Raymond Lifestyle Limited has informed the Exchange about Transcript
RAYMONDLSL · price
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Raymond Lifestyle reported its highest-ever Q2 revenue of INR 1,865 crores, up 8% year-on-year, with EBITDA of INR 259 crores (margin 13.9%, +7% YoY), driven by strong domestic volumes in branded textile and apparel amid US tariff headwinds on exports. The Branded Textile segment posted Q2 revenue of INR 937 crores (+10%) with margin expanding to 20% from 18.9%, while the Branded Apparel segment saw revenue grow 11% to INR 491 crores but EBITDA margin sharply fell to 5.2% from 13% due to higher marketing spend and new store ramp-up. Garmenting Exports margin dropped to 5.4% (from 9.6%) on US tariff impact, and net debt stood at INR 246 crores. Management indicated FY26 is a 'recovery phase,' with strong wedding bookings, positive dealer response, and GST/income tax cuts supporting domestic demand, expecting branded apparel margins to recover to early double digits once scale reaches INR 2,300-2,500 crores.
Short-term: Stock may face pressure as branded apparel and export margins remain weak, but strong textile performance and improving domestic demand provide support. Medium-term: Margin recovery guidance in branded apparel and easing of US tariffs could drive re-rating, though investors should watch for sustained improvement over the next 2-3 quarters.