Raymond LimitedQ1 FY27 Results & Financial Update
Raymond Limited: Q1 FY27 consolidated results and company financials – revenue ₹605.61 Cr, PAT ₹30.85 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Raymond Q1 FY27 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 posted a total consolidated income of Rs. 628.10 crore for the quarter ended June 30, 2026, marking a 13% increase over Rs. 555.32 crore recorded in the corresponding quarter of the previous fiscal year.
Consolidated revenue from operations for Q1 FY27 reached Rs. 605.61 crore compared with Rs. 524.29 crore in Q1 FY26, reflecting stable demand across core manufacturing divisions.
EBITDA expanded 14% year-on-year to reach Rs. 100 crore, maintaining an EBITDA margin of 15.9% compared to 15.7% in Q1 FY26, driven by higher operational efficiency and volume growth.
The company maintained a strong balance sheet position, remaining net debt-free with a net cash surplus of Rs. 129 crore as of June 30, 2026, providing financial flexibility for organic and inorganic expansion initiatives.
Profit after tax was ₹30.85 Cr for the reported quarter. EPS was ₹3.15 for the reported quarter.
01 · Business model
What does Raymond do?
Raymond Limited, established in 1925, operates as a diversified engineering and manufacturing enterprise following the strategic demerger of its lifestyle and real estate businesses into independent listed entities.
The company's core operations are structured into two main operating segments: Precision Technology & Auto Components and Aerospace & Defence. It serves a broad global B2B and B2C customer base spanning over 60 countries across Asia-Pacific, Africa, Latin America, Europe, and North America.
Exports represent over 50% of the total business volume, supported by a customer-centric delivery model, global distribution channels, and manufacturing capabilities in files, hand tools, complex automotive sub-assemblies, EV components, and aerospace subsystems.
The economic model relies on capturing high-moat precision engineering markets, scaling manufacturing output to meet global demand, and leveraging strategic tailwinds such as the 'China Plus One' diversification strategy adopted by global OEMs.
02 · Historical context
What shaped the business before this quarter
Since the demerger of the realty business effective May 1, 2025, and the earlier demerger of the Lifestyle business, Raymond Limited operates exclusively through its engineering subsidiaries.
The company integrated Maini Precision Products Limited (MPPL) and Ring Plus Aqua Limited into JK Maini Precision Technology Limited pursuant to a composite scheme sanctioned by the NCLT in July 2025.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹605.61 Cr |
| Total income | ₹628.10 Cr |
| Profit before tax | ₹41.62 Cr |
| Profit after tax | ₹30.85 Cr |
| EPS | ₹3.15 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Aerospace & Defence revenue grew 40.4% year-on-year to Rs. 123 crore, driven by increased production for global OEMs and a shift toward domestic manufacturing of sophisticated subsystems.
Precision Technology & Auto Components revenue increased 11.5% year-on-year to Rs. 444 crore, supported by export growth of critical components for the hybrid vehicle sector.
What drove margins
Precision Technology & Auto Components EBITDA margin expanded from 10.6% to 13.8% due to higher sales volume, improved product mix, and targeted cost-reduction initiatives.
Aerospace & Defence EBITDA margin experienced a temporary compression from 23.7% to 21.2% due to targeted research and development investments required to capture future revenue expansion.
05 · Demand, customers & order book
Where demand is coming from
Secured a high-value pipeline of orders for global Tier-1 partners and leading original equipment manufacturers in the aerospace and defence sector.
Expanded manufacturing capacity and easing supply chain bottlenecks position the group for execution against a growing multi-year order book.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated external revenue of Rs. 444.39 crore with segment profit before finance costs and tax of Rs. 41.73 crore for Q1 FY27.
Generated external revenue of Rs. 122.73 crore with segment profit before finance costs and tax of Rs. 15.62 crore for Q1 FY27.
Generated external revenue of Rs. 39.25 crore with a segment loss before finance costs and tax of Rs. 2.35 crore.
Geography and market mix
Exports contributed over 50% to total business volume, reflecting established market positions across Asia-Pacific, Africa, Latin America, Europe, and North America.
The company capitalized on global industrial supply chain shifts to capture new business momentum across domestic and international markets.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Construction and operational readiness of the state-of-the-art Andhra Pradesh greenfield facility remained strictly on schedule to expand manufacturing capabilities.
Increased production runs across manufacturing plants supported portfolio expansion and higher delivery volumes.
Projects, capex and execution
Capital expenditure during the quarter remained focused on executing the greenfield project in Andhra Pradesh and enhancing precision engineering lines.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Strategy centers on expanding presence in high-moat sunrise sectors including aerospace, defence, and electric vehicle component manufacturing.
09 · Reported developments
What changed operationally
Double-digit revenue growth in both Aerospace & Defence (40.4%) and Precision Technology & Auto Components (11.5%) divisions compared to Q1 FY26.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The company closed the quarter with a net cash surplus of Rs. 129 crore, retaining a net-debt-free status.
Capital allocation & funding
Subsequent to the quarter end on July 7, 2026, the company allotted 66,57,373 convertible warrants at Rs. 497 per warrant to promoter group entity JK Investors (Bombay) Limited, receiving an upfront subscription of 25% aggregating Rs. 82.72 crore.
Total consolidated borrowings stood at Rs. 972.75 crore as of June 30, 2026, offset by cash balances resulting in a net cash position.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Promoter Warrants Subscription
The company secured stock exchange approvals and allotted 66,57,373 convertible warrants to promoter group entity JK Investors (Bombay) Limited, raising Rs. 82.72 crore in upfront subscription funds.
12 · Previous-quarter changes
What changed since the previous quarter
Total income moved from Rs. 612.51 crore in Q4 FY26 to Rs. 628.10 crore in Q1 FY27.
13 · Key Q&A
The quarter, answered directly
What does Raymond do?
Raymond Limited, established in 1925, operates as a diversified engineering and manufacturing enterprise following the strategic demerger of its lifestyle and real estate businesses into independent listed entities.
What is the clearest takeaway from Q1 FY27?
Raymond Limited posted a total consolidated income of Rs. 628.10 crore for the quarter ended June 30, 2026, marking a 13% increase over Rs. 555.32 crore recorded in the corresponding quarter of the previous fiscal year.
What drove revenue or demand?
Aerospace & Defence revenue grew 40.4% year-on-year to Rs. 123 crore, driven by increased production for global OEMs and a shift toward domestic manufacturing of sophisticated subsystems.
What mattered most for margins or profitability?
Precision Technology & Auto Components EBITDA margin expanded from 10.6% to 13.8% due to higher sales volume, improved product mix, and targeted cost-reduction initiatives.
What changed operationally beyond the headline numbers?
Construction and operational readiness of the state-of-the-art Andhra Pradesh greenfield facility remained strictly on schedule to expand manufacturing capabilities.
What should the next disclosure help confirm?
Monitor the progress and commercial commencement milestones of the greenfield manufacturing facility in Andhra Pradesh.
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
Andhra Pradesh Facility Commissioning: Monitor the progress and commercial commencement milestones of the greenfield manufacturing facility in Andhra Pradesh.
- 02
Order Execution in Aerospace and Defence: Track execution milestones against the multi-year order backlog secured from global Tier-1 partners.
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