Raymond Realty, the demerged real estate venture from Raymond Ltd, has emerged as an independent pure-play real estate company, with its shares listed on stock exchanges on July 1st. The company completed the demerger of its lifestyle business on June 30, 2024, and allotted RLL shares. The demerger scheme became effective from May 1, 2025, with a record date of May 14, 2025, entitling each shareholder of Raymond Ltd to one share of Raymond Realty Ltd for every share held in Raymond Ltd.
Raymond Realty has established itself as a prominent player in the Mumbai Metropolitan Region's (MMR) real estate sector. The company has built a significant presence in Thane and Mumbai within the MMR over the last six years, cementing its position amongst home buyers. The company's current portfolio boasts a substantial total gross development value (GDV) of approximately ₹40,000 crore, reflecting its significant market presence and robust development pipeline.
Raymond Realty's financial performance demonstrates consistent growth and strong operational execution.
Key Financial Metrics:
- Q4 FY25 Results:
- Revenue: Rs 766 crore (13% rise year-on-year)
- EBITDA: Rs 194 crore
- Compound Annual Growth Rate (CAGR) of revenue between Q4 FY22 and Q4 FY25: 34%
- Q3 FY25 Performance:
- Revenue: Rs 487.8 crore (11.12% year-on-year growth)
- EBITDA: Rs 116 crore (19.6% year-on-year growth)
- EBITDA Margin: 23.8% (improved from 22.1% in Q3 FY24)
- Full Year FY24-25 Performance:
- Revenue: ₹2,313 crore (45% increase from ₹1,593 crore in FY23-24)
- Property Sales: ₹2,314 crore (compared to ₹2,268 crore in the preceding year)
The company's substantial GDV of ₹40,000 crore and its consistent revenue growth highlight its strong market position in the MMR.
Raymond Realty operates across multiple strategic locations within the Mumbai Metropolitan Region. Since its inception, the company has successfully completed two housing projects and currently has six projects under construction.
Project Highlights:
- Q3 FY25 Booking Value: Rs 505 crore, driven by strong demand for projects like The Address by GS 2.0, TenX ERA, retail shop sales in Thane, and a Joint Development Agreement (JDA) for The Address by GS in Bandra.
- Strategic Expansion: The company is actively expanding its project portfolio through strategic acquisitions and joint development agreements. Ten X Realty West, a wholly-owned step-down subsidiary, has signed a JDA for a prestigious residential project in Mahim West, Mumbai, with an estimated revenue potential of approximately Rs 1,800 crore. This marks the company's second venture in this sought-after Mumbai locality.
Raymond Realty has ambitious plans to further solidify its market position and expand its footprint.
- New Launches: The company plans to launch six residential projects in the Mumbai Metropolitan Region this fiscal year, with an estimated revenue potential of about ₹14,000 crore.
- Land Acquisition: Raymond Realty is actively exploring opportunities to acquire more land parcels in the MMR through joint development agreements (JDAs) with landowners.
- Market Entry: The company is also evaluating entry into the Pune residential market through the JDA model.
- Booking Value Growth: Raymond Realty has set a target of 20-25% growth in booking value for its real estate business.
- Topline Growth: Raymond Group's Chairman, Gautam Singhania, has outlined plans to nearly double the real estate topline to Rs 4,000 crore over the next five years, targeting an annual growth of 15% in topline and 25% in EBITDA.
Raymond Realty has set an industry benchmark by delivering three towers 24 months ahead of RERA timelines, achieving this feat within just three years of operations. The company emphasizes project execution as a key Unique Selling Proposition (USP) and aims to consistently deliver projects ahead of regulatory timelines.
Raymond Realty operates on a capital-light business model, focusing on joint development agreements (JDAs) and strategic land acquisitions.
- Potential Revenue: The total potential revenue from its current Real Estate Business is estimated to be over Rs 32,000 crore, comprising Rs 25,000 crore from its Thane land parcel and Rs 7,000 crore from four separate JDAs.
- Future Expansion: The company plans to fuel future expansion through this capital-light model and by pursuing additional JDA projects that are currently under evaluation.
- Diversification into Retail: Raymond Realty has diversified into retail real estate with innovative projects. The launch of 'Park Avenue - High Street Reimagined', a first-of-its-kind retail space in Thane, signifies a pioneering step to create an aspirational ecosystem for its residential projects.
Raymond Realty's strategic focus on the Mumbai Metropolitan Region (MMR), one of India's most lucrative real estate markets, provides a significant competitive advantage.
- Extensive Land Bank: The company possesses a substantial land bank in the MMR, providing a strong foundation for sustained future growth.
- Strategic Expansion: The recent launch of its fifth project outside of its existing developments in Thane further underscores its strategic expansion within the MMR.
- Focus as an Independent Entity: The demerger from Raymond Ltd has positioned Raymond Realty to exclusively focus on real estate development. This independence allows the company to pursue its growth trajectory as a pure-play real estate business, offering investors direct exposure to the growth potential of the real estate sector in the MMR region.
