Raymond Limited (RAYMOND)
₹1,133.90 -0.72% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Raymond's revenue was ₹606 Cr (+446.4% year on year, +0.4% on the previous quarter), and net profit ₹30.9 Cr (-99.4% year on year); the operating margin was 12.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹606 | +446.4% | +0.4% |
| Operating profit | ₹77.3 | +345.8% | +4.5% |
| Net profit | ₹30.9 | -99.4% | +157.1% |
| EPS (₹) | 3.15 | -99.6% | — |
| Operating margin | 12.8% | — | — |
RAYMOND delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 18.84% of the RAYMOND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 15.54%. That is close to its usual level. Volume was 0.1 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20. 16 bulk or block deals were reported in RAYMOND in the last 60 days: ₹421 Cr bought and ₹429 Cr sold.
Delivery in the last 5 sessions: 21.0% · 17.8% · 15.5% · 23.1% · 18.8%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 28 Sep | Sell | Hrti Private Limited | ₹49.28 Cr | ₹1,194.56 | 412,555 | Bulk |
| 28 Sep | Buy | Hrti Private Limited | ₹47.48 Cr | ₹1,188.16 | 399,605 | Bulk |
| 28 Sep | Sell | Qe Securities Llp | ₹44.37 Cr | ₹1,196.17 | 370,924 | Bulk |
| 28 Sep | Buy | Qe Securities Llp | ₹44.15 Cr | ₹1,192.78 | 370,185 | Bulk |
| 24 Sep | Sell | Hrti Private Limited | ₹83.84 Cr | ₹1,167.40 | 718,193 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Raymond Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on October 3, 2026. It confirms that securities received for dematerialisation during the period were verified, cancelled, and listed as required. This is a standard quarterly administrative filing with zero impact on operations or financials.
- Compliance certificate filed pursuant to Regulation 74(5) for the quarter ended September 30, 2026
- Certificate issued by RTA MUFG Intime India Private Limited on October 3, 2026
- Confirmation provided for dematerialisation processing and substitution in register of members within prescribed timelines
Raymond Limited announced the acceleration of its capacity expansion in Andhra Pradesh to address near-term customer demand across its engineering vertical. The company's subsidiary is establishing an additional brownfield facility near its existing Mega plant to add volumes within the current financial year. Concurrently, its planned larger greenfield facility in Andhra Pradesh remains on schedule for long-term capacity augmentation. Capex and exact capacity additions were not disclosed in the filing.
- Subsidiary setting up an additional brownfield facility near existing Mega plant in Andhra Pradesh
- Brownfield expansion planned to support customer requirements within the current financial year (FY27)
- Planned greenfield manufacturing platform in Andhra Pradesh progressing as scheduled
- Specific capex outlay and added capacity metrics were not disclosed
Raymond Limited announced that shareholders approved a special resolution at the Extraordinary General Meeting held on October 3, 2026. The approval permits the preferential issue of 33,28,686 share warrants on a private placement basis to Minerva Ventures Fund. The resolution passed overwhelmingly with 99.9978% of polled votes in favor (3,76,62,168 votes) and only 833 votes against. This issuance represents potential equity dilution of approximately 5.0% on current outstanding shares (6,65,73,731 shares).
- Shareholders approved the preferential issue of 33,28,686 share warrants to Minerva Ventures Fund.
- The special resolution passed with 99.9978% of the valid votes polled in favor (37,662,168 votes).
- Only 833 votes (0.0022%) were cast against the resolution.
- Total voting turnout represented 56.57% of outstanding shares (37,663,001 votes polled out of 66,573,731 shares).
Raymond Limited announced that shareholders approved a special resolution at the Extraordinary General Meeting held on October 3, 2026. The approval permits the preferential issue of 33,28,686 share warrants on a private placement basis to Minerva Ventures Fund. The resolution passed overwhelmingly with 99.9978% of polled votes in favor (3,76,62,168 votes) and only 833 votes against. This issuance represents potential equity dilution of approximately 5.0% on current outstanding shares (6,65,73,731 shares).
- Shareholders approved the preferential issue of 33,28,686 share warrants to Minerva Ventures Fund.
- The special resolution passed with 99.9978% of the valid votes polled in favor (37,662,168 votes).
- Only 833 votes (0.0022%) were cast against the resolution.
- Total voting turnout represented 56.57% of outstanding shares (37,663,001 votes polled out of 66,573,731 shares).
Raymond Limited held an Extraordinary General Meeting (EGM) on October 3, 2026, to seek shareholder approval for a preferential issue of securities on a private placement basis. The meeting was conducted via video conferencing and lasted 34 minutes, concluding at 5:04 p.m. Specific transaction values, issue pricing, and dilution percentages were not disclosed in this summary of proceedings. Official voting results and the Scrutinizer's Report will be declared and submitted to stock exchanges separately.
