Raymond Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Auto Components: 75.3% • Aerospace & Defence: 17.7% • Others: 6.9%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has consistently been profitable over the last 5 years
- Working capital cycle has improved - days down from 172 to 132
- Company maintains a comfortable, low leverage position
CONS
- Recent results are weak - TTM profit is down 99.9% versus prior year
- Interest coverage is weak at -0.3x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.46x)
- Company's sales have been declining over the last five years
- Valuation is stretched - P/E of 180.1 is well above its own 5-year median (1.2)
- Total debt has risen sharply - up 47.4% year on year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| INDIGO | 4974.00 | 0.00 | 192327.97 | 0.00 | -238.00 | -110.94 | 24584.10 | 19.94 | 39.95 | 13.29 |
| RAYMOND | 1003.20 | 180.12 | 6678.68 | 0.00 | 30.85 | -99.94 | 605.61 | 15.51 | -0.54 | 12.72 |
| TAALTECH | 5367.10 | 26.79 | 1672.57 | 1.21 | 194.34 | 1317.30 | 648.11 | 1316.08 | 33.33 | 34.03 |
| SPICEJET | 8.55 | 0.00 | 1304.82 | 0.00 | -261.70 | -1390.90 | 1345.47 | 14.14 | 0.00 | -16.38 |
| TANAA | 265.70 | 35.65 | 677.55 | 0.94 | 5.74 | 62.05 | 10.31 | 21.04 | 15.52 | 72.30 |
| GLOBALVECT | 133.40 | 0.00 | 186.76 | 0.00 | -11.85 | -25.64 | 130.71 | 1.05 | 28.74 | 8.85 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 473 | 470 | 678 | 266 | 450 | 474 | 466 | 557 | 524 | 528 | 557 | 603 | 606 | |
| 428 | 414 | 600 | 237 | 405 | 435 | 427 | 503 | 468 | 484 | 497 | 527 | 586 | |
| Operating Profit | 46 | 56 | 79 | 29 | 45 | 39 | 39 | 55 | 56 | 43 | 60 | 75 | 19 |
| OPM % | 9.68% | 11.90% | 11.61% | 10.93% | 9.98% | 8.20% | 8.32% | 9.84% | 10.73% | 8.20% | 10.76% | 12.52% | 3.16% |
| 43 | 19 | 48 | 32 | 50 | 38 | 27 | 44 | 31 | -131 | 9 | -10 | 22 | |
| Interest | 8 | 9 | 22 | 5 | 16 | 16 | 16 | 17 | 19 | 22 | 21 | 23 | 20 |
| Depreciation | 16 | 17 | 18 | 21 | 35 | 37 | 37 | 37 | 39 | 38 | 38 | 37 | 38 |
| Profit before Tax | 65 | 49 | 87 | 36 | 44 | 24 | 12 | 45 | 30 | -148 | 10 | 5 | 41 |
| Tax % | 25.63% | 18.38% | 27.68% | 10.80% | 17.86% | 38.12% | 4.50% | 19.71% | 25.09% | 109.53% | 29.46% | -145.13% | 25.36% |
| Net Profit | 0 | 0 | 0 | 0 | 73,669 | 590 | 723 | 1,375 | 53,282 | 14 | 7 | 12 | 31 |
| 6.54 | 3.97 | 5.93 | 1.81 | 3.34 | 0.30 | 0.58 | 3.11 | 2.65 | 1.71 | 0.54 | 0.17 | 3.15 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,353 | 5,900 | 6,582 | 6,482 | 3,446 | 6,179 | 8,215 | 9,020 | 1,947 | 2,212 | 2,293 | |
| 5,049 | 5,477 | 6,010 | 5,967 | 3,513 | 5,468 | 7,031 | 7,715 | 1,770 | 1,977 | 2,096 | |
| Operating Profit | 304 | 423 | 572 | 516 | -66 | 710 | 1,184 | 1,305 | 176 | 235 | 198 |
| OPM % | 5.68% | 7.17% | 8.69% | 7.96% | -1.92% | 11.49% | 14.41% | 14.47% | 9.06% | 10.62% | 8.62% |
| 109 | 144 | 125 | 134 | 201 | 7 | 31 | 227 | 158 | -102 | -110 | |
| Interest | 178 | 184 | 233 | 303 | 276 | 228 | 257 | 376 | 65 | 84 | 85 |
| Depreciation | 157 | 170 | 196 | 340 | 314 | 240 | 235 | 284 | 146 | 152 | 151 |
| Profit before Tax | 52 | 208 | 260 | 159 | -465 | 243 | 737 | 1,866 | 78 | -106 | -91 |
| Tax % | 42.11% | 32.01% | 32.88% | -26.96% | 34.64% | -9.00% | 27.17% | 11.93% | 33.60% | 150.62% | 171.63% |
| Net Profit | 30 | 142 | 175 | 202 | -304 | 265 | 537 | 1,643 | 52 | 54 | 65 |
