Raymond Limited (RAYMOND)

Loading page…

Raymond Limited (RAYMOND) · mywealthgrid

About

Raymond Limited manufactures industrial products serving various industrial sectors. With a market capitalisation of ₹4,232.1 Cr, the company operates through a primary business segment generating ₹530–605 Cr quarterly revenue at 10–13% operating margins, alongside a secondary segment currently incurring losses.

Face value: ₹10

Market cap

₹7,973 Cr

P/E

215.1×

P/B

2.8×

Dividend yield

ROE

162.8%

ROCE

3.5%

Debt / equity

0.35

OPM

10.6%

EPS (TTM)

₹5.6

Book value

₹427.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE of 114.17 is exceptionally high; verify whether recent earnings represent sustainable profitability or temporary peaks.
Primary business revenue has declined from ₹605.61 Cr (Jun 2026) to ₹527.69 Cr (Sep 2025); determine whether this reflects cyclical weakness or structural demand loss.
Secondary segment incurred ₹24 Cr cumulative losses this year; clarify rationalization strategy and timeline.
Stock's 1y return of 0.53% despite 52-week range ₹321.85–₹654.75 (103% swing) suggests high volatility without directional gains.

Generated analysis · source review pending

Growth drivers

Operating margins of 10–13% in core business provide a foundation for earnings growth if revenue stabilizes — verify demand trajectory for industrial manufacturing sectors it serves.
D/E ratio of 0.35 indicates capex capacity; verify whether management plans capacity expansion or operational efficiency investments.
Secondary segment loss of ₹24 Cr this year is material drag on group profitability; rationalization would unlock value — verify turnaround strategy and timeline.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,197.2+1%1Y

Quick read

rule-based

Pros

+Strong return on equity of 133.9% (3-yr avg)
+Profit CAGR of 116.1% over the last 3 years

Cons

−Revenue shrank over the last 5 years (-8.5% a year)
−Expensive at 215.1× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

35/100

Business quality: 42
Growth: 42
Valuation: 21

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5,391	5,906	6,582	6,482	3,446	6,179	8,215	9,020	1,947	2,212
COGS	2,357	2,506	2,806	2,800	1,643	2,241	2,998	2,575	696	751
Gross profit	3,034	3,401	3,776	3,682	1,803	3,938	5,216	6,444	1,251	1,462
	2,729	2,973	3,207	3,015	1,879	3,233	4,002	4,142	1,120	1,230
	305	428	569	667	-76	705	1,215	2,302	131	231
OPM %	5.7%	7.2%	8.6%	10.3%	-2.2%	11.4%	14.8%	25.5%	6.8%	10.5%
Depreciation	157	170	197	340	314	240	235	284	146	152
Interest	178	184	233	303	276	228	257	376	65	84
	108	119	121	134	201	6	15	223	7,742	5,206
Profit before tax	52	208	260	159	-465	243	737	1,866	7,662	5,202
Tax	22	67	86	-43	-161	-22	200	-223	26	-159
Tax %	42.1%	32%	32.9%	-27%	-34.6%	-9%	27.2%	-11.9%	0.3%	-3.1%
	30	142	175	202	-304	265	537	2,088	7,636	5,361
PAT margin %	0.6%	2.4%	2.7%	3.1%	-8.8%	4.3%	6.5%	23.2%	392.2%	242.4%
EPS (₹)	4.2	21.9	27.4	31.4	-44.6	39.1	79.5	246.1	1,147	802.3
EPS adjusted (₹)	4.2	21.9	27.4	30.3	-44.6	39.1	79.5	313.8	1,146.7	802.6
	30%	13.7%	11%	0%	—	7.7%	3.8%	4.1%	0%	—
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	61	61	61	61	65	67	67	67	67	67	67
Reserves	1,533	1,612	1,751	1,892	2,311	2,031	2,293	2,832	4,551	3,650	2,777
Minority interest	73	69	76	83	88	82	77	85	438	441	274
	1,644	1,767	1,814	2,143	2,173	2,076	2,066	2,127	3,426	740	999
	1,309	1,743	2,407	2,485	3,110	2,485	2,874	3,083	4,692	2,818	622
Total equity & liabilities	4,620	5,252	6,109	6,664	7,747	6,740	7,377	8,194	13,173	7,716	4,738
	1,182	1,169	1,741	1,935	2,441	2,044	1,878	1,934	3,475	1,772	1,524
CWIP	195	412	270	113	35	16	20	30	70	5	38
Investments	366	508	510	411	245	500	1,100	1,639	2,826	1,120	1,695
	2,877	3,163	3,588	4,205	5,026	4,180	4,379	4,591	6,802	4,820	1,480
Total assets	4,620	5,252	6,109	6,664	7,747	6,740	7,377	8,194	13,173	7,716	4,738

