Raymond Realty Ltd

CARE Ratings stated that the rating assigned to bank facilities of RRL derives strength from strong operational performance supported by healthy booking status in the intermediate stage of execution, consistent improvement in annual bookings and collections of the company, and favourable market position, particularly in Thane real estate market. The rating also factors in the company's strong financial risk profile marked by current net debt free status and healthy committed receivable coverage position. The rating also factors in the presence of resourceful promoter group and experienced management profile which provides healthy financial flexibility to the company, being part of Raymond Group. However, rating strengths remain constrained by execution and marketing risk associated with sizeable development plans in the pipeline, limited track record in real estate development, moderate though improving scale of operations and limited geographic presence, and inherent cyclicality associated with real estate sector. The company's ability to timely launch planned projects, ramp up collections, while maintaining a comfortable financial risk profile, will remain a key rating monitorable. Raymond Realty (RRL) is the flagship real estate development company of the Raymond Group. On a consolidated basis, RRL has seven ongoing projects in Thane and Bandra, spanning over 45 lakh square feet (lsf). The scrip fell 2.06% to currently trade at Rs 793.75 on the BSE. Powered by Capital Market - Live

The stock debuted at Rs 1,000 on the NSE, compared to a discovered price of Rs 1,039.30. On the BSE, it opened at Rs 1,005, against a discovered price of Rs 1,031.30. At last check, the stock was trading at Rs 1,034.60 on the NSE and Rs 1,002 on the BSE. The demerger became effective on 1 May 2025. Under the scheme, shareholders received one share of Raymond Realty for every share held in Raymond. This is the Raymond Group's second major restructuring move, following the demerger and listing of Raymond Lifestyle in September 2024. The group aims to unlock value through a vertical-focused corporate structure. In the fourth quarter of FY25, Raymond Realty reported revenue of Rs 766 crore, up 13% from Rs 677 crore in Q4 FY24. EBITDA rose to Rs 194 crore from Rs 171 crore in the same period last year, with EBITDA margin improving to 25.3%. The company signed two new Joint Development Agreements (JDAs) in Mahim and Wadala, with a combined Gross Development Value (GDV) of approximately Rs 6,800 crore. These additions raised the total potential revenue from Raymond Realty's portfolio to nearly Rs 40,000 crore, including Rs 25,000 crore from its Thane land parcel and Rs 14,000 crore from JDA-led projects. Booking value in Q4 FY25 stood at Rs 636 crore, supported by strong demand for projects such as The Address by GS 2.0, Invictus, Park Avenue ' High Street Retail in Thane, and The Address by GS in Bandra. The real estate division also turned net cash surplus, reporting cash reserves of Rs 399 crore. Meanwhile, shares of Raymond were up 5.56%, while Raymond Lifestyle slipped 1.2%. Powered by Capital Market - Live