Raymond Realty listing: Shares of Raymond Realty are set to list on the stock exchanges on July 1, after their demerger from Raymond Limited. According to estimates by SBI Securities, Raymond Realty shares listing price could be in the range of ₹897 to ₹1,430. Meanwhile, Ventura Securities expects the listing price to be at ₹1,383 apiece.
Raymond Realty got demerged from Raymond Limited on May 1, 2025. The demerger ratio is 1:1, suggesting that each shareholder of Raymond Limited will receive one share of Raymond Realty.
Raymond Realty Board
Ahead of the listing, the company has strengthened its board, with the appointment of Gautam Singhania as the realty arm’s chairman and the elevation of Harmohan Sahni to MD and CEO.
Singhania said the company has embarked on an exciting journey as a focused, pure-play branded real estate firm.
“With a firm emphasis on professional management, robust corporate governance, shareholder interest and transparency, we are well-positioned to achieve our long-term aspirations,” Gautam Singhania said, as per a PTI report.
Raymond Realty’s FY26 Target
The recently demerged ₹3,000 crore”>Raymond Realty is targeting a 30% increase in its sales bookings this fiscal year to ₹3,000 crore on a strong launch pipeline of residential projects and robust demand.
The company looks to launch six residential projects this fiscal year in the Mumbai Metropolitan Region, with an estimated revenue potential of about ₹14,000 crore, according to a PTI report.
Financial Snapshot
The company, which is amongst the top 10 listed developers in the country and top five listed developers in the MMR (Mumbai Metropolitan Region), saw its real estate revenue and EBITDA rising 13% YoY each in Q4 FY25 to ₹766 crore and ₹194 crore, respectively.
In FY25, the revenue and EBITDA have grown 45% and 37% YoY to ₹2,313 crore and ₹507 crore, respectively, it added.
Raymond Realty Shares Listing Price
SBI Securities, in a recent note dated June 25, said that assuming 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 ₹897 to ₹1,430.
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 ₹1,148, the brokerage added.
Meanwhile, Ventura Securities, said that over FY25-28E, revenue/ EBITDA/ net earnings are expected to grow at a CAGR of 20%/ 17%/ 15.9% respectively to ₹4,065 crore/ ₹813 crore/ ₹426 crore, while EBITDA & net margins to remain stable at 20% & 10.5% respectively. Balance sheet is expected to remain net debt zero due to asset light project development, which will keep RoE at a better level of 16.2% in FY28E, it added.
“Given the substantial opportunities and growth prospects, the demerger of RRL will unlock significant value for shareholders by allowing the company to pursue sustainable growth with a focused, pure-play real estate strategy. RRL is set to be listed in July 2025, and our FY28 DCF-based price target is ₹1,383 per share,” the brokerage opined.
Delay in new project launches, cyclicality in real estate market and high competition are the key risks facing Raymond Realty, SBI Securities said.
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