Principle Approval from BSE and NSE for 13,80,588 Equity Shares Under ESOP 2025

Raymond Realty Limited has secured in-principle approval from BSE Limited and the National Stock Exchange of India Limited for the issue, allotment, and listing of up to 13,80,588 equity shares of Rs.10/- each. These shares are to be issued under the Raymond Realty Employees Stock Option Plan 2025, referred to as RRL ESOP 2025. The approvals were communicated to the company on May 12, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Approval Details

Both exchanges issued their respective in-principle approval letters on May 12, 2026. The key details of the approvals are summarised below:

Parameter: Details Number of Equity Shares: 13,80,588 Face Value per Share: Rs.10/- each Scheme Name: Raymond Realty Employees Stock Option Plan 2025 (RRL ESOP 2025) BSE Approval Reference: DCS/ESOP/IP/RD/064/2026-27 NSE Approval Reference: NSE/LIST/54510 Date of Approval: May 12, 2026 Regulatory Framework: SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021

Conditions Stipulated by the Exchanges

The in-principle approvals granted by both BSE and NSE are subject to the company fulfilling a set of conditions before the shares can be listed and traded. The key conditions include:

Notification to the exchanges as per Regulation 10(c) of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, along with a listing application, only after allotment of shares and credit to beneficiaries' accounts or dispatch of share certificates.

Payment of fees as prescribed by the exchanges from time to time.

Receipt of all statutory and other approvals, including compliance with guidelines issued by SEBI, RBI, and MCA.

Compliance with all guidelines, regulations, and directions of the exchanges and statutory authorities.

Compliance with all conditions of the SEBI (LODR) Regulations, 2015, as on the date of listing.

Compliance with the Companies Act, 1956 / 2013 and other applicable laws.

Submission of all required documents as specified in the checklists provided by BSE and NSE.

Both exchanges have reserved the right to withdraw their in-principle approvals if information submitted is found to be incomplete, incorrect, misleading, or false, or in contravention of applicable rules, bye-laws, and regulations.

Regulatory Disclosure

The intimation was made by Raymond Realty Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has stated that this information will also be made available on its website at www.raymondrealty.in in accordance with Regulations 30 and 46 of the SEBI Listing Regulations. The disclosure was signed by Hiren Sonawala, Company Secretary of Raymond Realty Limited, on May 12, 2026.

Raymond Realty Limited's Board of Directors, at its meeting held on May 05, 2026, approved the audited standalone and consolidated financial results for the financial year ended March 31, 2026. The board also recommended a dividend of ₹2 per equity share of face value ₹10 each (20% on equity share capital), subject to shareholder approval at the ensuing 7th Annual General Meeting. The AGM is scheduled for Tuesday, July 14, 2026, with a record date of Friday, July 03, 2026 for determining eligible shareholders. The dividend, if approved, will be paid on or after July 14, 2026. The financial results received an unmodified audit opinion from joint statutory auditors Walker Chandlok & Co LLP and Chaturvedi & Shah LLP.

Consolidated Financial Performance

The consolidated results for FY26 reflect the first full year of operations following the demerger of Raymond Limited's real estate business undertaking into Raymond Realty, effective from the appointed date of April 01, 2025. As a result, FY26 figures are not directly comparable with the corresponding period of FY25. The following table summarises the consolidated income statement highlights:

Metric: Q4 FY26 Q3 FY26 Q4 FY25 FY26 FY25 Revenue from Operations (₹ Lakhs): 1,15,674 75,755 11,705 2,99,079 56,518 Other Income (₹ Lakhs): 1,908 842 48 4,863 212 Total Income (₹ Lakhs): 1,17,580 76,597 11,753 3,03,942 56,730 Total Expenses (₹ Lakhs): 96,993 68,877 11,584 2,66,478 55,185 Profit Before Tax (₹ Lakhs): 20,587 7,720 169 37,464 1,545 Net Profit (₹ Lakhs): 16,112 6,679 240 30,459 1,777 Basic EPS (₹): 23.97 10.03 14.47 45.52 137.08 Diluted EPS (₹): 23.97 10.03 14.47 45.52 137.08

Consolidated total income for FY26 stood at ₹3,03,942 lakhs compared to ₹56,730 lakhs in FY25. Net profit for the year was ₹30,459 lakhs against ₹1,777 lakhs in FY25. For Q4 FY26, total income was ₹1,17,580 lakhs, up from ₹11,753 lakhs in Q4 FY25, with net profit at ₹16,112 lakhs compared to ₹240 lakhs in the year-ago quarter. Total comprehensive income for FY26 was ₹30,307 lakhs. Paid-up equity share capital stood at ₹6,657 lakhs as at March 31, 2026, and other equity was ₹1,50,085 lakhs.

