Raymond Lifestyle
Raymond Lifestyle
TextilesKey Fundamentals
MicrocapTextiles & ApparelsTextilesTapetide Score
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Key Insights
Strengths
1- Stock is trading at 0.44 times its book value
Weaknesses
2- Company has low interest coverage ratio.
- Company has a low return on equity of 9.78% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoRaymond Lifestyle Ltd trades at a market cap of ₹4,495 crore with a P/E of 96.7x and P/B of 0.46x. The company delivered record consolidated income of ₹7,034 crore in FY26 (up 11% YoY) but profitability remains thin at ₹46 crore net profit for the year, with an interest coverage ratio of just 1.7x and 3-year ROE of ~10%.
- Record revenue of ₹7,034 crore in FY26, crossing ₹7,000 crore for the first time with 11% YoY growth
- Stock trades at just 0.46x book value, offering a significant discount to replacement value of assets
- Q1 FY26 showed strong momentum with 18% revenue growth and 36% EBITDA growth YoY
- Ethnic wear brand Ethnix crossed ₹100 crore in revenue and expanded to 150+ stores, opening a new growth vertical
- Retail network of 1,688 stores across 600+ cities with 170 new stores added in FY25, providing extensive distribution reach
- Diversified revenue mix across textiles (46%), apparel (25%), garments (17%), and premium shirting (12%) reduces segment-specific risk
- Management guided for 10-15% revenue growth in FY26 with margin recovery, and early FY26 bookings were up 12-13% YoY
- CARE AA Stable credit rating reaffirmed, reflecting confidence in the company's financial position and dominant suiting market share
- P/E of 96.7x is extremely elevated relative to underlying profitability, with FY26 net profit of only ₹46 crore on ₹7,034 crore revenue
- Interest coverage ratio of just 1.7x signals thin debt-servicing capacity and vulnerability to any earnings downturn
- Q4 FY25 posted a net loss of ₹45 crore with EBITDA margin collapsing to 1% from 14.6% a year earlier
- FY25 net profit fell sharply to ₹10 crore from ₹489 crore in FY24, a decline of approximately 98%
- Stock has declined 36% over the past one year, indicating sustained negative market sentiment
- 3-year average ROE of ~10% and last year ROE of just 1% indicate poor capital efficiency
- Aggressive store expansion (170 stores in FY25) followed by rationalization (35 closures in Q1 FY26, 31 in Q2 FY26) suggests execution challenges
- Ransomware attack in Q4 FY25 disrupted operations and contributed to revenue decline of 9% in that quarter, highlighting operational risk
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 42d ago- Net loss widens 14% in Q1 Aug 1
Net loss widened to ₹23 crore in Q1FY27 from ₹20 crore YoY, driven by increased depreciation and interest expenses despite revenue growth.
- Branded Textiles segment under pressure Aug 1
The Branded Textiles segment faced headwinds in Q1FY27 even as overall consolidated revenue grew 6% to ₹1,560 crore.
- Revenue and EBITDA margin expand Aug 1
Consolidated revenue grew 6% to ₹1,560 crore and EBITDA rose 11% to ₹135 crore with margin expanding to 5.93% from 5.38% YoY in Q1FY27.
- Garmenting segment surges 50% Aug 1
The Garmenting segment led growth with a 50% revenue surge in Q1FY27, emerging as the key growth driver for the company.
- Re 1 dividend declared at AGM Jul 14
Raymond Lifestyle declared Re 1 per share dividend at its 8th AGM on July 14, 2026, alongside appointing a new CEO.
- New CEO appointment at AGM Jul 14
Raymond Lifestyle held its 8th AGM on July 14, 2026, adopting financial statements and appointing a new CEO with leadership continuity under Satyaki Ghosh and CFO E C Prasad.
TL;DR: Raymond Lifestyle is delivering solid top-line and EBITDA growth led by a surging Garmenting segment, but elevated depreciation and interest costs are keeping the company in net loss territory. Branded Textiles remains a drag. The margin expansion and Garmenting momentum are encouraging, but the widening net loss and segment divergence suggest the turnaround is still a work in progress heading into Q2FY27.
