India’s real estate sector has shown robust growth, driven by market dynamics and government policies, with projections indicating it will reach a trillion-dollar market by 2030, according to a report by KPMG. Cities such as Mumbai, Pune, Hyderabad, and the NCR are vital growth centers supported by economic activity, cultural vibrancy, and increasing populations. These urban areas play a significant role in the country’s real estate expansion.
Price Action
The shares of Raymond Ltd, with a total market capitalization of Rs 9,186.84 Crore on Tuesday, were trading at Rs 1,340 per share, which was 1.7 percent lower than the previous closing price of Rs 1403.50 apiece. The shares of Raymond Ltd have generated a return of 62 percent in the past year and a strong return of 519 percent in the past five years.
What’s the News?
On April 1, 2025, the company announced that its subsidiary company, Ten X Realty East Limited, has signed a Joint Development Agreement of a prestigious residential project in the prime location of Wadala, Mumbai.
This project is expected to have a gross development value of approximately Rs 5,000 crore. With this addition, the total Gross Development Value of Raymond Ltd’s real estate projects will reach around Rs 40,000 crore.
The company noted that this project represents its sixth Joint Development project undertaken outside of its existing developments in Thane, highlighting its strategic expansion within the Mumbai Metropolitan Region.
Recent Developments
In February 2025, the company, through its subsidiary, Ten X Realty West Limited, signed a Joint Development Agreement for a prestigious residential project in Mahim West, Mumbai. This project is estimated to have a revenue potential of approximately Rs. 1,800 crore. Further, this is the second residential project that the company is developing in Mahim West, Mumbai.
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Raymond’s Realty Segment
The company forayed into the real estate business in April 2019 by starting with a 14-acre residential project in Thane, Mumbai, which aimed to deliver 3,000 apartments in its first phase. This maiden project marked Raymond’s strategic diversification beyond textiles and engineering.
The brand portfolio comprises three distinct segments: aspirational, premium, and luxury. Ten X Habitat falls under the aspirational segment, The Address by GS is positioned in the premium segment, and Invictus by GS is part of the luxury segment. The company received approval from creditors and shareholders for the demerger of the real estate business and is anticipating the listing of Raymond Reality Limited as a separate entity in the next 6 to 7 months.
The company’s realty segment marked a YoY growth of 11 percent in Net Sales from Rs 439 crore in Q3FY24 to Rs 488 in Q3FY25. At the operational level, its EBITDA grew by 19 percent YoY from Rs 97 crore to Rs 116 crore over the same period. The booking value for the quarter stood at Rs 505 crore, marking a growth of 18 percent YoY.
Financials
The company’s Net revenue saw a YoY growth of 36 percent from Rs 727 Crore in Q3FY24 to Rs 985 in Q3FY25. Their Net profits jumped by 75 percent YoY from Rs 41 crore to Rs 72 crore, and at the operating level, EBITDA grew by 33 percent YoY from Rs 127 crore to Rs 169 crore.
About Raymond Ltd
Raymond Ltd operates in diverse sectors like real estate, FMCG, and engineering, with a presence in markets including the USA, Europe, Japan, and the Middle East. The company now focuses on two major businesses: real estate and engineering.
Raymond Realty has rapidly established itself as one of the top 10 real estate companies in India, becoming the only one to complete its first project two years ahead of the RERA timeline. It has built a strong reputation among homebuyers in the MMR region. Meanwhile, Raymond’s engineering business is a leader in manufacturing files and hand tools, with a strong presence in both domestic and international markets.
Written By Adhvaitha Nayani
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