Raymond Lifestyle ek saal purani listed company hai, but drama pura purana Bollywood jaisa. Q1 FY26 mein revenue bada 18%, EBITDA 36% uchaala, par last 12 mahine ka PAT bas ₹92 Cr on ₹6,387 Cr sales. Matlab “premium fabric, discount margins.” Stock P/E 88x pe ghoom raha hai, jahan investors ka dimaag silk se zyada slippery ho gaya.
2. Introduction
Raymond Lifestyle ek naye naam ka purana khel hai. Restructuring ke baad Lifestyle business alag hua, aur ab ye hi hai “The Raymond Shop” ka asli ghar. Aapne shaadi pe Park Avenue pehna ho, ya office mein ColorPlus, ya college mein Parx—kahi na kahi Raymond Lifestyle ka paisa aapke pocket se nikal hi gaya hai.
Par financials dekhke lagta hai jaise tailoring perfect hai, lekin pockets khali hai. ROE 0.7%, ROCE 2.9%—jo tailor silai ke baad 50 rupaye extra maange, usse bhi zyada disappointing. Debt ₹2,288 Cr hai, aur promoters ki 56% holding ke bawajood pledged 21% hai. Matlab “style on the outside, mortgage on the inside.”
Aur sabse bada masala? MD aur CFO dono resign kar gaye FY25 mein. Matlab runway pe models hai, par backstage pe designer missing.
3. Business Model – WTF Do They Even Do?
Raymond Lifestyle ke paas textile aur apparel ka pura “wardrobe” hai:
Branded Textiles (48% rev) – Suiting/shirting fabrics, worsted suiting mein India ka boss. Basically “shaadi ke liye pehna gaya Raymond.”
Branded Apparel (25%) – Park Avenue, ColorPlus, Parx, Ethnix. Mall ke har floor pe ek outlet.
Garmenting (15%) – B2B manufacturing/export of suits, jackets, trousers. Matlab Gucci ke liye silai karenge, par tag Raymond ka nahi hoga.
High-Value Cotton Shirting (13%) – Premium cotton/linen shirting. Ye wahi segment hai jo “office wear ke naam pe ₹3,000 ka shirt bikta hai.”
In short: ek haath se aapko branded kapde bechte hain, doosre haath se foreign brands ke liye silai karte hain.
Question: Agar aapko choice mile—Park Avenue ka ₹4,000 ka blazer ya Zara ka ₹6,000 ka, aap kisko chunoge?
4. Financials Overview
Metric
Latest Qtr (Q1 FY26)
YoY Qtr (Q1 FY25)
Prev Qtr (Q4 FY25)
YoY %
QoQ %
Revenue
1,430
1,220
1,494
17.2%
-4.3%
EBITDA
77
60
14
28.3%
450%
PAT
-19.8
-23
-45
Loss narrows
Loss narrows
EPS (₹)
-3.25
-7.38
–
-56%
–
Commentary: Revenue toh fashionable hai, lekin profit kapdon ke tag jaisa—sirf dikhawa.
5. Valuation Discussion – Fair Value Range
Method 1: P/E
EPS (FY25): ₹6.8
Industry P/E: 22–25x
Range: ₹150 – ₹170
Method 2: EV/EBITDA
EV = ₹9,946 Cr
EBITDA (FY25) = ₹485 Cr
EV/EBITDA = 20.5x vs peers ~12–15x
Range: ₹800 – ₹1,000
Method 3: P/B
Book Value = ₹1,574
P/B industry = 1–2x
Range: ₹1,200 – ₹1,600
Blended Fair Value Range: ₹800 – ₹1,200
⚠️ Disclaimer: Educational range, not an investment tip.
