Raymond Limited (RAYMOND) AI Stock Analysis

• Market Cap: ₹25.28B
• Dividend Yield: 2.31%
• Average Volume (3M): 24.73K
• Price to Earnings (P/E): 0.5
• Beta (1Y): 1.87
• Revenue Growth: -63.26%
• EPS Growth: -29.33%
• Country: IN
• Employees: 6,707
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): 0.54
• Shares Outstanding: 66,573,730
• 10 Day Avg. Volume: 15,946
• 30 Day Avg. Volume: 24,730
• PEG Ratio: 0.01
• Price to Book (P/B): 9.14
• Price to Sales (P/S): 17.43
• P/FCF Ratio: 451.12
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: ₹395.00 ▼(-9.53% Downside)

Raymond Limited's overall stock score is primarily influenced by its solid financial performance, despite bearish technical indicators. The low P/E ratio suggests potential undervaluation, but market sentiment appears cautious, as reflected in the technical analysis.

Positive Factors

Free cash flow conversion

Sustained improvement in free cash flow and strong operating-cash-to-net-income conversion enhances financial flexibility. Durable cash-generation supports capex, working capital and deleveraging, making the business better able to fund growth or absorb shocks over the next several quarters.

Improved profitability metrics

Historically strong revenue expansion and materially improved net margins indicate better pricing, cost control and operating leverage. If management sustains these levers, margin gains can persist and translate into higher cash generation and shareholder returns over the medium term.

Diversified business model & distribution

A multi-segment model across B2B textiles, branded apparel, garmenting and retail reduces single-market dependency. Diverse channels and franchise/partner formats stabilize throughput and broaden customer access, improving resilience to cyclical swings in any one end market.

Negative Factors

Recent sharp revenue decline

A very large recent revenue drop signals volatility or loss of demand that can strain fixed-cost absorption and cash flow. If persistent, such declines undermine pricing power, retailer relationships and investments in brand building, impairing medium-term recovery prospects.

Moderate leverage risk

Moderate debt levels limit financial flexibility and increase vulnerability to cyclical downturns or rising input costs. Sustained leverage restricts cash available for reinvestment or strategic moves, making capital allocation and deleveraging execution critical for durable stability.

EBIT margin pressure / operational inefficiency

Persistently subpar EBIT margins point to operational inefficiencies or cost structure issues. Without productivity gains or cost rationalization, margin compression could recur, limiting reinvestment capacity and making net margin gains fragile over the medium term.

Raymond Limited Business Overview & Revenue Model

Company Description

Raymond Limited operates as a textile, lifestyle, and branded apparel company in India and internationally. It operates through Textile, Shirting, Apparel, Garmenting, Tools and Hardware, Auto Components, Real Estate Development, and Others segments. The company offers wool, poly-wool, silk, polyester viscose blended, cotton blended, linen blended, and other blended suiting fabrics; and cotton and linen shirting fabrics under the Raymond Fine Fabrics brand name. It also provides suits, jackets, trousers, and shirts; denim fabrics; menswear under the Raymond Ready-To-Wear, Park Avenue, Color Plus, and Parx brands; and ethnic wear under the Ethnix brands. In addition, the company offers steel files, cutting tools, hand tools, and power tools; starter gears, water pump bearings, and flex plates; and personal care, sexual wellness, and home care products, such as condoms and deodorants under the Park Avenue, KamaSutra, KS, and Premium brands. Further, it is involved in the non-scheduled airline operation and real estate property development businesses. It has 1,486 retail stores, including 1,436 stores in approximately 600 towns and cities in India, and 50 overseas stores in 9 countries. The company was incorporated in 1925 and is headquartered in Mumbai, India.