Quarterly Results
| Particulars | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,803 | 1,726 | 1,685 | 1,220 | 1,708 | 1,754 | 1,494 | 1,430 | 1,832 | 1,849 | 1,776 | 1,516 |
| Expenses | 1,543 | 1,443 | 1,438 | 1,160 | 1,493 | 1,575 | 1,481 | 1,353 | 1,606 | 1,612 | 1,658 | 1,426 |
| Operating Profit | 260 | 283 | 246 | 60 | 215 | 180 | 14 | 77 | 226 | 237 | 119 | 90 |
| OPM % | 14% | 16% | 15% | 4.9% | 13% | 10% | 0.9% | 5% | 12% | 13% | 7% | 6% |
| Other Income | 46 | 33 | 149 | 29 | -32 | 41 | 84 | 45 | 28 | -23 | -33 | 45 |
| Interest | 43 | 44 | 47 | 46 | 53 | 54 | 53 | 57 | 60 | 60 | 55 | 63 |
| Depreciation | 60 | 60 | 70 | 75 | 76 | 79 | 91 | 89 | 91 | 92 | 98 | 109 |
| PBT | 203 | 213 | 278 | -32 | 53 | 87 | -47 | -25 | 103 | 62 | -68 | -38 |
| Tax % | 32% | 24% | 15% | -28% | 20% | 26% | -5% | -20% | 27% | 30% | -24% | -41% |
| Net Profit | 139 | 162 | 236 | -23 | 42 | 64 | -45 | -20 | 75 | 43 | -52 | -23 |
| EPS in Rs | — | — | — | — | 6.92 | 10.53 | -7.38 | -3.25 | 12.34 | 7.04 | -8.55 | -3.71 |
Profit & Loss
| Particulars | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|
| Sales | 6,535 | 6,177 | 6,888 | 6,973 |
| Expenses | 5,599 | 5,693 | 6,210 | 6,302 |
| Operating Profit | 937 | 484 | 678 | 671 |
| OPM % | 14% | 8% | 10% | 10% |
| Other Income | 2,310 | 119 | 13 | 17 |
| Interest | 196 | 221 | 248 | 239 |
| Depreciation | 246 | 321 | 371 | 391 |
| PBT | 2,805 | 60 | 72 | 58 |
| Tax % | 6% | 36% | 35% | — |
| Net Profit | 2,645 | 38 | 46 | 43 |
| EPS in Rs | — | 6.27 | 7.58 | 7.12 |
| Div. Payout % | 0% | 0% | 13% | — |
Balance Sheet
| Particulars | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Equity Capital | 2 | 12 | 12 |
| Reserves | 9,661 | 9,575 | 9,624 |
| Borrowings | 1,539 | 2,291 | 2,186 |
| Other Liabilities | 1,843 | 1,939 | 2,162 |
| Total Liabilities | 13,044 | 13,818 | 13,984 |
| Fixed Assets | 7,469 | 7,727 | 7,685 |
| CWIP | 79 | 158 | 141 |
| Investments | 900 | 966 | 1,037 |
| Other Assets | 4,596 | 4,966 | 5,121 |
| Total Assets | 13,044 | 13,818 | 13,984 |
Cash Flow
| Particulars | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating | 38 | 404 | 546 |
| Investing | 1,305 | -281 | -127 |
| Financing | -1,403 | 60 | -448 |
| Net Cash Flow | -60 | 183 | -28 |
| Free Cash Flow | 2,159 | 188 | 366 |
| CFO/OP | 8 | 72 | 86 |
Ratios
| Particulars | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Debtor Days | 52 | 54 | 50 |
| Inventory Days | 216 | 231 | 217 |
| Days Payable | 157 | 174 | 165 |
| Cash Conversion Cycle | 111 | 111 | 102 |
| Working Capital Days | 30 | 15 | 17 |
| ROCE % | — | 3% | 4% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY20–FY27.
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Company Information
Incorporated in 2024, Raymond Lifestyle Ltd offers fashion products and services with branded textile, apparel brands across formal casual and ethnic wear[1]
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