Raymond Ltd – 100 Years Old, Still Busy Doing “Breakup Ka Business Model”
1. At a Glance
Raymond, the 1925-born textile king that once dressed half of India’s shaadi grooms, now looks more like a finance student’s group project—demergers here, acquisitions there, and subsidiaries everywhere. With real estate (49%) and engineering (42%) now driving revenues, the company is splitting faster than your family WhatsApp group before elections. CMP ₹612, market cap ₹4,072 Cr, and still trying to convince the market it’s not just a “suiting brand.”
2. Introduction
Ask any uncle in India about Raymond, and he’ll say, “The Complete Man.” Today, that tagline is outdated—because Raymond is no longer complete.
Lifestyle demerged in 2024, now traded separately as Raymond Lifestyle Ltd (RLL).
Realty arm Raymond Realty Ltd (RRL) got its NCLT nod in 2025, automatically listing as a pure-play debt-free entity.
Engineering is being split into Aerospace vs Auto & Tools.
FMCG (via J.K. Helene Curtis JV) continues to quietly sell Park Avenue deodorants to college boys who believe Axe-level ads.
What’s left in Raymond Ltd? Primarily the engineering cluster (auto parts, EV, aerospace precision), the denim JV, and investments in JDA-led real estate. Translation: from being the “father of fabrics,” it now wants to be the “uncle of engineering and realty.”
3. Business Model – WTF Do They Even Do?
Raymond Ltd = Business Buffet.
Engineering (42% of Q1 FY25 revs): Tools, steel files, EV/auto components, and aerospace precision parts. Recent consolidation via Maini Precision acquisition.
Real Estate (49%): Raymond Realty—100 acres land bank in Thane and Mumbai suburbs. Multiple projects like TenX Habitat (93% sold), The Address by GS, TenX Era, Invictus.
Others (9%): FMCG JV (Park Avenue, KamaSutra deodorants, hand sanitizers). Also denim JV with UCO.
Confusing? Yes. Profitable? Sometimes. Structured? Never. Basically, Raymond is that cousin who wants to be an engineer, trader, property broker, and influencer—all at once.
4. Financials Overview
Source table
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
₹524 Cr
₹450 Cr
₹557 Cr
+16.6%
-5.9%
EBITDA
₹54 Cr
₹32 Cr
₹44 Cr
+68.8%
+22.7%
PAT
₹20.6 Cr
₹22.6 Cr
₹137 Cr*
-8.9%
-85.0%
EPS (₹)
3.1
3.4
19.9
-8.8%
-84.4%
(*includes other income jackpot in Mar’25).
Comment: Profits jump around like your heart rate during a horror movie. Sustainable? Still questionable.
Realty Demerger (Apr–Jul 2025): NCLT approved; shareholders to get 1 RRL for every Raymond share. Realty entity will be debt-free—basically groomed for shaadi.
Engineering Split: Aerospace & Defense vs Auto & Tools—two new cos.
MPPL Acquisition: 59% stake bought for ₹682 Cr. Consolidation ongoing.
JDA Deals: 5–6 projects signed in Mumbai suburbs worth thousands of crores.
Cyberattack (Feb 2025): “Core systems unaffected.” Which is corporate code for “someone tried, but IT
