Raymond LimitedCapital Goods & EngineeringRAYMOND
Q1 FY27 concall · earnings callRaymond Limited
The quarter was defined by strong revenue and EBITDA growth led by aerospace, robust order books, and the strategic expansion of capabilities and geographies, all supported by a net cash balance sheet.
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Total Income | ₹628 Cr | 13% | |
| EBITDA | ₹100 Cr | 14% | |
| EBITDA Margin | 15.9% | — | |
| Aerospace & Defence Revenue | ₹123 Cr | 40% | |
| Aerospace & Defence EBITDA Margin | 21.2% | — | |
| Precision Tech & Auto Revenue | ₹444 Cr | 11% | |
| Precision Tech & Auto EBITDA Margin | 13.8% | — |
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹953.90 Cr-60% YoY-8.7% QoQ | ₹72.28 Cr-61% YoY+22.5% QoQ | ₹10.84-60.7% YoY+20.2% QoQ |
| Q2 FY25 | ₹1,044.74 Cr-53.6% YoY+11.4% QoQ | ₹59.01 Cr-63.4% YoY-99.2% QoQ | ₹9.02-62.4% YoY+6% QoQ |
| Q1 FY25 | ₹937.65 Cr-47.1% YoY-64.1% QoQ | ₹7,366.88 Cr+590.6% YoY+3105.9% QoQ | ₹8.51-94.7% YoY-75.3% QoQ |
| Q4 FY24 | ₹2,608.50 Cr+21.3% YoY+9.3% QoQ | ₹229.79 Cr+17% YoY+23.9% QoQ | ₹34.45+18% YoY+25% QoQ |
| Q3 FY24 | ₹2,386.16 Cr+10.1% YoY+5.9% QoQ | ₹185.39 Cr+91.9% YoY+15% QoQ | ₹27.57+93.5% YoY+14.8% QoQ |
- Consolidated total income grew 13% YoY to INR628 crores, with EBITDA up 14% to INR100 crores.
- Aerospace & Defence revenue surged 40% YoY to INR123 crores.
- The company holds a net cash surplus of INR129 crores and is executing a INR1,000 crore 5-year capex plan.
- A 10-year aerospace order book stands at over INR5,960 crores with an active RFQ pipeline of INR1,632 crores.
- Management highlighted favorable trade agreements (India-U.K. CETA) and a revival in export demand.
- An automotive aftermarket business line is scheduled for commercial rollout in Q2 FY27.
“Protected by stringent qualification protocols and a formidable compliance moat, our precision aerospace engineering business remains uniquely insulated from low-cost competition, ensuring long-term value, revenue visibility, and margin stability as global build rates accelerate.”
| Topic | What management said |
|---|---|
| Order Book & RFQ Pipeline | Management explained the 10-year aerospace order book of INR5,960+ crores is for visibility and grows daily; the active RFQ pipeline of INR1,632 crores provides choice, with growth constrained by execution capacity, not demand. |
| Margin Outlook and Sustainability | Management expects consolidated EBITDA margin trends to continue, driven by operating leverage; Aerospace margins were temporarily compressed by R&D expenses, which are fully written off, and aim to stabilize at ~25% long-term. |
| Capacity & Growth | Existing aerospace facility is expected to exceed earlier INR600 crore revenue estimates. The new Andhra facility is on track for late 2027 production, with revenue impact expected in FY28 after customer approvals. |
| Inorganic Growth & Warrant Issuance | The recent warrant issuance provides flexibility for potential acquisitions in aerospace, auto components, or defence; evaluations are ongoing, but no specific deals were disclosed. |
| Supply Chain & Competition | Management stated they are less exposed to specific aerospace bottlenecks and view the market as large enough for multiple players, emphasizing execution and their first-mover advantage in a 'China Plus One' environment. |
| Customer Concentration & Value Chain | Top 3 customers currently account for 40-45% of aerospace business, but the goal is to diversify. The strategy is to move up the value chain into more critical components and subassemblies. |
- Aerospace business is committed to 25% growth.
- Automotive aftermarket product line scheduled for commercial rollout in Q2 FY27.
- Andhra Pradesh greenfield facility targeted for commercial production in late 2027.
- Long-term EBITDA margin aims: ~25% for Aerospace, 12%-13% for Precision Manufacturing.
Summary written from the transcript filed by Raymond Limited for the call held on 7 Aug 2026; published 18 Aug 2026, 21:03 IST.
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