Raymond Ltd.
•₹ 643.15-2.06%
2026-08-21
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 113.3 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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | INDIGO | 5175.00 | 0.00 | 200099.96 | 0.00 | -238.00 | -110.94 | 24584.10 | 19.94 | 39.95 | 13.29 |
| 2. | RAYMOND | 630.95 | 113.28 | 4200.47 | 0.00 | 30.85 | -99.94 | 605.61 | 15.51 | -0.54 | 12.72 |
| 3. | SPICEJET | 10.77 | 0.00 | 1643.61 | 0.00 | -261.70 | -1390.90 | 1345.47 | 14.14 | 0.00 | -16.38 |
| 4. | TAALTECH | 4194.05 | 20.93 | 1307.01 | 1.55 | 19.43 | 41.73 | 64.81 | 41.60 | 33.33 | 34.03 |
| 5. | TANAA | 310.65 | 41.68 | 792.17 | 0.80 | 5.74 | 62.05 | 10.31 | 21.04 | 15.52 | 72.30 |
| 6. | GLOBALVECT | 149.00 | 0.00 | 208.60 | 0.00 | -11.85 | -25.64 | 130.71 | 1.05 | 28.74 | 8.85 |
Detailed Comparison with:
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 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 43 | 42 | 48 | 43 | 50 | 38 | 27 | 44 | 31 | 36 | 23 | 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 |
| 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 |
| 7 | 4 | 6 | 2 | 3 | 0 | 1 | 3 | 3 | 2 | 1 | 0 | 0 | |
| Equity Capital | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Jun 2023
- 473
- 428
- Operating Profit
- —
- OPM %
- —
- Other Income
- 43
- Interest
- 8
- Depreciation
- 16
- 65
- Tax %
- 25.63%
- Net Profit
- 0
- 7
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 470
- 414
- Operating Profit
- —
- OPM %
- —
- Other Income
- 42
- Interest
- 9
- Depreciation
- 17
- 49
- Tax %
- 18.38%
- Net Profit
- 0
- 4
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 678
- 600
- Operating Profit
- —
- OPM %
- —
- Other Income
- 48
- Interest
- 22
- Depreciation
- 18
- 87
- Tax %
- 27.68%
- Net Profit
- 0
- 6
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 266
- 237
- Operating Profit
- —
- OPM %
- —
- Other Income
- 43
- Interest
- 5
- Depreciation
- 21
- 36
- Tax %
- 10.80%
- Net Profit
- 0
- 2
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 450
- 405
- Operating Profit
- —
- OPM %
- —
- Other Income
- 50
- Interest
- 16
- Depreciation
- 35
- 44
- Tax %
- 17.86%
- Net Profit
- 73,669
- 3
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 474
- 435
- Operating Profit
- —
- OPM %
- —
- Other Income
- 38
- Interest
- 16
- Depreciation
- 37
- 24
- Tax %
- 38.12%
- Net Profit
- 590
- 0
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 466
- 427
- Operating Profit
- —
- OPM %
- —
- Other Income
- 27
- Interest
- 16
- Depreciation
- 37
- 12
- Tax %
- 4.50%
- Net Profit
- 723
- 1
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 557
- 503
- Operating Profit
- —
- OPM %
- —
- Other Income
- 44
- Interest
- 17
- Depreciation
- 37
- 45
- Tax %
- 19.71%
- Net Profit
- 1,375
- 3
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 524
- 468
- Operating Profit
- —
- OPM %
- —
- Other Income
- 31
- Interest
- 19
- Depreciation
- 39
- 30
- Tax %
- 25.09%
- Net Profit
- 53,282
- 3
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 528
- 484
- Operating Profit
- —
- OPM %
- —
- Other Income
- 36
- Interest
- 22
- Depreciation
- 38
- -148
- Tax %
- 109.53%