- EGM conducted on October 3, 2026, commencing at 04:30 p.m. and concluding at 5:04 p.m.
- Sole agenda item transacted was a Special Resolution for the Preferential Issue of Securities on Private Placement basis
- Detailed voting results and Scrutinizer's Report to be submitted in due course
- Total issue size and issue price were not disclosed in the filing
Raymond Limited announced that its subsidiary, JK Maini Global Aerospace Limited, has emerged successful in a tender by a leading Indian aerospace and defence OEM. The contract covers the assembly of wing structures and centre fuselage structures for an indigenous fighter aircraft programme. This marks Raymond's entry into the high-value aircraft structures segment, moving beyond precision parts. The project will leverage the customer's existing infrastructure, limiting upfront capital expenditure, though the exact contract value was not disclosed.
- Subsidiary JK Maini Global Aerospace selected for assembling wing and centre fuselage structures
- Tender won from a leading Indian aerospace and Defence OEM for a major indigenous fighter aircraft programme
- Leverages customer's existing infrastructure to minimize capital expenditure
- Commercial contract value and delivery timelines were not disclosed in the announcement
Raymond Limited announced its participation in Anand Rathi's 'G-200 Summit 2026: Bharat - The Next Engine of Global Growth' scheduled for September 21, 2026, in Mumbai. The company will conduct one-to-one and group meetings using the already-disclosed Q1FY27 investor presentation. No new unpublished price-sensitive information is slated to be shared during the interactions. This is a routine institutional investor interaction filing under Regulation 30.
- Participation scheduled for September 21, 2026
- Format involves one-to-one and group meetings
- Conference hosted by Anand Rathi at Taj Santacruz, Mumbai
- Discussions will reference previously submitted Q1FY27 results presentation
Raymond Limited has announced that company representatives will participate in the 'Jefferies - 5th India Forum' on September 17, 2026, in Gurgaon. The interactions are scheduled as one-to-one and group meetings. As a standard regulatory intimation under Regulation 30 of SEBI LODR, no new commercial deals or financial data were reported in this disclosure.
- Participation scheduled for September 17, 2026
- Attending the Jefferies - 5th India Forum
- Interaction mode consists of One to One & / Group Meetings
- Venue confirmed at The Oberoi, Gurgaon
Raymond Limited has issued an EGM notice to seek shareholder approval on October 3, 2026, for a preferential issue of up to 33,28,686 warrants aggregating to ₹214.70 crore. The warrants are proposed to be allotted to Minerva Ventures Fund (a Category-I FPI) at an issue price of ₹645 per warrant (face value ₹10 plus premium of ₹635). An upfront payment of 25% (₹53.68 crore) is payable upon subscription, with the remaining 75% due within 18 months upon exercise into equity shares. The total issue size represents ~2.3% of the company's current market cap of ₹9,407 crore and ~9.4% of its TTM revenue.
- Preferential issuance of up to 33,28,686 convertible warrants aggregating ₹214,70,02,470
- Issue price set at ₹645 per warrant (face value ₹10 and premium ₹635)
- Proposed allottee is Minerva Ventures Fund, a Category-I FPI under non-promoter/public category
- 25% upfront subscription of ₹53.68 crore with remaining 75% payable within an 18-month exercise window
- Extraordinary General Meeting scheduled for Saturday, October 03, 2026 via video conferencing
Raymond Limited announced that its aerospace subsidiary secured multi-programme orders from a leading Indian aerospace and defence major. The contract covers over 300+ part numbers across precision machining, aerospace castings, structural components, and assemblies, exceeding 37,000+ components annually. At expected production rates, the win represents an annual business potential of approximately ₹33 crore, which is ~1.4% of Raymond's TTM revenue of ₹2,293 crore. Production is scheduled to commence progressively across 2026 and 2027.
- Annual business potential of approximately ₹33 crore
- Scope covers 300+ part numbers with annual volumes exceeding 37,000+ components
- Production to commence progressively across calendar years 2026 and 2027
- Broadens reach into the domestic Indian aerospace ecosystem from an export-dominant base
Raymond Limited's Board has approved raising up to ₹214.71 crore through the preferential issue of 33,28,686 convertible warrants to Minerva Ventures Fund. The warrants are priced at ₹645 each (including a premium of ₹635), representing a discount to the current market price of ₹857.10. Each warrant is convertible into one equity share within an 18-month period. On full conversion, Minerva Ventures Fund will hold a 4.35% stake in the company on a fully diluted basis, subject to shareholder and regulatory approvals.