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Precision technology and auto component	1,666.93	145.04	1,469.84	424.37	1,045.47	13.87
Aerospace and defence	392.38	48.64

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	57.4%	56.8%	52.3%	63.7%	63.5%	71.5%	64.3%	66.1%
EBITDA margin %	8.8%	8%	-1.9%	11.5%	14.6%	14.5%	9.1%	10.6%
EBIT margin %	5.8%	2.7%	-11%	7.6%	11.7%	11.4%	1.6%	3.8%
PAT margin %	2.7%	3.1%	-8.8%	4.3%	6.5%	23.2%	392.2%	242.4%
Working capital
Receivable days	70	65	101	52	33	57	76	86
Inventory days	247	287	363	328	304	498	220	237
Payable days	1	2	258	280	206	293	133	168
NWC days	316	350	206	100	131	263	163	155
Leverage
Current ratio	0.97	1.03	1.26	1.29	1.35	1.66	2.12	1.73
Debt to EBITDA	3.72	4.21	—	2.91	1.77	2.62	4.2	4.25
Debt to equity	1.1	0.91	0.99	0.88	0.73	0.74	0.2	0.35
Interest coverage	2.2	0.9	-0.6	2.8	4.2	3.4	2.9	2.2
Asset turnover	0.99	0.84	0.51	0.84	1	0.68	0.25	0.47
Return ratios
Return on assets %	2.6%	2.6%	-4.5%	3.6%	6.6%	15.9%	99%	113.2%
Return on capital employed %	19.5%	9.1%	-4.9%	16.6%	25.9%	19.6%	2.4%	3.5%
Return on equity %	8.9%	8.5%	-14.5%	11.2%	18.5%	45.2%	205.5%	188.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	49.11%	49.11%	49.11%	49.01%	48.87%	48.87%	48.87%	48.87%	48.87%	48.87%	48.87%	48.87%
	17.71%	14.39%	14.5%	15.56%	15.67%	15.38%	15.64%	13.79%	13.61%	11.01%	9.75%	7.89%
	6.01%	7.88%	8.78%	9.3%	7.31%	7.2%	6.85%	4.8%	3.53%	3.44%	3.62%	3.81%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	27.14%	28.59%	27.58%	26.1%	28.12%	28.52%	28.61%	32.51%	33.96%	36.65%	37.73%	39.4%
No. of shareholders	—	—	—	—	—	—	—	—	2,96,886	2,93,612	2,88,616	2,72,532

Promoter holding down 0.24 percentage points since Sep 2023.

182 deals · 23 Nov 2021 – 28 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
28 Sept 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	4,12,555	₹1,194.56	₹49.28 Cr
28 Sept 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	3,99,605	₹1,188.16	₹47.48 Cr
28 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Sell	3,70,924	₹1,196.17	₹44.37 Cr
28 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Buy	3,70,185	₹1,192.78	₹44.15 Cr
24 Sept 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	7,18,193	₹1,167.40	₹83.84 Cr
24 Sept 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	7,09,574	₹1,165.56	₹82.71 Cr
24 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Sell	4,24,649	₹1,166.57	₹49.54 Cr
24 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Buy	4,14,226	₹1,165.26	₹48.27 Cr
23 Sept 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	4,70,850	₹1,110.33	₹52.28 Cr
23 Sept 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	4,32,281	₹1,109.27	₹47.95 Cr