- Net Profit
- 14
- 2
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 557
- 497
- Operating Profit
- —
- OPM %
- —
- Other Income
- 23
- Interest
- 21
- Depreciation
- 38
- 10
- Tax %
- 29.46%
- Net Profit
- 7
- 1
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 603
- 527
- Operating Profit
- —
- OPM %
- —
- Other Income
- 10
- Interest
- 23
- Depreciation
- 37
- 5
- Tax %
- -145.13%
- Net Profit
- 12
- 0
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 606
- 586
- Operating Profit
- —
- OPM %
- —
- Other Income
- 22
- Interest
- 20
- Depreciation
- 38
- 41
- Tax %
- 25.36%
- Net Profit
- 31
- 0
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 67
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 423 | 546 | 702 | 612 | 135 | 881 | 1,322 | 1,575 | 335 | 335 | — |
| OPM % | 8 | 9 | 11 | 9 | 4 | 14 | 16 | 17 | 17 | 15 | — |
| Other Income | 119 | 123 | 130 | 96 | 201 | 171 | 138 | 270 | 158 | 100 | 91 |
| Interest | 178 | 184 | 233 | 303 | 276 | 228 | 257 | 376 | 65 | 84 | 85 |
| Depreciation | 157 | 170 | 196 | 340 | 314 | 240 | 235 | 284 | 146 | 152 | 151 |
| 52 | 208 | 260 | 159 | -465 | 243 | 737 | 1,866 | 78 | -106 | -91 | |
| Tax % | 42 | 32 | 33 | -27 | 35 | -9 | 27 | 12 | 34 | 151 | 172 |
| Net Profit | 30 | 142 | 175 | 202 | -304 | 265 | 537 | 1,643 | 52 | 54 | 65 |
| EPS | 4 | 22 | 27 | 31 | -45 | 39 | 79 | 246 | 1,147 | 803 | — |
| Dividend Payout % | 30 | 14 | 11 | 0 | 0 | 8 | 4 | 4 | 0 | 0 | — |
| Minority Interest | -4 | -7 | -7 | -6 | 7 | -5 | -8 | -5 | -4 | -20 | 8 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 |
| Adjusted EPS | 4 | 22 | 27 | 30 | -45 | 39 | 79 | 246 | 1,147 | 803 | — |
| Minority Interest | -4 | -7 | -7 | -6 | 7 | -5 | -8 | -5 | -4 | -20 | 8 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 |
| Adjusted EPS | 4 | 22 | 27 | 30 | -45 | 39 | 79 | 246 | 1,147 | 803 | — |
Mar 2017
- 5,353
- 5,049
- Operating Profit
- 423
- OPM %
- 8
- Other Income
- 119
- Interest
- 178
- Depreciation
- 157
- 52
- Tax %
- 42
- Net Profit
- 30
- EPS
- 4
- Dividend Payout %
- 30
- Minority Interest
- -4
- Share of Associates
- 0
- Adjusted EPS
- 4
- Minority Interest
- -4
- Share of Associates
- 0
- Adjusted EPS
- 4
Mar 2018
- 5,900
- 5,477
- Operating Profit
- 546
- OPM %
- 9
- Other Income
- 123
- Interest
- 184
- Depreciation
- 170
- 208
- Tax %
- 32
- Net Profit
- 142
- EPS
- 22
- Dividend Payout %
- 14
- Minority Interest
- -7
- Share of Associates
- 0
- Adjusted EPS
- 22
- Minority Interest
- -7
- Share of Associates
- 0
- Adjusted EPS
- 22
Mar 2019
- 6,582
- 6,010
- Operating Profit
- 702
- OPM %
- 11
- Other Income
- 130
- Interest
- 233
- Depreciation
- 196
- 260
- Tax %
- 33
- Net Profit
- 175
- EPS
- 27
- Dividend Payout %
- 11
- Minority Interest
- -7
- Share of Associates
- 0
- Adjusted EPS
- 27
- Minority Interest
- -7
- Share of Associates
- 0
- Adjusted EPS
- 27
Mar 2020
- 6,482
- 5,967
- Operating Profit
- 612
- OPM %
- 9
- Other Income
- 96
- Interest
- 303
- Depreciation
- 340
- 159
- Tax %
- -27
- Net Profit
- 202
- EPS
- 31
- Dividend Payout %
- 0
- Minority Interest
- -6
- Share of Associates
- 0
- Adjusted EPS
- 30
- Minority Interest
- -6
- Share of Associates
