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Model Note · RAYMOND REALTY LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RAYMOND REALTY LIMITED Discounted cash flow · base FY26
RAYMOND REALTY LIMITED
Value per share, this model₹251
CMP 2026-09-10₹584.00
Difference(57.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of RAYMOND REALTY LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
14.9%
FY26 14.9% · 5-yr average 14.9%
Depreciation · capex, % of revenue
0.8% · 2.7%, fading to 1.2× depreciation
FY26 0.8% · 2.7%
Working capital, % of added revenue · tax
95.4% · 18.7%
348 working-capital days · effective 18.7%
Discount rate
11.00%
1-yr beta 1.78
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹749 · ₹0 · ₹0 cr
FY26 net debt ₹749 cr
Shares
6.66 crore
6.66 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
2,991
3,230
3,488
3,768
4,069
4,394
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
447
481
520
561
606
655
Depreciation
(23)
(26)
(28)
(30)
(33)
(35)
NOPAT
344
370
400
432
466
504
less capex
(80)
(87)
(79)
(69)
(57)
(42)
less working-capital build
—
(228)
(247)
(266)
(288)
(311)
Free cash flow to firm
—
81
102
127
155
186
Present value
77
87
98
107
116
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · RAYMOND REALTY LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
485
PV of the terminal value (80% of EV)
1,934
Enterprise value
2,419
less net debt
(749)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,670
÷ 6.66 crore shares
₹251
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
263
292
327
369
422
10.5%
233
257
285
320
361
11.0%
207
227
251
279
312
11.5%
185
202
222
245
272
12.0%
165
180
197
216
239
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
