Raymond Ltd

Financial Performance

• Total income ₹628 crores, up 13% YoY.
• EBITDA ₹100 crores; up 14% YoY; margin 15.9%.
• Q1 FY26: ₹555 crores revenue; EBITDA ₹87 crores; margin 15.7%.

Segment Update

• Aerospace revenue ₹123 crores, +40% YoY; EBITDA ₹26 crores, +25%; margin 21.2%.
• Precision Tech & Auto revenue ₹444 crores, +11% YoY; EBITDA ₹61 crores, +46%; margin 13.8%.
• 10-year aerospace order book ₹5,960+ crores; RFQ pipeline ₹1,632 crores.
• Automotive aftermarket line to be rolled out in Q2 FY27.

Capex & Capacity Expansion

• INR 1,000 crores 5-year capex plan; ₹510 crores aerospace; ₹430 crores auto.
• Gudipalli greenfield near Bengaluru Airport: late 2027 commercial production target.
• Advanced training facility near greenfield site for prelaunch readiness.

Balance Sheet & Cash

• Net debt-free; net cash ₹129 crores as of June 2026.

Outlook & Guidance

• Aftermarket business to be launched in Q2 FY27.
• Aerospace growth target: 25% for FY27; currently ahead of commitments.
• M&A activity: lookout; will inform when definitive.
• Medical components certification received; build-to-spec certification obtained.

Q&A Highlights

• RFQ pipeline remains active; daily RFQs and ramp-up managed to protect margins.
• Top 3 aerospace customers concentration 40–45%; plan to diversify to 8–10 high-value customers.
• Aerospace asset turns 1.8–2.2x; auto 2.0–2.5x; mature aerospace margins ~25%; precision ~12–13%.

Overview & Strategy

• Strategic restructuring complete; 100% focus on aerospace, precision technology, auto components.
• Raymond Lifestyle and Raymond Realty demerged; core entity remains Raymond Limited.
• Net cash surplus ₹68 Cr (FY26).
• ₹5,960 Cr aerospace order book with 10-year visibility.
• RFQ pipeline stands at ₹1,632 Cr.
• JK Maini Aerospace revenue ₹392 Cr; EBITDA ₹88 Cr; margin 22.3%.
• JK Maini Precision Tech revenue ₹1,667 Cr; EBITDA ₹223 Cr; margin 13.4%.
• Total income FY26 ₹2,312 Cr; EBITDA ₹335 Cr.
• Andhra Pradesh greenfield facility progressing; commercial production expected by mid-2027.
• JK Maini Precision Tech: 1,300+ aero parts developed; 350+ LEAP parts; 25+ global clients.

Consolidated Highlights

• Q1FY27 revenue from operations ₹606 Cr; total income ₹628 Cr.
• EBITDA ₹100 Cr; EBITDA margin 15.9%.
• PBT before exceptions ₹42 Cr; net profit ₹31 Cr.
• YoY revenue growth 13%.
• Precision Tech & Auto Components revenue ₹444 Cr; EBITDA margin 13.8%.
• Aerospace & Defence revenue ₹123 Cr; EBITDA margin 21.2%.

Aerospace & Defence

• Backlog ₹5,960 Cr; 10-year production visibility.
• China + 1 sourcing realignment toward India; de-risk supply chain.
• Certifications AS9100D, Nadcap, ISO 27001 create multi-year moat.
• 1,300+ precision aero engine parts developed; 350+ LEAP components; 25+ global clients.
• Mass production for a leading defence OEM.
• Two decades relationships with top aero OEMs.
• Andhra expansion on track for late 2027; commercial production.
• 135 part awards; 100 parts in serial production.

Precision Technology & Auto Components

• Current capacity utilization ~85–90%; EV/hybrid expansion underway.
• Gudipalli facility near Bengaluru: capex ₹430 Cr over 5 years.
• Aerospace & Defence expansion: capex ~₹510 Cr over 5 years; ~45 acres near AP.
• Gudipalli facility: 32 acres; near Bengaluru airport.
• Auto Components: 1,600+ components produced; 12 facilities; 1,250+ machines; 3,900+ workforce.

Governance & Leadership

• Chairman & MD: Gautam Hari Singhania.
• Independent Directors include D.K. Lal, N. Murthy, R. Mundada, A. Kapadia, T. Singh, A. Mehta.
• Comprehensive upgrade of leadership and governance.

Risks & Outlook

• Margin compression appears temporary due to R&D investments; expected to stabilize.
• Long-term demand supported by 10-year order book and robust RFQ pipeline.
• Strategic priorities: zero non-core assets; capital discipline; aerospace-led growth.

