Raymond Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹7,667 Cr
- P/E
- 144.14
- ROE
- 167.82%
- PEG
- 1.32
- Price to sales
- 3.17
- Debt to equity
- 0.35
- 52W high / low
- ₹1,301 / ₹322
- Sales growth (5Y)
- -8.49%
- EBITDA margin
- 11.83%
- Net profit margin
- 249.76%
- Promoter holding
- 48.87%
- Sales (last year)
- ₹2,421 Cr
Raymond Limited incorporated in 1925 is a diversified group with interests in Textile & Apparel sectors as well as presence across diverse segments such as Real Estate, FMCG, Engineering in national and international markets 55+ Countries including the USA, Europe, Japan & Middle East. The Company has a retail network of 1,638 stores, including 1,589 stores in about 600 towns and cities in India and 49 overseas stores in nine countries. It is one of the largest vertically and horizontally integrated manufacturers of worsted suiting fabric in the world. [1] [2]
Guidance scorecard · Q2 FY27 call
What Raymond's management guided
and where it ranks in Industrial Manufacturing
Industrial Manufacturing
RevenueQ2 FY27 call
20–40%- Aerospace segment expected to grow at a moderated rate of mid to high-20% annually (not maintaining the current 40%+ growth).
- Current Bangalore facility aerospace revenue potential is INR700-750 crores before Andhra Pradesh greenfield capacity becomes operational.
- Andhra Pradesh greenfield facility planned to further expand volume capacity starting FY28 Q3.
- Brownfield facility in Andhra Pradesh adds interim capacity mainly for precision technology and automotive segments as well as training.
- New product development ongoing with ~1 new aerospace part added daily, supporting order book buildup and revenue growth.
- Incremental opportunities being explored in adjacent segments like medical components and gas turbines, but commercial impact expected after 6 months.
- Automotive aftermarket (B2C) segment recently launched, gaining traction with better margins, with growth commentary to be provided in coming quarters.
2 more points from Raymond's call on revenue
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MarginsQ2 FY27 call
FlatSee what Raymond said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- Greenfield mega factory in Andhra Pradesh starting December 2027, with a total commitment of INR 1,000 crores over 5 years; approximately INR 400 crores expected to be spent by the time of factory start.
- Brownfield capacity expansion, mainly for the automotive segment, located near the greenfield site, assisting in training and capability building before massive greenfield expansion.
- Investment in doubling nozzle guide range capacity from 8,000 to 16,000 units per year; machines have arrived and ramp-up expected within the quarter, with revenues reflecting from the last quarter.
2 more points from Raymond's call on capex
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FundraisingQ2 FY27 call
PlannedSee what Raymond said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
Rising- The order book is incrementally higher than before and grows daily based on schedules and market share changes.
- Large OEMs have order backlogs exceeding 12 years, making exact order book calculations less meaningful.
- The key is being on long-life platforms with good market share, which Raymond maintains and is increasing.
- Orders keep increasing due to market growth and increased market share; deliveries lag due to production scheduling.
- New orders come consistently, with roughly 5 new products weekly being added and ramping up.