- 0
- Adjusted EPS
- 30
Mar 2021
- 3,446
- 3,513
- Operating Profit
- 135
- OPM %
- 4
- Other Income
- 201
- Interest
- 276
- Depreciation
- 314
- -465
- Tax %
- 35
- Net Profit
- -304
- EPS
- -45
- Dividend Payout %
- 0
- Minority Interest
- 7
- Share of Associates
- 0
- Adjusted EPS
- -45
- Minority Interest
- 7
- Share of Associates
- 0
- Adjusted EPS
- -45
Mar 2022
- 6,179
- 5,468
- Operating Profit
- 881
- OPM %
- 14
- Other Income
- 171
- Interest
- 228
- Depreciation
- 240
- 243
- Tax %
- -9
- Net Profit
- 265
- EPS
- 39
- Dividend Payout %
- 8
- Minority Interest
- -5
- Share of Associates
- 0
- Adjusted EPS
- 39
- Minority Interest
- -5
- Share of Associates
- 0
- Adjusted EPS
- 39
Mar 2023
- 8,215
- 7,031
- Operating Profit
- 1,322
- OPM %
- 16
- Other Income
- 138
- Interest
- 257
- Depreciation
- 235
- 737
- Tax %
- 27
- Net Profit
- 537
- EPS
- 79
- Dividend Payout %
- 4
- Minority Interest
- -8
- Share of Associates
- 0
- Adjusted EPS
- 79
- Minority Interest
- -8
- Share of Associates
- 0
- Adjusted EPS
- 79
Mar 2024
- 9,020
- 7,715
- Operating Profit
- 1,575
- OPM %
- 17
- Other Income
- 270
- Interest
- 376
- Depreciation
- 284
- 1,866
- Tax %
- 12
- Net Profit
- 1,643
- EPS
- 246
- Dividend Payout %
- 4
- Minority Interest
- -5
- Share of Associates
- 0
- Adjusted EPS
- 246
- Minority Interest
- -5
- Share of Associates
- 0
- Adjusted EPS
- 246
Mar 2025
- 1,947
- 1,770
- Operating Profit
- 335
- OPM %
- 17
- Other Income
- 158
- Interest
- 65
- Depreciation
- 146
- 78
- Tax %
- 34
- Net Profit
- 52
- EPS
- 1,147
- Dividend Payout %
- 0
- Minority Interest
- -4
- Share of Associates
- 0
- Adjusted EPS
- 1,147
- Minority Interest
- -4
- Share of Associates
- 0
- Adjusted EPS
- 1,147
Mar 2026
- 2,212
- 1,977
- Operating Profit
- 335
- OPM %
- 15
- Other Income
- 100
- Interest
- 84
- Depreciation
- 152
- -106
- Tax %
- 151
- Net Profit
- 54
- EPS
- 803
- Dividend Payout %
- 0
- Minority Interest
- -20
- Share of Associates
- 0
- Adjusted EPS
- 803
- Minority Interest
- -20
- Share of Associates
- 0
- Adjusted EPS
- 803
TTM
- 2,293
- 2,096
- Operating Profit
- —
- OPM %
- —
- Other Income
- 91
- Interest
- 85
- Depreciation
- 151
- -91
- Tax %
- 172
- Net Profit
- 65
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 8
- Share of Associates
- -2
- Adjusted EPS
- —
- Minority Interest
- 8
- Share of Associates
- -2
- Adjusted EPS
- —
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:
- 5%
- 5 Years:
- 10%
- 3 Years:
- -30%
- 1 Year:
- 1%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 61 | 61 | 61 | 65 | 67 | 67 | 67 | 67 | 67 | 67 |
| 1,612 | 1,751 | 1,892 | 2,311 | 2,030 | 2,291 | 2,831 | 4,532 | 3,619 | 2,768 | |
| 1,132 | 1,150 | 1,732 | 1,786 | 719 | 615 | 724 | 775 | 331 | 438 | |
| Trade Payables | 773 | 1,126 | 1,352 | 1,406 | 1,164 | 1,714 | 1,692 | 2,064 | 254 | 345 |
| 1,593 | 1,949 | 1,559 | 2,000 | 2,430 | 2,294 | 2,706 | 5,564 | 3,446 | 1,109 | |
| Total Liabilities | 5,172 | 6,037 | 6,597 | 7,567 | 6,409 | 6,980 | 8,019 | 13,001 | 7,716 | 4,727 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 2,140 | 2,353 | 2,468 | 2,430 | 2,076 | 2,066 | 2,100 | 3,360 | 677 | 998 |
