With the demerger and separate listing of Raymond Lifestyle in 2024 and Raymond Realty on July 1, 2025, Chairman and Managing Director Gautam Hari Singhania is scripting a growth story anchored in focused verticals. In an exclusive conversation with Business Today, he shares his vision for building long-term shareholder value through distinct plays in lifestyle, engineering, and real estate, while staying true to the brand’s core pillars of trust, quality, and speed. Edited excerpts:
The Raymond group has completed 100 years. What lies ahead for the group, and what is your vision?
Nobody has a free run all through life. In personal and business life, you always have ups and downs, but it’s only the tough that survive. I’m very proud that Raymond is one of the few companies that have survived a hundred years and is built on quality, trust, and excellence. I also believe Raymond is a strong national asset. I’m sure that over the next decade, Raymond will continue to be around, enhancing value for shareholders and delight for customers. I think that wherever I might be years from here, I would be a happy man if Raymond continues its legacy and builds on the strengths of the foundation stones that we have laid
With three separate listed entities and verticals, what will be your prime focus in terms of driving growth?
My focus is to create shareholder value. Lifestyle, real estate, and engineering are means to create shareholder value. Generally, investors are sector-friendly, and typically, a person who invests in consumer goods may not want real estate and vice versa. So, investors have a lot more clarity on choosing between lifestyle, real estate, and engineering.
Where are you most confident about maximum profitability?
Well, I think each company has its own growth story. We want each company to grow. The lifestyle is more of a legacy business. Real estate is going to be a higher-growth story, but even in engineering, there is a significant growth opportunity. I think the engineering business has a lot of unseen opportunities. There is a lot of global interest in the aerospace segment. With the rising global geopolitical issues, I think defence and aerospace will have a big place in India.
What is your unique positioning going to be in real estate against established players?
We have positioned ourselves in the affordable luxury space, offering units ranging from 1 BHK to 4 BHK, where we have established a niche. We started in the Thane market with a unique product. We have come from a manufacturing mindset in this business.We delivered projects two years ahead of RERA (Real Estate Regulatory Authority), and our next project, which is getting delivered, is over two-and-a-half years ahead of RERA.
How is your textile expertise aiding in your foray into real estate?
We come from a manufacturing mindset, so we construct fast. Secondly, at Raymond Lifestyle, we have always been known for quality at any price point. We don’t shy away from quality, whether it’s in lifestyle, engineering or real estate. People have worn the brand for decades. Whether it is clothes or woollen blankets, people have an association with the strong brand we have created.
What is the rationale behind launching projects under Joint Development Agreements (JDAs)?
It’s very simple. We’ve kept it asset-light. We have a large land bank in Thane (Maharashtra), which will take another six to eight years to exhaust. There’s a lot of opportunity. We have signed six JDAs. Six societies believe Raymond, despite being a new player, can deliver on their dreams and aspirations. We have physically delivered close to two thousand apartments, and people are seeing the quality. With Mumbai’s redevelopment needs, there will be a lot more opportunities for us.
What is the outlook on the revenue potential from the six JDAs and the Thane land bank?
Total revenue potential from our current real estate business is now reaching close to `40,000 crore, which includes `25,000 crore from our Thane land parcel and `14,000 crore from the JDA-led business model.
Are you looking at expansion beyond Mumbai?
We are primarily focused on Mumbai. The only city we might look out of Mumbai
Currently is Pune, but it’s still part of the Maharashtra ecosystem. But by and large, we want to stay in Mumbai because we understand that market, we still have a lot of work that’s available to us. Beyond the six JDAs that have been signed, there are many more under discussion.
Are you looking at expansion beyond Mumbai?
We are primarily focused on Mumbai. The only city we might look to is Pune, but it’s still part of the Maharashtra ecosystem.
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