Raymond (RAYMOND) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 total income reached ₹580 Cr, up 18% year-over-year, with EBITDA at ₹83 Cr, a 27% increase, and margin at 14.3%.

• Nine-month FY26 income was ₹1,699 Cr, up 13% year-over-year, with EBITDA at ₹250 Cr.

• Record sales and strong performance in Aerospace, Defence, and Precision Technology, with both subsidiaries operating at high levels.

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

• Growth driven by deeper integration into global supply chains and strategic focus on high-value expansion.

Financial highlights

• Q3 FY26 EBITDA margin improved to 14.3% from 13.3% in Q3 FY25; 9MFY26 EBITDA margin at 14.7%.

• Q3 FY26 PBT was ₹24 Cr (4.2% margin), up 102% YoY; 9MFY26 PBT was ₹74 Cr (4.3% margin).

• Q3 FY26 net profit was ₹7 Cr, up 78% YoY; 9MFY26 net profit was ₹42 Cr, up 51% YoY.

• One-time gain of ₹13 Cr from land sale in Q2 FY26 contributed to margin improvement.

• Export sales contribute over 50% of total business.

Outlook and guidance

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

• Margin expansion is expected in both aerospace (targeting 23%-25%) and auto (aiming to surpass 15%) over the next 2-3 years.

• Focus on scaling operations in both subsidiaries to capture emerging global demand and enhance shareholder returns.

• Ongoing pricing and supply-chain optimization in response to escalating U.S. tariffs.

• Continued momentum expected from China + 1 sourcing, deeper engineering integration, and rising demand in EV, hybrid, and motion control segments.