| Net Working Capital | 147 | -12 | -117 | 131 | 766 | 1,006 | 1,235 | 2,947 | 920 | 798 |
| Contingent Liabilities | 178 | 180 | 166 | 156 | 153 | 192 | 203 | 192 | 99 | 95 |
| Book Value per Share | 272.58 | 295.21 | 318.31 | 367.02 | 314.89 | 354.09 | 435.18 | 690.97 | 553.77 | 425.98 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Total Debt | 2,140 | 2,353 | 2,468 | 2,430 | 2,076 | 2,066 | 2,100 | 3,360 | 677 | 998 |
| Net Working Capital | 147 | -12 | -117 | 131 | 766 | 1,006 | 1,235 | 2,947 | 920 | 798 |
| Contingent Liabilities | 178 | 180 | 166 | 156 | 153 | 192 | 203 | 192 | 99 | 95 |
| Book Value per Share | 272.58 | 295.21 | 318.31 | 367.02 | 314.89 | 354.09 | 435.18 | 690.97 | 553.77 | 425.98 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Mar 2017
- Equity Capital
- 61
- 1,612
- 1,132
- Trade Payables
- 773
- 1,593
- Total Liabilities
- 5,172
- 1,169
- Capital Work in Progress
- 412
- 641
- 1,289
- 0
- Cash & Bank
- 70
- 1,592
- Total Assets
- 5,172
- Total Debt
- 2,140
- Net Working Capital
- 147
- Contingent Liabilities
- 178
- Book Value per Share
- 272.58
- Face Value
- 10.00
- Total Debt
- 2,140
- Net Working Capital
- 147
- Contingent Liabilities
- 178
- Book Value per Share
- 272.58
- Face Value
- 10.00
Mar 2018
- Equity Capital
- 61
- 1,751
- 1,150
- Trade Payables
- 1,126
- 1,949
- Total Liabilities
- 6,037
- 1,741
- Capital Work in Progress
- 270
- 636
- 1,611
- 0
- Cash & Bank
- 87
- 1,692
- Total Assets
- 6,037
- Total Debt
- 2,353
- Net Working Capital
- -12
- Contingent Liabilities
- 180
- Book Value per Share
- 295.21
- Face Value
- 10.00
- Total Debt
- 2,353
- Net Working Capital
- -12
- Contingent Liabilities
- 180
- Book Value per Share
- 295.21
- Face Value
- 10.00
Mar 2019
- Equity Capital
- 61
- 1,892
- 1,732
- Trade Payables
- 1,352
- 1,559
- Total Liabilities
- 6,597
- 1,935
- Capital Work in Progress
- 113
- 540
- 1,902
- 0
- Cash & Bank
- 126
- 1,981
- Total Assets
- 6,597
- Total Debt
- 2,468
- Net Working Capital
- -117
- Contingent Liabilities
- 166
- Book Value per Share
- 318.31
- Face Value
- 10.00
- Total Debt
- 2,468
- Net Working Capital
- -117
- Contingent Liabilities
- 166
- Book Value per Share
- 318.31
- Face Value
- 10.00
Mar 2020
- Equity Capital
- 65
- 2,311
- 1,786
- Trade Payables
- 1,406
- 2,000
- Total Liabilities
- 7,567
- 2,441
- Capital Work in Progress
- 35
- 598
- 2,201
- 0
- Cash & Bank
- 328
- 1,964
- Total Assets
- 7,567
- Total Debt
- 2,430
- Net Working Capital
- 131
- Contingent Liabilities
- 156
- Book Value per Share
- 367.02
- Face Value
- 10.00
- Total Debt
- 2,430
- Net Working Capital
- 131
- Contingent Liabilities
- 156
- Book Value per Share
- 367.02
- Face Value
- 10.00
Mar 2021
- Equity Capital
- 67
- 2,030
- 719
- Trade Payables
- 1,164
- 2,430
- Total Liabilities
- 6,409
- 2,044
- Capital Work in Progress
- 16
- 500
- 1,634
- 0
- Cash & Bank
- 552
- 1,663
- Total Assets
- 6,409
- Total Debt
- 2,076
- Net Working Capital
- 766
- Contingent Liabilities
- 153
- Book Value per Share
- 314.89
- Face Value
- 10.00
- Total Debt
- 2,076
- Net Working Capital
- 766
- Contingent Liabilities
- 153
- Book Value per Share
- 314.89
- Face Value
- 10.00
Mar 2022
