Date: November 2, 2026

Group Financial Scorecard

Consolidated Segmental EBITDA Performance (₹ crore)

Q2 FY27 Performance:

  • Raymond Lifestyle Limited (RLL): ₹270 crore (up 4% YoY), contributing 55% of portfolio EBITDA
  • Raymond Realty Limited (RRL): ₹115 crore (up 14% YoY), contributing 24% of portfolio EBITDA
  • Raymond Limited: ₹103 crore (up 30% YoY), contributing 21% of portfolio EBITDA
  • Total Portfolio EBITDA: ₹488 crore (up 11% YoY from ₹439 crore)

H1 FY27 Performance:

  • Raymond Lifestyle Limited (RLL): ₹404 crore (up 6% YoY), contributing 51% of portfolio EBITDA
  • Raymond Realty Limited (RRL): ₹185 crore (up 30% YoY), contributing 23% of portfolio EBITDA
  • Raymond Limited: ₹203 crore (up 22% YoY), contributing 26% of portfolio EBITDA
  • Total Portfolio EBITDA: ₹792 crore (up 15% YoY from ₹690 crore)

Balance Sheet Metrics (as of September 30, 2026)

  • Raymond Lifestyle Limited: Net Debt/EBITDA: -0.05, FFO (TTM): ₹461 crore, Cash Balance: ₹1,924 crore, Net Long Term Debt: -₹1,488 crore
  • Raymond Realty Limited: Net Debt/EBITDA: 1.70, FFO (TTM): ₹319 crore, Cash Balance: ₹308 crore, Net Long Term Debt: ₹460 crore
  • Raymond Limited: Net Debt/EBITDA: -0.34, FFO (TTM): ₹247 crore, Cash Balance: ₹1,151 crore, Net Long Term Debt: -₹707 crore
  • Consolidated: Net Debt/EBITDA: 0.43, FFO (TTM): ₹1,027 crore, Cash Balance: ₹3,382 crore, Net Long Term Debt: -₹1,736 crore

Raymond Lifestyle Limited Performance

Q2 FY27 Financials (₹ crore)

  • Total Income: ₹2,125 crore (up 14% YoY from ₹1,865 crore)
  • EBITDA: ₹270 crore (up 4% YoY)
  • EBITDA Margin: 12.7% (down 120 bps YoY from 13.9%)
  • PBT: ₹91 crore (down 16% YoY from ₹108 crore)
  • Net Cash Surplus: ₹69 crore (improved from net debt of ₹246 crore in Sep'25)

H1 FY27 Financials (₹ crore)

  • Total Income: ₹3,685 crore (up 10% YoY from ₹3,340 crore)
  • EBITDA: ₹404 crore (up 6% YoY)
  • EBITDA Margin: 11.0% (down 40 bps YoY from 11.4%)
  • PBT: ₹53 crore (down 37% YoY from ₹83 crore)

Segment Performance Q2 FY27

  • Branded Textile: ₹971 crore (up 7% YoY), Margin: 19.3%
  • Branded Apparel: ₹559 crore (up 20% YoY), Margin: 8.8%
  • Garmenting: ₹339 crore (up 26% YoY), Margin: 7.4%
  • High Value Shirting: ₹222 crore (up 5% YoY), Margin: 9.5%
  • Emerging Business: ₹100 crore (up 15% YoY), Margin: -23.0%

Operational Milestones

  • Opened 24 new high-traffic locations with strategic net closures of 29 stores since Sep'25
  • Garmenting segment turnaround with revenues surging 26% YoY to ₹339 crore with positive EBITDA of ₹25 crore (7.4% margin)
  • Disciplined working capital management delivered robust operational free cash flow

Raymond Realty Limited Performance

Q2 FY27 Operational Metrics

  • Pre-Sales: ₹902 crore (up 98% YoY from ₹455 crore)
  • Collections: ₹682 crore (up 67% YoY from ₹409 crore)
  • Total Income: ₹757 crore (up 7% YoY from ₹706 crore)
  • EBITDA: ₹115 crore (up 14% YoY from ₹101 crore)
  • EBITDA Margin: 15% (up from 14% in Q2 FY26)
  • PAT: ₹53 crore (down 12% YoY from ₹60 crore)
  • PAT Margin: 7% (down from 8.5% in Q2 FY26)

H1 FY27 Operational Metrics

  • Pre-Sales: ₹1,602 crore (up 111% YoY from ₹760 crore)
  • Collections: ₹1,233 crore (up 57% YoY from ₹783 crore)
  • Total Income: ₹1,293 crore (up 18% YoY from ₹1,098 crore)
  • EBITDA: ₹185 crore (up 30% YoY from ₹142 crore)
  • EBITDA Margin: 14% (up from 13% in H1 FY26)
  • PAT: ₹66 crore (down 14% YoY from ₹77 crore)
  • PAT Margin: 5% (down from 7% in H1 FY26)
  • Net Debt: ₹912 crore, Debt to Equity ratio: 0.8x

