Raymond Limited (RAYMOND)

Capital Goods · Industrial Manufacturing · NSE · Updated 19 July 2026

₹604.75 ↓ 15.87% (1Y)

🎯 Key Takeaways

Raymond Limited is navigating a strategic transition marked by leadership changes and governance updates, with financial performance showing volatility but signs of stabilization in core operations. The company remains in a phase of operational recalibration following management reshuffles and auditor transition, while maintaining shareholder confidence through governance continuity.
Revenue declined 8.7% QoQ to ₹954 in Q3FY25.
⚠️ Key risks include overreliance on cyclical industrial demand, margin sensitivity in a competitive manufacturing environment, and execution risks assoc

Market Cap

₹3,019

P/E Ratio

0.4

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Raymond Limited is navigating a strategic transition marked by leadership changes and governance updates, with financial performance showing volatility but signs of stabilization in core operations. The company remains in a phase of operational recalibration following management reshuffles and auditor transition, while maintaining shareholder confidence through governance continuity.

📰 What's Happening

Recent developments include the appointment of Bhanu Prakash Srivastava as CEO-Defense Business effective July 6, 2026, bringing extensive defense sector experience from Bharat Electronics. At the 101st AGM on July 14, 2026, shareholders approved the audited standalone and consolidated financial statements for FY2025-26, reappointed director Harmohan Sahni, and sanctioned PwC as the new statutory auditor following the retirement of Chaturvedi & Shah. The meeting concluded after covering all agenda items via hybrid voting. Additionally, the company updated shareholder communication protocols for accessing AGM notices and reports via email and QR codes.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	2,150	1,771	2,253	2,386	2,609	938	1,045	954
Operating Profit	286	242	359	426	505	162	172	169
OPM %	15.7%	11.1%	14.0%	15.2%	16.7%	10.8%	11.1%	14.5%
Net Profit	196	1,067	161	185	230	7,367	59	72
EPS	₹29.19	₹160.01	₹24.01	₹27.57	₹34.45	₹1106.88	₹9.02	₹10.84

Financial performance over the past eight quarters reflects operational volatility, with revenue peaking in Q4FY24 at ₹2,609 crore and declining in subsequent quarters to ₹954 crore in Q3FY25. Operating profit margin improved to 14.5% in Q3FY25 from 11.1% in Q2FY25, indicating margin recovery after a dip, though net profit declined sharply to ₹72 crore in Q3FY25 from ₹59 crore in Q2FY25. EPS in Q1FY25 showed an outlier spike of ₹1106.88 due to a one-time gain, while underlying trends suggest stabilization in core business metrics post-FY24 peak.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance in the reviewed filings beyond operational appointments and governance updates. However, the induction of a defense industry veteran into the CEO role signals strategic focus on high-growth defense segments. The reappointment of Harmohan Sahni and auditor transition to PwC underscore continuity in leadership and governance, which may support long-term strategic execution.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Industrial Manufacturing

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Mazagon Dock Shipbuilders Limited	1.00 L Cr	36.4	—	—	—
Cochin Shipyard Limited	41,948	52.5	—	—	—
Aditya Infotech Limited	29,029	146.0	—	—	—
Honeywell Automation India Limited	25,618	50.7	—	—	—
Kaynes Technology India Limited	21,933	80.1	—	—	—
Syrma SGS Technology Limited	19,539	129.2	—	—	—
Jyoti CNC Automation Limited	16,087	52.2	—	—	—
LMW Limited	15,556	128.8	—	—	—
Tega Industries Limited	11,910	56.2	—	—	—
Jupiter Wagons Limited	11,759	29.9	—	—	—

🔗 Peer Stock Analyses

MAZDOCK COCHINSHIP CPPLUS HONAUT KAYNES

⚠️ Risk Factors

Key risks include overreliance on cyclical industrial demand, margin sensitivity in a competitive manufacturing environment, and execution risks associated with leadership transitions into the defense segment. Additionally, governance changes, while stable, may introduce transition-related disruptions if not managed effectively.

📋 Recent Filings

🧠 Analyst's Read

Raymond is undergoing a strategic pivot with leadership changes focused on defense manufacturing, supported by governance continuity. Investors should monitor execution in new segments and margin trends in upcoming quarters to assess the sustainability of operational improvements.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-19.

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