- Equity Capital
- 67
- 2,291
- 615
- Trade Payables
- 1,714
- 2,294
- Total Liabilities
- 6,980
- 1,878
- Capital Work in Progress
- 20
- 1,100
- 2,011
- 0
- Cash & Bank
- 336
- 1,635
- Total Assets
- 6,980
- Total Debt
- 2,066
- Net Working Capital
- 1,006
- Contingent Liabilities
- 192
- Book Value per Share
- 354.09
- Face Value
- 10.00
- Total Debt
- 2,066
- Net Working Capital
- 1,006
- Contingent Liabilities
- 192
- Book Value per Share
- 354.09
- Face Value
- 10.00
Mar 2023
- Equity Capital
- 67
- 2,831
- 724
- Trade Payables
- 1,692
- 2,706
- Total Liabilities
- 8,019
- 1,934
- Capital Work in Progress
- 30
- 1,639
- 2,497
- 0
- Cash & Bank
- 326
- 1,594
- Total Assets
- 8,019
- Total Debt
- 2,100
- Net Working Capital
- 1,235
- Contingent Liabilities
- 203
- Book Value per Share
- 435.18
- Face Value
- 10.00
- Total Debt
- 2,100
- Net Working Capital
- 1,235
- Contingent Liabilities
- 203
- Book Value per Share
- 435.18
- Face Value
- 10.00
Mar 2024
- Equity Capital
- 67
- 4,532
- 775
- Trade Payables
- 2,064
- 5,564
- Total Liabilities
- 13,001
- 3,475
- Capital Work in Progress
- 70
- 2,826
- 3,514
- 1,407
- Cash & Bank
- 526
- 1,183
- Total Assets
- 13,001
- Total Debt
- 3,360
- Net Working Capital
- 2,947
- Contingent Liabilities
- 192
- Book Value per Share
- 690.97
- Face Value
- 10.00
- Total Debt
- 3,360
- Net Working Capital
- 2,947
- Contingent Liabilities
- 192
- Book Value per Share
- 690.97
- Face Value
- 10.00
Mar 2025
- Equity Capital
- 67
- 3,619
- 331
- Trade Payables
- 254
- 3,446
- Total Liabilities
- 7,716
- 1,772
- Capital Work in Progress
- 5
- 1,120
- 419
- 406
- Cash & Bank
- 299
- 3,696
- Total Assets
- 7,716
- Total Debt
- 677
- Net Working Capital
- 920
- Contingent Liabilities
- 99
- Book Value per Share
- 553.77
- Face Value
- 10.00
- Total Debt
- 677
- Net Working Capital
- 920
- Contingent Liabilities
- 99
- Book Value per Share
- 553.77
- Face Value
- 10.00
Mar 2026
- Equity Capital
- 67
- 2,768
- 438
- Trade Payables
- 345
- 1,109
- Total Liabilities
- 4,727
- 1,524
- Capital Work in Progress
- 38
- 1,695
- 487
- 521
- Cash & Bank
- 182
- 279
- Total Assets
- 4,727
- Total Debt
- 998
- Net Working Capital
- 798
- Contingent Liabilities
- 95
- Book Value per Share
- 425.98
- Face Value
- 10.00
- Total Debt
- 998
- Net Working Capital
- 798
- Contingent Liabilities
- 95
- Book Value per Share
- 425.98
- Face Value
- 10.00
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 348 | 395 | 251 | 390 | 704 | 677 | 804 | 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 | |
| Free Cash Flow | 26 | -199 | 27 | -346 | 704 | 677 | 560 | -1,318 | 233 | 42 |
| OCF / Net Profit | 11.60 | 2.79 | 1.43 | 1.94 | -2.32 | 2.56 | 1.50 | 0.32 | 4.48 | 0.78 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 211 | 863 | 1,622 | 277 | 856 | 194 |
| OCF / Net Profit | 11.60 | 2.79 | 1.43 | 1.94 | -2.32 | 2.56 | 1.50 | 0.32 | 4.48 | 0.78 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 211 | 863 | 1,622 | 277 | 856 | 194 |
Mar 2017
- 348
- Cash from Investing
- -220
- Cash from Financing
- -122
- 7
- Free Cash Flow
- 26
- OCF / Net Profit
- 11.60
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 11.60
