Raymond Group Q2 & H1 FY27 Performance Updates

Raymond Realty Limited Q2 & H1 FY2027 Performance Update

Group Financial Performance

Consolidated Segmental EBITDA Overview (₹ crore):

Q2 FY27 Performance:

Total Portfolio EBITDA: ₹488 Cr (vs ₹439 Cr in Q2 FY26), +11% YoY growth
Raymond Lifestyle Limited: ₹270 Cr (55% contribution), +4% YoY
Raymond Realty Limited: ₹115 Cr (24% contribution), +14% YoY
Raymond Limited: ₹103 Cr (21% contribution), +30% YoY

H1 FY27 Performance:

Total Portfolio EBITDA: ₹792 Cr (vs ₹690 Cr in H1 FY26), +15% YoY growth
Raymond Lifestyle Limited: ₹404 Cr (51% contribution), +6% YoY
Raymond Realty Limited: ₹185 Cr (23% contribution), +30% YoY
Raymond Limited: ₹203 Cr (26% contribution), +22% YoY

Balance Sheet Position (as of September 30, 2026):

Consolidated Cash Balance: ₹3,382 Cr
Consolidated Long-Term Debt: ₹1,647 Cr
Consolidated Net Long-Term Debt: -₹1,736 Cr (net cash surplus)
Consolidated Net Debt/EBITDA: 0.43x
Consolidated FFO (TTM): ₹1,027 Cr
Consolidated Net LTD/FFO: -1.69x
Average Maturity of LTD: 4.24 years

Raymond Lifestyle Limited Performance

Q2 FY27 Financials (₹ crore):

Total Income: ₹2,125 Cr (+14% YoY)
EBITDA: ₹270 Cr (+4% YoY)
EBITDA Margin: 12.7% (13.9% in Q2 FY26, -120 bps)
PBT: ₹91 Cr (-16% YoY)
Net Cash Surplus: ₹69 Cr (vs net debt of ₹(246) Cr in Sep'25)

H1 FY27 Financials (₹ crore):

Total Income: ₹3,685 Cr (+10% YoY)
EBITDA: ₹404 Cr (+6% YoY)
EBITDA Margin: 11.0% (11.4% in H1 FY26, -40 bps)
PBT: ₹53 Cr (-37% YoY)

Segment Performance (Q2 FY27):

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

Operational Highlights:

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 Cr
Disciplined working capital management delivering robust operational free cash flow

Raymond Realty Limited Performance

Q2 FY27 Operational Metrics (₹ crore):

Pre-Sales: ₹902 Cr (+98% YoY)
Collections: ₹682 Cr (+67% YoY)
Total Income: ₹757 Cr (+7% YoY)
EBITDA: ₹115 Cr (+14% YoY)
EBITDA Margin: 15% (14% in Q2 FY26, +91 bps)
PAT: ₹53 Cr (-12% YoY)
PAT Margin: 7% (8.5% in Q2 FY26, -150 bps)

H1 FY27 Operational Metrics (₹ crore):

Pre-Sales: ₹1,602 Cr (+111% YoY)
Collections: ₹1,233 Cr (+57% YoY)
Total Income: ₹1,293 Cr (+18% YoY)
EBITDA: ₹185 Cr (+30% YoY)
EBITDA Margin: 14% (13% in H1 FY26, +100 bps)
PAT: ₹66 Cr (-14% YoY)
PAT Margin: 5% (7% in H1 FY26, -200 bps)
Net Debt: ₹912 Cr
Debt to Equity ratio: 0.8x

Portfolio Updates:

No new project launches during Q2 and H1 FY27
OC received for Address by GS Season 1 Tower B in Thane (270 units, 3,44,478 sq. ft. RERA carpet area) 18 months ahead of RERA timeline
Booking Value Mix: 57% Asset Light Mumbai JDAs, 43% Owned Thane Land Parcel

Thane Land Development:

100 Acre land with ~₹25,000 Cr revenue potential
65 acres under development with ~6.7 million sq. ft. RERA carpet area
~₹9,770 Cr already sold with collections ~₹7,977 Cr

Asset Light JDA Development:

~₹27,000 Cr revenue potential
4 JDA projects launched with ~2.8 million sq. ft. RERA carpet area
~₹3,430 Cr already sold with collections ~₹857 Cr

Growth Outlook & Guidance:

Strong pipeline of MMR launches with cumulative GDV of over ₹4,100 crore planned for next two quarters
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 Performance

Q2 FY27 Financials (₹ crore):

Total Income: ₹683 Cr (+21% YoY)
EBITDA: ₹103 Cr (+30% YoY)
EBITDA Margin: 15.1% (14.1% in Q2 FY26, +106 bps)
PBT: ₹42 Cr (+117% YoY)
PBT Margin: 6.1% (3.4% in Q2 FY26, +270 bps)
Net Cash Surplus: ₹77 Cr as of September 2026

H1 FY27 Financials (₹ crore):

Total Income: ₹1,311 Cr (+17% YoY)
EBITDA: ₹203 Cr (+22% YoY)
EBITDA Margin: 15.5% (14.9% in H1 FY26, +60 bps)
PBT: ₹84 Cr (+69% YoY)
PBT Margin: 6.4% (4.4% in H1 FY26, +200 bps)

Segment Performance (Q2 FY27):

Aerospace & Defence: Revenue ₹139 Cr (+72% YoY), EBITDA ₹29 Cr (+72% YoY), 21.0% margin
Precision Tech & Auto Components: Revenue ₹471 Cr (+15% YoY), EBITDA ₹61 Cr (+8% YoY), 13.0% margin (-90 bps YoY)

Segment Performance (H1 FY27):

Aerospace & Defence: Revenue ₹262 Cr (+56% YoY), EBITDA ₹55 Cr (+46% YoY), 21.1% margin (-130 bps YoY)
Precision Tech & Auto Components: Revenue ₹915 Cr (+13% YoY), EBITDA ₹122 Cr (+24% YoY), 13.4% margin (+110 bps YoY)

Governance and Risk Management

Board Structure:

Independent directors make up approximately 75% of boards across all three listed entities
100% Independent Chairs across all Board Committees
Board-level ESG Committee with Independent Director chair

Credit Profile:

₹8,912 Cr (~94%) of portfolio facilities maintain "A" or above ratings
100% of portfolio facilities maintain "Stable" outlook
Key ratings: Raymond Lifestyle Ltd (AA/Stable), Raymond Realty Ltd (A+/Stable), JK Maini Precision Technology Ltd (A+), JK Maini Global Aerospace Ltd (A)

ESG and People Initiatives

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 Mn units of Solar Power last year

Social & Human Capital:

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

Occupational Safety:

Zero Fatalities from FY20 through Q2 FY27
100% Health & Safety training coverage for construction workers
Rigorous personal protective equipment (PPE) protocols

Shareholding Structure (as of September 30, 2026)

Promoter Stewardship: 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