Mumbai, June 16, 2025 – Raymond Group has unveiled bold plans to double the topline of its real estate arm, Raymond Realty, to ₹4,000 crore over the next five years. The growth strategy includes a targeted annual revenue increase of 15%, complemented by a steeper 25% annual rise in EBITDA, according to Chairman and Managing Director Gautam Singhania.
Strong FY25 Momentum
Raymond Realty posted robust financials in FY25, finishing with ₹2,313 crore in revenue and ₹370 crore in profit before tax (PBT), reflecting a striking 45.2% surge in topline year-on-year. As the company nears its listing on the stock market, Singhania indicated that valuation levels would be determined via market discovery.
Asset-Light Model & Debt Discipline
Starting from a net debt-free position, Raymond Realty emphasized disciplined financial management, although Singhania acknowledged it might utilize leverage as it scales. The company is shifting toward an asset-light model, with joint development deals expected to account for 50% of annual pre-sales within two years.
Strategic Project Pipeline
The group has a substantial development pipeline: standalone Thane land projects valued at ₹25,000 crore and joint development projects worth ₹14,000 crore. In Q4 FY25, it signed joint development agreements in Mumbai’s Mahim and Wadala areas, with a combined gross development value (GDV) of ₹6,800 crore.
Mumbai Residential Market Play
The timing aligns with Mumbai’s vibrant residential market, which accounts for 28% of India’s top‑10 city home sales — approximately 700,000 units annually. While residential property rates in Mumbai rose by around 7–8% last year, Singhania is confident that demand remains strong despite external caution from rating agencies.
What’s Next
- Listing timeline: Raymond Realty’s IPO is expected next month, following the earlier demerger and listing of its lifestyle business.
- Upcoming launches: The company plans two projects on owned land in Thane and four joint development projects in Mumbai in FY26.
- Sales outlook: Bolstered by rising rates and a healthy pipeline, Singhania says they remain bullish about sales.
Bottom Line
Raymond Realty is aggressively scaling its business to ₹4,000 crore in revenue by FY30 through:
| Growth Drivers | Details |
|---|---|
| Revenue & Profitability Targets | 15% topline growth and 25% EBITDA growth per year |
| Balance Sheet Strategy | Starting debt-free, moving to asset-light, maintaining discipline |
| Project Pipeline | ₹39,000 crore+ combined GDV in Thane and Mumbai |
| Strategic Timing | Strong demand in Mumbai with healthy price growth |
As Raymond Realty readies its public debut, investors will scrutinize its ability to sustain growth while managing leverage and executing across a diverse project portfolio.