2 more points from Raymond's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Manufacturing
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Raymond latest results (Sep 2026)
Revenue
₹655 Cr
+24% YoY
Net profit
₹32 Cr
+129% YoY
Operating margin
11%
EPS
₹3.36
Raymond shareholding (Sep 2026)
Promoters
48.87%
unchanged QoQ
FIIs
7.19%
−0.70 pp QoQ
DIIs
6.11%
+2.30 pp QoQ
Public
37.79%
−1.59 pp QoQ
Peers
Industrial Manufacturing companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹29,008 Cr | 68.3 | |
| 2 | 40%+ | Up 0–2% | ₹1,270 Cr | 100.2 | |
| 3 | 40%+ | Up 0–2% | ₹580 Cr | 35.7 | |
| 4 | 40%+ | Flat | ₹51,663 Cr | 83.6 | |
| 5 | 40%+ | Flat | ₹6,872 Cr | 74.9 | |
| 6 | 40%+ | Flat | ₹4,229 Cr | 69.9 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Manufacturing rankingRaymond announcements
All announcements →- Capex / expansionNotableRaymond Limited announces accelerated capacity expansion in Andhra Pradesh
- Fundraise / allotmentNotableRaymond Limited shareholders approve preferential issue of securities on Oct 3, 2026
- Fundraise / allotmentNotableRaymond Limited approves Q1 standalone and consolidated results to 30 June 2026
- Fundraise / allotmentNotableRaymond Limited shareholders approve preferential issue of securities on June 18, 2026
Financials of Raymond
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Raymond
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 49.11% | 49.11% | 49.01% | 48.87% | 48.87% | 48.87% | 48.87% | 48.87% | 48.87% | 48.87% | 48.87% | 48.87% |
| FIIs + | 14.39% | 14.50% | 15.56% | 15.67% | 15.38% | 15.64% | 13.79% | 13.61% | 11.01% | 9.74% | 7.89% | 7.19% |
| DIIs + | 7.88% | 8.78% | 9.29% | 7.30% | 7.19% | 6.84% | 4.80% | 3.53% | 3.43% | 3.61% | 3.81% | 6.11% |
| Public + | 28.59% | 27.59% | 26.10% | 28.11% | 28.52% | 28.60% | 32.50% | 33.95% | 36.64% | 37.73% | 39.38% | 37.79% |
| Others + | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
| No. of Shareholders | 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 | 2,88,616 | 2,72,532 | 2,50,437 |
Financials of Raymond
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 470 | 678 | 266 | 450 | 474 | 466 | 557 | 524 | 528 | 557 | 603 | 606 | 655 |
| YoY Sales growth | -78% | -69% | -88% | -5% | +1% | -31% | +110% | +17% | +11% | +20% | +8% | +16% | +24% |
| Expenses + | 427 | 622 | 256 | 418 | 449 | 435 | 513 | 470 | 485 | 497 | 529 | 529 | 580 |
| Operating Profit | 44 | 57 | 10 | 32 | 25 | 31 | 44 | 54 | 43 | 60 | 74 | 77 | 75 |
| OPM % | 9% | 8% | 3.7% | 7% | 5% | 7% | 8% | 10% | 8% | 11% | 12% | 13% | 11% |
| Other Income + | 153 | 192 | 249 | 7,394 | 96 | 95 | 156 | 5,339 | -131 | 9 | -10 | 22 | 29 |
| Interest | 9 | 22 | 5 | 16 | 16 | 16 | 17 | 19 | 22 | 21 | 23 | 20 | 22 |
| Depreciation | 17 | 18 | 21 | 35 | 37 | 37 | 37 | 39 | 38 | 38 | 37 | 38 | 40 |
| Profit before tax | 170 | 210 | 234 | 7,375 | 68 | 73 | 146 | 5,336 | -148 | 10 | 4 | 41 | 43 |
| Tax % | 5% | 12% | 2% | 0% | 13% | 1% | 6% | 0% | -109% | 30% | -185% | 25% | 25% |
| Net Profit + | 161 | 185 | 230 | 7,367 | 59 | 72 | 137 | 5,328 | 14 | 7 | 12 | 31 | 32 |
