Raymond Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Textile: 57.5% • Apparel: 23.0% • Real Estate Development: 19.3%
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 is almost debt free
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.63x)
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Interest coverage is weak at -93.9x - earnings barely cover interest
- Recent results are weak - TTM profit is down 100.4% versus prior year
- Company has a low return on capital employed of 7.5%
- Company has a low return on equity of 7.2% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| INDIGO | 4964.40 | 0.00 | 191956.77 | 0.00 | -238.00 | -110.94 | 24584.10 | 19.94 | 39.95 | 13.29 |
| RAYMOND | 809.00 | 145.25 | 5385.81 | 0.00 | 30.85 | -99.94 | 605.61 | 15.51 | -0.54 | 12.72 |
| TAALTECH | 4888.70 | 24.40 | 1523.49 | 1.33 | 194.34 | 1317.30 | 648.11 | 1316.08 | 33.33 | 34.03 |
| SPICEJET | 9.39 | 0.00 | 1433.01 | 0.00 | -261.70 | -1390.90 | 1345.47 | 14.14 | 0.00 | -16.38 |
| TANAA | 272.35 | 36.54 | 694.51 | 0.92 | 5.74 | 62.05 | 10.31 | 21.04 | 15.52 | 72.30 |
| GLOBALVECT | 139.90 | 0.00 | 195.86 | 0.00 | -11.85 | -25.64 | 130.71 | 1.05 | 28.74 | 8.85 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 237 | 244 | 441 | 2 | 2 | 348 | 2 | 1 | 1 | 0 | 2 | 1 | 1 | |
| 220 | 215 | 393 | 15 | 12 | 321 | 22 | 25 | 15 | 23 | 25 | 28 | 22 | |
| Operating Profit | 16 | 29 | 48 | -13 | -10 | 27 | -20 | -23 | -14 | -23 | -23 | -27 | -21 |
| OPM % | 6.91% | 11.98% | 10.91% | -692.47% | -596.00% | 7.63% | -905.45% | -1877.42% | -1445.45% | -25888.89% | -1289.50% | -1994.85% | -2657.50% |
| 44 | 35 | 52 | 24 | 37 | 69 | 36 | 32 | 39 | 28 | 27 | 12 | 23 | |
| Interest | 7 | 8 | 9 | 0 | 0 | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 11 | 12 | 13 | 14 | 7 | 11 | 8 | 7 | 9 | 8 | 8 | 7 | 7 |
| Profit before Tax | 43 | 44 | 78 | -3 | 19 | 96 | 7 | 2 | 16 | -4 | -4 | -22 | 2 |
| Tax % | 25.13% | 22.88% | 25.17% | -24.50% | 34.51% | 31.06% | -24.90% | 33.97% | 25.17% | 25.20% | 23.76% | 13.80% | 16.75% |
| Net Profit | 32 | 34 | 58 | -4 | 13 | 66 | 9 | 1 | 12 | -3 | -3 | -19 | 2 |
| 4.80 | 5.09 | 8.75 | 0.01 | 1.89 | 9.94 | 1.40 | 0.15 | 1.77 | -0.43 | -0.49 | -2.84 | 0.25 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,822 | 3,012 | 3,276 | 3,186 | 2,176 | 4,261 | 5,780 | 6,593 | 6 | 4 | 4 | |
| 2,663 | 2,802 | 3,046 | 2,933 | 2,347 | 3,768 | 4,864 | 6,324 | 77 | 92 | 99 | |
| Operating Profit | 159 | 209 | 230 | 253 | -171 | 493 | 916 | 269 | -71 | -88 | -95 |
| OPM % | 5.63% | 6.95% | 7.03% | 7.94% | -7.87% | 11.57% | 15.85% | 4.08% | -1169.46% | -2072.47% | -2340.64% |
| 123 | 175 | 147 | 167 | 208 | -583 | 32 | 970 | 151 | 105 | 90 | |
| Interest | 144 | 147 | 175 | 194 | 239 | 195 | 228 | 329 | 0 | 0 | 0 |
| Depreciation | 90 | 96 | 109 | 155 | 229 | 160 | 159 | 207 | 30 | 31 | 30 |