- Cumulative 5-Year FCF
- 0
Mar 2018
- 395
- Cash from Investing
- -408
- Cash from Financing
- 30
- 16
- Free Cash Flow
- -199
- OCF / Net Profit
- 2.79
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 2.79
- Cumulative 5-Year FCF
- 0
Mar 2019
- 251
- Cash from Investing
- -123
- Cash from Financing
- -149
- -21
- Free Cash Flow
- 27
- OCF / Net Profit
- 1.43
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.43
- Cumulative 5-Year FCF
- 0
Mar 2020
- 390
- Cash from Investing
- -137
- Cash from Financing
- -130
- 124
- Free Cash Flow
- -346
- OCF / Net Profit
- 1.94
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.94
- Cumulative 5-Year FCF
- 0
Mar 2021
- 704
- Cash from Investing
- 64
- Cash from Financing
- -668
- 100
- Free Cash Flow
- 704
- OCF / Net Profit
- -2.32
- Cumulative 5-Year FCF
- 211
- OCF / Net Profit
- -2.32
- Cumulative 5-Year FCF
- 211
Mar 2022
- 677
- Cash from Investing
- -425
- Cash from Financing
- -323
- -71
- Free Cash Flow
- 677
- OCF / Net Profit
- 2.56
- Cumulative 5-Year FCF
- 863
- OCF / Net Profit
- 2.56
- Cumulative 5-Year FCF
- 863
Mar 2023
- 804
- Cash from Investing
- -476
- Cash from Financing
- -319
- 10
- Free Cash Flow
- 560
- OCF / Net Profit
- 1.50
- Cumulative 5-Year FCF
- 1,622
- OCF / Net Profit
- 1.50
- Cumulative 5-Year FCF
- 1,622
Mar 2024
- 533
- Cash from Investing
- -1,042
- Cash from Financing
- 502
- -6
- Free Cash Flow
- -1,318
- OCF / Net Profit
- 0.32
- Cumulative 5-Year FCF
- 277
- OCF / Net Profit
- 0.32
- Cumulative 5-Year FCF
- 277
Mar 2025
- 233
- Cash from Investing
- -232
- Cash from Financing
- -104
- -102
- Free Cash Flow
- 233
- OCF / Net Profit
- 4.48
- Cumulative 5-Year FCF
- 856
- OCF / Net Profit
- 4.48
- Cumulative 5-Year FCF
- 856
Mar 2026
- 42
- Cash from Investing
- -180
- Cash from Financing
- 230
- 91
- Free Cash Flow
- 42
- OCF / Net Profit
- 0.78
- Cumulative 5-Year FCF
- 194
- OCF / Net Profit
- 0.78
- Cumulative 5-Year FCF
- 194
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 4.16 | 21.93 | 27.37 | 30.30 | -44.62 | 39.11 | 79.45 | 246.09 | 1146.71 | 802.60 |
| Book Value (₹) | 272.58 | 295.21 | 318.31 | 367.02 | 314.89 | 354.09 | 435.18 | 690.97 | 553.77 | 425.98 |
| Dividend per Share (₹) | 1.25 | 3.00 | 3.00 | 0.00 | 0.00 | 3.00 | 3.00 | 10.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 30.45 | 50.81 | 60.49 | 83.68 | 1.58 | 75.84 | 116.01 | 289.51 | 29.77 | 30.86 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 7.84% | 9.25% | 10.36% | 9.03% | 3.73% | 14.20% | 16.02% | 14.41% | 9.06% | 10.62% |
| Net Margin % | 0.56% | 2.40% | 2.58% | 2.98% | -8.38% | 4.27% | 6.51% | 18.15% | 2.67% | 2.42% |
| ROE % | 1.79% | 8.12% | 9.28% | 9.32% | -13.58% | 11.91% | 20.44% | 43.84% | 1.26% | 1.64% |
| ROCE % | 6.09% | 9.83% | 11.48% | 10.01% | -4.20% | 10.95% | 21.11% | 34.55% | 2.32% | -0.54% |
| 0.60% | 2.53% | 2.77% | 2.85% | -4.35% | 3.96% | 7.16% | 15.63% | 0.50% | 0.86% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 71 | 66 | 63 | 65 | 107 | 54 | 36 | 43 | 170 | 76 |
| Inventory Days | 83 | 90 | 95 | 111 | 193 | 107 | 100 | 121 | 369 | 75 |
| Payable Days | 105 | 138 | 161 | 180 | 285 | 234 | 207 | 266 | 608 | 146 |
