1. Opening Hook
As India debated whether weddings are recession-proof, Raymond’s management quietly nodded — “Yes, especially ours.” While the world worries about wars and tariffs, the team at Raymond is fighting a fiercer battle: keeping Indian men fashionable beyond one kurta and a sherwani.Bible reminds us, “Man shall not live by bread alone.” At Raymond, it’s fabric, fit, and festive fervor. Stay tuned — the real drama unfolds when Ethnix meets economics.
2. At a Glance
Revenue ₹1,865 Cr (+8%) – Tailored growth, no alteration needed.EBITDA ₹259 Cr (+7%) – Margins stitched neatly at 13.9%.Branded Textile +10% – Suits the season, quite literally.Branded Apparel +11% revenue, margins fell to 5% – Fashion’s expensive hobby.Garmenting +4%, margins halved – Tariff tantrums from Uncle Sam.Net Debt ₹246 Cr – Debt trimmed, but not hemmed out.Stores 1,663 (up 71) – Expansion spree, exits included.
3. Management’s Key Commentary
“Q2 was our highest second-quarter revenue ever.”(Translation: We’ve stopped bleeding, now just bruising slightly.)
“Domestic demand remains resilient amid international headwinds.”(Translation: Indians still shop for weddings, Americans not so much.)
“EBITDA margin improved to 13.9% despite higher ad spend.”(Translation: Thank Diwali discounts for saving grace.) 😏
“Garmenting margins hit by U.S. tariffs.”(Translation: Uncle Sam stitched a hole in our profits.)
“Ethnix store rationalization continues.”(Translation: Too many sherwanis, too few shaadis.)
“Our focus is volume-led growth with operational efficiency.”(Translation: We’ll sell more stuff, cheaper, and call it strategy.)
“Innerwear and sleepwear will take time to build.”(Translation: India isn’t ready to sleep stylishly yet.)
“Marketing spend up 30–35% YoY; will rise another 25% in H2.”(Translation: If we can’t grow margins, we’ll grow visibility.)
4. Numbers Decoded
Metric Q2 FY26 YoY Change One-Line Analysis Total Income ₹1,865 Cr +8% Revenue stitched with festive thread. EBITDA ₹259 Cr +7% Margins still hold, barely. Branded Textile Revenue ₹937 Cr +10% Wedding fabrics still rule wardrobes. Branded Textile EBITDA ₹188 Cr +16% Premium suiting pays off. Branded Apparel Revenue ₹491 Cr +11% New stores bring volume, not value. Branded Apparel EBITDA ₹25 Cr -56% Marketing binge hits the seams. Garmenting Revenue ₹269 Cr +4% Growth small, margin smaller. Garmenting EBITDA Margin 5.4% vs 9.6% Tariff tax trimmed tailoring. Net Debt ₹246 Cr Flat No debt drama, for once.
Summary: Festive tailwinds boosted the top line; bottom line still searching for its cufflinks.
5. Analyst Questions
IIFL: Why slow Ethnix expansion?Mgmt: We trimmed fat — unprofitable stores got snipped.
Eyesight Fintrade: How do you stay aspirational?Mgmt: By selling 100-year-old suits with Gen Z colors.
Systematix: Innerwear plans?