| EPS in Rs | 23.99 | 27.55 | 34.42 | 1,106.08 | 9.02 | 10.83 | 19.93 | 799.58 | 1.71 | 0.54 | 0.17 | 3.15 | 3.36 |
Financials of Raymond
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 5,333 | 5,177 | 5,353 | 5,906 | 6,582 | 6,482 | 3,446 | 6,179 | 8,215 | 973 | 1,947 | 2,212 | 2,421 |
| Sales growth | +17% | -3% | +3% | +10% | +11% | -2% | -47% | +79% | +33% | -88% | +100% | +14% | +17% |
| Expenses + | 4,905 | 4,790 | 5,048 | 5,481 | 6,013 | 5,966 | 3,507 | 5,474 | 7,015 | 957 | 1,815 | 1,981 | 2,134 |
| Operating Profit | 427 | 387 | 305 | 426 | 569 | 516 | -60 | 705 | 1,199 | 16 | 132 | 232 | 286 |
| OPM % | 8% | 7% | 6% | 7% | 9% | 8% | -1.7% | 11% | 15% | 1.6% | 7% | 10% | 12% |
| Other Income + | 95 | 93 | 82 | 137 | 120 | 285 | 186 | 6 | 31 | 1,719 | 7,741 | 5,206 | 50 |
| Interest | 200 | 190 | 178 | 184 | 233 | 303 | 276 | 228 | 257 | 8 | 65 | 84 | 85 |
| Depreciation | 162 | 159 | 157 | 170 | 196 | 340 | 314 | 240 | 235 | 59 | 146 | 152 | 153 |
| Profit before tax | 160 | 132 | 52 | 208 | 260 | 159 | -465 | 243 | 737 | 1,668 | 7,662 | 5,202 | 98 |
| Tax % | 27% | 35% | 42% | 32% | 33% | -27% | -35% | -9% | 27% | 1% | 0% | -3% | |
| Net Profit + | 120 | 86 | 30 | 142 | 175 | 202 | -304 | 265 | 537 | 1,643 | 7,636 | 5,361 | 82 |
| EPS in Rs | 18.37 | 13.81 | 4.16 | 21.93 | 27.36 | 30.31 | -44.60 | 39.09 | 79.42 | 245.91 | 1,145.85 | 801.99 | 7.22 |
| Dividend Payout % | 16% | 22% | 30% | 14% | 11% | 0% | 0% | 8% | 4% | 4% | 0% | 0% |
Financials of Raymond
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 61 | 61 | 61 | 61 | 61 | 65 | 67 | 67 | 67 | 67 | 67 | 67 | 67 |
| Reserves | 1,480 | 1,611 | 1,612 | 1,751 | 1,892 | 2,311 | 2,031 | 2,293 | 2,832 | 4,551 | 3,650 | 2,777 | 3,091 |
| Borrowings + | 1,881 | 2,063 | 2,140 | 2,353 | 2,468 | 2,556 | 2,413 | 2,353 | 2,529 | 4,181 | 740 | 1,055 | 1,095 |
| Other Liabilities + | 1,227 | 1,170 | 1,425 | 1,925 | 2,219 | 2,790 | 2,220 | 2,654 | 2,779 | 4,203 | 3,260 | 835 | 896 |
| Total Liabilities | 4,650 | 4,905 | 5,238 | 6,090 | 6,640 | 7,722 | 6,730 | 7,366 | 8,207 | 13,001 | 7,716 | 4,734 | 5,149 |
| Fixed Assets + | 1,274 | 1,174 | 1,169 | 1,741 | 1,935 | 2,441 | 2,044 | 1,878 | 1,934 | 3,475 | 1,772 | 1,524 | 1,523 |
| CWIP | 196 | 240 | 412 | 271 | 114 | 40 | 21 | 25 | 36 | 99 | 10 | 39 | 63 |
| Investments | 427 | 609 | 640 | 636 | 540 | 598 | 500 | 1,100 | 1,639 | 2,826 | 1,120 | 1,695 | 1,641 |
| Other Assets + | 2,753 | 2,881 | 3,016 | 3,443 | 4,051 | 4,644 | 4,164 | 4,363 | 4,598 | 6,601 | 4,814 | 1,476 | 1,921 |
| Total Assets | 4,650 | 4,905 | 5,238 | 6,090 | 6,640 | 7,722 | 6,730 | 7,366 | 8,207 | 13,001 | 7,716 | 4,734 | 5,149 |
Financials of Raymond
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 380 | 317 | 348 | 395 | 251 | 390 | 704 | 677 | 804 | 533 | 233 | 42 |
| Cash from Investing Activity + | -140 | -211 | -223 | -415 | -127 | -148 | 64 | -425 | -476 | -1,042 | -232 | -180 |
| Cash from Financing Activity + | -250 | -118 | -122 | 30 | -149 | -130 | -668 | -323 | -319 | 502 | -104 | 230 |
| Net Cash Flow | -10 | -12 | 3 | 9 | -25 | 113 | 100 | -71 | 10 | -6 | -102 | 91 |
