DINESH

Raymond Realty

Latest CMP 670
Today's Change ▼ -0.39%
52-Week High / Low 723 | 356
Price Date: 30-Sep-2026
Recommendation Strong Buy
Target Price 2,581
Expected Upside 96.3%
Forecast Horizon 2 Years
Historical CAGR Not Available
1,000 Invested —
Today's Value —
Investment Period < 5 Years

Stock Snapshot

Post Results Return
-12.9%
Negative Re-rating
1-Year Target Price
1,165
2-Year Target Price
2,581
52-Week High / Low
723 / 356
20-Day Return
+24.8%
Market Cap (Cr.)
4,460
Current PE
12.6
P/BV Ratio
2.9
Dividend Yield
—
Industry PE
34.4

Price Performance

Vista Outlook

Basis of our Recommendation

Raymond Realty's recent strategic shift towards an asset-light Joint Development Agreement (JDA) model has positioned the company for significant growth, particularly in the Mumbai Metropolitan Region (MMR). Management's focus on capital efficiency and disciplined project selection is expected to drive a robust 33% CAGR in pre-sales and a 29% CAGR in collections through FY29. This aligns with Vista's forecast of moderating revenue growth, as the company capitalizes on strong demand for premium housing, despite facing potential execution risks and reliance on the MMR market. The industry’s improving pricing power and stable economic conditions further support Raymond's outlook, although rising material costs and regulatory challenges remain watchpoints. Overall, the company is well-positioned to leverage its strong project pipeline and operational cash surpluses, reinforcing Vista's strong buy recommendation with an expected upside of 100%. Over the next 12-24 months, key opportunities include geographic expansion and enhanced brand equity, while headwinds may arise from construction cost volatility and competition among developers

👍 Why We Like This Stock

  • Transition to an asset-light JDA model enhances capital efficiency and growth potential
  • Strong projected growth in pre-sales and collections supports revenue outlook
  • Favorable industry dynamics and improving pricing power bolster profitability

⚠ Things To Watch Out For

  • Heavy reliance on the MMR market poses execution risks
  • Potential regulatory challenges could delay project timelines
  • Rising material costs may pressure margins and overall profitability

Key Parameters

Balance Sheet Strength
Weak Cash Conversion
Market Share
Gaining
Industry Outlook
Improving
Analyst View
Strong Buy
Dividend History
Consistent
FII Holdings
Reducing

Financial Snapshot

View Technicals Analysis →
Actuals Forecast
FY24 FY25 FY26 FY27 FY28
Revenue (Cr.) nan 565 2,991 8,145 20,401
Profit Before Tax (Cr.) nan 14 375 1,004 2,525
PBT Margin nan% 2.5% 12.5% 12.3% 12.4%
Net Profit (Cr.) nan 15 306 817 2,055
Earnings Per Share nan 2.2 46.0 122.7 308.7

Analyst Recommendations

Broker Recommendation Target Price Date
ICICI Securities ▲ Buy 700 11-Sep-2026
Consensus Recommendation ▲ Strong Buy
Consensus Target 700
Coverage 1 Analysts
Analysts' Viewpoint
Raymond Realty's transition to a major real estate developer in the MMR region is driven by its dual-engine growth strategy, utilizing legacy Thane land for cash flow and JDAs for scalable expansion. The company aims to capitalize on premium housing demand in Mumbai, with a robust pre-sales pipeline and strong operational efficiency. However, risks include geographic concentration, execution challenges, and elevated debt levels. Future catalysts include Mahim project launches and potential equity raises to manage leverage.

Company Overview

Show Company Profile

Raymond Realty Limited, through its subsidiaries, engages in the development and sale of housing projects in India. Its projects include residential and commercial properties. The company was formerly known as Raymond Lifestyle Limited and changed its name to Raymond Realty Limited in January 2024. The company was founded in 1925 and is headquartered in Thane, India. Raymond Realty Limited operates as a subsidiary of Raymond Limited.