Raymond Lifestyle Q2 FY27 results: net profit down 10.2% to ₹67.53 crore, revenue up 13.2%

How did Raymond Lifestyle perform in Q2 FY27?

Raymond Lifestyle reported consolidated revenue of ₹2,075 crore for Q2 FY27, up ₹242.70 crore or 13.2% from ₹1,832 crore in Q2 FY26. EBITDA was ₹220.09 crore, down ₹5.88 crore or 2.6% year on year, while the EBITDA margin declined 1.7 percentage points to 10.6%. Profit before tax was ₹90.92 crore and net profit was ₹67.53 crore, down from ₹102.93 crore and ₹75.19 crore respectively. Basic EPS was ₹11.08, compared with ₹12.34 in the year-ago quarter.

Against Q1 FY27, revenue rose ₹559.59 crore or 36.9% to ₹2,075 crore, while EBITDA rose ₹130.29 crore or 145.1% to ₹220.09 crore. The margin increased 4.7 percentage points to 10.6%. The company moved from a loss of ₹22.59 crore in Q1 FY27 to a net profit of ₹67.53 crore, while basic EPS moved from a loss of ₹3.71 to ₹11.08. On the standalone basis, revenue was ₹1,629.78 crore and profit after tax was ₹48.6 crore.

What changed in Raymond Lifestyle's costs and profit?

Total expenses rose ₹275.82 crore or 15.7% to ₹2,034 crore in Q2 FY27 from ₹1,758 crore a year earlier. Cost of materials increased ₹71.41 crore or 23.4% to ₹376.60 crore, employee cost rose ₹13.69 crore or 6.0% to ₹240.15 crore, finance costs increased ₹13.72 crore or 22.9% to ₹73.69 crore, and depreciation rose ₹13.52 crore or 14.8% to ₹104.94 crore. Other expenses increased ₹61.30 crore or 11.4% to ₹599.18 crore. The company reported no exceptional item in Q2 FY27, against an exceptional charge of ₹4.68 crore in Q2 FY26.

Other income rose ₹16.43 crore or 49.7% to ₹49.46 crore from ₹33.03 crore, while tax was ₹23.39 crore, down ₹4.35 crore or 15.7% from ₹27.74 crore. Management said the year-on-year margin decline reflected increased marketing investment, peak freight rates, and higher wool and cotton prices. It also attributed the higher total income to Garmenting order-book execution after US-India tariff rationalisation and new global clients, Branded Apparel casualisation, and successful premiumisation in Branded Textile.

How did the first half of FY27 go?

In the first half of FY27, Raymond Lifestyle reported revenue of ₹3,590.61 crore, up ₹327.78 crore or 10.0% from ₹3,262.83 crore in H1 FY26. Total income rose 10.3% to ₹3,684.83 crore, while profit before tax fell ₹25.57 crore or 32.7% to ₹52.59 crore. Profit after tax declined ₹10.43 crore or 18.8% to ₹44.94 crore, and EPS fell from ₹9.09 to ₹7.38.

Management said H1 FY27 total income growth came from Garmenting, Branded Apparel and Branded Textile, while EBITDA margin was affected by freight costs, elevated wool and cotton prices, and marketing investment ahead of the festive season. The company maintained its FY27 guidance for double-digit top-line growth, mid-high double-digit EBITDA growth and about ₹300 crore of FCFF.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹15,123.3 crore, compared with ₹13,996.96 crore at 31 March 2026. Total equity was ₹9,651.76 crore against ₹9,635.82 crore, borrowings rose to ₹1,881.91 crore from ₹1,200.19 crore, and cash increased to ₹417.16 crore from ₹236.35 crore. Inventories were ₹2,146.4 crore, trade receivables ₹1,102.09 crore and trade payables ₹1,786.81 crore at the quarter end.

Operating cash flow for H1 FY27 was negative ₹369.15 crore, compared with negative ₹115.31 crore in H1 FY26. Investing cash flow was ₹94.36 crore against negative ₹26.27 crore, while financing cash flow was ₹455.6 crore against ₹20.01 crore. Capital expenditure was ₹86.7 crore, compared with ₹107.8 crore in the year-ago period. Management said the working-capital cycle shortened to 82 days from 105 days.