| EPS | 4.16 | 21.93 | 27.37 | 31.16 | -44.63 | 39.11 | 79.45 | 246.09 | 1146.71 | 802.60 | — |
| Dividend Payout % | 30.07% | 13.68% | 10.96% | 0.00% | 0.00% | 7.67% | 3.78% | 4.06% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -8%
- 5 Years:
- -8%
- 3 Years:
- -35%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 51%
- 5 Years:
- —
- 3 Years:
- 116%
STOCK PRICE CAGR
- 10 Years:
- 9%
- 5 Years:
- 18%
- 3 Years:
- -20%
- 1 Year:
- 62%
RETURN ON EQUITY
- 10 Years:
- 9%
- 5 Years:
- 16%
- 3 Years:
- 16%
- Last Year:
- 2%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 61 | 61 | 61 | 65 | 67 | 67 | 67 | 67 | 67 | 67 |
| Minority Interest | 69 | 76 | 83 | 88 | 82 | 77 | 85 | 438 | 441 | 274 |
| 1,612 | 1,751 | 1,892 | 2,311 | 2,030 | 2,291 | 2,831 | 4,532 | 3,619 | 2,768 | |
| 1,824 | 1,909 | 2,203 | 2,769 | 2,301 | 2,133 | 2,167 | 4,253 | 677 | 955 | |
| Trade Payables | 773 | 1,126 | 1,352 | 1,406 | 1,164 | 1,714 | 1,692 | 2,064 | 254 | 345 |
| 831 | 1,114 | 1,005 | 928 | 766 | 699 | 1,178 | 1,648 | 2,659 | 319 | |
| Total Liabilities | 5,172 | 6,037 | 6,597 | 7,567 | 6,409 | 6,980 | 8,019 | 13,001 | 7,716 | 4,727 |
| 1,169 | 1,741 | 1,935 | 2,441 | 2,044 | 1,878 | 1,934 | 3,475 | 1,772 | 1,524 | |
| Capital Work in Progress | 412 | 270 | 113 | 35 | 16 | 20 | 30 | 70 | 5 | 38 |
| 641 | 636 | 540 | 598 | 500 | 1,100 | 1,639 | 2,826 | 1,120 | 1,695 | |
| 1,289 | 1,611 | 1,902 | 2,201 | 1,634 | 2,011 | 2,497 | 3,514 | 419 | 487 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,407 | 406 | 521 | |
| Cash & Bank | 70 | 87 | 126 | 328 | 552 | 336 | 326 | 526 | 299 | 182 |
| 1,592 | 1,692 | 1,981 | 1,964 | 1,663 | 1,635 | 1,594 | 1,183 | 3,696 | 279 | |
| Total Assets | 5,172 | 6,037 | 6,597 | 7,567 | 6,409 | 6,980 | 8,019 | 13,001 | 7,716 | 4,727 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 393 | 463 | 326 | 430 | 681 | 712 | 877 | 533 | 233 | 42 | |
| Cash from Investing | -220 | -408 | -123 | -137 | 64 | -425 | -476 | -1,042 | -232 | -180 |
| Cash from Financing | -122 | 30 | -149 | -130 | -668 | -323 | -319 | 502 | -104 | 230 |
| 7 | 16 | -21 | 124 | 100 | -71 | 10 | -6 | -102 | 91 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-12 - Raymond Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-11 - Raymond Limited has informed the Exchange about Schedule of meet
2026-09-11 - Raymond Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on October 03, 2026
2026-09-11 - Raymond Limited has informed the Exchange regarding a press release dated September 11, 2026, titled "Raymond Limited s Aerospace Subsidiary Wins Multi-ProgrammeAerospace Orders from a Leading Indian Aerospace and Defence Major".
2026-09-10 - Raymond Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-08 - Raymond Limited has informed the Exchange about Fund raising through Preferential Issue of Share Warrants
2026-09-08 - Raymond Limited has informed the Exchange regarding Outcome of Board Meeting held on September 08, 2026.
2026-09-07 - Raymond Limited has informed the Exchange about Options to purchase securities
2026-08-31 - Raymond Limited has informed the Exchange about Schedule of meet
News
Recent coverage and analyst commentary for RAYMOND
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Raymond Ltd.
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