Raymond Realty eyes 20% Ebitda growth in FY26 ahead of July listing

Spun off from Raymond, the real estate arm expects 20 per cent Ebitda growth and 20-25 per cent bookings rise in FY26 as it prepares for listing in early July

Raymond Realty, which is expected to list separately on the bourses next month, is eyeing a 20 per cent year-on-year (Y-o-Y) growth in earnings before interest, taxes, depreciation, and amortisation (Ebitda) this financial year (FY26). The company’s Ebitda for FY25 was ₹507 crore, up 37 per cent Y-o-Y.

 

Chairman and Managing Director of Raymond,Gautam Singhania, said, “We want to grow the top line by 15 per cent and Ebitda by 20 per cent; that is the stated policy. But I don't see any reason why we can't do better.”

 

Meanwhile, the company’s revenue in FY25 stood at ₹2,313 crore, up 45 per cent Y-o-Y.

 

“Different segments of the market face peculiar headwinds and tailwinds. The affordable luxury segment that we operate in is a good space,” Singhania added.

 

Raymond Realty is likely to be listed in the first week of July, depending on regulatory approvals.

 

The company was spun off as a separate entity from Raymond Limited last month. Following the record date, the market capitalisation of the parent had declined by ₹6,745 crore.

 

Singhania refrained from guessing the market value at which Raymond could list but was confident of significant value unlocking.

 

He stated that the company may launch at least three projects in FY26 from the six joint development agreements (JDAs) that it has signed. That it is in the process of getting final approvals.

 

The company’s bookings stood at ₹2,314 crore in FY25. Going ahead, it is targeting a 20-25 per cent bookings growth this financial year. 

 

Raymond Realty has been pursuing a JDA business model. The company’s JDA portfolio has a revenue potential of ₹14,000 crore.

 

“That (JDAs) is our way forward. All our growth is coming from JDA. We haven't done asset-heavy projects by buying land. We are focused on the JDA model,” Singhania said.

 

Meanwhile, the company’s 100 acres of land in Thane is set to add ₹25,000 crore to its top line in the coming years.

 

“Our business started with our significant land bank. But there is a natural amount of time it will take to consume that floor space index (FSI). The land bank will continue to get consumed at 1-2 million square feet per year,” Singhania said.

 

Raymond Realty is currently operational in the Mumbai metropolitan region (MMR) with a vast presence in the micromarket of Thane.

 

Singhania stated that the company’s current focus is on Mumbai, but it may also enter the Pune market “at some point”.

 

He said that the company has done well despite an overall moderation in the housing sales across MMR. “Currently, I see affordable luxury to be a good segment, which is where we are. I don't think we have shown a slowdown in the last quarter. We have done reasonably well,” he added.

 

Considering the company’s expansion plans, Singhania said that the company doesn’t need any funds as of now. However, it will take a call on fundraising depending on the project additions over the next year and after the demerger. Raymond Realty is a zero net debt company as of March 31, 2025.

 

Raymond Lifestyle, the apparel business of the Raymond group which got listed separately in September 2024, is currently valued at ₹6,564 crore.