We see Thane as the cash engine and JDA as the growth engine, with annual cash generation of ₹600-750 crore from the combined portfolio to fund further expansion: इस घटनाक्रम पर आधिकारिक अपडेट दर्ज किया गया है। Raymond Realty is transitioning from a Thane
## बाजार और अर्थव्यवस्था: क्या हुआ बड़ा बदलाव?
We see Thane as the cash engine and JDA as the growth engine, with annual cash generation of ₹600-750 crore from the combined portfolio to fund further expansion
Raymond Realty is transitioning from a Thane
We see Thane as the cash engine and JDA as the growth engine, with annual cash generation of ₹600-750 crore from the combined portfolio to fund further expansion. We forecast bookings/collections to clock around 24/46 per cent CAGR over FY26-29e.
We estimate debt rising from ₹1,010 crore in FY26 to ₹2,010 crore by FY29E, with D/E peaking at 0.7x, below management’s 1x threshold, before moderating as collections scale.
We initiate coverage with a Buy rating with a TP of ₹879, based on an NAV methodology. The valuation is supported by the value of the identified development portfolio and the longer-term potential of its JDA-led development franchise, with the implied 6.6x FY29E embedded EV/EBITDA.
## प्रमुख वित्तीय आंकड़े और कंपनियों का रुख
• We see Thane as the cash engine and JDA as the growth engine, with annual cash generation of ₹600-750 crore from the combined portfolio to fund further expansion • Raymond Realty is transitioning from a Thane • We see Thane as the cash engine and JDA as the growth engine, with annual cash generation of ₹600-750 crore from the combined portfolio to fund further expansion. We forecast bookings/collections to clock around 24/46 per cent CAGR over FY26-29e. • We estimate debt rising from ₹1,010 crore in FY26 to ₹2,010 crore by FY29E, with D/E peaking at 0.7x, below management’s 1x threshold, before moderating as collections scale. • We initiate coverage with a Buy rating with a TP of ₹879, based on an NAV methodology. The valuation is supported by the value of the identified development portfolio and the longer-term potential of its JDA-led development franchise, with the implied 6.6x FY29E embedded EV/EBITDA. • Key risks: Delay in launches; rising competition; and higher debt. • Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. • We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.
## निवेशकों और उपभोक्ताओं के लिए जरूरी बातें
Key risks: Delay in launches; rising competition; and higher debt.
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.
## ताजा स्थिति व आगे का अपडेट
संबंधित विभाग और जांच एजेंसियां मामले के सभी पहलुओं का अध्ययन कर रही हैं। किसी भी नए आधिकारिक अपडेट की पुष्टि होते ही जानकारी साझा की जाएगी।
## बाजार और अर्थव्यवस्था: क्या हुआ बड़ा बदलाव?
We see Thane as the cash engine and JDA as the growth engine, with annual cash generation of ₹600-750 crore from the combined portfolio to fund further expansion
Raymond Realty is transitioning from a Thane
We see Thane as the cash engine and JDA as the growth engine, with annual cash generation of ₹600-750 crore from the combined portfolio to fund further expansion. We forecast bookings/collections to clock around 24/46 per cent CAGR over FY26-29e.
We estimate debt rising from ₹1,010 crore in FY26 to ₹2,010 crore by FY29E, with D/E peaking at 0.7x, below management’s 1x threshold, before moderating as collections scale.
We initiate coverage with a Buy rating with a TP of ₹879, based on an NAV methodology. The valuation is supported by the value of the identified development portfolio and the longer-term potential of its JDA-led development franchise, with the implied 6.6x FY29E embedded EV/EBITDA.
## प्रमुख वित्तीय आंकड़े और कंपनियों का रुख
• We see Thane as the cash engine and JDA as the growth engine, with annual cash generation of ₹600-750 crore from the combined portfolio to fund further expansion • Raymond Realty is transitioning from a Thane • We see Thane as the cash engine and JDA as the growth engine, with annual cash generation of ₹600-750 crore from the combined portfolio to fund further expansion. We forecast bookings/collections to clock around 24/46 per cent CAGR over FY26-29e. • We estimate debt rising from ₹1,010 crore in FY26 to ₹2,010 crore by FY29E, with D/E peaking at 0.7x, below management’s 1x threshold, before moderating as collections scale. • We initiate coverage with a Buy rating with a TP of ₹879, based on an NAV methodology. The valuation is supported by the value of the identified development portfolio and the longer-term potential of its JDA-led development franchise, with the implied 6.6x FY29E embedded EV/EBITDA. • Key risks: Delay in launches; rising competition; and higher debt. • Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. • We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.
## निवेशकों और उपभोक्ताओं के लिए जरूरी बातें
Key risks: Delay in launches; rising competition; and higher debt.
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.
## ताजा स्थिति व आगे का अपडेट
संबंधित विभाग और जांच एजेंसियां मामले के सभी पहलुओं का अध्ययन कर रही हैं। किसी भी नए आधिकारिक अपडेट की पुष्टि होते ही जानकारी साझा की जाएगी।
पूरी खबर, विस्तृत घटनाक्रम और विश्लेषण पढ़ने के लिए क्लिक करें
