Raymond

Raymond Limited reported a total income of INR564 crores in Q2 FY26, marking a 10% increase compared to the previous year's INR512 crores. The consolidated EBITDA for the quarter stood at INR79 crores, with an EBITDA margin of 14.1%. For the first half of FY26, total income reached INR1,119 crores, an 11% year-on-year growth, while EBITDA was INR167 crores, resulting in a 14.9% margin.

The Aerospace and Defense business, operating as JK Maini Global Aerospace Limited, demonstrated strong growth with Q2 FY26 revenue of INR81 crores, a 15% year-on-year increase. EBITDA for the segment grew 34% to INR17 crores, achieving an EBITDA margin of 21%. For H1 FY26, revenue was INR168 crores, up 26% YoY, with EBITDA of INR38 crores and a margin of 22.4%, driven by production ramp-up and new part contributions.

The Precision Technology and Auto Components segment, under JK Maini Precision Technology Limited, reported Q2 FY26 revenue of INR409 crores, a 10% year-on-year growth. EBITDA for this segment surged 57% to INR57 crores, with an improved margin of 13.9% compared to 9.7% in Q2 FY25. H1 FY26 revenue was INR808 crores, up 11% YoY, with EBITDA of INR99 crores and a margin of 12.3%, primarily fueled by robust domestic demand and a one-time^📎 gain of INR13 crores.

India's economy maintained growth momentum in Q2 FY26, with GDP projected at 6.8% for the full fiscal year, supported by resilient domestic demand. However, the automotive sector faced caution globally with muted demand, and escalating U.S. tariffs created challenges for Indian exporters. Certification delays at global OEMs, tariff-related trade tensions, and alloy/logistics cost volatility also posed operational challenges and added margin pressure.

Raymond is actively expanding its capabilities and capacity to meet rising international demand, particularly in aerospace components. The company is adding capacity, including a new facility in Andhra Pradesh, and aims to double its engineering business in the next 4 to 5 years with an annual capex of INR100 crores. Management emphasized moving up the value chain to more complex parts and modules, leveraging its 50+ years of precision machining expertise.

Raymond Limited maintained a net debt-free position as of September 30, 2025, reporting a net cash flow surplus of INR27 crores. The total gross debt stood at INR972 crores, with cash and cash equivalents at INR999 crores. Management stated that cash generated from the engineering business would be deployed into growth capex, while cash on the Raymond balance sheet would be evaluated for future organic or inorganic growth opportunities.