01 — At a Glance
The Realty Developer That Makes “No Free Samples” Viable
- 52-Week High / Low₹1,055 / ₹349
- Q3 FY26 Sales Revenue₹758 Cr
- Q3 FY26 PAT₹66.8 Cr
- Q3 EPS₹10.03
- Annualised EPS (9M Avg × 4)₹28.73
- Book Value / Share₹202
- Price to Book2.07x
- Net Debt (Dec 2025)₹230 Cr
- Total Portfolio Potential₹40,000 Cr
- Land Bank Potential Revenue₹25,000 Cr (Thane)
Flash Summary: Raymond Realty just delivered Q3 FY26 PAT of ₹66.8 crore — up 2,119% YoY from a ₹3 crore quarter in Dec 2024. Yes, that baseline was tiny, but the fact that they’re now consistently profitable and booking projects at ₹743 crore in Q3 (up 47% YoY) suggests the demerger didn’t just separate them from Textiles Dad — it unlocked growth on steroids. At 19x P/E with 72% ROE and a ₹40,000 crore project pipeline waiting to be monetized, the market’s 10% three-month pullback looks like someone panic-sold at a wedding reception.
02 — Introduction
When Textiles Dad Says “Go Be Your Own Developer”
On May 14, 2025, Raymond Limited did something unusual in India’s corporate world: it demerged its real estate arm cleanly, gave it a crisp 1:1 ratio split, and said “beta, now you’re on your own.” On July 1, 2025, Raymond Realty Limited (RRL) got listed on BSE and NSE — a brand new PSU pretending to be a startup with ₹2,773 crore market cap and enough ambition to make a tiger jealous.
The timing was not accidental. Mumbai real estate was entering a blue-chip phase — premium residential projects selling faster than chai in Dombivli. The government was liberalizing slum rehabilitation policies. And suddenly, the Singhania family’s real estate division (which had been quietly executing projects since 2017) needed its own platform. So here we are: a brand new listing, zero dividend, all-in growth mode, and a management team that speaks in quarters like they’re running a startup, not a 175-year-old family conglomerate’s property side.
The Q3 FY26 story is delicious. While the TTM (Trailing Twelve Months) shows ₹1,945 crore in sales and ₹146 crore in PAT, the quarterly trajectory tells the real story: they’re accelerating. Q3 bookings crossed ₹743 crore (+47% YoY). Collections hit ₹1,210 crore in 9M. And management is guiding 20% pre-sales growth for FY26, which sounds conservative given they’re launching 4 new projects in Q4 alone. Welcome to the New Raymond Realty. Textiles? Never heard of her.
CARE Ratings Note (Jul 2025): CARE A+; Stable — this is what you assign to a debt-light, asset-rich, property developer with zero-debt history and a 60-acre land bank worth ₹25,000 crore in Thane. The rating also factors in “resourceful promoter group and experienced management profile” — which is code for “these people own Raymond Group, so financial flexibility is baked in.”
03 — Business Model: Building Boxes (And Charging A Lot For Them)
The Raymond Realty Formula: 60 Acres + JDAs + Mumbai = ?
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