1. Opening Hook
Raymond once sold fabric for wedding suits; now it’s selling parts that fly inside jet engines.
While most legacy groups are busy defending margins, Raymond casually walked in with ₹580 cr net cash and said, “Relax, we’re fine.”
Q3FY26 wasn’t loud. It was surgical. Aerospace grew like it skipped turbulence altogether, auto components found operating leverage, and the balance sheet stayed annoyingly clean.
The best part? This isn’t even the consumer story people obsess over. This is the boring B2B stuff—precision, certifications, and OEM trust—that actually compounds.
Read on. The suits are still there, but the engines are doing the heavy lifting now.
2. At a Glance
- Revenue up 18% YoY – Old brand, new engines, same obsession with scale.
- EBITDA up 27% YoY – Operating leverage finally showed up, on time and sober.
- EBITDA margin at 14.3% – Not fancy, but trending the right way.
- PBT up 102% YoY – Low base meets decent execution. Sparks fly.
- Net cash surplus ₹580 cr – Rare in this economy. Management slept well.
3. Management’s Key Commentary
“We achieved record sales performance in Aerospace,
Defence, and Precision Technology.”
(Translation: The boring businesses are now the real heroes.) 😏
“We are prioritizing high-value expansion in sectors with significant barriers to entry.”
(Translation: We like businesses where competitors cry at certification costs.)
“Both subsidiaries are operating at strong performance.”
(Translation: No one’s dragging the group down. Miracles do happen.)
“Focus now shifts to scaling operations to capture global demand.”
(Translation: Capacity utilization is climbing; capex discipline stays.)
“Aerospace achieved its highest-ever production levels.”
(Translation: This segment has officially taken off.) ✈️
“Net cash surplus position continues.”
(Translation: Banks call us, not the other way around.)
4. Numbers Decoded
| Metric | Q3 FY26 | YoY | What It Really Means |
|---|---|---|---|
| Revenue | ₹580 cr | +18% | Growth without consumer hype |
| EBITDA | ₹83 cr | +27% | Leverage kicking in |
| EBITDA Margin | 14.3% | +100 bps | Mix improving |
| PBT | ₹24 cr | +102% | Base effect + control |
| Net Cash | ₹580 cr | — | Balance sheet flex |