- Board approved issuance of 33,28,686 convertible warrants aggregating to ~₹214.71 crore
- Issue price set at ₹645 per warrant (face value ₹10 plus premium of ₹635)
- Proposed allottee is Minerva Ventures Fund, resulting in a post-conversion diluted stake of 4.35%
- Warrant conversion window is up to 18 months from allotment date
Raymond Limited's Board has approved raising up to ~₹214.71 Crore via preferential allotment of 33,28,686 convertible warrants to Minerva Ventures Fund. The warrants are priced at ₹645 each (including a ₹635 premium), which sits at a roughly 24.7% discount to the current market price of ₹857.10. Each warrant is convertible into 1 equity share within an 18-month window. On full dilution, the issue represents a 4.35% equity stake in Raymond.
- Preferential allotment of 33,28,686 convertible warrants to raise up to ~₹214.71 Crore
- Warrant issue price fixed at ₹645 per warrant (face value ₹10 with ₹635 premium)
- Issue price of ₹645 represents an ~24.7% discount to current market price of ₹857.10
- Post-conversion, Minerva Ventures Fund will hold a 4.35% stake on a fully diluted basis
- Conversion tenure capped at a maximum of 18 months from the allotment date
Raymond Limited has approved the grant of 1,87,056 stock options to an eligible employee under its 'Raymond Limited Employees Stock Option Plan 2023' (RL ESOP 2023). The options were granted from a recycled pool following the exit of previous employees, meaning no expansion of the overall pool. The exercise price is set at Rs 740.85 per option, matching the closing price on NSE as of September 4, 2026. The options carry an exercise window of five years from their respective vesting dates.
- 1,87,056 stock options granted to an eligible employee under RL ESOP 2023
- Exercise price fixed at Rs 740.85 per option based on the NSE closing price on September 4, 2026
- Options granted from the recycled pool of options following prior employee exits
- Exercise period is 5 years from the date of respective vesting
Raymond Limited has informed the exchanges about its participation in an investor conference organized by Elara Capital titled 'Ashwamedh - Elara India Dialogue 2026'. The event is scheduled for September 3, 2026, at Grand Hyatt, Santacruz, Mumbai. The company will conduct one-to-one and group meetings using its existing Q1 FY27 investor presentation. No new price-sensitive material is expected to be shared.
- Conference name: 'Ashwamedh - Elara India Dialogue 2026' organized by Elara Capital
- Scheduled date: September 03, 2026
- Interaction mode: One to One & / Group Meetings in Mumbai
- Presentation to be used: Q1FY27 Results Investor Presentation already in public domain
Raymond Limited reported a 13% YoY increase in total income to ‡628 Cr for Q1 FY27, led by a robust 40% growth in its Aerospace and Defence segment. The company now commands a massive 10-year aerospace order book of ‡5,960+ Cr, representing approximately 2.6x its TTM revenue. Management confirmed a ‡1,000 Cr 5-year capex plan, with ‡510 Cr dedicated to aerospace and ‡430 Cr to auto components. The company remains net debt-free with a cash surplus of ‡129 Cr, providing significant flexibility for its ongoing pivot toward high-margin precision engineering.
- Total income grew 13% YoY to ‡628 Cr in Q1 FY27
- Aerospace and Defence revenue surged 40% YoY to ‡123 Cr with 21.2% EBITDA margins
- 10-year Aerospace order book stands at ‡5,960+ Cr with an active RFQ pipeline of ‡1,632 Cr
- ‡1,000 Cr 5-year capex plan is on track with a new greenfield facility targeted for late 2027
- Precision Technology and Auto segment EBITDA grew 46% YoY to ‡61 Cr
Financial Performance
Revenue Growth by Segment
Revenue from continuing operations (Engineering and others) grew 100.17% to INR 1,946.84 Cr in FY 2025 from INR 972.57 Cr in FY 2024. The Aerospace and Defense segment reported revenue of INR 168 Cr in H1 FY 2026, representing a 26% YoY growth. The Real Estate segment contributed approximately 55% of total revenue in H1 FY 2025.
Geographic Revenue Split
Not specifically disclosed in available documents, though the company operates 19 manufacturing plants across India and exports aerospace components to the US and Europe, where holiday season inventory destocking impacts Q3/Q4 cycles.
Profitability Margins
The Net Profit Ratio for FY 2025 was 589.76%, significantly inflated by a one-time exceptional gain of INR 7,337.84 Cr from the lifestyle business demerger. Profit from continuing operations before tax was stable at INR 78.34 Cr in FY 2025 compared to INR 78.75 Cr in FY 2024. Return on Equity (ROE) decreased to 1.17% in FY 2025 from 18.69% in FY 2024 due to the reduction in net worth post-demerger.
EBITDA Margin
Consolidated EBITDA margins are guided at 14-15%. The Aerospace segment achieved an EBITDA margin of 22.4% in H1 FY 2026 (up from 21.4% YoY), while the Automotive business reported a 12.3% EBITDA margin. Aerospace Q2 FY 2026 EBITDA grew 34% YoY to INR 17 Cr.
