Raymond (RAYMOND) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw total income rise 18% YoY to ₹580 Cr, with EBITDA up 27% to ₹83 Cr and margin improving to 14.3%, driven by strong performance in Aerospace, Defence, and Precision Technology.

• Nine-month FY26 total income grew 13% YoY to ₹1,699 Cr, with EBITDA at ₹250 Cr.

• The company remains net debt free, holding a net cash surplus of ₹214 Cr as of December 2025.

• Strategic investments in advanced manufacturing, expansion into new geographies, and scaling operations to capture global demand underpin future growth.

• Core businesses now focus on Precision Technology & Auto Components and Aerospace & Defence after demerging Lifestyle and Realty segments.

Financial highlights

• Q3 FY26 total income: ₹580 Cr (up 18% YoY); EBITDA: ₹83 Cr (14.3% margin, up from 13.3% YoY); PBT: ₹24 Cr (4.2% margin, up from 2.4% YoY); net profit: ₹7 Cr (up 78% YoY).

• Nine-month FY26 total income: ₹1,699 Cr (up 13% YoY); EBITDA: ₹250 Cr (14.7% margin); PBT: ₹74 Cr (4.3% margin); net profit: ₹42 Cr (up 51% YoY).

• Q3 FY25 total income: ₹493 Cr; EBITDA: ₹65 Cr; EBITDA margin: 13.3%.

• Nine-month FY25 total income: ₹1,504 Cr; EBITDA: ₹237 Cr; EBITDA margin: 15.8%.

• One-time gain of ₹13 Cr from land sale in Q2 FY26; one-time labor code-related impact of ₹14 Cr.

Outlook and guidance

• Management anticipates continued growth in Q4 FY26, supported by a strong order pipeline and ongoing global customer onboarding.

• Margin expansion is expected in both aerospace (targeting 23%-25% long-term) and auto (aiming to surpass 15%).

• Strategic CapEx of ₹100 Cr annually for both aerospace and auto/precision technologies, with flexibility based on contract wins.

• Andhra Pradesh facility to receive ₹500 Cr (aero) and ₹430 Cr (auto) over five years.

• Ongoing pricing and supply-chain optimization in response to escalating U.S. tariffs and continued momentum from China Plus One sourcing.