| Free Cash Flow | 156 | 95 | 70 | -102 | 10 | 198 | 702 | 646 | 702 | 337 | 91 | -71 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 104% | 95% | 126% | 102% | 56% | 83% | -1,133% | 101% | 73% | 3,845% | 265% | 50% |
Financials of Raymond
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 63 | 74 | 72 | 67 | 70 | 65 | 101 | 52 | 33 | 528 | 76 | 86 |
| Inventory Days | 181 | 195 | 200 | 235 | 247 | 287 | 363 | 328 | 304 | 3,796 | 220 | 237 |
| Days Payable | 110 | 98 | 120 | 164 | 176 | 183 | 258 | 279 | 206 | 2,229 | 133 | 168 |
| Cash Conversion Cycle | 134 | 171 | 151 | 138 | 141 | 169 | 206 | 100 | 131 | 2,095 | 163 | 155 |
| Working Capital Days | 23 | 19 | -21 | -29 | -29 | -23 | 11 | 2 | 1 | 506 | 266 | 18 |
| ROCE % | 10% | 10% | 6% | 9% | 11% | 9% | -4% | 13% | 21% | 0% | 1% | 3% |
Guidance history
How Raymond's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q1 FY27 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 10–20% | Up 2%+ | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
97 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,937 stocks |
|---|---|---|
| Last 12 months | +116.1% | 94% |
| Last 6 months | +153.3% | 99% |
| Last 3 months | +80.8% | 99% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,937 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Raymond: 0.4 × 94 + 0.4 × 99 + 0.2 × 99 = 97.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 13 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Raymond: frequently asked questions
What is Raymond share price today?
Raymond last traded at ₹1,149, with a market capitalisation of ₹7,667 Cr and a P/E ratio of 144.1.
What were Raymond's latest quarterly results?
For the quarter ended Sep 2026, Raymond reported revenue of ₹655 Cr (+24% year on year) and net profit of ₹32 Cr, with an operating margin of 11%.
Is Raymond's profit growing?
Net profit was ₹32 Cr in Sep 2026 against ₹14 Cr in Sep 2025, a change of +129%.
What is Raymond's EPS?
Raymond's earnings per share for the quarter ended Sep 2026 was ₹3.36.
What is the promoter holding in Raymond?
Promoters held 48.87% of Raymond in Sep 2026 (unchanged versus Jun 2026).
How much do FIIs and DIIs hold in Raymond?
In Sep 2026, foreign institutional investors held 7.19% and domestic institutions (including mutual funds) held 6.11% of Raymond.
What is Raymond's ROE and ROCE?
Raymond's return on equity is 168% and its return on capital employed is 3.14%.
Does Raymond pay a dividend?
Raymond's dividend yield is 0% at the current price; see the Raymond dividends page for past payouts.
Which sector does Raymond belong to?
Raymond is in the Industrial Manufacturing sector. Its peer comparison and sector ranking are on this page.
What did Raymond's management say on the latest earnings call?
Arthneeti's analysis of the Q2 FY27 earnings call covers revenue, margins, capex and fundraising guidance from Raymond's management.
How does Arthneeti AI analyse Raymond?
Arthneeti reads Raymond's earnings call transcripts and filings and scores revenue growth, margins, capex and fundraising, then ranks the company against its sector.
Continue your research
What Raymond's management said in earlier quarters
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