Raymond Limited UnclassifiedRAYMOND

Q1 FY27 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.

Positive tone4 min readPublished 11 days after the call

Numbers

Metric	This quarter	Change
Total Income	INR628 crores	13%
EBITDA	INR100 crores	14%
EBITDA Margin	15.9%	—
Aerospace & Defence Revenue	INR123 crores	40%
Aerospace & Defence EBITDA Margin	21.2%	—
Precision Tech & Auto Revenue	INR444 crores	11%
Precision Tech & Auto EBITDA Margin	13.8%	—

Financials

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

TL;DR

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.

Said on the call

“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.”

From the Q&A

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.

Guidance

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.

Source

Summary written from the transcript filed by Raymond Limited for the call held on 7 Aug 2026; published 18 Aug 2026, 21:03 IST.