Raymond (RAYMOND) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 consolidated total income reached INR 555 crores, with EBITDA at INR 87 crores and a margin of 15.7%, reflecting steady operational execution and integration synergies.

• Two new subsidiaries, JK Maini Global Aerospace Limited and JK Maini Precision Technology Limited, were created as part of the engineering business restructuring, effective August 2025.

• Signed long-term supply agreements with Pratt & Whitney and Safran Aircraft Engines, strengthening the global aerospace presence.

• Company remains net debt free, reporting a net cash surplus of INR 157 crores as of June 2025.

• Major demergers completed, including Lifestyle and Real Estate businesses, now reflected as discontinued operations.

Financial highlights

• Q1 FY26 revenue from operations was INR 524 crores, up 17% year-over-year; total income at INR 555 crores, up 11%.

• EBITDA for Q1 FY26 was INR 87 crores, with a margin of 15.7%, down from 18.9% in Q1 FY25.

• Aerospace & Defence segment revenue grew 37% YoY to INR 87 crores, with EBITDA up 30% to INR 21 crores and a margin of 23.7%.

• Precision Technology & Auto Components segment revenue rose 12% YoY to INR 398 crores, EBITDA up 8% to INR 42 crores, with a margin of 10.6%.

• Net cash surplus stood at INR 157 crores as of Q1 FY26.

Outlook and guidance

• Aerospace business expected to double in the next 3-4 years, with high-teen growth projected and strong momentum from a commercial aircraft backlog exceeding 16,000 units.

• Auto components business anticipated to grow in low to mid-teens, with double-digit EBITDA margins expected as legacy business phases out.

• Focus remains on margin improvement through cost engineering, value addition, and leveraging synergies.

• Management optimistic about future growth, citing expansion into new product categories and geographies.