Raymond Group's non-lifestyle units supply 49% of H1 EBITDA

Raymond Group’s non-lifestyle businesses supplied 49% of H1 FY27 portfolio EBITDA, with Raymond Realty Limited and Raymond Limited contributing Rs 388.16 crore against total September 2026 year-to-date EBITDA of Rs 792 crore. Raymond Lifestyle Limited contributed the remaining 51%, while consolidated net debt to EBITDA was 0.43x at 30 September 2026.

How did Raymond Group’s EBITDA mix change in H1 FY27?

Raymond Group’s realty and business-to-business operations accounted for 49% of September 2026 year-to-date EBITDA, compared with 51% for Raymond Lifestyle Limited. Raymond Realty Limited reported Rs 185 crore and Raymond Limited reported Rs 203 crore, while Raymond Lifestyle Limited generated Rs 404 crore. The presentation describes the two non-lifestyle operations’ combined contribution as Rs 388.16 crore of the Rs 792 crore portfolio total.

The quarterly mix was more weighted toward lifestyle than the H1 FY27 mix. In Q2FY27, Raymond Lifestyle Limited supplied 55% of portfolio EBITDA, or Rs 270 crore out of Rs 488 crore. Raymond Realty Limited contributed 24%, or Rs 115 crore, and Raymond Limited contributed 21%, or Rs 103 crore. By September 2026 year to date, lifestyle’s contribution was 51%, while realty represented 23% and Raymond Limited represented 26%.

The change in mix coincided with faster year-on-year growth outside lifestyle. Raymond Realty Limited’s September 2026 year-to-date EBITDA rose 30% from Rs 142 crore, and Raymond Limited’s rose 22% from Rs 167 crore. Raymond Lifestyle Limited’s EBITDA increased 6% from Rs 381 crore. All three platforms therefore added earnings, but the higher growth rates at realty and Raymond Limited reduced lifestyle’s share of the total.

Which Raymond Group businesses drove EBITDA growth?

Raymond Group’s portfolio EBITDA rose 11% year on year in Q2FY27 to Rs 488 crore from Rs 439 crore. Raymond Limited recorded the highest quarterly growth rate, with EBITDA increasing 30% to Rs 103 crore from Rs 79 crore. Raymond Realty Limited increased 14% to Rs 115 crore from Rs 101 crore, while Raymond Lifestyle Limited increased 4% to Rs 270 crore from Rs 259 crore.

For the September 2026 year-to-date period, portfolio EBITDA increased 15% to Rs 792 crore from Rs 690 crore in September 2025 year to date. Raymond Realty Limited added Rs 43 crore and Raymond Limited added Rs 36 crore, together contributing Rs 79 crore of the Rs 102 crore increase shown in the segment table. Raymond Lifestyle Limited added Rs 23 crore over the same period.

Raymond Lifestyle Limited remained the largest individual EBITDA contributor in both periods despite the broader mix. Its Rs 270 crore in Q2FY27 exceeded Raymond Realty Limited’s Rs 115 crore by Rs 155 crore and Raymond Limited’s Rs 103 crore by Rs 167 crore. In September 2026 year to date, its Rs 404 crore contribution was close to the presentation’s stated Rs 388.16 crore combined contribution from the two non-lifestyle businesses.

What was Raymond Group’s debt position at September 2026?

Raymond Group reported consolidated net debt to EBITDA of 0.43x at 30 September 2026. EBITDA means earnings before interest, tax, depreciation and amortisation, while net debt to EBITDA is the ratio of net debt to that measure. The consolidated table reported Rs 3,382 crore of cash balance, Rs 1,647 crore of long-term debt and net long-term debt of minus Rs 1,736 crore.

The presentation defines cash balance as cash and cash equivalents, bank balances, current investments, marketable securities held as non-current investments, and specified margin money and deposits. It defines net debt as gross debt less cash balances in its portfolio debt-profile disclosure. The consolidated average maturity of long-term debt was 4.24 years at 30 September 2026.

The entity-level data show differing balance-sheet positions. Raymond Lifestyle Limited reported a net-debt-to-EBITDA ratio of minus 0.05x and net long-term debt of minus Rs 1,488 crore, while Raymond Limited reported minus 0.34x and minus Rs 707 crore. Raymond Realty Limited reported 1.70x and net long-term debt of Rs 460 crore. The presentation separately showed a 0.26x portfolio net-debt-to-EBITDA ratio at 31 March 2026.

What businesses sit within Raymond Group’s three platforms?

Raymond Group presents its operations through three listed platforms. Raymond Lifestyle Limited is its business-to-consumer platform, comprising branded textiles, branded apparel and emerging business. Raymond Realty Limited includes Invictus, The Address by GS, Ten X, and Park Street Next Gen Retail, while Raymond Limited is the business-to-business platform.

Raymond Limited’s listed activities are garmenting, high-value cotton shirting, aerospace and defence, and precision technology and auto components. These B2B activities generated Rs 203 crore of September 2026 year-to-date EBITDA, or 26% of the Rs 792 crore portfolio total. Raymond Realty Limited’s Rs 185 crore represented 23%, bringing the two platforms to the disclosed 49% combined share.

The presentation places the current portfolio structure in a sequence of corporate actions. It dates Raymond Realty’s real-estate monetisation to 2019, says Raymond Group became fully net-debt-free through strategic divestments in 2023, and records the 2024 acquisition of Maini Precision Products for aerospace and defence. It also states that Raymond Lifestyle Limited was publicly listed in 2024.

How does Raymond Group define funds from operations?

Raymond Group reported consolidated funds from operations, or FFO, of Rs 1,027 crore on a trailing 12-month basis at 30 September 2026. The presentation defines FFO as EBITDA less cash tax paid. Its consolidated table also reported FFO of Rs 461 crore for Raymond Lifestyle Limited, Rs 319 crore for Raymond Realty Limited and Rs 247 crore for Raymond Limited.

The FFO conversion graphic lists total revenue of Rs 13,115 crore, EBITDA of Rs 1,738 crore and FFO of Rs 1,027 crore. It also displays conversion figures of 13% and 59%, without explaining their respective calculation bases in the supplied material. The group’s consolidated net-long-term-debt-to-FFO ratio was minus 1.69x, compared with 1.44x for Raymond Realty Limited.

Conclusion

Raymond Group’s H1 FY27 figures show a more balanced earnings mix: Raymond Realty Limited and Raymond Limited generated the disclosed 49% of September 2026 year-to-date portfolio EBITDA, while Raymond Lifestyle Limited accounted for 51%. The mix shift accompanied 30% EBITDA growth at realty and 22% at Raymond Limited, compared with 6% at lifestyle, alongside a consolidated net-debt-to-EBITDA ratio of 0.43x.

The supplied presentation does not disclose a future segment target, operating plan or scheduled event. The next disclosures to examine are the continuation of the September 2026 segment growth rates, Raymond Realty Limited’s 1.70x net-debt-to-EBITDA ratio, and clarification of the 13% and 59% conversion figures shown beside Rs 13,115 crore of revenue, Rs 1,738 crore of EBITDA and Rs 1,027 crore of FFO.