Raymond Realty Shares to List on Exchanges: What Investors Should Know
Raymond Realty shares are set to list on the stock exchanges on July 1, 2025, following a demerger from Raymond Limited. SBI Securities estimates the listing price to range from ₹897 to ₹1,430, while Ventura Securities projects a listing price of ₹1,383. The company aims to achieve significant growth with a focused real estate strategy.
Raymond RealtyReal Estate MarketDemergerStock ExchangeFinancial ProjectionsReal Estate NewsJun 30, 2025
Raymond Realty was demerged from Raymond Limited on May 1, 2025, with a demerger ratio of 1:1. This means that each shareholder of Raymond Limited will receive one share of Raymond Realty. Ahead of the listing, the company has strengthened its board, appointing Gautam Singhania as the chairman and elevating Harmohan Sahni to the role of MD and CEO.
Gautam Singhania, the new chairman, expressed optimism about the company's future, stating, “With a firm emphasis on professional management, robust corporate governance, shareholder interest, and transparency, we are well-positioned to achieve our long-term aspirations.”
Raymond Realty is targeting a 30% increase in sales bookings for the fiscal year 2026, aiming to reach ₹3,000 crore. The company plans to launch six residential projects in the Mumbai Metropolitan Region (MMR) this fiscal year, with an estimated revenue potential of about ₹14,000 crore.
Financially, Raymond Realty is among the top 10 listed developers in the country and the top five listed developers in the MMR. In the fourth quarter of FY25, the company saw a 13% YoY increase in real estate revenue and EBITDA, reaching ₹766 crore and ₹194 crore, respectively. For the entire fiscal year 2025, the revenue and EBITDA grew by 45% and 37% YoY, reaching ₹2,313 crore and ₹507 crore, respectively.
SBI Securities, in a recent note dated June 25, 2025, projected that Raymond Realty will list at an FY26E EV/EBITDA multiple of 11-15x, with EBITDA growth ranging from 0-20% over FY25. This suggests a listing price range of ₹897 to ₹1,430. In a base case scenario, assuming a 10% YoY EBITDA growth in FY26 and an EV/EBITDA multiple of 13.0x (a 23.5% discount to its closely listed peers), the fair value of the business is estimated at ₹1,148.
Ventura Securities, meanwhile, forecasts that over FY25-28E, revenue, EBITDA, and net earnings will grow at a CAGR of 20%, 17%, and 15.9%, respectively, to ₹4,065 crore, ₹813 crore, and ₹426 crore. The company expects EBITDA and net margins to remain stable at 20% and 10.5%, respectively. The balance sheet is expected to remain net debt zero due to asset-light project development, keeping RoE at a better level of 16.2% in FY28E.
Despite the positive outlook, SBI Securities has identified key risks facing Raymond Realty, including delays in new project launches, cyclicality in the real estate market, and high competition.
Given the substantial opportunities and growth prospects, the demerger of Raymond Realty will unlock significant value for shareholders. The company is poised to pursue sustainable growth with a focused, pure-play real estate strategy. Investors are advised to check with certified experts before making any investment decisions.
Frequently Asked Questions
What is the expected listing price range for Raymond Realty shares?
SBI Securities estimates the listing price of Raymond Realty shares to range from ₹897 to ₹1,430, while Ventura Securities projects a listing price of ₹1,383 per share.
When will Raymond Realty shares list on the stock exchanges?
Raymond Realty shares are set to list on the stock exchanges on July 1, 2025.
Who are the new chairman and MD/CEO of Raymond Realty?
Gautam Singhania has been appointed as the chairman, and Harmohan Sahni has been elevated to the role of MD and CEO of Raymond Realty.
What are Raymond Realty's financial targets for FY26?
Raymond Realty is targeting a 30% increase in sales bookings for FY26, aiming to reach ₹3,000 crore. The company plans to launch six residential projects in the Mumbai Metropolitan Region this fiscal year.
What are the key risks facing Raymond Realty?
The key risks facing Raymond Realty include delays in new project launches, cyclicality in the real estate market, and high competition.
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