Raymond Realty, the real estate arm of Raymond Limited, made its market debut on July 1, 2025, following its demerger. The stock quickly gained momentum, hitting the 5% upper circuit limit on both the BSE and NSE, despite a weaker-than-expected opening. Shares opened at ₹1,005 on the BSE and ₹1,000 on the NSE but soon surged, reaching ₹1,055.20 and ₹1,050, respectively. Let’s break down why Raymond Realty’s debut created so much buzz and what investors can expect from its future.
The demerger: a fresh start
On May 1, 2025, Raymond Realty officially separated from Raymond Ltd. The demerger was set at a 1:1 ratio, meaning every shareholder of Raymond Ltd received one share of Raymond Realty for every share they held. This move allowed Raymond Realty to focus entirely on real estate development, with no distractions from its previous business segments.
The demerger aligns with Raymond Group’s plan to transition into what they call “Raymond 2.0,” focusing on pure-play businesses in apparel, real estate, and engineering. By creating separate entities, Raymond Group hopes to unlock more value for shareholders.
Also read: Raymond’s demerger and the rise of Raymond Realty
Raymond Realty’s debut: the first steps in the market
When Raymond Realty listed on the stock exchanges, it faced a slight hiccup in its opening price. The shares opened at ₹1,005 on the BSE, lower than the discovered price of ₹1,031.30. On the NSE, the opening price was ₹1,000, below its discovered price of ₹1,039.30.
Despite this, the stock quickly gained traction, climbing 5% on both exchanges. By the afternoon, Raymond Realty shares were trading 3.5% higher on the BSE and 4% higher on the NSE. With approximately 640,000 shares changing hands by 10:20 AM, it was clear that investor interest in the stock was strong. The stock’s movement was attributed to a combination of strong growth expectations and the market’s faith in the company’s future.
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Raymond Realty’s strong financials and growth
One of the key reasons for Raymond Realty’s successful debut is its solid financial performance. The company posted a 45% year-on-year (YoY) revenue growth for FY25, reaching ₹2,313 crore. Its EBITDA (earnings before interest, taxes, depreciation, and amortization) grew by 37% to ₹507 crore. This strong financial growth was driven by the company’s solid project pipeline, especially in the Mumbai Metropolitan Region (MMR), where it ranks among the top developers.
In Q4 FY25, the company reported a 13% YoY growth in revenue to ₹766 crore, and its EBITDA reached ₹194 crore. The company also showed strong momentum in its booking values, recording ₹636 crore in bookings, mainly from high-demand residential projects like “The Address by GS 2.0” and “Invictus.”
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Key financial highlights
| Metric | FY25 |
| Revenue | ₹2,313 crore |
| EBITDA | ₹507 crore |
| Revenue Growth (YoY) | 0.45 |
| EBITDA Growth (YoY) | 0.37 |
| Q4FY25 Revenue | ₹766 crore |
| Q4FY25 EBITDA | ₹194 crore |
What’s next for Raymond Realty?
Raymond Realty is targeting a 30% increase in its sales booking value for FY26, aiming for ₹3,000 crore. The company’s strategy focuses on leveraging its strong development pipeline, which includes six new residential projects across MMR. These projects are expected to generate ₹14,000 crore in potential revenue, making Raymond Realty well-positioned to capitalize on growing demand in the region.
Additionally, the company’s net debt-free status and asset-light development model are seen as major advantages, allowing for greater operational flexibility. This puts the company in a strong position to tap into future growth opportunities in a rapidly evolving real estate market.
Raymond Realty’s future potential
Given the robust demand for real estate in MMR, especially for redevelopment projects, Raymond Realty is positioned to benefit from Mumbai’s growing population and the push for modern, earthquake-resistant buildings. The company’s focus on residential and redevelopment projects positions it to capture significant market share in the coming years.
Should you invest in Raymond Realty?
Raymond Realty’s debut performance shows strong potential for long-term growth. Despite the initial weaker listing, the stock quickly recovered and reached the 5% upper circuit limit, reflecting investor confidence. With its strong financials, robust project pipeline, and asset-light business model, Raymond Realty is well-positioned to take advantage of the booming real estate market in Mumbai.
If you’re considering an investment in Raymond Realty, it’s important to take into account its growth trajectory and future potential. Analysts are bullish on the stock, with a price target of ₹1,383 by FY28. This could make Raymond Realty an attractive option for investors looking for exposure to India’s real estate sector, especially given its focus on redevelopment and high-demand residential projects.
Conclusion
Raymond Realty’s successful debut marks a new chapter for the company and its investors. With its solid financial foundation, strong growth outlook, and a well-placed development pipeline, Raymond Realty is set to become a significant player in India’s real estate market. The company’s focus on redevelopment and residential projects in MMR further boosts its growth prospects, making it an appealing stock for investors looking for long-term potential.
