Raymond (RAYMOND) Q4 24/25 earnings summary

Executive summary

• Achieved record Q4 and FY25 results with strong growth in engineering and real estate segments, supported by the acquisition of Maini Precision Products Limited.

• Successfully completed the demerger of the real estate business, now a separate entity with listing expected in Q2 FY26.

• Engineering business restructuring underway, with two new subsidiaries planned for aerospace/defense and auto components.

• Continued expansion through asset-light JDA projects, signing two new projects in Mahim and Wadala, bringing the total to six outside Thane.

Financial highlights

• Q4 FY25 consolidated revenue from operations: ₹601 Cr; EBITDA: ₹99 Cr; EBITDA margin: 16.4%.

• FY25 total income from continuing operations: ₹2,105 Cr; EBITDA: ₹335 Cr; EBITDA margin: 15.9%.

• Real estate segment Q4 FY25 revenue: ₹766 Cr, up 13% YoY; EBITDA: ₹194 Cr; EBITDA margin: 25.3%.

• Engineering business Q4 FY25 sales: ₹528 Cr; EBITDA: ₹81 Cr; margin: 15.3%.

• Real estate segment FY25 revenue: ₹2,313 Cr, up 45% YoY; EBITDA: ₹507 Cr, up 37% YoY; margin: 21.9%.

Outlook and guidance

• Real estate business targets 20-25% YoY growth in booking values, with further expansion via JDA model.

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

• Company expects to remain net cash surplus.