Financial results approved

• Unaudited standalone and consolidated results for quarter ended 30 June 2026 approved.
• Standalone total income ₹2,409 lakh; profit after tax ₹169 lakh.
• Consolidated total income ₹62,810 lakh; continuing operations after‑tax ₹3,085 lakh.
• Price Waterhouse Chartered Accountants LLP issued unmodified review reports.

Promoter warrants issue

• Approved issue of 66,57,373 convertible warrants to JK Investors (Promoter group).
• Warrant price ₹497; upfront ₹124.25 per warrant (25% of price).
• Each warrant convertible into one equity share of ₹10 within 18 months.

Regulatory / governance disclosures

• Audit Committee recommended the results; Board approved on 7 August 2026.
• Results reflect standalone and consolidated figures; reviewed under applicable listing requirements.

Other notable actions

• Demerger of real estate undertaking completed; results reflect discontinued operations.
• Net debt-free with net cash ₹129 crore as of June 2026.

Consolidated performance

• Total income ₹628 Cr in Q1 FY27, up 13% YoY.
• EBITDA ₹100 Cr, EBITDA margin 15.9%.
• PBT before exceptional items ₹42 Cr; PBT margin 6.6%.
• Net debt-free with net cash ₹129 Cr.
• Two subsidiaries included: Aerospace & Defence and Precision Technology & Auto Components.

Segment performance

• PTAC revenue ₹444 Cr; YoY +11%.
• Aerospace & Defence revenue ₹123 Cr; YoY +40%.
• Others revenue ₹61 Cr.
• PTAC EBITDA ₹61 Cr; margin 13.8%.
• Aerospace & Defence EBITDA ₹26 Cr; margin 21.2%.
• Others EBITDA ₹12 Cr.
• Total EBITDA ₹100 Cr; overall margin 15.9%.

Operational & balance sheet highlights

• Aerospace & Defence pipeline supported by global Tier-1 partners.
• Andhra Pradesh greenfield facility on schedule.
• Raymond remains net-debt-free with ₹129 Cr net cash.

Appointment of SMP Deepal Shah

• Appointment of Mr. Deepal Shah as President - Strategy & Special Projects, SMP, effective July 31, 2026.
• Reason: to lead strategy and group-wide initiatives.
• Brief profile: CA with 20+ years in CEO/CFO roles; IT transformation; previously at All Cargo, DHL, ITC.
• Disclosure of relationships with other directors: Not Applicable.
• Impact on board/committee composition: Not specified.

Auditor appointment

• Shareholders approved the appointment of M/s. Price Waterhouse Chartered Accountants LLP as Statutory Auditors for five consecutive years.
• M/s. Chaturvedi & Shah LLP ceased to hold office upon conclusion of the 101st AGM.
• Appointment starts from conclusion of AGM on July 14, 2026 for a first term of five years.
• Firm is Price Waterhouse Chartered Accountants LLP, with Firm Registration No. 012754N/N500016.
• Appointment aligns with Regulation 30 of SEBI Listing Regulations; details attached as Annexure A.

agm details

• AGM held July 14, 2026 via VC/OAVM.
• Start 2:00 PM, end 2:59 PM.
• Record date 07-07-2026; shareholders on record 277,861.
• Attendance via VC: 73; promoter group 7; public 66.

key resolutions

• Resolution 1: Adopt standalone and consolidated financial statements with reports of Directors and Auditors.
• Resolution 2: Re-appoint Harmohan Sahni as Director by rotation.
• Resolution 3: Appoint Price Waterhouse, Chartered Accountants LLP as Statutory Auditor.
• Resolution 4: Approve commission to Non-Executive Directors based on net profits.

voting outcomes

• Resolution 1 passed; in-favour about 99.997%.
• Resolution 2 passed; in-favour about 99.971%.
• Resolution 3 passed; in-favour about 99.997%.
• Resolution 4 passed; in-favour about 99.991%.

AGM Details

• 101st AGM held on July 14, 2026 at 2:00 PM via VC/OAVM; concluded at 2:59 PM.

Resolutions

• Adopt audited standalone and consolidated financial statements for FY ending Mar 31, 2026.
• Re-appoint Harmohan Sahni by rotation.
• Appoint Price Waterhouse, Chartered Accountants, LLP as statutory auditor.
• Approve commission to non-executive directors based on net profits.
• Voting results will be disseminated to stock exchanges and the company's website.

Dematerialisation status and listing

• Dematerialisation requests received were confirmed to the depositories by MUFG Intime India Private Limited.
• Securities dematerialised were listed on the stock exchanges where the earlier issued securities are listed.
• Certificates for dematerialisation were mutilated and cancelled after verification; depository's name substituted as registered owner within timelines.