Raymond just got lighter: share price adjusts for realty demerger
The record date for the demerger is set for Wednesday, 14 May 2025, to determine shareholder eligibility. As part of the arrangement, shareholders will receive one share of Raymond Realty for every share held in Raymond.
The steep fall in Raymond's stock is not indicative of a sell-off but reflects the price adjustment due to the spinoff of its real estate vertical. Raymond Realty will now operate independently as a standalone listed entity.
The demerger plan was first announced in July 2024 and received approval from the National Company Law Tribunal in March 2025. It officially came into effect on 1 May 2025. Post-demerger, investors will hold equity in both Raymond and Raymond Realty.
Raymond Realty is expected to be listed on the stock exchanges in the second quarter of FY2025-26. The move is part of Raymond Groups broader strategy to unlock value by restructuring its operations into focused verticals. This marks the groups second major demerger, following the listing of Raymond Lifestyle in September 2024.
During the Q4 quarter, the real estate business delivered a robust quarterly performance with a revenue of Rs 766 crore in Q4 FY25 from Rs 677 crore in Q4FY24 recording a growth of 13%. It reported an EBITDA of Rs 194 crore in Q4 FY25 from Rs 171 crore in Q4 FY24 and an EBITDA margin at 25.3% in Q4FY25.
Raymond's real estate business signed two new Joint Development Agreements (JDAs) in Mahim and Wadala, with a combined Gross Development Value (GDV) of approximately Rs 6,800 crore. With these additions, the total potential revenue from the current real estate portfolio stands at nearly Rs 40,000 crore, comprising around Rs 25,000 crore from the Thane land parcel and approximately Rs 14,000 crore from the JDA-led model.
In Q4 FY25, the business recorded a strong booking value of Rs 636 crore, driven primarily by sustained demand for projects such as The Address by GS 2.0, Invictus, and Park Avenue High Street Retail in Thane, as well as The Address by GS in Bandra under the JDA model. Additionally, the real estate segment has turned net cash surplus, reporting Rs 399 crore in cash.
Raymond Group, a pioneer in fabric manufacturing since 1925, later expanded into sectors such as engineering and real estate. Following the demerger of its lifestyle business into a separate listed entity in 2024, and now its real estate division, Raymond is now focused on its core strengthengineering. The companys engineering business is a market leader in the production of files and hand tools, with a strong footprint in both domestic and international markets. With the recent acquisition of Maini Precision Products Limited (MPPL), Raymonds engineering arm is set to transform into a large-scale provider of components for engineering, automotive, electric vehicles (EV), aerospace, and defense sectors.
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