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Income Tax department concludes raids at Raymond Group offices
The raids were conducted at multiple Raymond Group offices, including Raymond Lifestyles, though no further details on findings were disclosed.
Raymond Realty maintained a robust financial position, remaining net-debt free with a net cash surplus of ₹233 crore.
The Income Tax Department has concluded its raids on multiple offices of Raymond Group, including those of its real estate arm, Raymond Realty Ltd. The company confirmed the development on Wednesday through a regulatory filing, stating that the survey, carried out under Section 133A of the Income Tax Act, 1961, was completed on September 30.
Raymond Realty clarified that it had extended full cooperation to the authorities during the course of the survey. “This is with reference to our intimation dated September 26, 2025, relating to a survey action under Section 133A of the Income Tax Act, 1961, by the Income Tax Department on some of the Company’s offices in India. We hereby inform that the said action was completed yesterday evening, and the Company had extended its full co-operation on the matter,” the company said in its filing.
The raids were conducted on September 25 and continued till 30 September at multiple Raymond Group offices, including Raymond Lifestyles, though no further details on findings were disclosed.
The regulatory update coincided with the release of Raymond Realty’s first-quarter earnings, where the company reported a sharp improvement in profitability despite moderation in bookings.
Net profit more than doubled year-on-year, rising to ₹16.5 crore for the quarter ended June 30, compared with ₹7.4 crore in the same period last year. Revenue also saw a substantial jump, more than tripling to ₹374.4 crore from ₹129.6 crore a year earlier.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 40% year-on-year to ₹24 crore from ₹17.1 crore. However, EBITDA margin contracted significantly to 6.4% from 13.2%, reflecting a sharp rise in input and operational costs during the quarter.
Booking values fell sharply to ₹306 crore in Q1 FY26 from ₹611 crore in the year-ago quarter. Collections also eased to ₹374 crore from ₹483 crore, as the company cited limited ready inventory in mature projects as the primary reason for the slowdown in sales momentum.
Despite the dip in bookings, Raymond Realty maintained a robust financial position, remaining net-debt free with a net cash surplus of ₹233 crore. The company also highlighted that its overall portfolio carried a gross development value (GDV) of approximately ₹40,000 crore, underscoring its long-term growth potential.
The Income Tax Department conducted a large-scale raid at the premises of FMCG major Marico Ltd., with around 200 tax officials deployed by the department’s Mumbai investigation unit. The surprise exercise is reportedly taking place across Marico’s offices and manufacturing units in various parts of India.
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