Project Portfolio Updates

100 Acre Thane Land: ~₹25,000 crore revenue potential

  • 65 acres under development, ~6.7 million sq. ft. RERA carpet area, ~₹16,500 crore revenue potential
  • ~₹9,770 crore already sold, collections ~₹7,977 crore

Asset Light JDA: ~₹27,000 crore revenue potential

  • 4 JDA projects launched, ~2.8 million sq. ft. RERA carpet area, ~₹11,500 crore revenue potential
  • ~₹3,430 crore already sold, collections ~₹857 crore

Growth Outlook

  • New planned launches with cumulative GDV of over ₹4,100 crore
  • FY27 guidance: ~20% growth in pre-sales, ROCE of ~20%, EBITDA margin of 17-19%, PAT margin of 9-10%
  • CARE reaffirmed CARE A+ rating with Stable outlook

Raymond Limited Engineering Performance

Q2 FY27 Financials

  • Total Income: ₹683 crore (up 21% YoY from ₹564 crore)
  • EBITDA: ₹103 crore (up 30% YoY from ₹79 crore)
  • EBITDA Margin: 15.1% (up from 14.1% in Q2 FY26)
  • PBT: ₹42 crore (up 117% YoY from ₹19 crore)
  • PBT Margin: 6.1% (up from 3.4% in Q2 FY26)
  • Net Cash Surplus: ₹77 crore as of September 2026

H1 FY27 Financials

  • Total Income: ₹1,311 crore (up 17% YoY from ₹1,119 crore)
  • EBITDA: ₹203 crore (up 22% YoY from ₹167 crore)
  • EBITDA Margin: 15.5% (up from 14.9% in H1 FY26)
  • PBT: ₹84 crore (up 69% YoY from ₹50 crore)
  • PBT Margin: 6.4% (up from 4.4% in H1 FY26)

Segment Performance Q2 FY27

Aerospace & Defence:

  • Revenue: ₹139 crore (up 72% YoY from ₹81 crore)
  • EBITDA: ₹29 crore (up 72% YoY from ₹17 crore)
  • EBITDA Margin: 21.0% (unchanged YoY)

Precision Tech & Auto Components:

  • Revenue: ₹471 crore (up 15% YoY from ₹409 crore)
  • EBITDA: ₹61 crore (up 8% YoY from ₹57 crore)
  • EBITDA Margin: 13.0% (down from 13.9% in Q2 FY26)

Governance and Risk

Board Composition

  • Independent directors make up approximately 75% of the board across all three listed entities
  • All board committees chaired by independent directors
  • Big 4 auditors for group companies

Credit Profile

Significant credit strength with 100% of portfolio facilities maintaining "Stable" outlook and ₹8,912 crore (~94%) rated "A" or above:

  • Raymond Lifestyle Ltd: ₹1,500 crore rated AA (Stable), ₹820 crore rated A1+
  • Raymond Realty Ltd: ₹1,000 crore rated A+ (Stable)
  • JK Maini Precision Technology Ltd: ₹800 crore rated A+, ₹150 crore rated A1+
  • JK Maini Global Aerospace Ltd: ₹950 crore rated A, ₹80 crore rated A1

ESG and People

Environmental Performance

  • 15% Scope 1 & 2 GHG cut target (3.7% cut achieved in FY26)
  • 18.5% Renewable Energy achieved (Target 25%)
  • 73.54% waste diverted from landfill (Goal: Zero Waste)
  • Zero Liquid Discharge (ZLD) at Chhindwara (37.22% progress)
  • Consumed 11.5 million units of Solar Power last year

Social Performance

  • 37.22% Female diversity (target 40%)
  • Zero fatalities in workspace safety
  • Best Workplace for Women recognition
  • 100% staff insured & trained
  • <15% employee turnover target maintained

Realty Specific ESG

  • 3 Electric Vehicles deployed for site-to-site travel
  • Rainwater harvesting systems across 100% of sites
  • IGBC Green Homes Silver Certification for TenX Habitat (Phase 1)
  • Zero fatalities from FY20 through Q2 FY27

Shareholding Summary (as of September 30, 2026)

  • Promoter & Group Holding: 48.87% - 59.62%
  • Public Free Float: 40.36% - 51.10%
  • Total Public Shareholders Count:
  • Raymond Ltd: 2,50,426
  • Raymond Realty Ltd: 2,01,721
  • Raymond Lifestyle Ltd: 1,39,024