| 49 | 17 | -3 | -4 | 15 | -73 | -72 | -102 | -70 | 6 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 1.28x | 1.30x | 1.26x | 1.02x | 0.99x | 0.88x | 0.72x | 0.73x | 0.18x | 0.35x |
| Interest Coverage (x) | 1.29x | 2.13x | 2.12x | 1.52x | -0.68x | 2.07x | 3.87x | 5.96x | 2.20x | -0.26x |
| 1.05x | 1.00x | 0.97x | 1.03x | 1.26x | 1.29x | 1.33x | 1.66x | 2.10x | 1.72x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 4.14% | 10.20% | 11.57% | -1.52% | -46.83% | 79.27% | 32.96% | 9.80% | -78.42% | 13.63% |
| Operating Profit Growth % | -16.50% | 29.25% | 28.50% | -12.88% | -77.91% | 551.57% | 50.09% | 19.18% | -78.75% | -0.04% |
| Net Profit Growth % | -64.91% | 371.62% | 23.47% | 15.44% | -250.50% | 187.31% | 102.54% | 205.99% | -96.83% | 2.92% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 209.73% | 365.98% | -30.01% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 7.35x | 1.22x | 0.40x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.62x | 2.53x | 0.76x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.55% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 9.44x | 29.03x | 8.84x |
Mar 2017
- EPS (₹)
- 4.16
- Book Value (₹)
- 272.58
- Dividend per Share (₹)
- 1.25
- Cash EPS (₹)
- 30.45
- Operating Margin %
- 7.84%
- Net Margin %
- 0.56%
- ROE %
- 1.79%
- ROCE %
- 6.09%
- 0.60%
- Debtor Days
- 71
- Inventory Days
- 83
- Payable Days
- 105
- 49
- Debt to Equity (x)
- 1.28x
- Interest Coverage (x)
- 1.29x
- 1.05x
- Revenue Growth %
- 4.14%
- Operating Profit Growth %
- -16.50%
- Net Profit Growth %
- -64.91%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 21.93
- Book Value (₹)
- 295.21
- Dividend per Share (₹)
- 3.00
- Cash EPS (₹)
- 50.81
- Operating Margin %
- 9.25%
- Net Margin %
- 2.40%
- ROE %
- 8.12%
- ROCE %
- 9.83%
- 2.53%
- Debtor Days
- 66
- Inventory Days
- 90
- Payable Days
- 138
- 17
- Debt to Equity (x)
- 1.30x
- Interest Coverage (x)
- 2.13x
- 1.00x
- Revenue Growth %
- 10.20%
- Operating Profit Growth %
- 29.25%
- Net Profit Growth %
- 371.62%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 27.37
- Book Value (₹)
- 318.31
- Dividend per Share (₹)
- 3.00
- Cash EPS (₹)
- 60.49
- Operating Margin %
- 10.36%
- Net Margin %
- 2.58%
- ROE %
- 9.28%
- ROCE %
- 11.48%
- 2.77%
- Debtor Days
- 63
- Inventory Days
- 95
- Payable Days
- 161
- -3
- Debt to Equity (x)
- 1.26x
- Interest Coverage (x)
- 2.12x
- 0.97x
- Revenue Growth %
- 11.57%
- Operating Profit Growth %
- 28.50%
- Net Profit Growth %
- 23.47%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 30.30
- Book Value (₹)
- 367.02
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 83.68
- Operating Margin %
- 9.03%
- Net Margin %
- 2.98%
- ROE %
- 9.32%
- ROCE %
- 10.01%
- 2.85%
- Debtor Days
- 65
- Inventory Days
- 111
- Payable Days
- 180
- -4
- Debt to Equity (x)
- 1.02x
- Interest Coverage (x)
- 1.52x
- 1.03x
- Revenue Growth %
- -1.52%
- Operating Profit Growth %
- -12.88%
- Net Profit Growth %
- 15.44%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- -44.62
- Book Value (₹)
- 314.89
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.58
- Operating Margin %
- 3.73%
- Net Margin %
- -8.38%
