CARE Ratings Reaffirms Raymond Realty's Bank Facility Ratings; Enhances Ten X Realty's Rated Facilities to ₹730 Crore

CARE Ratings Reaffirms Raymond Realty Credit Strength

CARE Ratings has reaffirmed its A+ rating for Raymond Realty and its subsidiaries, while enhancing Ten X Realty's rated bank facilities to ₹730 crore. The action, announced on August 4, underscores the company's financial stability and operational trajectory following its July 2025 listing as an independent entity.

Operational Strengths Cited in Reaffirmation

The rating derives strength from strong operational performance supported by healthy booking status in the intermediate stage of execution, consistent improvement in annual bookings and collections, and a favourable market position, particularly in the Thane real estate market. The rating also factors in the company's strong financial risk profile marked by current net debt free status and healthy committed receivable coverage position.

Raymond Realty was demerged from Raymond Limited and subsequently listed on the BSE and NSE on July 1, 2025. During FY26, the company launched seven projects across BKC, Wadala, Sion, and Thane, leveraging its capital-efficient owned land and Joint Development Agreement (JDA) model.

Ten X Realty Subsidiary Expansion

Ten X Realty East Limited, a wholly owned subsidiary of Raymond Realty, derives strength from strong parentage, the group's strong operational efficiency and financial flexibility. As of March 31, 2026, CARE Ratings reaffirmed the A+ credit rating for Ten X Realty Limited for its long-term bank facilities. The enhancement of rated facilities to ₹730 crore reflects expanded access to credit as the subsidiary scales its project execution.

Consolidated Portfolio Scale

On a consolidated basis, Raymond Realty has seven ongoing projects in Thane and Bandra, spanning over 45 lakh square feet. The group's first project, Ten X Habitat, comprising 10 towers in Thane, has received occupancy certificates for eight towers, delivering 13 lakh square feet of developed area.

Financial Position and Guidance

Collections increased by 47% to ₹550 crore in Q1 FY27, while total borrowings rose to ₹1,097 crore, resulting in a net debt of ₹827 crore. The company reaffirmed its EBITDA margin guidance of 17% to 19% for FY27.