1–10 of 182

1 / 19

Mr. Gautam Hari SinghaniaExecutive Director-Chairperson-MD
Mr. Dinesh Kumar LalNon-Executive - Independent Director
Mr. Ashish Kiran KapadiaNon-Executive - Independent Director
Mr. Kummamuri Narasimha MurthyNon-Executive - Independent Director
Mr. Harmohan H SahniNon-Executive - Non Independent Director
Mrs. Mundada Rashmi BrijgopalNon-Executive - Independent Director
Mr. Ajoy A MehtaNon-Executive - Independent Director
Mr. Tikka Shatrujit SinghNon-Executive - Independent Director
Mr. Rakesh TiwaryChief Financial Officer
Mr. Rakesh DarjiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

1.86%

of the company's equity

All mutual funds

1.88%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

2 schemes · 2 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	12.38 L	78.24	0.09%	1.859%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	99	0.01	0.01%	0%	-0

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

13

Final dividend13 Jun 2024 · ex-date₹10
Final dividend23 Jun 2023 · ex-date₹3
Final dividend30 Jun 2022 · ex-date₹3
Final dividend23 May 2019 · ex-date₹3
Dividend dividend22 May 2018 · ex-date₹3
Dividend dividend25 May 2017 · ex-date₹1.25
Dividend dividend26 May 2016 · ex-date₹3
Dividend dividend27 May 2015 · ex-date₹3
Dividend dividend30 May 2014 · ex-date₹2
Dividend dividend24 May 2013 · ex-date₹1
Dividend dividend16 May 2012 · ex-date₹2.5
Dividend dividend18 May 2011 · ex-date₹1
Dividend dividend30 May 2008 · ex-date₹2.5