- ROE %
- -13.58%
- ROCE %
- -4.20%
- -4.35%
- Debtor Days
- 107
- Inventory Days
- 193
- Payable Days
- 285
- 15
- Debt to Equity (x)
- 0.99x
- Interest Coverage (x)
- -0.68x
- 1.26x
- Revenue Growth %
- -46.83%
- Operating Profit Growth %
- -77.91%
- Net Profit Growth %
- -250.50%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 39.11
- Book Value (₹)
- 354.09
- Dividend per Share (₹)
- 3.00
- Cash EPS (₹)
- 75.84
- Operating Margin %
- 14.20%
- Net Margin %
- 4.27%
- ROE %
- 11.91%
- ROCE %
- 10.95%
- 3.96%
- Debtor Days
- 54
- Inventory Days
- 107
- Payable Days
- 234
- -73
- Debt to Equity (x)
- 0.88x
- Interest Coverage (x)
- 2.07x
- 1.29x
- Revenue Growth %
- 79.27%
- Operating Profit Growth %
- 551.57%
- Net Profit Growth %
- 187.31%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 79.45
- Book Value (₹)
- 435.18
- Dividend per Share (₹)
- 3.00
- Cash EPS (₹)
- 116.01
- Operating Margin %
- 16.02%
- Net Margin %
- 6.51%
- ROE %
- 20.44%
- ROCE %
- 21.11%
- 7.16%
- Debtor Days
- 36
- Inventory Days
- 100
- Payable Days
- 207
- -72
- Debt to Equity (x)
- 0.72x
- Interest Coverage (x)
- 3.87x
- 1.33x
- Revenue Growth %
- 32.96%
- Operating Profit Growth %
- 50.09%
- Net Profit Growth %
- 102.54%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 246.09
- Book Value (₹)
- 690.97
- Dividend per Share (₹)
- 10.00
- Cash EPS (₹)
- 289.51
- Operating Margin %
- 14.41%
- Net Margin %
- 18.15%
- ROE %
- 43.84%
- ROCE %
- 34.55%
- 15.63%
- Debtor Days
- 43
- Inventory Days
- 121
- Payable Days
- 266
- -102
- Debt to Equity (x)
- 0.73x
- Interest Coverage (x)
- 5.96x
- 1.66x
- Revenue Growth %
- 9.80%
- Operating Profit Growth %
- 19.18%
- Net Profit Growth %
- 205.99%
- 209.73%
- P/E (x)
- 7.35x
- P/B (x)
- 2.62x
- Dividend Yield %
- 0.55%
- 9.44x
Mar 2025
- EPS (₹)
- 1146.71
- Book Value (₹)
- 553.77
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 29.77
- Operating Margin %
- 9.06%
- Net Margin %
- 2.67%
- ROE %
- 1.26%
- ROCE %
- 2.32%
- 0.50%
- Debtor Days
- 170
- Inventory Days
- 369
- Payable Days
- 608
- -70
- Debt to Equity (x)
- 0.18x
- Interest Coverage (x)
- 2.20x
- 2.10x
- Revenue Growth %
- -78.42%
- Operating Profit Growth %
- -78.75%
- Net Profit Growth %
- -96.83%
- 365.98%
- P/E (x)
- 1.22x
- P/B (x)
- 2.53x
- Dividend Yield %
- 0.00%
- 29.03x
Mar 2026
- EPS (₹)
- 802.60
- Book Value (₹)
- 425.98
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 30.86
- Operating Margin %
- 10.62%
- Net Margin %
- 2.42%
- ROE %
- 1.64%
- ROCE %
- -0.54%
- 0.86%
- Debtor Days
- 76
- Inventory Days
- 75
- Payable Days
- 146
- 6
- Debt to Equity (x)
- 0.35x
- Interest Coverage (x)
- -0.26x
- 1.72x
- Revenue Growth %
- 13.63%
- Operating Profit Growth %
- -0.04%
- Net Profit Growth %
- 2.92%
- -30.01%
- P/E (x)
- 0.40x
- P/B (x)
- 0.76x
- Dividend Yield %
- 0.00%
- 8.84x
Documents
Announcements
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-14 - Raymond Limited has informed the Exchange about Transcript
- Copy of Newspaper Publication
2026-08-08 - Raymond Limited has informed the Exchange about Copy of Newspaper Publication
Annual Reports
Credit Ratings
Nothing filed yet.
Concalls
Aug 2026
May 2026
Feb 2026