Raymond Realty to list on stock exchanges on July 1. What to expect
, which was demerged from parent
Raymond Ltd
last month, is gearing up to list on stock exchanges on July 1 with
SBI Securities
expecting the fair value of the stock to be Rs 1,148.
'The group is moving towards business vertical specialization, with each unit (lifestyle, engineering,
real estate
) having its own roadmap. The core strategic focus remains on shareholder value creation through focused business verticals,' Raymond Group Chairman and MD Gautam Singhania said.
He said post
demerger
, the real estate arm of the conglomerate will continue to focus primarily on Mumbai, with possible expansion to Pune. 'The business model emphasizes "affordable luxury"—offering apartments with enhanced amenities such as clubhouses, play areas, etc. Growth will not require capex, as the company is operating on an asset-light joint development agreement (JDA) model,' he said.
On the engineering business side, Singhania said capex plans are under preparation and are likely to be finalised and disclosed in the next one-to-one-and-a-half months. Following the demerger of the real estate vertical, Raymond Ltd will now focus on just the engineering vertical.
Also Read |
Raymond Realty aims 30 pc growth in sales bookings in FY26 at Rs 3,000 cr on strong housing demand
The company said the demerger of the real estate business has become effective from May 1, 2025, and the record date is May 14, 2025, for the purpose of determining the eligible shareholders of the demerged company, Raymond Ltd.
According to the scheme of arrangement, each shareholder of Raymond Ltd will receive one share of Raymond Realty Ltd for every share held in Raymond Ltd.
Raymond Realty is targeting a 30 per cent increase in its sales bookings this fiscal year to Rs 3,000 crore on strong launch pipeline of residential projects and robust demand.
The company is amongst the top 10 listed developers in the country and top 5 listed developers in the MMR (Mumbai Metropolitan Region).
Raymond Realty plans to launch 2 new projects in FY26 on its own land in Thane and 4 new projects under the JDA model.
The company's real estate revenue and EBITDA have grown 13% YoY each in Q4 FY25 to Rs 766 cr/Rs 194 cr respectively. In FY25, the revenue and EBITDA have grown 45%/37% YoY to Rs 2,313 cr and Rs 507 cr respectively. While the EBITDA margin remained unchanged YoY in 4QFY25 at 25.3%, the same slipped 140 bps YoY to 21.9% in FY25.
Assuming that Raymond Realty will list at FY26E EV/EBITDA multiple of 11-15x and will deliver EBITDA growth in the range of 0-20% over FY25, the share price of Raymond Realty is expected to list in the range of Rs 897 to Rs 1,430, SBI Securities said.
In a base case scenario, assuming EBITDA growth of ~10% YoY in FY26 and EV/EBITDA
multiple of 13.0x (discount of 23.5% to its closely listed peers), the fair value of the business comes to Rs 1,148, the brokerage firm said.
"Post
listing
, Street will closely track KPI's and financial performance (pre-sales, embedded EBITDA margins, cash inflows/outflow, debt etc) of the company," it said.
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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