Whalesbook
Toh bhaiyo, FY26 mein Raymond Realty ne sach mein kamaal kar diya. Unhone ₹3,023 crore ka pre-sales number report kiya hai, jo pichle saal FY25 se 31% zyada hai. Special baat yeh hai ki Q4 mein toh seedha 139% ka jump dikha, jo saal ke pehle 9 mahine ki total sales se bhi zyada tha! Ye sab bade projects launch karne aur Mumbai Metropolitan Region (MMR) mein achhi sales velocity ki wajah se hua hai, jaise ki Ten X District 9 aur Invictus by GS.
Lekin, sales mein itni tezi ke bawajood, collection mein gadbad hai. FY26 mein total collection ₹1,725 crore raha, jo FY25 ke ₹1,887 crore se 9% kam hai. Q4 mein collection thoda badha tha, ₹515 crore tak, lekin poore saal ka trend ye dikha raha hai ki booking ko cash mein convert karne mein mushkil ho rahi hai. Isliye, stock market ne bhi reaction diya - Raymond Realty ka share ₹411.20 par band hua, jo intraday high ₹419.10 se kam tha.
Company apne future ke liye bhi bade plans bana rahi hai. Abhi ek naya project Kandivali mein launch kiya hai, jiska Gross Development Value (GDV) ₹3,000 crore hai. Poora MMR pipeline ab ₹43,000 crore GDV ka ho gaya hai, jo aane wale saalon mein activate hoga. Ye growth ka bada plan hai, par isme paisa aur execution dono lagne wale hain.
Financially dekhein toh, net debt lagbhag ₹605 crore hai, jo unke limit ke andar hai. Unke paas ₹414 crore ka liquidity buffer bhi hai, jo agle saal ke construction ke liye kaafi hai. Debt ka cost 9.60% hai, aur EBITDA margin 9 mahine ke liye 13% tha. Q4 mein improvement dikhi hai, par isko maintain karna hai.
Abhi Raymond Realty ka market cap lagbhag ₹2,733 crore hai aur P/E ratio 18.8 hai. Jabki Oberoi Realty ka market cap ₹53,000 crore se upar hai aur Godrej Properties ka ₹40,000-47,000 crore ke aas paas. Valuation mein kafi difference hai, jiska matlab hai ki market Raymond Realty ko zyada risk wala maanta hai, shayad collection issues ki wajah se.
Sabse badi chinta collection mein 9% ki kami hai. Jab sales record tod rahi hai, tabhi collection kam hona cash flow management par sawaal uthata hai, khaas kar jab ₹43,000 crore ka pipeline develop karna hai. Investors ko lagta hai ki shayad sales incentives se ho rahi hai jo jaldi cash nahi de rahe. Stock performance bhi yahi dikhata hai, pichhle saal mein share 60% gir gaya hai.}.
Macroeconomic view positive hai, GDP growth 7.3% rehne ki ummeed hai aur real estate sector mein demand bani hui hai. Lekin company ko apni sales bookings ko cash mein convert karna aur ambitious pipeline ko execute karna hoga tabhi investors ka trust banega.