| Profit before Tax | 47 | 141 | 94 | 70 | -431 | -445 | 561 | 703 | 50 | -14 | -28 |
| Tax % | 28.17% | 30.68% | 21.67% | -34.95% | 35.81% | 10.99% | 26.82% | 25.10% | 27.67% | 7.23% | 16.65% |
| Net Profit | 34 | 98 | 74 | 94 | -277 | -396 | 410 | 527 | 36 | -13 | -23 |
| EPS | 5.51 | 15.98 | 12.03 | 14.98 | -41.54 | -59.47 | 61.65 | 79.14 | 5.40 | -1.98 | — |
| Dividend Payout % | 22.68% | 18.78% | 24.95% | 0.00% | 0.00% | -5.04% | 4.87% | 12.64% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -48%
- 5 Years:
- -71%
- 3 Years:
- -91%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 53%
- 5 Years:
- —
- 3 Years:
- 134%
STOCK PRICE CAGR
- 10 Years:
- 7%
- 5 Years:
- 14%
- 3 Years:
- -26%
- 1 Year:
- 37%
RETURN ON EQUITY
- 10 Years:
- 3%
- 5 Years:
- 4%
- 3 Years:
- 7%
- Last Year:
- -1%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 1,163 | 1,256 | 1,307 | 1,718 | 1,917 | 1,746 | 2,186 | 2,733 | 3,232 | 1,711 | |
| 1,305 | 1,220 | 1,489 | 1,551 | 1,934 | 1,813 | 1,892 | 3,103 | 1 | 9 | |
| Trade Payables | 400 | 541 | 615 | 671 | 917 | 1,375 | 1,332 | 1,584 | 27 | 29 |
| 652 | 904 | 768 | 613 | 545 | 471 | 958 | 962 | 1,425 | 11 | |
| Total Liabilities | 3,582 | 3,982 | 4,241 | 4,617 | 5,381 | 5,472 | 6,434 | 8,449 | 4,752 | 1,826 |
| 569 | 1,107 | 1,066 | 1,216 | 1,264 | 1,166 | 1,255 | 1,581 | 340 | 311 | |
| Capital Work in Progress | 285 | 10 | 47 | 26 | 13 | 10 | 24 | 32 | 0 | 0 |
| 836 | 804 | 705 | 648 | 593 | 1,091 | 1,545 | 1,884 | 1,102 | 1,273 | |
| 698 | 937 | 1,059 | 1,290 | 1,297 | 1,543 | 1,951 | 2,011 | 4 | 4 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 940 | 1 | 0 | |
| Cash & Bank | 39 | 67 | 102 | 301 | 502 | 232 | 261 | 446 | 277 | 90 |
| 1,154 | 1,057 | 1,262 | 1,137 | 1,712 | 1,428 | 1,398 | 1,553 | 3,027 | 149 | |
| Total Assets | 3,582 | 3,982 | 4,241 | 4,617 | 5,381 | 5,472 | 6,434 | 8,449 | 4,752 | 1,826 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 249 | 264 | 120 | 323 | 361 | 588 | 680 | 699 | 341 | -145 | |
| Cash from Investing | -65 | -118 | -1 | -52 | 26 | -688 | -412 | -968 | -239 | 166 |
| Cash from Financing | -166 | -116 | -112 | -153 | -483 | -231 | -218 | 273 | -142 | -1 |
| -2 | 20 | -20 | 111 | 81 | -124 | 38 | 5 | -40 | 20 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
2026-09-10 - 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
2026-08-14 - Raymond Limited has informed the Exchange about Transcript
2026-08-08 - Raymond Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-07 - Raymond Limited has informed the Exchange about Link of Recording
2026-08-07 - Raymond Limited has informed the Exchange regarding a press release dated August 07, 2026, titled "Raymond Limited reports a healthy Q1 FY27 performance".
News
Recent coverage and analyst commentary for RAYMOND
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Raymond Ltd.
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