NSE: RAYMOND · BSE: 500330
RAYMOND LTD
An engineering and precision-manufacturing business that supplies components to global automotive, aerospace and defence customers. Its main segment, Precision Technology and Auto Components, contributed ₹1,666.93 crore of FY26 revenue (75.3% of segment revenue) from machined parts sold to global auto OEMs and Tier 1 suppliers. Aerospace and Defence contributed ₹392.38 crore (17.7% of segment revenue), growing 26% year-on-year in FY26, with an order book of ₹2,350 crore spread over 5 years. Management has moved from build-to-print work to co-design and value-engineering with global aerospace OEMs, adding 100+ new aerospace SKUs in FY26 and targeting 250 new components in FY27. The Aerospace segment posted a 25.5% EBITDA margin in Q4 FY26, while Precision Technology's FY26 EBITDA margin expanded to 13.4% (from 11% in FY25). The largest cost line is materials at 33.7% of revenue, followed by employee costs at 18.9% and other operating expenses at 36.6%. The balance sheet is debt-free with a ₹68 crore net cash surplus, and a ₹930 crore capex programme is committed over 5 years — ₹500 crore for an aerospace greenfield in Andhra Pradesh (commercial production targeted Q4 FY28) and ₹430 crore for Precision Technology. A former Bharat Electronics CMD was appointed CEO of Defence to drive expansion into defence electronics and systems. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Precision Technology and Auto Components (75%), Aerospace and Defence (18%), Others (7%). Capital-intensive precision engineering with cyclical auto exposure and a structurally growing aerospace and defence franchise
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,179 | 8,215 | 9,020 | 1,947 | 2,212 |
| EBITDA (ex other income) | 548 | 1,092 | 1,266 | 176 | 34 |
| margin % | 8.9 | 13.3 | 14.0 | 9.1 | 1.5 |
| Owners' profit | 260 | 529 | 2,088 | 7,631 | 5,341 |
| EPS, as reported (₹) | 39.11 | 79.45 | 246.07 | 1147.00 | 802.31 |
| ROE % · ROCE % | 10.9 · 12.1 | 18.0 · 22.1 | 41.3 · 14.3 | 183.7 · 2.7 | 172.0 · (0.5) |
| Debt / equity (x) | 0.85 | 0.71 | 0.68 | 0.18 | 0.32 |
| Cash from operations | 677 | 804 | 533 | 233 | 42 |
| Capex | (60) | (116) | (208) | (158) | (114) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,045 | 954 | 557 | 524 | 528 | 557 | 603 | 606 |
| Profit before tax | 103 | 100 | 45 | 30 | (148) | 10 | 5 | 42 |
| Net profit | 59 | 72 | 137 | 5,328 | 14 | 7 | 12 | 31 |
| EPS (₹) | 9.02 | 10.84 | 20.00 | 800.16 | 1.71 | 0.54 | 0.17 | 3.15 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Precision technology and auto component | 859 | 36.6 |
| Aerospace and defence | 224 | 9.5 |
| Others | 153 | 6.5 |
| Precision Technolodgy and Auto Component | 808 | 34.4 |
| Aerospace and Defence | 168 | 7.2 |
| Discontinued operations | 138 | 5.9 |
| Total, before eliminations | 2,350 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 195.5 | 26.5 | 121 of 130 | 7% |
| P/B | 2.3 | 3.1 | 48 of 112 | 58% |
| ROCE | (2.8) | 11.3 | 131 of 142 | 8% |
| ROE | 172.0 | 9.8 | 1 of 113 | 100% |
| Debt / Equity | 0.3 | 0.2 | 78 of 113 | 31% |
| EBITDA margin | 16.5 | 12.4 | 41 of 110 | 63% |
| Revenue growth | 15.5 | 20.6 | 66 of 114 | 43% |
| Profit growth | (99.4) | 17.1 | 97 of 109 | 11% |
| Market cap | 7245 | 279 | 13 of 141 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 FY27 total income up 21%, EBITDA up 30%; H1 EBITDA up 22% | investor communications | medium | — | — |
| 27 Oct 2026 · No use of ₹82.72 crore warrant proceeds; CARE reports no deviation | compliance | minimal | — | — |
| 27 Oct 2026 · No deviation in use of preferential warrant issue proceeds | compliance | minimal | — | — |
| 27 Oct 2026 · Raymond posts 21% income growth and higher margin in Q2 FY27 | compliance | minimal | — | — |
| 27 Oct 2026 · Q2 revenue rises 24%, net profit jumps; cash flow negative, promoter warrants issued | results | high | — | — |
| 27 Oct 2026 · Q2 revenue up 24%, profit up 131%; 99.86 lakh warrants issued or approved | results | high | — | — |
| 24 Oct 2026 · Board approves proposed rename to Raymond Aerospace, Defence & Engineering | general | medium | — | — |
| 24 Oct 2026 · Raymond proposes rename to Raymond Aerospace, Defence and Engineering | corporate actions | medium | — | — |
| 22 Oct 2026 · Raymond updates preferential warrant issue details for Minerva Ventures | fund raising | high | — | — |
| 22 Oct 2026 · Raymond to host Q2FY27 earnings call on Oct 28 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.