Date: November 02, 2026
Group Financial Scorecard
Consolidated Segmental EBITDA Overview (₹ crore)
| Entity | Q2FY27 EBITDA | Q2FY26 EBITDA | QoQ Growth | Portfolio Contribution | Sep'26 YTD EBITDA | Sep'25 YTD EBITDA | YoY Growth | Portfolio Contribution |
| Raymond Lifestyle Limited (RLL) | 270 | 259 | 4% | 55% | 404 | 381 | 6% | 51% |
| Raymond Realty Limited (RRL) | 115 | 101 | 14% | 24% | 185 | 142 | 30% | 23% |
| Raymond Limited | 103 | 79 | 30% | 21% | 203 | 167 | 22% | 26% |
| Portfolio EBITDA | 488 | 439 | 11% | 100% | 792 | 690 | 15% | 100% |
Non-lifestyle verticals (Realty + Raymond Ltd.) now generate 49% of YTD EBITDA (388.16 of 792).
Balance Sheet Metrics (as of 30th September 2026)
| Listed Entity | Net Debt/EBITDA | FFO (TTM) | Cash Balance | Long Term Debt | Net Long Term Debt | Net LTD/FFO | Avg. Maturity of LTD (Years) |
| Raymond Lifestyle Limited | -0.05 | 461 | 1924 | 436 | -1488 | -3.23 | 4.65 |
| Raymond Realty Limited | 1.70 | 319 | 308 | 768 | 460 | 1.44 | 3.9 |
| Raymond Limited | -0.34 | 247 | 1151 | 443 | -707 | -2.86 | 4.57 |
| Consolidated | 0.43 | 1027 | 3382 | 1647 | -1736 | -1.69 | 4.24 |
FFO Conversion: Total Revenue ₹13,115 | EBITDA ₹1,738 | FFO* ₹1,027 | 59% Conversion
Raymond Lifestyle Limited – Q2FY27 Update
Business Updates
- Total Income expanded 14% YoY to ₹2,125 crore
- EBITDA margin at 12.7% (-120 bps YoY)
- Net cash surplus of ₹69 crore vs net debt of ₹(246) crore in Sep'25 (+₹300+ crore turnaround)
Segment Performance (₹ crore)
| Segment | Q2 FY27 | Q2 FY26 | YoY % | Margin % |
| Branded Textile | 971 | 906 | +7% | 19.3% |
| Branded Apparel | 559 | 465 | +20% | 8.8% |
| Garmenting | 339 | 269 | +26% | 7.4% |
| High Value Shirting | 222 | 212 | +5% | 9.5% |
| Emerging Business | 100 | 87 | +15% | (23.0%) |
Operational Milestones
- Opened 24 new high-traffic locations with strategic net closures of 29 stores since Sep'25
- Garmenting revenues surged +26% YoY to ₹339 crore with positive EBITDA of ₹25 crore (7.4% margin)
- Disciplined working capital management delivered robust operational free cash flow
Key Financials (₹ crore) - Consolidated
| Particulars | Q2 FY27 | Q2 FY26 | % Change |
| Total Income | 2,125 | 1,865 | +14% |
| EBITDA | 270 | 259 | +4% |
| EBITDA % | 12.7% | 13.9% | (120 bps) |
| PBT | 91 | 108 | (16%) |
| Net Cash Surplus | 69 | (246) | +300+ Cr turnaround |
Raymond Lifestyle Limited – H1FY27 Update
Business Updates
- Total Income expanded 10% YoY to ₹3,685 crore
- EBITDA margin at 11.0% (-40 bps YoY)
Segment Performance (₹ crore)
| Segment | H1 FY27 | H1 FY26 | YoY % | Margin % |
| Branded Textile | 1,654 | 1,605 | +3% | 17.1% |
| Branded Apparel | 908 | 800 | +14% | 7.4% |
| Garmenting | 635 | 466 | +36% | 7.4% |
| High Value Shirting | 417 | 416 | +0% | 9.6% |
| Emerging Business | 179 | 160 | +12% | (23.3%) |
Key Financials (₹ crore) - Consolidated
| Particulars | H1 FY27 | H1 FY26 | % Change |
| Total Income | 3,685 | 3,340 | +10% |
| EBITDA | 404 | 381 | +6% |
| EBITDA % | 11.0% | 11.4% | (40 bps) |
| PBT | 53 | 83 | (37%) |
