Raymond Realty To List On July 1; Asset-Light Strategy Likely To Fuel Growth Plans
The demerger from Raymond Ltd. is set to provide greater operational clarity and financial transparency.
As Raymond Realty Ltd. prepares for its listing on both the BSE and NSE on July 1, the real estate subsidiary of Raymond Ltd. aims to unlock significant shareholder value and sharpen its focus on property development.
The demerger from Raymond Ltd. is set to provide greater operational clarity and financial transparency, and this, according to Ventura Research, will offer investors a pure-play exposure to India's real estate sector.
The focus is particularly within the high-demand Mumbai Metropolitan Region. Each Raymond Ltd. shareholder will receive one Raymond Realty Ltd. share for every share held.
Raymond Realty's business model is marked by its 100-acre land bank in Thane and an asset-light expansion approach through Joint Development Agreements in Mumbai's prime locations like Bandra, Mahim, Sion, and Wadala.
The Thane land bank alone holds a revenue potential of approximately Rs 25,000 crore, with 40 acres currently under development, with Rs 9,000 crore revenue potential. The remaining 60 acres is slated for future development with Rs 16,000 crore revenue potential over the next seven years.
The six signed JDAs in Mumbai contribute an additional gross development value of approximately Rs 14,000 crore. This, according to Ventura Research, will ensure robust profitability and cash flows without straining the balance sheet, as RRL is primarily responsible for construction.
The company plans to launch six new residential projects this fiscal year, all strategically located in the MMR, offering apartments ranging from Rs 2 crore to Rs 20 crore to cater to both premium and luxury housing segments.
In terms of performance, Raymond Realty recorded residential property sales worth Rs 2,314 crore in financial year 2025, with revenue increasing by 45% year-over-year compared to the previous year. The company has already launched projects worth over Rs 10,500 crore, and its total Gross Development Value stands at around Rs 40,000 crore.
Looking ahead, the company targets a 30% increase in revenue to Rs 3,000 crore in financial year 2026. The balance sheet is expected to remain net debt-zero. Ventura Research set a price target of Rs 1,383 per share for Raymond Realty.