1

Board meeting to consider results7 Aug 2026

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

30 announcementsExport CSV

16 Sept 2026, 3:30 pmCompany Update

Announcement Under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

General PDF

12 Sept 2026, 9:48 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

11 Sept 2026, 8:13 pmCompany Update

Announcement Under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

General PDF

11 Sept 2026, 7:10 pmAGM/EGM

Shareholders Meeting - Notice Of EGM To Be Held On October 3, 2026

EGM PDF

11 Sept 2026, 5:50 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

10 Sept 2026, 3:00 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

8 Sept 2026, 4:48 pmCompany Update

Announcement under Regulation 30 (LODR)-Preferential Issue

Preferential Issue PDF

8 Sept 2026, 4:34 pmBoard Meeting

Board Meeting Outcome for Outcome Of Board Meeting - Preferential Issue

Outcome of Board Meeting PDF

Date	Category	Subject	Filing
16 Sept 2026, 3:30 pm	Company Update General	Announcement Under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
12 Sept 2026, 9:48 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	57.4%	56.8%	52.3%	63.7%	63.5%	71.5%	64.3%	66.1%
EBITDA margin %	8.8%	8%	-1.9%	11.5%	14.6%	14.5%	9.1%	10.6%
EBIT margin %	5.8%	2.7%	-11%	7.6%	11.7%	11.4%	1.6%	3.8%
PAT margin %	2.7%	3.1%	-8.8%	4.3%	6.5%	23.2%	392.2%	242.4%
Working capital
Receivable days	70	65	101	52	33	57	76	86
Inventory days	247	287	363	328	304	498	220	237
Payable days	1	2	258	280	206	293	133	168
NWC days	316	350	206	100	131	263	163	155
Leverage
Current ratio	0.97	1.03	1.26	1.29	1.35	1.66	2.12	1.73
Debt to EBITDA	3.72	4.21	—	2.91	1.77	2.62	4.2	4.25
Debt to equity	1.1	0.91	0.99	0.88	0.73	0.74	0.2	0.35
Interest coverage	2.2	0.9	-0.6	2.8	4.2	3.4	2.9	2.2
Asset turnover	0.99	0.84	0.51	0.84	1	0.68	0.25	0.47
Return ratios
Return on assets %	2.6%	2.6%	-4.5%	3.6%	6.6%	15.9%	99%	113.2%
Return on capital employed %	19.5%	9.1%	-4.9%	16.6%	25.9%	19.6%	2.4%	3.5%
Return on equity %	8.9%	8.5%	-14.5%	11.2%	18.5%	45.2%	205.5%	188.5%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Indo-Mim LimitedINDOMIMINDOMIM	₹62,891 Cr	₹63,981 Cr	₹4,193 Cr	₹1,071 Cr	25.5%	₹534 Cr	12.7%	29.6%	21.3%	—
Aditya Infotech LimitedCPPLUSCPPLUS	₹44,797 Cr	₹44,910 Cr	₹4,883 Cr	₹709 Cr	13.4%	₹477 Cr	8.7%	33.8%	25.5%	61
Syrma Sgs Technology LimitedSYRMASYRMA	₹33,121 Cr	₹33,474 Cr	₹5,464 Cr	₹610 Cr	11.3%	₹402 Cr	7.2%	18.7%	15%	48
Honeywell Automation India LimitedHONAUTHONAUT	₹29,454 Cr	₹29,454 Cr	₹4,703 Cr	₹637 Cr	12.9%	₹551 Cr	11.2%	16.7%	12.4%	-12
Jyoti Cnc Automation LimitedJYOTICNCJYOTICNC	₹23,470 Cr	₹24,320 Cr	₹2,191 Cr	₹535 Cr	25.2%	₹322 Cr	16.1%	25.3%	18.2%	359
Kaynes Technology India LimitedKAYNESKAYNES	₹22,773 Cr	₹23,648 Cr	₹3,899 Cr	₹609 Cr	15.8%	₹346 Cr	10%	15.4%	9.6%	193
Lmw LimitedLMWLMW	₹17,706 Cr	₹17,706 Cr	₹3,374 Cr	₹219 Cr	5.3%	₹175 Cr	4.1%	6.4%	4.6%	23
Tega Industries LimitedTEGATEGA	₹15,721 Cr	₹16,039 Cr	₹3,059 Cr	₹231 Cr	13.7%	₹21 Cr	8.4%	8.5%	5.9%	153
Lloyds Engineering Works LimitedLLOYDSENGGLLOYDSENGG	₹14,553 Cr	₹14,587 Cr	₹1,611 Cr	₹229 Cr	14.5%	₹163 Cr	15.2%	17.5%	16.4%	184
Kennametal India LimitedKENNAMETKENNAMET	₹9,411 Cr	₹9,411 Cr	₹991 Cr	₹179 Cr	18.1%	₹114 Cr	11.5%	24.5%	18.5%	170
Dynamatic Technologies LimitedDYNAMATECHDYNAMATECH	₹9,354 Cr	₹9,883 Cr	₹1,675 Cr	₹200 Cr	11.3%	₹42 Cr	2%	12.3%	4.3%	142
Standard Engineering Technology LimitedSETLSETL	₹8,318 Cr	₹8,376 Cr	₹849 Cr	₹129 Cr	15.4%	₹89 Cr	10.7%	15.5%	10.7%	335

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	317	348	395	251	390	702	677	804	533	233	42
	-211	-220	-408	-123	-137	64	-425	-476	-1,042	-232	-180
	-118	-122	30	-149	-130	-668	-323	-319	502	-104	230
Net cash flow	-12	3	9	-25	113	98	-71	10	-6	-102	91
Free cash flow	43	55	-123	—	—	681	617	688	326	75	-72
CFO / Operating profit %	—	114.2%	92.2%	43.5%	75.7%	—	95.3%	67.1%	40.7%	132.2%	17.8%

Raymond Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

13

1

Announcements

13

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Aerospace and defence · revenue

Raymond Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends13

Board meetings1

Announcements

Dividends13

Board meetings1

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Aerospace and defence · revenue

13

1

13

1