| Net Cash Surplus | 69 | (246) | +300+ Cr turnaround |
Raymond Realty Limited – Q2FY27 Update
Business Updates
- Strong Booking Value Trajectory: Q2 FY27 Booking Value up 98% YoY to ₹902 crore
- Total Income of ₹757 crore in Q2FY27, 7% YoY growth
- No new project launches during the quarter
- EBITDA of ₹115 crore in Q2FY27 up 14% YoY, EBITDA margin of 15% (14% margin in Q2FY26)
- CARE reaffirmed CARE A+ with Stable outlook
Portfolio Updates
- OC received for Address by GS Season 1 Tower B in Thane comprising 270 units (3,44,478 sq. ft. RERA carpet area), delivered 18 months before RERA timeline
- Booking Value Contribution Mix: Asset Light Mumbai JDAs - 57%, Owned Thane Land Parcel - 43%
Operational Metrics (₹ crore)
| Particulars | Q2 FY27 | Q2 FY26 | YoY % |
| Pre-Sales | 902 | 455 | 98% |
| Collections | 682 | 409 | 67% |
Key Financials (₹ crore) - Consolidated
| Particulars | Q2 FY27 | Q2 FY26 | % Change |
| Total Income | 757 | 706 | +7% |
| EBITDA | 115 | 101 | +14% |
| EBITDA % | 15% | 14% | ~91 bps |
| PAT | 53 | 60 | (12%) |
| PAT % | 7% | 8.5% | (~150 bps) |
Raymond Realty Limited – H1FY27 Update
Business Updates
- H1 FY27 Booking Value up 111% to ₹1,602 crore
- Total Income of ₹1,293 crore in H1FY27, 18% YoY growth
- EBITDA at ₹185 crore in H1FY27 up 30% YoY, EBITDA margin of 14% (13% margin in H1FY26)
- Net Debt of ₹912 crore, Debt to Equity ratio of 0.8x
Growth Outlook & Guidance
- Accelerating growth trajectory with strong pipeline of MMR launches representing 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%
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
Operational Metrics (₹ crore)
| Particulars | H1 FY27 | H1 FY26 | YoY % |
| Pre-Sales | 1602 | 760 | 111% |
| Collections | 1233 | 783 | 57% |
Key Financials (₹ crore) - Consolidated
| Particulars | H1 FY27 | H1 FY26 | % Change |
| Total Income | 1,293 | 1,098 | +18% |
| EBITDA | 185 | 142 | +30% |
| EBITDA % | 14% | 13% | ~100 bps |
| PAT | 66 | 77 | (14%) |
| PAT % | 5% | 7% | (~200 bps) |
Raymond Limited – Q2 FY27 Highlights
Business Updates
- Total Income increased 21% YoY to ₹683 crore
- PBT expanded 117% YoY to ₹42 crore, PBT margin improved to 6.1% vs 3.4% in Q2 FY26 (~270 bps improvement)
- Net cash surplus of ₹77 crore as of September 2026
Segment Performance
Aerospace & Defence
| Metric | Q2 FY27 | Q2 FY26 | YoY % |
| Revenue | 139 | 81 | 72% |
| EBITDA | 29 | 17 | 72% |
| EBITDA % | 21.0% | 21.0% | - |
Precision Tech & Auto Components
| Metric | Q2 FY27 | Q2 FY26 | YoY % |
| Revenue | 471 | 409 | 15% |
| EBITDA | 61 | 57 | 8% |
| EBITDA % | 13.0% | 13.9% | (90 bps) |
Key Financials (₹ crore) - Consolidated
| Particulars | Q2 FY27 | Q2 FY26 | YoY % |
| Total Income | 683 | 564 | 21% |
| EBITDA | 103 | 79 | 30% |
| EBITDA % | 15.1% | 14.1% | ~106 bps |
| PBT | 42 | 19 | 117% |
| PBT % | 6.1% | 3.4% | ~270 bps |
Raymond Limited – H1 FY27 Highlights
Business Updates
- Total Income increased 17% YoY to ₹1,311 crore
- PBT expanded 69% YoY to ₹84 crore, PBT margin improved to 6.4% vs 4.4% in H1 FY26 (~200 bps improvement)