Consolidated Balance Sheet Highlights

The consolidated balance sheet as at March 31, 2026 reflects the significant expansion following the demerger. Total assets stood at ₹7,06,238 lakhs, comprising non-current assets of ₹10,851 lakhs and current assets of ₹6,95,387 lakhs. Total equity was ₹1,56,742 lakhs, with non-current liabilities of ₹73,888 lakhs and current liabilities of ₹4,75,608 lakhs. Inventories stood at ₹4,28,057 lakhs and cash and cash equivalents at ₹28,512 lakhs as at March 31, 2026.

Consolidated Cash Flow Highlights

On a consolidated basis, net cash used in operating activities for FY26 was ₹90,996 lakhs, reflecting the scale-up of construction and working capital requirements. Net cash generated from investing activities was ₹1,869 lakhs, while net cash generated from financing activities was ₹72,508 lakhs, driven by proceeds from long-term borrowings of ₹1,08,680 lakhs. The net decrease in cash and cash equivalents for the year was ₹16,619 lakhs, with closing cash and cash equivalents at ₹26,512 lakhs.

Standalone Financial Performance

On a standalone basis, Raymond Realty reported total income of ₹1,72,568 lakhs for FY26, with revenue from operations at ₹1,61,574 lakhs and other income at ₹10,994 lakhs. The standalone net profit for FY26 was ₹26,272 lakhs. For Q4 FY26, standalone total income was ₹58,707 lakhs, with a net profit of ₹12,823 lakhs. The following table presents the standalone income statement highlights:

Metric: Q4 FY26 Q3 FY26 FY26 Revenue from Operations (₹ Lakhs): 54,758 36,449 1,61,574 Other Income (₹ Lakhs): 3,949 2,502 10,994 Total Income (₹ Lakhs): 58,707 38,951 1,72,568 Total Expenses (₹ Lakhs): 42,747 32,839 1,40,023 Profit Before Tax (₹ Lakhs): 15,960 6,112 32,545 Net Profit (₹ Lakhs): 12,823 4,915 26,272 Basic EPS (₹): 19.03 7.38 39.23 Diluted EPS (₹): 19.03 7.38 39.23

Standalone other equity as at March 31, 2026 was ₹1,48,832 lakhs, compared to ₹(136) lakhs as at March 31, 2025. Total standalone assets stood at ₹3,50,867 lakhs as at March 31, 2026, against ₹31 lakhs as at March 31, 2025, reflecting the significant expansion following the demerger.

Standalone Cash Flow Highlights

On a standalone basis, net cash used in operating activities for FY26 was ₹14,490 lakhs. Net cash used in investing activities was ₹58,018 lakhs, primarily reflecting loans given to subsidiaries of ₹60,871 lakhs and investment in preference shares of subsidiaries of ₹15,000 lakhs, partially offset by interest received of ₹9,821 lakhs and deposits matured (net) of ₹11,746 lakhs. Net cash generated from financing activities was ₹49,049 lakhs, driven by proceeds from long-term borrowings of ₹67,500 lakhs. Closing cash and cash equivalents stood at ₹17,828 lakhs.

Like-to-Like Comparative Financial Performance

The investor presentation also provided a like-to-like comparison (figures represent historical financial performance including the Raymond Realty Division of Raymond Limited before its demerger, provided solely for ease of comparison and not forming part of published SEBI-format financial results). The following table presents the like-to-like profit and loss highlights:

Particulars (₹ Cr.): Q4 FY26 Q3 FY26 Q4 FY25 YoY FY26 FY25 YoY Revenue from Operations: 1,157 758 758 51% 2,991 2,320 — Total Income: 1,176 766 770 53% 3,039 2,351 29% EBITDA: 253 100 170 49% 495 437 13% EBITDA Margin %: 21.5% 13.0% 22.1% — 16.3% 18.6% — PBT (before exceptional items): 206 77 154 34% 375 370 1% PBT Margin %: 17.5% 10.1% 20.0% — 12.3% 15.7% — Net Profit: 161 67 112 44% 305 274 11%

The like-to-like balance sheet for FY26 shows total assets of ₹7,061 crore, comprising non-current assets of ₹369 crore and current assets of ₹6,692 crore. Equity stood at ₹1,567 crore, non-current liabilities at ₹3,617 crore, and current liabilities at ₹1,877 crore. On a cash flow basis, the opening balance was ₹600 crore, with total inflows of ₹1,759 crore and total outflows of ₹2,812 crore, resulting in a net operating cash outflow of ₹1,053 crore. A bank loan of ₹811 crore brought the closing balance to ₹358 crore.

