Raymond Ltd RAYMOND

Summary

The Raymond most investors remember — textiles and suiting — no longer exists in the listed entity carrying this ticker. Two demergers (Raymond Lifestyle, September 2024; Raymond Realty, July 2025) left behind a smaller precision-engineering holding company whose most interesting asset is JK Maini Global Aerospace Ltd (JKMGAL), an unlisted subsidiary formed from the November 2023 acquisition of Maini Precision Products — a genuine two-decade Safran/GE/Honeywell/Eaton Aerospace supplier on programmes including LEAP, CFM56, GE90 and V2500.

The aerospace segment's own numbers are real and growing: ₹392 crore FY26 revenue (+26% YoY) at a 22.3% segment EBITDA margin, backed by a disclosed ten-year order book of over ₹5,960 crore — more than 15 times FY26 aerospace revenue. That is a genuinely attractive growth-and-visibility combination. It sits, however, inside a company whose Precision Technology & Auto segment (₹1,667cr FY26 revenue) is still nearly four times larger — aerospace is an increasingly important minority of Raymond today, not yet the majority the "pure-play" narrative in some financial media implies.

What genuinely limits confidence in this report's own numbers is data quality, not the business itself: two reputable aggregators showed the same closing price on the same day (11 Sep 2026) with market caps of ₹6,676cr and ₹4,280cr respectively — a gap consistent with disagreement over the exact post-demerger share count, not a rounding difference. This report could not independently confirm Raymond's current board composition, statutory auditor, or any formal credit rating either — gaps unusual for a company of this profile, and ones a reader should resolve before acting on this report's own valuation arithmetic below.

Net: HOLD. The aerospace subsidiary's growth is real and well-evidenced; the stock's own valuation arithmetic is currently harder to pin down with confidence than almost any other name in this report.

• A real, two-decade aerospace supplier, not a recent pivot. The underlying Maini Precision business has supplied Safran/Snecma since 2005 and counts GE Aviation, Honeywell, Eaton Aerospace, Parker, Pratt & Whitney and Woodward among its customers, across LEAP, CFM56, GE90 and V2500 engine programmes.
• Order-book coverage most peers in this report cannot match. A disclosed ₹5,960cr+ ten-year aerospace order book is more than 15x FY26 aerospace segment revenue, plus a further ₹1,632cr active RFQ pipeline.
• Fast, disclosed segment growth. Aerospace revenue +26% YoY (FY26) at a 22.3% margin (25.5% in Q4 FY26) — both the growth rate and the margin trend are moving the right direction.
• New, dedicated capacity being built specifically for aerospace. A ₹510cr investment in a 47-acre Gudipalli, Andhra Pradesh campus (~1,400 projected jobs) alongside the existing 10,500 sqm Bengaluru facility.
• A cleaner corporate structure than it looks at first glance. Post-demerger, Raymond Ltd is now genuinely a precision-engineering-and-aerospace holding company rather than a textile business with an unrelated side venture — the market has not obviously finished re-rating this shift.

• Aerospace is still the minority segment. Precision Technology & Auto (₹1,667cr FY26) is roughly 4x the size of the Aerospace & Defence segment (₹392cr) — the "pure-play aerospace" framing promoted in some financial media is ahead of the actual revenue mix.
• Basic stock data disagrees enough to matter. A ~₹2,400cr gap in market capitalisation between two same-day data sources, and an implausible 0.80x P/E on one of them, suggests a share-count reconciliation problem this report could not resolve independently.
• No board, auditor, or credit-rating confirmation. This research could not access Raymond's investor-relations pages in usable form, and found no CRISIL/ICRA/CARE/India Ratings coverage — an unusual governance-visibility gap for a company of this scale.
• No independent sell-side coverage found. The bullish "pure-play" narrative circulating in financial media appears in unattributed pieces that read more like promotional content than signed broker research — this report found no named house (Motilal Oswal, ICICI Securities, Jefferies, etc.) with a published target on Raymond.
• Historical consolidated PAT figures are distorted by demerger gains (FY25 PAT of ₹7,636cr per one source is almost certainly one-off-driven) and are not usable as a like-for-like earnings trend.

• Resolution of the market-cap/share-count discrepancy against a primary NSE/BSE filing.
• Initiation of named sell-side coverage, which would materially improve this stock's price discovery quality.
• Progress converting the ₹1,632cr RFQ pipeline into confirmed orders.
• Gudipalli, Andhra Pradesh campus construction milestones against the stated ₹510cr investment.

• Data-quality risk (dominant for this name specifically). Until share count and market cap are independently confirmed, any per-share valuation carries wider-than-usual error bars.
• Segment-mix risk. A re-rating premised on "pure-play aerospace" could reverse if the market re-focuses on the still-larger Precision Technology & Auto segment's own cyclicality.
• Governance-visibility risk. Unverified board/auditor/rating basics are a real limitation on external accountability, independent of whether anything is actually wrong.

Combined FY26 segment EBITDA (Aerospace ₹88cr + Precision Technology & Auto ₹223cr) is approximately ₹311cr — broadly consistent with one source's ₹335cr consolidated EBITDA figure. We do not have a reliable net-debt figure, so we approximate EV≈market capitalisation, itself disputed (see Notes) — we use the higher, Screener-sourced ₹6,676cr figure and its implied ~6.66cr share count as the more internally consistent of the two (its P/E and book-value figures reconcile with each other; Tickertape's do not):

This table alone would suggest the stock is priced for a re-rating beyond even our bull case. Given the genuine, disclosed growth quality (26% YoY, 22.3% margin, 15x order-book coverage), we do not go as far as this arithmetic implies and instead set a target modestly below CMP, weighting the possibility that the true share count is closer to the Tickertape reading (which would materially change every number in this table) — this is a lower-confidence valuation than any other in this report, and should be treated as such.

Source: D2C Insider Pulse (Raymond FY26 results summary); Business Standard, Deccan Herald, api.raymond.in (acquisition and demerger history); Screener.in and Tickertape (11 Sep 2026, stock data — see disagreement noted throughout this report).