Segment Performance
Aerospace & Defence
| Metric | H1 FY27 | H1 FY26 | YoY % |
| Revenue | 262 | 168 | 56% |
| EBITDA | 55 | 38 | 46% |
| EBITDA % | 21.1% | 22.4% | (~130 bps) |
Precision Tech & Auto Components
| Metric | H1 FY27 | H1 FY26 | YoY % |
| Revenue | 915 | 808 | 13% |
| EBITDA | 122 | 99 | 24% |
| EBITDA % | 13.4% | 12.3% | ~110 bps |
Key Financials (₹ crore) - Consolidated
| Particulars | H1 FY27 | H1 FY26 | YoY % |
| Total Income | 1,311 | 1,119 | 17% |
| EBITDA | 203 | 167 | 22% |
| EBITDA % | 15.5% | 14.9% | ~60 bps |
| PBT | 84 | 50 | 69% |
| PBT % | 6.4% | 4.4% | ~200 bps |
Governance and Risk
Board Structure
- Independent directors make up approximately 75% of the board across all three listed entities
- Top-100 Indian corporate average ~50%
- Every proposal reaches the board after vetting and recommendation by independent committee
Credit Profile
Significant credit strength – 100% of portfolio facilities maintain "Stable" outlook; ₹8,912 crore (~94%) rated "A" or above
| Business | Entities | LT Rated Amt | LT Rating | Outlook | ST Rated Amt | ST Rating |
| Lifestyle | Raymond Lifestyle Ltd | ₹1500 cr | AA | Stable | ₹820 cr | A1 (+) |
| Lifestyle | RLL (Commercial Paper) | ₹550 cr | A1 (+) | Stable | - | - |
| Lifestyle | RLL (NCD) | ₹200 cr | AA | Stable | - | - |
| Lifestyle | Raymond Luxury Cottons Ltd | ₹125 cr | A (+) | Stable | ₹200 cr | A1 |
| Lifestyle | Silver Spark Apparel Ltd | ₹101 cr | A | Stable | ₹206 cr | A1 |
| Lifestyle | Everblue Apparel Ltd | ₹10 cr | BBB | Stable | - | - |
| Lifestyle | Raymond Uco Denim Ltd | ₹399 cr | BBB- | Stable | ₹155 Cr | A3 |
| Realty | Raymond Realty Ltd | ₹1000 cr | A (+) | Stable | - | - |
| Realty | Ten X Realty Ltd | ₹730 cr | A (+) | Stable | - | - |
| Realty | Ten X Realty East Ltd | ₹500 cr | A (-) | Stable | - | - |
| Realty | Ten X Realty West Ltd | ₹1000 cr | A (-) | Stable | - | - |
| Engineering | JK Maini Precision Technology Ltd | ₹800 cr | A (+) | - | ₹150 cr | A1 (+) |
| Engineering | JK Maini Global Aerospace Ltd | ₹950 cr | A | - | ₹80 cr | A1 |
CRISIL Dual-Rating Alignment: Raymond Lifestyle Ltd affirmed at AA/Stable (LT ₹1,450 cr) & A1+ (ST ₹820 cr); Raymond Uco Denim Ltd at BBB-/Stable (LT ₹458 cr) & A3 (ST ₹148 cr)
ESG and People
Environmental Action
- 15% Scope 1 & 2 GHG cut target (3.7% cut 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)
Social & Human Capital
- 37.22% Female diversity (target 40%)
- Zero fatalities in workspace safety
- Best Workplace for Women; 100% staff insured & trained
- <15% employee turnover target maintained
Governance & Value Chain
- 100% Independent Chairs across all Board Committees
- Board-level ESG Committee with Independent Director chair
Shareholding Summary
| Category / Metric | Raymond Ltd | Raymond Realty Ltd | Raymond Lifestyle Ltd |
| Promoter & Group Holding % | 48.87% – 59.62% | 48.87% – 59.62% | 48.87% – 59.62% |
| Public Free Float | 40.36% – 51.10% | 40.36% – 51.10% | 40.36% – 51.10% |
| Total Public Shareholders Count | 2,50,426 | 2,01,721 | 1,39,024 |