buyer affordability and influence residential sales momentum.
	Geopolitical Uncertainty and Cost Inflation	Prolonged geopolitical tensions may lead to volatility in commodity and energy prices, resulting in higher construction material costs and potential pressure on project development economics.

Sustainability

The Company embeds sustainability within its strategic and operational framework by integrating environmental considerations across project planning, design and execution. Dedicated teams drove initiatives focused on resource efficiency, responsible material selection and lifecycle optimisation. Water and energy management remained key priorities through the deployment of rainwater harvesting systems, sewage treatment plants, low-flow fixtures, energy-efficient systems and selective renewable energy applications. The Company also strengthened responsible sourcing practices by aligning its supply chain with environmental, social and governance principles. The improvement in environmental, social and governance scores during the year reflected the effectiveness of its sustainability-led approach, while alignment with Indian Green Building Council standards reinforced its commitment to environmentally responsible development.

Human Resources

The Companys human capital strategy remained focused on building a high-performance, inclusive and engagement-driven workplace aligned with its long-term business objectives and governance priorities. During the year, the Company strengthened cross-functional collaboration and leadership development through its House System operating model and introduced the Women Brigade initiative to enhance gender diversity across functions. Capability building continued through structured learning programmes covering functional, behavioural and digital skills, along with compliance and safety training. Employee engagement initiatives, including recognition programmes and leadership-led town halls, further strengthened transparency, workforce alignment and morale. The Company maintained a stable workforce with controlled attrition and improving diversity metrics, reflecting a balanced approach to talent development and retention.

Total Employees as at 31 s March, 2026

Company Outlook

Raymond Realty is well-positioned to sustain its growth trajectory, supported by a robust project portfolio, strong brand equity and sustained demand across key micro-markets of the Mumbai Metropolitan Region (MMR). The Company remains focused on expanding its development footprint while maintaining financial discipline, with recently launched projects and a balanced mix of

owned developments and joint development projects expected to drive future performance.

The Company will continue to pursue a calibrated expansion strategy centred on high-potential locations, leveraging its asset- light JDA model to enhance capital efficiency and strengthen its presence in attractive markets. Supported by multiple planned launches, a sizeable development portfolio and a focus on execution excellence, the Company remains poised to capitalise on long-term opportunities in the residential real estate sector and create sustainable value for stakeholders.

Disclosure of Accounting Treatment

The Company prepares its financial statements in accordance with Ind AS under the Companies Act, 2013, on an accrual basis and historical cost convention, except for certain items measured at fair value. Revenue and expenses are recognised in line with contractual terms and applicable accounting principles, while assets, liabilities and inventories are measured as per applicable standards.

Internal Control Systems and Their Adequacy

The company has a robust internal control framework, which is essential for its complex and widespread operations. The framework is designed to ensure the accuracy and reliability of financial reporting, the efficiency of operations, the safeguarding of assets and strict compliance with all applicable laws and regulations. The internal audit function continuously monitors the adequacy and effectiveness of these controls and its findings are reviewed by the Audit Committee of the Board, ensuring the highest level of oversight.

Cautionary Statement

This Management Discussion and Analysis has been prepared in accordance with Regulation 34(2)(e) read with Schedule V (Part B) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. It provides an overview of the Companys business performance, industry developments and future outlook. This section may contain forward-looking statements based on managements current expectations, estimates and assumptions. Actual results may differ materially due to various risks and uncertainties, including changes in economic conditions, regulations, market dynamics and other factors beyond the Companys control. The Company undertakes no obligation to publicly update such statements except as required under applicable law.