Raymond (RAYMOND) Q4 24/25 earnings summary

Executive summary

• Successfully completed the demerger of the real estate business, with Raymond Realty to be listed in Q2 FY26, enabling focused growth as an independent entity.

• Achieved record quarterly and annual revenue and EBITDA in FY25, driven by strong performance in both engineering and real estate segments.

• Engineering business expanded with the acquisition of Maini Precision Products Limited (MPPL), contributing to higher sales and EBITDA.

• Continued expansion through six JDA projects, including new signings in Mahim and Wadala.

• Macroeconomic environment in India remains supportive, with controlled inflation, RBI rate cuts, and a favorable union budget boosting urban consumption and housing.

Financial highlights

• Continuing operations (engineering and others) reported Q4 FY25 total income of INR 601 crore and EBITDA of INR 99 crore (16.4% margin); FY25 total income was INR 2,105 crore with EBITDA of INR 335 crore (15.9% margin).

• Real estate segment Q4 FY25 revenue was INR 766 crore, up 13% YoY; FY25 revenue was INR 2,313 crore, up 45% YoY; EBITDA INR 194 crore in Q4 and INR 507 crore in FY25, with margins of 25.3% and 21.9% respectively.

• Engineering business Q4 FY25 sales: INR 528 crore, EBITDA: INR 81 crore (15.3% margin), up from INR 234 crore sales and INR 37 crore EBITDA in Q4 FY24.

• Q4 FY25 net profit from continuing operations: INR 25 crore (up 101% YoY); total net profit for the period: INR 137 crore.

• Real estate bookings reached INR 636 crore in Q4 FY25, driven by strong demand in Thane and Bandra projects.

Outlook and guidance

• Anticipates substantial increase in housing segment purchasing power due to tax cuts and liquidity, with housing expected to drive growth over the next 12-24 months.

• Real estate business targets 20–25% YoY growth in booking values, with several launches planned for Q3 and Q4 FY26 and further expansion via capital-light JDA model.

• Engineering business expects strong growth, especially in aerospace and EV components, as production issues at major manufacturers resolve.

• Company to remain net cash surplus.