Raymond hits a 52-week high after brokerages initiate ‘buy’ on Raymond

Growth is visible across businesses for Raymond, which is led by category expansion and market share gains, said Jefferies

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Raymond shares were up 12 percent after touching a 52-week high of Rs 2240 on September 5 after brokerages turned positive on the stock.

Jefferies has a buy rating on the stock with a target price of Rs 2,600. The foreign brokerage firm said that Raymond has addressed investor concerns on debt. Raymond is already net cash and is set to list its lifestyle and real estate businesses separately.

“Growth is visible across businesses which is led by category expansion and market share gains,” said Jefferies. The brokerage firm expects Raymond’s revenues to grow at a CAGR of 13 percent and earnings to grow at a CAGR of 24 percent over FY23-26.

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Motilal Oswal has a buy rating on the stock with a target price of Rs 2,600. The domestic brokerage firm said that de-merger and capital infusion by the promoter are key drivers for the company. Apart from that, Raymond’s real estate business is also a growth driver. Motilal Oswal expects revenues to grow at a CAGR of 11 percent and EBITDA to grow at a CAGR of 12 percent over FY23-27.

Raymond Realty in August had told Moneycontrol that it plans to launch a premium project in the Bandra, Mumbai and is targeting a topline of Rs 2,000 crore. The company plans to launch the 0.6 million sqft project by the end of the ongoing fiscal year, subject to approvals.

Also read Raymond Realty targets Rs 2,000 crore revenue from Mumbai project launch by FY24 end: CEO Harmohan Sahni

Raymond’s net profit increased 13 folds year-on-year (YoY) to Rs 1067 crore in the April-to-June quarter. Revenue for the company increased 2 percent YoY to Rs 1771 crore.

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