How the Company Makes Money

Raymond generates revenue through multiple key streams. The primary source is its textiles division, which produces a wide array of fabrics used in the apparel industry. This division benefits from strong brand recognition and a loyal customer base. Additionally, Raymond has diversified its income through its apparel segment, which includes branded clothing under various labels, contributing significantly to sales. The company also earns revenue from its retail operations, which encompass exclusive brand outlets (EBOs) and multi-brand outlets (MBOs) that sell its products directly to consumers. Partnerships with various retail chains and e-commerce platforms further enhance its distribution capabilities. Furthermore, Raymond invests in premium lifestyle products and home textiles, creating additional revenue opportunities. Overall, the combination of strong brand equity, diverse product offerings, and strategic retail partnerships positions Raymond for sustained profitability.

Raymond Limited Financial Statement Overview

Summary

Raymond Limited exhibits solid financial health with strong revenue and net income growth. The balance sheet is stable, though there is room for improvement in operational efficiencies and leverage management.

Income Statement

Raymond Limited has demonstrated strong revenue growth over the years, particularly notable between 2022 and 2024. The company has improved its net profit margin significantly, indicative of enhanced cost management and operational efficiency. However, the EBIT margin shows room for improvement, suggesting potential inefficiencies in operational expenses.

Balance Sheet

The company's balance sheet reveals a moderate debt-to-equity ratio, which suggests balanced leverage but could pose risks if not managed carefully. The equity ratio indicates a stable capital structure, though there is potential for further strengthening equity to reduce financial risk. Return on equity has shown improvement, reflecting better profitability relative to shareholder investments.

Cash Flow

Raymond's cash flow statement shows a positive trend in free cash flow growth, enhancing financial flexibility. The operating cash flow to net income ratio is strong, indicating efficient conversion of income into cash flow. Continued focus on optimizing free cash flow relative to net income will be crucial for maintaining liquidity and funding growth opportunities.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	30.80B	19.48B	90.20B	82.15B	61.79B	34.25B
Gross Profit	9.57B	7.61B	37.41B	34.04B	23.94B	12.32B
EBITDA	5.04B	1.95B	25.22B	12.15B	7.27B	1.35B
Net Income	55.90B	76.31B	16.38B	5.29B	2.60B	-2.97B
Balance Sheet
Total Assets	0.00	77.16B	131.73B	81.94B	73.77B	67.40B
Cash, Cash Equivalents and Short-Term Investments	7.61B	7.71B	13.75B	12.00B	9.60B	6.49B
Total Debt	0.00	7.40B	41.82B	25.29B	23.54B	24.14B
Total Liabilities	-41.58B	35.59B	81.18B	52.10B	49.40B	45.61B
Stockholders Equity	41.58B	37.16B	46.17B	28.99B	23.59B	20.97B
Cash Flow
Free Cash Flow	0.00	752.80M	3.26B	6.88B	6.17B	6.81B
Operating Cash Flow	0.00	2.33B	5.33B	8.04B	6.77B	7.02B
Investing Cash Flow	0.00	-2.32B	-10.38B	-4.76B	-4.25B	644.15M
Financing Cash Flow	0.00	-1.04B	4.99B	-3.19B	-3.23B	-6.68B

Raymond Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 436.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RAYMOND, the sentiment is Negative. The current price of 436.6 is above the 20-day moving average (MA) of 396.36, above the 50-day MA of 428.92, and below the 200-day MA of 563.32, indicating a bearish trend. The MACD of -16.47 indicates Negative momentum. The RSI at 35.23 is Neutral, neither overbought nor oversold. The STOCH value of 32.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:RAYMOND.

Raymond Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MONTECARLO	73 Outperform	₹11.80B	12.20	―	2.83%	8.10%	59.25%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
RAYMOND	58 Neutral	₹25.28B	0.46	―	2.31%	-63.26%	-29.33%
GOKEX	57 Neutral	₹40.33B	25.88	―	―	22.27%	7.09%
ARVINDFASN	56 Neutral	₹63.06B	-355.64	―	0.31%	10.72%	-115.52%
ALOKINDS	40 Underperform	₹75.02B	-11.98	―	―	-20.02%	25.52%

Raymond Limited Corporate Events

Raymond uploads Q3 FY26 investor call audio on website

Raymond Limited has announced that the audio recording of its investor conference discussing the company’s financial performance for the third quarter and nine months ended December 31, 2025, held on January 27, 2026, has been made available on its official website. By publishing the recording of the investor and analyst call, the company is reinforcing its disclosure practices and providing stakeholders with direct access to management’s commentary on recent results, supporting transparency and informed decision-making in the market.

