At a Glance
Raymond Realty, freshly spun off from Raymond Ltd, strutted into Q1 FY26 with ₹392 Cr revenue and ₹41 Cr EBITDA (10.5% margin). Net profit came in at ₹16.5 Cr, giving the newly listed stock a whopping P/E of 283x – because apparently the market thinks this builder is the next DLF-on-steroids. With bookings of ₹306 Cr and a net cash surplus of ₹233 Cr, the company has kicked off its solo journey with enough drama to keep investors glued.
Introduction
In May 2025, Raymond’s real estate arm decided it was tired of being just a sidekick to the textile giant, so it demerged and listed independently on July 1, 2025. Since then, the stock has been a rollercoaster – high at ₹1,055, low at ₹666. The business? Focused entirely on real estate, where margins are tight, competition is fierce, and hype is everything. Will this spin-off spin gold, or is it just another overvalued dream?
Business Model (WTF Do They Even Do?)
- Core: Residential real estate development in Thane and upcoming projects in the Mumbai Metropolitan Region.
- USP: Premium residential projects under the Raymond brand – think luxury apartments with “fabric of trust” marketing.
- Revenue Source: Sale of residential units; project completion triggers revenue recognition.
Roast: They sell homes that promise “lifestyle upgrades” while their balance sheet still needs one.
Financials Overview
Q1 FY26 Numbers
- Revenue: ₹392 Cr
- EBITDA: ₹41 Cr (10.5% margin)
- PAT: ₹16.5 Cr (EPS ₹2.48)
- Bookings: ₹306 Cr
FY25 Snapshot (pre-demerger)
- Revenue: ₹565 Cr
- PAT: ₹18 Cr
- ROE: 72.3% (inflated due to small equity base post-demerger)
- ROCE: 16.4%
Commentary: Revenue surged 188% YoY due to new project deliveries. However, margins slipped and