Operational and Business Highlights

Raymond Realty's investor presentation reported a booking value of ₹3,023 crore in FY26, a 31% YoY growth over ₹2,314 crore in FY25. Q4 FY26 booking value was ₹1,519 crore, driven by four major launches: The Address by GS – Wadala (3rd JDA Project), The Address by GS – Sion (4th JDA Project), TenX – District 9, and Park Street (Thane). Customer collections for Q4 FY26 stood at ₹515 crore, while FY26 full-year collections were ₹1,725 crore compared to ₹1,887 crore in FY25. The company's total portfolio stands at approximately ₹42,000 crore in Gross Development Value across the Mumbai Metropolitan Region.

Key operational metrics and business developments for FY26 include:

JDA contribution: JDA projects accounted for 56% of annual pre-sales, achieved two years ahead of schedule in FY26, up from 22% in FY25

Thane land parcel: Approximately 60 acres under development, representing ~6.6 million sq. ft. of RERA carpet area and a revenue potential of ₹15,300 crore; ₹9,100 crore already sold with collections of ₹7,000 crore to date

JDA portfolio: Seven projects with a combined revenue potential of ~₹17,000 crore; four under active development (Bandra East, BKC, Wadala, and Sion)

Net Debt: ₹656 crore at the end of Q4 FY26, with gross debt of ₹1,014 crore and gross cash of ₹358 crore; debt/equity ratio of 0.6

Liquidity buffer: ₹358 crore

Cost of Debt: ~9.60%

Project-wise Booking Update

The investor presentation detailed booking performance across ongoing Thane and JDA projects. Key highlights from the project-level data are summarised below:

Project: Location Q4 FY26 Bookings (Units) Q4 FY26 Value (₹ Cr.) Project-to-Date Value (₹ Cr.) % Units Sold The Address by GS – Bandra (JDA): Bandra 69 196 1,455 ~62% The Address by GS – Wadala (JDA): Wadala 186 538 538 ~30% The Address by GS – Sion (JDA): Sion 17 55 74 ~4% Invictus by GS – BKC (JDA): BKC 36 180 404 ~38% The Address by GS – S1 (Thane): Thane 19 30 1,231 ~90% The Address by GS – S2 (Thane): Thane 1 8 1,464 ~98% Invictus by GS – Tower A (Thane): Thane 12 44 1,371 ~84% Invictus by GS – Tower B (Thane): Thane 1 5 476 ~86% Ten X Era (Thane): Thane 20 56 198 ~34% Ten X District 9 (Thane): Thane 92 139 139 ~12% Park Avenue Retail (Thane): Thane 6 22 369 ~88% Park Street – High Street Retail (Thane): Thane 7 43 106 ~18% Invictus by GS – BKC (Retail, JDA): BKC 45 199 199 ~73%

Future Launch Pipeline

Looking ahead, Raymond Realty has outlined launches planned for FY27, including two new projects on own land in Thane and two new JDA projects in Mumbai. Additional upcoming projects in Thane include The Address by GS – Season 3 and Invictus by GS – Tower B, while new JDA projects under evaluation include Mahim 1, Mahim 2, and a newly signed Kandivali project with a revenue potential of ~₹3,000 crore.

Commenting on the performance, Mr. Harmohan Sahni, Managing Director & CEO, Raymond Realty Limited said: "FY26 marks a defining chapter for us, transitioning from a period of robust planning to one of scaled execution. Our performance, particularly the ₹1,519 crore in pre-sales this final quarter, validates our strategic adaptability and our ability to unlock value across diverse micro-markets through the JDA model. This momentum is a testament to the 'Go Beyond' philosophy—a commitment to beauty, discipline, and excellence that continues to resonate deeply with our homebuyers. As we look ahead, we remain focused on driving sustainable growth and delivering consistent, long-term value to our shareholders."

Demerger Background and Comparability

The Board of Directors of Raymond Limited, at its meeting held on July 4, 2024, approved a composite scheme of arrangement for the demerger of its real estate business undertaking into Raymond Realty on a going concern basis, with an appointed date of April 01, 2025. The National Company Law Tribunal granted approval on March 27, 2025, and the scheme was filed with the Registrar of Companies on April 30, 2025. As consideration for the demerger, Raymond Realty issued equity shares to Raymond Limited shareholders in a 1:1 swap ratio, allotting 6,65,73,731 equity shares of ₹10 each on May 16, 2025. These shares were subsequently listed on BSE Limited and the National Stock Exchange of India Limited on July 1, 2025. As the demerger has been accounted for with effect from April 01, 2025, the financial results for FY26 are not comparable with the corresponding periods of FY25.

Dividend and AGM Details

The Board has recommended a dividend of ₹2 per equity share (20% on face value of ₹10 each) for the financial year ended March 31, 2026, subject to shareholder approval at the 7th Annual General Meeting. Key dates are as follows:

Parameter: Details Dividend per Share: ₹2 (20% on face value of ₹10) 7th AGM Date: Tuesday, July 14, 2026 Record Date: Friday, July 03, 2026 Dividend Payment (if approved): On or after Tuesday, July 14, 2026