Capital Expenditure
Raymond Limited maintains a cash surplus of over INR 1,500 Cr as of September 2024. This capital is earmarked for organic growth in the engineering business and potential inorganic opportunities to unlock shareholder value.
Credit Rating & Borrowing
The company is net-debt free with a significantly improved financial risk profile. Overall gearing (times) reduced to 0.19 in FY 2025 from 0.88 in FY 2024. The Debt Service Coverage Ratio improved to 39.29 times from 1.68 times YoY.
Operational Drivers
Raw Materials
Steel, alloys, and precision metal components (implied by engineering and automotive focus) represent the primary inputs, though specific percentage breakdowns per material are not disclosed.
Capacity Expansion
Raymond operates 19 manufacturing plants across India. The company is currently optimizing capacity to drive operating leverage, particularly in the Aerospace segment which manages 1,200 to 1,400 SKUs.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but management noted that gross margins for the engineering business are approximately 65%, with EBITDA margins compressed to 15-16% due to high employee and operational costs.
Manufacturing Efficiency
Operating leverage is a primary driver for margin expansion; as revenue growth delivers better capacity utilization, EBITDA is expected to increase. Aerospace EBITDA grew 32% YoY in H1 FY 2026, outpacing revenue growth of 26%.
Strategic Growth
Expected Growth Rate
10-15%
Growth Strategy
Growth will be achieved through the consolidation of Maini Precision Products Limited (MPPL), expansion into the 'sunrising' aerospace and defense sectors, and a Joint Development Agreement (JDA) model in Real Estate targeting a revenue potential of INR 7,100 Cr. The company is also focusing on new product categories and new geographies to sustain a 26% growth rate in specialized engineering segments.
Products & Services
Worsted suiting fabric, engineering tools and files, automotive components, aerospace precision parts (JK Maini Global Aerospace), and residential real estate developments (Bandra, Mahim West, Sion, and Thane).
Brand Portfolio
Raymond, Raymond Lifestyle, Raymond Realty, JK Files & Engineering, JK Maini Global Aerospace.
New Products/Services
Expansion into high-complexity aerospace parts and new JDA-based real estate projects in the Mumbai Metropolitan Region (MMR).
Market Expansion
Targeting the aerospace and defense sectors and expanding the real estate footprint in Mumbai (Bandra, Sion, Mahim).
Market Share & Ranking
Global leader in worsted suiting fabric; established market position in tools, hardware, and automotive components in India.
Strategic Alliances
Joint Development Agreements (JDA) for land parcels in Mumbai with a revenue potential of INR 7,100 Cr; acquisition of Maini Precision Products Limited (MPPL) to bolster engineering capabilities.
External Factors
Industry Trends
The industry is shifting toward specialized manufacturing and aerospace/defense. Raymond is positioning itself as a pure-play engineering and real estate entity following the demerger of its lifestyle business to unlock specialized investor interest.
Competitive Landscape
Competes with global and domestic players in automotive components and precision engineering; a new entrant in the Mumbai real estate market but leveraging a strong legacy brand.
Competitive Moat
Durable advantages include 50-year-old customer relationships in engineering, a massive land bank in Thane for real estate, and high switching costs in the aerospace precision parts business due to the complexity of manufacturing 1,400+ SKUs.
Macro Economic Sensitivity
Sensitive to global economic resilience (3.3% growth) and headline inflation (5.8%), which affects both consumer demand for lifestyle products and input costs for engineering.
Consumer Behavior
Shift toward environmentally conscious consumption, which Raymond is addressing through IFRS S2 aligned sustainability disclosures.
Geopolitical Risks
Exposure to US and European market cycles for aerospace exports; potential trade barriers could impact the engineering export business.
Regulatory & Governance
Industry Regulations
Operations are subject to NCLT approvals for demergers (received March 27, 2025, for the Realty demerger) and SEBI Listing Obligations and Disclosure Requirements (LODR).
Environmental Compliance
Committed to climate-related disclosures aligned with IFRS S2 to enhance reputation and appeal to ESG-conscious investors.
Risk Analysis
Key Uncertainties
Successful execution of demerger plans and integration of acquisitions like MPPL; volatility in consumer sentiment affecting the real estate launch success (currently 23% units sold in Bandra JDA).
Geographic Concentration Risk
Heavy concentration of real estate activities in the Mumbai Metropolitan Region (MMR), specifically Thane and Bandra.
Third Party Dependencies
Dependency on US/European aerospace OEMs for order flow and inventory cycles.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in the 'learning curve towards high complex parts' in the aerospace segment.
Credit & Counterparty Risk
Receivables quality is not specifically detailed, but the company maintains a healthy cash surplus of INR 1,500 Cr, providing a significant liquidity buffer.
