Raymond LimitedQuarter ended September 30, 2026 Results & Financial Update
Raymond Limited: Quarter ended September 30, 2026 consolidated results and company financials – revenue ₹655.16 Cr, PAT ₹32.06 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Raymond Quarter ended September 30, 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Raymond Limited reported consolidated revenue from operations of INR 655.16 crore for the quarter ended September 30, 2026, marking a 24.16% increase compared to INR 527.69 crore in the corresponding period of the previous year.
Profit after tax (PAT) for the quarter stood at INR 32.06 crore, reflecting a notable recovery compared to the net profit of INR 13.89 crore recorded in the year-ago quarter, supported by steady operational execution and higher segment profits.
Total consolidated income reached INR 683.22 crore during the second quarter of FY27, compared with INR 563.71 crore in Q2 FY26, driven by higher core sales across its primary engineering and defense verticals.
Profit before tax (PBT) from continuing operations for the quarter stood at INR 42.67 crore, showing a significant positive turnaround from the PBT loss of INR 148.28 crore in Q2 FY26, which had been burdened by a one-off exceptional item.
Total expenses for the quarter were INR 641.22 crore, compared to INR 544.37 crore in the same period last year, reflecting higher consumption of raw materials and increased employee benefits expenses aligned with scaling operations.
The company's earnings per share (EPS) for continuing operations improved to INR 3.36 for the quarter, compared to INR 1.71 in the corresponding quarter of the previous financial year.
01 · Business model
What does Raymond do?
Raymond Limited operates as a diversified enterprise with strong emphasis on engineering, precision technology, auto components, and aerospace and defense sectors following its strategic restructuring and demergers.
The group's consolidated revenue architecture is anchored by its Precision Technology and Auto Component division alongside an expanding Aerospace and Defence segment.
Manufacturing and assembly operations are supported by specialized subsidiaries such as JK Files & Engineering Limited and JK Maini Precision Technology Limited, catering to diverse industrial clients across domestic and international markets.
02 · Historical context
What shaped the business before this quarter
Previously, pursuant to a Composite Scheme of Arrangement approved by the NCLT in July 2025, the company accounted for adjustments related to deferred tax liabilities and goodwill for acquired entities such as Maini Precision Products Limited.
Earlier, in May 2025, the real estate business of Raymond Limited was demerged into Raymond Realty Limited, with historical results of the realty undertaking classified under discontinued operations pursuant to Ind AS 105.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended September 30, 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹655.16 Cr | ₹527.69 Cr | ₹605.61 Cr |
| Total income | ₹683.22 Cr | ₹563.71 Cr | ₹628.10 Cr |
| Profit before tax | ₹42.67 Cr | ₹-148.28 Cr | ₹41.62 Cr |
| Profit after tax | ₹32.06 Cr | ₹13.89 Cr | ₹30.85 Cr |
| EPS | ₹3.36 | ₹1.71 | ₹3.15 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 4.9% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 6.5% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹28.06 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from external customers in the precision technology and auto component segment grew to INR 470.61 crore during the quarter, up from INR 409.23 crore in Q2 FY25.
External revenue from the aerospace and defence segment scaled sharply to INR 139.36 crore in Q2 FY27 from INR 61.04 crore in the corresponding quarter of the previous year.
What drove margins
Cost of materials consumed increased to INR 218.52 crore during the quarter compared to INR 174.14 crore in Q2 FY26, reflecting higher operational output.
Employee expenses rose to INR 121.70 crore for the quarter from INR 102.55 crore in the year-ago period due to workforce adjustments and operational scale-up.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Reported segment profit before finance costs and unallocated items of INR 40.30 crore for the quarter, compared to INR 36.99 crore in Q2 FY25.
Delivered a higher segment profit of INR 18.55 crore for the quarter, compared to INR 7.24 crore in the corresponding period of the previous year.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
Consolidated capital work-in-progress stood at INR 63.36 crore as of September 30, 2026, compared to INR 38.17 crore as of March 31, 2026.
07 · Strategy & new businesses
How the company is trying to change its growth mix
During the quarter, the company issued and allotted 66,57,373 convertible warrants to JK Investors (Bombay) Limited at INR 497 per warrant, receiving an upfront subscription of INR 82.72 crore.
Subsequent to the quarter end, shareholders approved a preferential issue of 33,28,686 convertible warrants to Minerva Ventures Fund at INR 645 per warrant, aggregating to INR 214.70 crore, pending exchange approvals.
08 · Reported developments
What changed operationally
The company recorded a substantial increase in net profit for the quarter to INR 32.06 crore alongside a positive PBT of INR 42.67 crore, overcoming the loss-heavy comparable period of FY26.
09 · Items worth noticing
The line items that can distort a quick read
The comparative quarter ended September 30, 2025 included an exceptional item of INR 16,740 lakh relating to the reversal of goodwill associated with deferred tax liabilities under the scheme of arrangement.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash generated from operating activities for the half year ended September 30, 2026, was INR 50.13 crore, compared to a net outflow of INR 33.36 crore in the corresponding period of the previous year.
Net cash used in investing activities for the half year stood at INR 160.65 crore, driven by investments and capital expenditure.
Capital allocation & funding
As of September 30, 2026, consolidated non-current borrowings stood at INR 443.20 crore while current borrowings were recorded at INR 579.82 crore.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Statutory Auditor Review
Price Waterhouse Chartered Accountants LLP issued an unmodified review report on both standalone and consolidated unaudited financial results for the quarter ended September 30, 2026.
12 · Previous-quarter changes
What changed since the previous quarter
Consolidated revenue from operations increased to INR 655.16 crore in Q2 FY27 from INR 605.61 crore in Q1 FY27.
13 · Key Q&A
The quarter, answered directly
What does Raymond do?
Raymond Limited operates as a diversified enterprise with strong emphasis on engineering, precision technology, auto components, and aerospace and defense sectors following its strategic restructuring and demergers.
What is the clearest takeaway from Quarter ended September 30, 2026?
Raymond Limited reported consolidated revenue from operations of INR 655.16 crore for the quarter ended September 30, 2026, marking a 24.16% increase compared to INR 527.69 crore in the corresponding period of the previous year.
What drove revenue or demand?
Revenue from external customers in the precision technology and auto component segment grew to INR 470.61 crore during the quarter, up from INR 409.23 crore in Q2 FY25.
What mattered most for margins or profitability?
Cost of materials consumed increased to INR 218.52 crore during the quarter compared to INR 174.14 crore in Q2 FY26, reflecting higher operational output.
What changed operationally beyond the headline numbers?
Consolidated capital work-in-progress stood at INR 63.36 crore as of September 30, 2026, compared to INR 38.17 crore as of March 31, 2026.
What should the next disclosure help confirm?
Monitor the completion of regulatory approvals and allotment processes concerning the preferential issue of convertible warrants to Minerva Ventures Fund.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Regulatory Approvals for Warrants: Monitor the completion of regulatory approvals and allotment processes concerning the preferential issue of convertible warrants to Minerva Ventures Fund.
- 02
Segment Profitability Trajectory: Track execution and margin consistency across the aerospace, defence, and precision engineering business segments.
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