How has Raymond Lifestyle done over the last 8 quarters?

Revenue rose year on year in each of the last five quarters, and the latest reading continued that direction. Revenue reached ₹2,075.1 crore in Q2 FY27 from ₹1,515.51 crore in Q1 FY27, after peaking at ₹1,848.72 crore in Q3 FY26 in the earlier series. The lowest quarterly revenue was ₹1,430.43 crore in Q1 FY26.

Profit recovered to ₹67.53 crore in Q2 FY27 from a loss of ₹22.59 crore in Q1 FY27, but remained below the ₹75.19 crore reported in Q2 FY26. The highest quarterly profit in the series was ₹75.19 crore, while the lowest was a loss of ₹52.06 crore in Q4 FY26. EBITDA margin rose to 10.6% from 5.9% sequentially, below its 12.8% peak in Q3 FY26.

Which businesses drove the quarter?

Garmenting revenue rose 25.9% to ₹339.1 crore from ₹269.28 crore in Q2 FY26, while segment EBIT increased to ₹18.24 crore from ₹7.51 crore. Apparel revenue rose 13.9% to ₹559.1 crore from ₹490.79 crore, and EBIT was ₹11.2 crore against a loss of ₹30.55 crore. Management said Garmenting benefited from order-book execution, US-India tariff rationalisation and new global clients.

Textile revenue increased 3.6% to ₹970.59 crore from ₹936.93 crore, while EBIT declined to ₹134.13 crore from ₹147.84 crore. Shirting revenue rose 4.9% to ₹221.87 crore from ₹211.6 crore, with EBIT lower at ₹10.97 crore from ₹15.48 crore. Emerging Business reported revenue of ₹100.25 crore and an EBIT loss of ₹42.36 crore.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, together with the statutory auditors’ limited review report and a press release. The company also filed an investor presentation on 28 October 2026. The same-day filings did not announce a dividend, fund raise or appointment. The trading window for designated persons and their immediate relatives remained closed until 48 hours after the results declaration.

What did Raymond Lifestyle's management say?

Management said Garmenting capacity at Hindupur was being expanded from three lines to 10, with peak capacity of about 10 million units. It identified freight costs, elevated wool, cotton and flax prices, US tariff uncertainty, geopolitical tensions, unseasonal rainfall and heat, and discretionary-demand risks from inflation and repo rates as business risks. CEO Satyaki Ghosh said: “So there is cautious optimism is what I'll say.”

CEO Satyaki Ghosh said: “We think we are in for a good year, and we reiterate our position of double-digit growth here in top line, a mid-high double-digit growth in EBITDA, about INR300 crores of FCFF, and good PBT of at least double-digit higher than last year, close to INR220 crores, INR225 crores maybe.” Management said retail stood at 1,634 stores, net cash was ₹69 crore and the working-capital cycle shortened to 82 days from 105 days.

How did Raymond Lifestyle shares react?

The results were filed after market hours at a base price of ₹490.0, against the previous close of ₹500.0. The stock was up 0.1% after five minutes, 2.0% after 15 minutes and 2.2% after 30 minutes, but ended the first trading session at its pre-results close. By the next day’s close, it was down 4.2% from that close, while the Other Textile Products median was unchanged and the Nifty Microcap 250 fell 1.9%.

Past results-day moves were mixed: 2.3% on 31 July 2026, negative 1.7% on 6 May 2026, 4.4% on 27 January 2026 and 0.8% on 29 October 2025. Earlier reactions included negative 11.8% on 30 January 2025 and negative 7.5% on 5 November 2024.

How did other Other Textile Products companies do?

Among 61 Other Textile Products companies compared with Raymond Lifestyle for the quarter, the median revenue growth was 24.1%, above Raymond Lifestyle’s 13.2% growth. Twenty-one peers grew more slowly than Raymond Lifestyle, while 40 grew faster. Of the 64 peers for which profit was compared, 44 reported higher profit.