RAYMOND

Raymond share price & financials

Precision-engineering group making aero-engine parts for global OEMs, plus auto components and hand tools.

Price: ₹586.45
Market cap: ₹4.2k Cr
Sector: Capital Goods
Calls analysed: 7

Latest concall · Q1 FY27 · call held 07 Aug 2026

Raymond Limited Q1 FY27

EBITDA ₹100 cr +14%EBITDA Margin 15.9% Total Income ₹628 cr +13%

What went well

Total income grew 13% YoY to INR 628 crores (Q1 FY27 vs Q1 FY26).
EBITDA increased 14% YoY to INR 100 crores, with EBITDA margin at 15.9% in Q1 FY27.
Aerospace & Defence segment revenue surged 40% YoY to INR 123 crores, with EBITDA of INR 26 crores (25% YoY growth).

What to watch

Aerospace & Defence EBITDA margin saw temporary compression to 21.2% (from 23.7% in Q1 FY26) due to major R&D expenses.
Acknowledged rising costs in logistics, tools, and minimum wage, which may put some pressure on margins.

Read the full call →

What Raymond Limited does

Raymond Limited is a precision-engineering group operating through two businesses: Aerospace & Defence (run via JK Maini Global Aerospace), which manufactures complex, mission-critical aero-engine and structural components for global aircraft-engine OEMs and Tier-1 suppliers, and Precision Technology & Auto Components (run via JK Maini Precision Technology), which makes auto components such as ring gears and flex plates alongside tools & hardware (steel files, cutting, hand and power tools) for automotive and industrial customers. It earns largely as a build-to-print manufacturer for long-term OEM programs, and is moving into co-design and value-engineering work with clients across combustion, hybrid and EV drivetrains. Products are exported worldwide through a network of manufacturing plants, third-party logistics warehouses and dealer channels spanning Europe, the Americas, Asia and Africa.

Segments

Precision Technology & Auto Components
Aerospace & Defence

Manufacturing plants operated: 12 auto-components plants and 3 tools & hardware plants across India
Manufacturing workforce: 3,900+ in Auto Components and 1,350+ in Tools & Hardware
Precision aero-engine parts developed: 1,300+, including 350+ parts for the latest LEAP engine variants
Auto components manufactured: 2,000+
Market position: Preferred supplier to the top 3 global aircraft-engine manufacturers; #1 in India for ring gears and steel files
Global aerospace OEM/Tier-1 clients: 25+

Founded 1925Headquarters Ratnagiri, Maharashtra Company website

Guidance record · Q1 FY27

what the last two calls moved 22 tracked 6 delivered 8 missed 8 open

Aerospace Revenue Growth Rate delivered said Q4 FY26 Promised: 25% year-on-year Q1 FY27: Q1 FY27 aerospace revenue grew 40% YoY, significantly exceeding the 25% target. Management reiterated the 25% commitment.
Real Estate Listing Timeline went quiet said Q3 FY25 Promised: second quarter of Fiscal '26 Q1 FY27: Not addressed. Promise relates to the demerged real estate business.
Aerospace EBITDA Margin on track said Q1 FY26 Promised: around 25% Q1 FY27: Q1 FY27 EBITDA margin was 21.2%, a temporary dip attributed to R&D expenses. Management reiterated the long-term goal of ~25%, keeping the promise on track.

All 22 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 15.6%, net profit down 99.4% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	474	466	557	524	528 +11%	557 +20%	603 +8%	606 +16%
Expenses	449	435	513	470	485	497	529	529
EBITDA	25	31	44	54	43 +72%	60 +94%	74 +68%	77 +43%
Margin	5%	7%	8%	10%	8%	11%	12%	13%
Other income	96	95	156	5,339	-131	9	-10	22
Interest	16	16	17	19	22	21	23	20
Depreciation	37	37	37	39	38	38	37	38
Profit before tax	68	73	146	5,336	-148 −318%	10 −86%	4 −97%	41 −99%
Tax rate	13%	1%	6%	0%	-109%	30%	-185%	25%
Net profit	59	72	137	5,328	14 −76%	7 −90%	12 −91%	31 −99%
EPS	9.02	10.83	19.93	799.58	1.71	0.54	0.17	3.15

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +61.0% 1Y

1Y: ₹622.95 on 10 Sept 2025 → ₹1,002.8. High ₹1,002.8 (11 Sept 2026), low ₹321.85 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −2.0%; 7 Aug
Q4 FY26: −4.8%; 5 May
Q3 FY26: +4.9%; 27 Jan
Q2 FY26: −2.5%; 28 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 35.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 10.4%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹8.2k Cr	₹1.9k Cr	₹1.9k Cr	₹2.2k Cr
Operating profit	₹1.2k Cr	₹153 Cr	₹132 Cr	₹231 Cr
Operating margin	14.5%	8.1%	6.8%	10.4%
Interest	₹256 Cr	₹44 Cr	₹65 Cr	₹85 Cr
Depreciation	₹236 Cr	₹72 Cr	₹146 Cr	₹152 Cr
Net profit	₹537 Cr	₹1.6k Cr	₹7.6k Cr	₹5.4k Cr
Net margin	6.5%	87.1%	392.1%	242.4%
Cash from operations	₹804 Cr	₹533 Cr	₹233 Cr	₹42 Cr
Free cash flow	₹702 Cr	₹337 Cr	₹91 Cr	₹-71 Cr
ROCE	21.0%	0.0%	1.0%	3.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹67 Cr	₹67 Cr	₹67 Cr	₹67 Cr	₹67 Cr	₹67 Cr
Reserves	₹2.0k Cr	₹2.3k Cr	₹2.8k Cr	₹4.6k Cr	₹3.2k Cr	₹2.8k Cr
Borrowings	₹2.4k Cr	₹2.4k Cr	₹2.5k Cr	₹4.2k Cr	₹1.0k Cr	₹1.1k Cr
Other liabilities	₹2.2k Cr	₹2.7k Cr	₹2.8k Cr	₹4.2k Cr	₹826 Cr	₹835 Cr
Total liabilities	₹6.7k Cr	₹7.4k Cr	₹8.2k Cr	₹13.0k Cr	₹5.1k Cr	₹4.7k Cr
Fixed assets	₹2.0k Cr	₹1.9k Cr	₹1.9k Cr	₹3.5k Cr	₹1.6k Cr	₹1.5k Cr
Capital work in progress	₹21 Cr	₹25 Cr	₹36 Cr	₹99 Cr	₹6 Cr	₹39 Cr
Investments	₹500 Cr	₹1.1k Cr	₹1.6k Cr	₹2.8k Cr	₹2.0k Cr	₹1.7k Cr
Other assets	₹4.2k Cr	₹4.4k Cr	₹4.6k Cr	₹6.6k Cr	₹1.6k Cr	₹1.5k Cr
Total assets	₹6.7k Cr	₹7.4k Cr	₹8.2k Cr	₹13.0k Cr	₹5.1k Cr	₹4.7k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Mutual funds in RAYMOND

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds: ₹78 Cr; 1 schemes
Biggest holder: Nippon India Small Cap Fund; ₹78 Cr · 0.1% of that fund

Scheme	Holding	Last month	Held since
Nippon India Small Cap Fund Nippon India Mutual Fund	₹78 Cr	held	Nov '14

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on: -14%; vs est. average cost
Held by funds: ₹78 Cr; 1 schemes · ≈ 1.7% of the company

Shares held by these funds −13%

Aug '23 12.38 L shares Jul '26

All earnings calls (7)

Read the Q1 FY27 call →

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