Overview

Detailed Summary

Raymond Limited is primarily engaged in textiles, lifestyle, and branded apparel, and has extended its operations into engineering and auto-components, mainly through JK Maini Precision Technology and Aerospace. The company's strategic push into aerospace and defense reflects its aim to diversify beyond traditional textiles and leverage high-tech manufacturing capabilities.
Precision Technology & Auto Components segment witnessed a robust growth of 15% in Q3 FY26, buoyed by strong demand in Europe for hybrid products and robust domestic demand. The segment's EBITDA margin increased to 13.7%, reflecting operational efficiencies and favorable product mix.
In the Aerospace & Defense segment, Raymond reported a significant 49% YoY revenue growth in Q3 FY26, attributed to increased production requirements from major OEMs such as Airbus and Boeing. This aligns with the global trend towards localization and increased sourcing from Indian suppliers.
Raymond’s net cash surplus position of ₹214 Cr enables further investment in strategic expansions across key segments, supporting their growth roadmap.
Raymond's robust developments across diverse sectors—from textiles and apparel to precision engineering and aerospace & defense—position it strategically for transformative growth while maintaining a diversified risk profile.

Sector: Air Transport Service
Industry: Transport - Airlines
Market Cap: 2,517 Cr
Volatility: High Risk
P/E Ratio: 0.5
Industry P/E: 34.7
PEG Ratio: —
P/B Ratio: 0.8
52W High: 782.00
52W Low: 361.60

Sales CAGR

1Y: 100.17%
3Y: -88.74%
5Y: -71.41%
10Y: -49.38%

Profit CAGR

1Y: 364.72%
3Y: —
5Y: -17.55%
10Y: -7.68%

ROE

TTM: 6.38%
3Y: 80.33%
5Y: 58.06%
10Y: 38.96%

ROCE

TTM: 3.72%
3Y: 6.86%
5Y: 5.89%
10Y: 8.65%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RAYMOND	377.00	2,517 Cr	0.46	0.77	0.00	6.38	3.72	107.38
SPICEJET	15.02	2,292 Cr	-3.03	0.00	0.00	17.60	-18.22	-13.20
AFCOM	667.10	1,739 Cr	30.87	5.52	0.00	33.18	40.67	25.47
TAALENT	2800.00	873 Cr	16.88	3.92	0.89	23.12	31.19	20.72
FLYSBS	391.75	678 Cr	15.38	2.68	0.00	0.00	0.00	15.59
TANEJAERO	261.00	672 Cr	37.34	4.49	0.95	11.97	15.43	10.72
GLOBALVECT	164.70	230 Cr	-16.39	50.93	0.00	-132.14	4.39	-1.48

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	470	2,386	943	938	1,045	954	557	524	528	557
Expenses	414	2,024	753	836	929	816	503	468	484	497
Operating Profit	56	362	190	101	116	138	55	56	43	60
OPM %	11.90	15.17	20.13	10.80	11.11	14.47	9.84	10.73	8.20	10.76
Other Income	6.89	60	20	47	42	24	34	29	-132	8.93
Interest	8.71	104	19	31	29	28	17	19	22	21
Depreciation	17	70	25	39	40	42	37	39	38	38
Profit Before Tax	37	248	166	79	89	92	34	28	-148	10
Tax %	24.54	25.25	29.98	27.42	33.68	21.53	25.67	26.91	109.37	29.84
Net Profit	28	185	117	57	59	72	25	21	14	7.10
EPS in Rs	24.00	27.57	34.42	1,100.16	9.01	10.81	19.94	800.16	1.71	0.54

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	5,391	5,906	6,582	6,482	3,446	6,179	8,215	9,020	1,947	3,080
Expenses	5,087	5,479	6,006	5,967	3,513	5,467	7,015	7,710	1,770	2,715
Operating Profit	305	428	577	516	-66	711	1,199	1,309	176	365
OPM %	5.65	7.24	8.76	7.96	-1.92	11.51	14.60	14.51	9.06	11.85
Other Income	82	134	113	286	192	-0.46	31	1,216	113	129
Interest	178	184	233	303	276	228	257	376	65	93
Depreciation	157	170	196	340	314	240	235	284	146	157
Profit Before Tax	52	208	260	159	-465	243	737	1,866	78	244
Tax %	42.11	32.01	32.88	-26.96	34.64	-9.00	27.17	11.93	33.60	27.17
Net Profit	30	142	175	202	-304	265	537	1,643	52	177
EPS in Rs	3.83	20.22	25.24	29.91	-44.63	39.10	79.45	246.00	1,139.92	822.35
Dividend Payout %	30.05	5.71	10.96	0.00	0.00	7.67	3.78	4.06	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	61	61	61	61	65	67	67	67	67	67
Reserves	1,570	1,612	1,751	1,892	2,311	2,031	2,293	2,832	4,551	3,650
Borrowings	1,743	1,767	1,814	2,143	2,172	2,231	2,353	2,529	4,181	740
Other Liabilities	1,695	1,812	2,483	2,568	3,199	2,412	2,662	2,787	4,375	3,260
Total Liabilities	5,069	5,252	6,109	6,664	7,747	6,740	7,373	8,215	13,173	7,716
Fixed Assets	1,306	1,169	1,741	1,935	2,441	2,044	1,878	1,934	3,475	1,772
CWIP	250	412	271	114	40	21	25	36	99	10
Investments	502	641	636	540	598	500	1,100	1,639	2,826	1,120
Other Assets	3,010	3,031	3,461	4,075	4,668	4,175	4,371	4,606	6,773	4,814
Total Assets	5,069	5,252	6,109	6,664	7,747	6,740	7,373	8,215	13,173	7,716

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	325	348	395	251	390	704	677	804	533	233
Cash from Investing Activity	-299	-223	-415	-127	-148	64	-425	-476	-1,042	-232
Cash from Financing Activity	-29	-122	30	-149	-130	-668	-323	-319	502	-104
Net Cash Flow	-3.57	3.06	9.40	-25	113	100	-71	9.55	-6.06	-102

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	49.15%	49.11%	49.12%	49.12%	49.12%	49.02%	48.89%	48.89%	48.89%	48.89%	48.89%	48.89%
FIIs	16.72%	17.76%	17.72%	14.40%	14.50%	15.56%	15.68%	15.38%	15.64%	13.79%	13.62%	11.01%
DIIs	5.10%	5.51%	6.01%	7.89%	8.79%	9.31%	7.31%	7.20%	6.85%	4.80%	3.53%	3.44%
Public	29.03%	27.62%	27.14%	28.60%	27.59%	26.11%	28.13%	28.53%	28.62%	32.52%	33.97%	36.67%
Total Shareholders	1,52,602	1,45,454	1,58,403	1,84,440	1,74,919	1,72,704	2,59,552	2,76,576	2,79,142	2,91,118	2,96,886	2,93,612

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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