Raymond Realty Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Raymond Realty Ltd trades at ₹584, in a confirmed uptrend and 11 weeks into that stage. That is −0.7% against its own 200-day average. It sits at 65% of a 52-week range of ₹367 to ₹700. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (5 weeks and counting).

Today the stock is in a confirmed uptrend — week 11 of stage 2, confirmed. At ₹584 it trades −0.7% versus its 200-day average and sits at 65% of its 52-week range (₹367–₹700).

Against the market, two honest reads. Cumulative: over the last 1.2 years the stock moved −37% while the NIFTY 500 moved −3% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (5 weeks and counting; last ahead the week of 2026-08-07) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Raymond Realty Ltd trades at 12.9× P/E, mid-range by its own standards (46th percentile). Its long-run median P/E is 13.1×, measured across 0.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 12.9× is mid-range by its own standards (46th percentile), against a long-run median of 13.1× measured over 0.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Raymond Realty Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 5 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

65.3/100 — rank 2 of 7 in Realty - Regional · 68% evidence confidence

Raymond Realty Ltd scores 65.3 out of 100 against the 7 companies it is compared with in Realty - Regional, ranking 2. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

The four contributions add to the total exactly: 24.5 + 17.9 + 10.9 + 12 = 65.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Raymond Realty Ltd reported ₹527 Cr of revenue in the Jun 26 quarter, +38.7% year on year. That is the 5th straight quarter of year-on-year growth. Over 2 years it has compounded at 3,057.5% a year. The last full year, FY26, came in at ₹2,991 Cr. The last four reported quarters add to ₹3,138 Cr.

FY26 revenue came in at ₹2,991 Cr (+429.4% on the year), capping 2 years at 3,057.5% compound. The latest quarter (Jun 26) printed ₹527 Cr, +38.7% year on year — the 5th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +464.9% growth against the decade's 3,057.5% — the current year is running slower than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Raymond Realty Ltd's operating margin is 12.0% in the Jun 26 quarter, +4.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged −543.0% to 15.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 12.0%, +4.0 pp against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged −543.0%–15.0%.

Why the margin moved: operating margin went +3.8 pp year on year while gross margin went +10.7 pp — the gain came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Raymond Realty Ltd earned ₹13.0 Cr of net profit in the Jun 26 quarter, −18.8% year on year. Full-year FY26 profit was ₹305 Cr. That is 2.5% of the quarter's revenue. The same quarter a year earlier earned ₹16.0 Cr.

Jun 26 profit was ₹13.0 Cr, −18.8% year on year. On the full year, FY26 printed ₹305 Cr (+1,594.4%).

🚨 Why profit moved: revenue contributed +38.7% and the margin +4.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +2,791.1% vs revenue +464.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 2 fiscal years −355% of Raymond Realty Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−910 Cr of operating cash against ₹305 Cr of profit. After ₹115 Cr of capital spending, ₹−1,025 Cr was left as free cash.

FY26: operating cash of ₹−910 Cr against reported profit of ₹305 Cr, leaving free cash of ₹−1,025 Cr after ₹115 Cr of capital spending. Across the last 2 fiscal years the conversion rate is −355% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −355%: the cash cycle stretched 21 days between FY24 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 21 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Raymond Realty Ltd's cash conversion cycle runs 28 days in FY26, up from 7 days in FY24. Capital spending ran ₹116 Cr over the last 2 years. At FY26 sales of ₹2,991 Cr each day of that cycle holds about ₹8.2 Cr, so roughly ₹229 Cr sits inside the business at any moment.

FY26: debtors at 28 days (an asset-light business — no inventory to speak of) — for a full cycle of 28 days, looser than FY24's 7.

In money terms: at FY26 sales of ₹2,991 Cr, each day of the cycle holds about ₹8.2 Cr — so the 28-day loop keeps roughly ₹229 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹116 Cr over the last 2 fiscal years against ₹24.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹5.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Raymond Realty Ltd earns a ROCE of 30% in FY26. Return on invested capital clears the cost of that capital by +4.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 10.2% net margin on 0.42× asset turns.

FY26 ROCE is 30%.

Why the return is what it is — the wiring (FY26): 10.2% net margin × 0.42× asset turns × 4.50× balance-sheet leverage ≈ 19.3% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 16.8% − 12.0% = a +4.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Raymond Realty Ltd carries total debt of ₹1,014 Cr against shareholder equity of ₹1,567 Cr as of Mar 26, a debt-to-equity of 0.65. On the annual view that ratio went from 9.73 in FY25 to 0.65 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹1,014 Cr against shareholder equity of ₹1,567 Cr — a debt-to-equity of 0.65. On the annual view, debt-to-equity went from 9.73 (FY25) to 0.65 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 9.7 points of Raymond Realty Ltd over 4 quarters, the biggest move on the register. That takes foreign institutions to 5.8% of the company. Domestic institutions moved −3.4 points over the same window, to 2.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −9.7 points over 4 quarters to 5.8%; Domestic institutions: −3.4 points over 4 quarters to 2.9%; Promoters: +2.1 points over 4 quarters to 50.9%.

🚨 Why the register moved: foreign institutions drove it (−9.7 points), alongside domestic institutions (−3.4 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Raymond Realty Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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