Raymond Lifestyle (RAYMONDLSL) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 total income reached a record ₹2,125 Cr, up 14% YoY; H1 total income rose 10% to ₹3,685 Cr.

• Q2 EBITDA increased 4% to ₹270 Cr and H1 EBITDA rose 6% to ₹404 Cr; margins eased amid higher input, freight and marketing costs.

• Garmenting and Branded Apparel led growth; net cash was ₹69 Cr at September 2026 and FY27 guidance was reiterated.

Financial highlights

• Q2 revenue from operations was ₹2,075.1 Cr, up 13% YoY; Q2 EBITDA margin was 12.7% versus 13.9% a year earlier.

• Q2 PBT before exceptional items was ₹90.92 Cr versus ₹107.61 Cr; H1 PBT before exceptional items was ₹52.59 Cr versus ₹82.84 Cr.

• Q2 net profit was ₹67.53 Cr versus ₹75.19 Cr; H1 net profit was ₹44.94 Cr versus ₹55.37 Cr.

• H1 revenue from operations rose 10% to ₹3,591 Cr; H1 EBITDA margin was 11.0% versus 11.4%.

Outlook and guidance

• FY27 guidance reiterated: double-digit top-line growth, higher double-digit EBITDA growth, double-digit PBT growth and INR 300 Cr+ free cash flow.

• Management expects stronger H2 growth than H1, with scale benefits, cost actions and delayed price pass-throughs supporting EBITDA.

• Festive and wedding-season demand indicators, order books, retail optimization and capacity ramp-ups underpin confidence in achieving FY27 guidance.

• FY27 capex is ~₹200 Cr; Branded Apparel margins are expected to exceed 10% in a couple of years, with High-value Shirting margins expected to improve in H2.