Investors debate Raymond Realty as cash surplus dwarfs its market cap

Market pulse

From the investor's mind

Gland Pharma is benefiting from a broader consolidation in the injectables landscape as its core contract manufacturing organization business continues to perform well. According to investor Ishmohit Arora, the drugmaker delivered standalone EBITDA margins of 39% in the second quarter of FY27. However, consolidated margins for the period were weighed down by losses at Cenexi, another European company under its umbrella, which suffered from a plant shutdown. Ultimately, this highlights a divergence where the underlying domestic operations remain highly profitable while overseas integration challenges drag on the consolidated entity.

Word in the street

Raymond Realty Limited

Investors are closely examining Raymond Realty Limited, a company with a market capitalization of about 3,687 crore that has seen its stock decline 5.69 percent over the past year. The active discussion revolves around a detailed calculation of the company’s net asset value. Market participants are utilizing the management's own project waterfall, which yields a gross cash surplus of 14,375 crore. This is calculated from sold receivables and unsold or unlaunched inventory, minus the cost to complete and the JDA partner share. To refine this, they are deducting net debt of 912 crore along with selling, marketing, and corporate overheads of ten percent of the unsold or unlaunched GDV.

Yesterday's big moves

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