Raymond Realty to list on exchanges next month, targets ₹4,000 cr revenue in 3 years

Raymond plans to list its demerged real estate business Raymond Realty on the stock exchange in July and targets a revenue of ₹4,000 crore in the next three years.

The company had recorded a turnover of ₹2,300 crore in FY’25. It expects EBITDA to double to ₹800 crore in the next three years given the strong demand for affordable luxury housing projects.

The company has 100 acres of land in Thane and is developing 40 acres currently, while the remaining would be developed in a phased manner in future.

Amit Agarwal, Group CFO, Raymond, told businessline that the combined gross development value from owned land and JDAs (joint development agreement) is about ₹40,000 crore.

While projects worth ₹9,000 crore had already been launched, projects worth another ₹5,000–6,000 crore would be launched this year. Raymond Realty is targeting 20–25 per cent growth in its booking value in FY’26.

All the projects are expected to deliver a minimum Internal Rate of Return of 22 per cent, with EBITDA margins of over 20 per cent, he said.

Raymond Realty does not need much investment in developing the projects in Thane as most of the projects are already pre-booked. The minimal funding required would be met through internal accruals, he said.

The company has delivered the projects 2 years ahead of the RERA timeline; it is developing one- and two-bedroom-hall-kitchen apartments at ₹75 lakh in townships where buyers would get to enjoy the luxury of a huge garden and clubhouses, he said.

The Lifestyle business, which houses the textile and apparel business, will also bounce back from a difficult period last fiscal. The revenue from the lifestyle business should grow 11 per cent as the company has opened 300-350 retail stores, and demand has started improving. The company plans to invest ₹200 crore this fiscal, which would be funded through cash flows.

The 100-year-old company is adapting itself to growing demand from next-gen entrepreneurs for formal office attire or casual wear through continuous research, he said.

Raymond plans to invest ₹120 crore in the engineering business, which includes aerospace, defence and auto components. The company supplies auto components to the top 50 OEMs (original equipment manufacturers) and expects demand to grow from electric vehicles in the coming days.

Despite the planned capex, Raymond would remain a net debt-free company as it has about ₹1,200 crore in surplus cash on the books.

Published on June 25, 2025