Raymond Subsidiary’s ICRA Ratings Withdrawn Following MPPL Amalgamation

Raymond Limited has announced that, following the amalgamation of its subsidiary Maini Precision Products Limited with JK Maini Precision Technology Limited under a composite scheme of arrangement, credit ratings previously assigned by ICRA to MPPL’s bank facilities totaling Rs 315 crore have been withdrawn. The withdrawal, which covers long-term term loans, working capital facilities and unallocated limits that were earlier on Rating Watch with Developing Implications, is in line with ICRA’s policy on rating withdrawals after such corporate restructuring and signals a formal transition in the subsidiary’s capital and borrowing profile post-amalgamation, with implications for how lenders and investors assess the Raymond Group’s precision engineering business going forward.

Raymond Subsidiaries’ Credit Ratings Withdrawn After Engineering Business Amalgamation

Raymond Limited has notified stock exchanges that, following the amalgamation of the engineering business of JK Files and Engineering Limited and the merger of Ring Plus Aqua Limited with JK Maini Precision Technology Limited under a composite scheme of arrangement, CARE Ratings has withdrawn the credit ratings previously assigned to the bank facilities of these subsidiaries. The withdrawal follows the transfer and/or ongoing transfer of the relevant bank facilities to JK Maini Precision Technology Limited and confirmation from lenders that there are no outstanding amounts against the rated facilities in the names of the erstwhile entities, marking a further step in Raymond’s consolidation of its engineering operations and simplifying its subsidiary capital and banking structure for stakeholders.

Raymond Limited Announces Key Management Change

Raymond Limited has announced a change in its key managerial personnel, with Mr. Amit Agarwal stepping down as Group Chief Financial Officer to transition to the Lifestyle Business as part of an internal restructuring. Mr. Rakesh Tiwary has been appointed as the new Group Chief Financial Officer effective December 3, 2025, and will also be responsible for determining materiality of events and making necessary disclosures to stock exchanges.

Raymond Limited Appoints New Statutory Auditors

Raymond Limited has announced a change in its statutory auditors. The company has appointed M/s. Chaturvedi & Shah LLP, Chartered Accountants, to fill the vacancy created by the resignation of the previous auditors, M/s. Walker Chandiok & Co LLP. This change is effective from December 2, 2025, and the new auditors will serve until the company’s 101st Annual General Meeting, pending member approval. This strategic move ensures continuity in the company’s auditing processes and aligns with regulatory requirements, potentially impacting stakeholder confidence positively.

Raymond Limited Announces CFO Transition

Raymond Limited has announced a change in its key managerial personnel, with Mr. Amit Agarwal stepping down as Group Chief Financial Officer due to an internal organizational restructuring, transitioning to the Lifestyle Business. Mr. Rakesh Tiwary has been appointed as the new Group Chief Financial Officer, effective December 3, 2025, and will also be responsible for determining the materiality of events and making necessary disclosures to stock exchanges.

Raymond Limited Appoints New CFO Amid Organizational Restructuring

Raymond Limited has announced a significant change in its key managerial personnel with the appointment of Mr. Rakesh Tiwary as the new Group Chief Financial Officer, effective December 3, 2025. This change is part of an internal organizational restructuring, as Mr. Amit Agarwal transitions to the Lifestyle Business. The appointment of Mr. Tiwary is expected to influence the company’s financial strategy and regulatory compliance, impacting its operations and stakeholder communications.