Raymond Ltd. (CMP ₹580.70, NSE: RAYMOND)
Prepared by Sucrit Patil | The SmartWay Research Desk | 15 June 2026
A Mumbai‑based diversified conglomerate, incorporated in 1925. Raymond operates across textiles, branded apparel, real estate, engineering, and lifestyle businesses, with flagship brands like Raymond, Park Avenue, ColorPlus, and Parx.
Promoter Holding (Mar 2026): Singhania Family — 49.11% stake (no pledges)
FY22–FY26 Snapshot
Revenue Growth: FY26 revenue ₹9,842 Cr vs ₹8,912 Cr in FY25 (+10.4% YoY). → Good
Net Profit: FY26 PAT ₹612 Cr vs ₹548 Cr in FY25 (+11.7% YoY). → Good
Operating Margin: FY26 EBITDA ₹1,215 Cr, margin 12.3% vs 11.8% last year (+50 bps). → Good
Equity Capital: Stable, face value ₹10. → Good
Dividend Policy: Dividend ₹5.00/share declared for FY26. → Good
Asset Building: Investments in real estate projects and branded apparel expansion. → Good
Sales: Strong demand from premium apparel and lifestyle segments. → Good
Expense: Raw material cost pressures (cotton, wool) remain. → Neutral/Good
EPS: FY26 EPS ₹18.25 vs ₹16.40 last year (+11.3%). → Good
Institutional Interest & Ownership Trends (Mar 2026)
Promoter Holding: 49.11% (no pledges)
FII Holding: 12.12%
DII Holding: 18.34%
Retail & Others: 20.43%
Strategic Moves & Innovations
Expansion in real estate projects in Thane and Pune.
Focus on premium branded apparel and lifestyle retail.
Partnerships with global fashion houses for co‑branding.
Diversification into engineering and auto components.
Cash Flow & Balance Sheet Strength
Market cap ~₹3,850 Cr.
Debt‑to‑equity ratio ~0.42 (moderate leverage).
Book value per share ₹152.40; P/B ~3.81.
EPS (TTM) ₹18.25; P/E ~31.8.
Risk Factors
Dependence on consumer discretionary demand cycles.
Exposure to real estate market volatility.
Competition from Aditya Birla Fashion, Arvind Fashions, and Page Industries.
Margin pressure if cotton/wool prices rise.
Investor Takeaway
Raymond has delivered steady FY26 performance, with revenue and profit growth supported by branded apparel and real estate expansion. With strong promoter backing, dividend payouts, and diversified operations, Raymond remains a mid‑cap lifestyle and real estate play. At CMP ₹580.70, valuations are moderate (P/E ~31.8, P/B ~3.81), making it attractive for investors seeking exposure to India’s premium apparel and real estate sector.