Key Financial Figures (Consolidated, ₹ Crore)

Total Income: ₹1,560 Cr in Q1FY27 vs ₹1,475 Cr in Q1FY26, representing 6% YoY growth.

EBITDA: ₹135 Cr in Q1FY27 vs ₹122 Cr in Q1FY26, an 11% increase.

EBITDA Margin: 8.6% in Q1FY27 vs 8.2% in Q1FY26, a 40 basis point improvement.

Depreciation: ₹109 Cr in Q1FY27 vs ₹89 Cr in Q1FY26.

Interest Expense: ₹63 Cr in Q1FY27 vs ₹57 Cr in Q1FY26.

PBT (Loss): ₹(38) Cr in Q1FY27 vs ₹(25) Cr in Q1FY26.

PBT Margin: (2.5%) in Q1FY27 vs (1.7%) in Q1FY26.

Taxes: ₹16 Cr in Q1FY27 vs ₹5 Cr in Q1FY26.

Net Profit (Loss): ₹(23) Cr in Q1FY27 vs ₹(20) Cr in Q1FY26.

Exceptional Items: None in either period.

Segment Performance (₹ Crore)

Branded Textiles: Revenue declined 2% YoY to ₹684 Cr; EBITDA declined 11% to ₹95 Cr; EBITDA margin at 13.9% vs 15.3% in Q1FY26. Impacted by strong base effect, unfavorable sales mix, and elevated raw material costs.

Branded Apparel: Revenue grew 4% YoY to ₹349 Cr; EBITDA declined 33% to ₹18 Cr; EBITDA margin at 5.1% vs 7.8% in Q1FY26. Growth witnessed across LFS and E-commerce channels, but impacted by adverse channel mix.

Garmenting: Revenue grew 50% YoY to ₹296 Cr; EBITDA improved to ₹22 Cr from loss of ₹8 Cr in Q1FY26; EBITDA margin at 7.3% vs (4.1%). Driven by strong order book execution following US-India tariff rationalization and onboarding of new global clients.

High Value Cotton Shirting: Revenue declined 5% YoY to ₹195 Cr; EBITDA remained flat at ₹19 Cr; EBITDA margin improved to 9.7% from 9.1% due to improved product mix.

Emerging Businesses: Revenue grew 9% YoY to ₹79 Cr; EBITDA loss widened to ₹(19) Cr from ₹(13) Cr; EBITDA margin at (23.7%) vs (17.8%). This segment comprises Raymond Home, Ethnix by Raymond, Park Avenue Inner Wear, Sexual Wellness, and Chairman's Collection. These businesses continue to be in investment mode.

Operational & Strategic Highlights

Macro Context: RBI lowered FY27 growth outlook to 6.6% and revised CPI inflation projection to 5.1%. Rising Brent crude ($100/bbl) and rupee weakness noted. Wool and cotton prices climbing due to demand and poor Indian crop.

Retail Network: Total of 1,575 stores (1,112 TRS outlets + 463 EBOs). Network optimization resulted in 133 underperforming stores exited and 85 new locations added, net reduction of 48 stores since June 2025. Ethnix optimized with net 29 store reduction.

Manufacturing Capacity: 43 Mn sq. meters fabric capacity at Vapi, Chindwara, Jalgaon; 23 Mn sq. meters fabric capacity at Amravati & Kolhapur.

Working Capital: Net working capital cycle improved to 75 days in June 2026 from 90 days in June 2025, a reduction of 15 days due to better collections and inventory management.

Balance Sheet: Net cash positive position of ₹154 Cr as of June 2026, improved from net debt of ₹55 Cr in June 2025. Company maintains net-debt free status.

Strategic Focus: Premiumization (transitioning to Wool, Polywool blends, pure Linen), Casualization (growth in ColorPlus & Parx), and Geographical Diversification (expanding into EU & UK markets via FTAs).

ESG Targets 2030: Key FY26 achievements include 3.7% reduction in Scope 1 & 2 emissions, 11.26% energy from renewable sources, 24.26% reduction in waste to landfill, 73.54% increase in liquid discharge treatment, and 37.22% progress toward 15% female representation target by 2030.

Management Commentary

Satyaki Ghosh, Whole-time Director & CEO, stated: "Building on our solid foundation from FY26, Q1 FY27 has delivered steady performance marked by strong international traction and sustained domestic demand. Our Garmenting business achieved an exceptional 50%+ growth, demonstrating the strategic advantages of global trade tailwinds like the US-India Tariff rationalization and upcoming FTAs with the UK and EU."

Leadership Team

Board includes independent directors K. Narasimha Murthy, Vineet Nayar, Anisha Motwani, Girish C. Chaturvedi, Dinesh Lal, and Rajiv Sharma. Management team led by Satyaki Ghosh (CEO) includes E C Prasad (CFO) and various Chief Business Officers overseeing different segments.