Raymond Lifestyle Limited – Q2 FY27 and H1 FY27 Performance

Raymond Lifestyle Limited announced unaudited results for the quarter ended 30 September 2026, delivering a record total income of ₹2,125 crore, representing a 14 % year‑on‑year increase over ₹1,865 crore in Q2 FY26. EBITDA for the quarter rose to ₹270 crore, a 4 % rise YoY, while the EBITDA margin declined to 12.7 % from 13.9 % a year earlier, reflecting higher marketing spend and input‑cost pressure.

For the half‑year ended 30 September 2026, total income reached ₹3,685 crore, up 10 % YoY, and EBITDA was ₹404 crore, up 6 % YoY, with an EBITDA margin of 11.0 % versus 11.4 % in H1 FY26. PBT (before exceptional items) stood at ₹91 crore in Q2 FY27, down from ₹108 crore in Q2 FY26, translating to a PBT margin of 4.3 % versus 5.8 % a year earlier.

Segmental Performance

  • Branded Textile: Revenue of ₹971 crore in Q2 FY27, a 7 % YoY rise from ₹906 crore, with EBITDA of ₹188 crore and a margin of 19.3 % (down from 20.6 %).
  • Branded Apparel: Record revenue of ₹559 crore, up 20 % YoY from ₹465 crore, EBITDA of ₹49 crore and a flat margin of 8.8 % despite adverse channel mix and higher raw‑material costs.
  • Garmenting: Revenue surged 26 % YoY to ₹339 crore from ₹269 crore, EBITDA rose to ₹25 crore from ₹14 crore, and margin expanded to 7.4 % from 5.3 % (an increase of 207 basis points). Growth was driven by the US‑India tariff rationalisation, the UK‑India FTA and new global client onboarding.
  • High‑Value Cotton Shirting: Revenue of ₹222 crore, a 5 % YoY increase, EBITDA fell to ₹21 crore from ₹25 crore, margin slipped to 9.5 % from 12.0 % due to higher raw‑material prices offset by higher ASPs.
  • Emerging Business (Ethnix, Raymond Home, Park Avenue Innerwear, Chairman’s Collections, Sexual Wellness): Revenue of ₹100 crore, up 15 % YoY from ₹87 crore, reflecting continued capital deployment in high‑growth lifestyle categories.

Retail Footprint & Network Optimisation

The store network stood at 1,634 outlets as of 30 September 2026, down from 1,663 a year earlier, indicating ongoing optimisation towards higher‑efficiency formats while allowing newer stores to mature.

Financial Position & ESG Roadmap

The company reported a net‑cash position of ₹69 crore in September 2026, reversing a net‑debt of ₹246 crore in September 2025 and signifying cash generation of more than ₹300 crore during the period. Raymond reaffirmed its ESG commitments, targeting 40 % female representation by 2030, zero‑liquid‑discharge and zero‑waste‑to‑landfill initiatives, a 25 % shift to renewable electricity and a 15 % reduction in Scope 1 and 2 emissions by 2030, alongside continued focus on workplace safety.

Management Commentary

Satyaki Ghosh, Wholetime Director & CEO, stated that the Q2 and H1 FY27 performance demonstrates sustained operational continuity, strategic resilience and focused commercial execution across domestic and international markets. He highlighted robust growth in the Garmenting business, a 20 % expansion in Branded Apparel driven by casual brands ColorPlus and Parx, and noted that despite elevated input costs and channel‑mix dynamics affecting margins, the company’s disciplined pricing, working‑capital contraction and net‑cash position provide strong operational resilience. Ghosh expressed confidence in achieving FY27 guidance, citing strong festive and wedding‑season demand, retail optimisation, brand investments and capacity ramp‑ups.

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