Raymond Ltd(RAYMOND)

NSE: RAYMONDBSE: 500330

₹ 1,083.4+2.97%refreshed 27 Oct, 11:13 am ISTMarket cap: ₹ 7,213 crNext results: 27 Oct 2026Website: www.raymond.inUpdated: 27 Oct 2026

About

Raymond Limited is a diversified company with majority business interests in Precision Technology & Auto Components and Aerospace & Defence, catering to domestic and global OEMs and Tier-1 suppliers. In August 2025 its engineering business was restructured into two operating subsidiaries, JK Maini Precision Technology Limited and JK Maini Global Aerospace Limited. It reported FY26 revenue of Rs 2212.1 Cr, and it holds market leadership in ring gears and steel files.^[1][2]

Business segments

Precision technology and auto components: ₹1666.93 Cr revenue in FY26, 75.3% of revenue; includes the former JK Files & Engineering, Ring Plus Aqua and the auto business of Maini Precision Products.^[3][1]
Aerospace & Defence (JKMGAL): ₹392 Cr revenue in FY26, 17.7% of consolidated revenue; makes precision-machined components and assemblies for global aerospace OEMs and Tier-1s.^[3]
Others (job processing and non-scheduled airline): ₹153.14 Cr revenue in FY26, 6.9% of revenue.^[3][1]

Products and brands

As of FY26, the auto component portfolio had more than 2,000 SKUs, including ring gears, flex plates, input shafts, gear shift shafts, clutch flanges, transmission components, and steel files and tools.^[1]
Aerospace products include turbine vanes and stator blades, engine mounts and brackets, fuel system components and complex machined engine parts.^[1]
As of FY26, about 10% of revenue came from hybrid components and about another 10% from non-automotive segments.^[1]
The company's 'K' Type 3-Lip Bearing Seal was patented in 2020 and is supplied to major OEMs globally.^[1]
Raymond received certification to manufacture medical components in titanium and stainless steel as of Q1 FY27, a new line of business beyond aerospace and auto.^[4]

Operations and manufacturing

As of FY26, the company had 16 manufacturing facilities with more than 1,800 machines, in 4 locations in India: Vapi, Nashik, Chiplun and Bengaluru.^[1]
The Sinnar facility was brought into operation in FY26.^[1]
The existing Precision Technology & Auto Components facilities were running at about 85 - 90% capacity utilisation as of Q1 FY27.^[4]
The aerospace business holds AS9100D and NADCAP certifications and had zero non-conformances in recent audits, per the FY26 annual report.^[1]
Raymond holds about 66.3% in each of JKMPTL and JKMGAL under the NCLT-approved restructuring, effective August 1, 2025.^[5]

Key operating numbers

Aerospace 10-year order book: ₹5,960+ Cr as of Q1 FY27, with an active RFQ pipeline of ₹1,632 Cr; the FY26 annual report cites an order book of more than INR 2,350 crores over the next five years.^[4][1]
Aerospace & Defence revenue grew 40% YoY to ₹123 Cr in Q1 FY27 (vs ₹87 Cr in Q1 FY26); FY26 full-year revenue grew 26% YoY to ₹392 Cr.^[4]
Aerospace EBITDA margin: 21.2% in Q1 FY27 (vs 23.7% in Q1 FY26); FY26 full-year margin was 22.3% vs 22.4% in FY25.^[4]
Precision Technology & Auto Components EBITDA margin: 13.8% in Q1 FY27 (vs 10.6% in Q1 FY26); FY26 full-year margin was 13.4% vs 11.0% in FY25.^[4]
Aerospace earned about ₹110 crore from the LEAP engine programme between April 2025 and February 2026.^[1]

Customers and distribution

As of FY26, exports made up about 79% of aerospace revenue, about 62% of industrial & automotive revenue and about 43% of tools & hardware revenue.^[1]
As of FY26, 11 global 3PL warehouses supported international operations, with just-in-time warehousing in the US and Europe.^[1]
Aerospace revenues are 75%+ from engine segments, and the top 3 customers make up 40 - 45% of aerospace revenue (Q4 FY26).^[6]
The aerospace segment has 300 - 350 part numbers on the CFM LEAP platform (LEAP-1A and LEAP-1B engines) and serves 25+ customers (Q3 FY26).^[7]
The aerospace business has relationships of more than 2 decades with aerospace OEMs and Tier-1s, and develops build-to-specification programmes with HAL.^[1]
An American Tier-1 engine manufacturer was onboarded in FY26; a Pratt & Whitney programme is also progressing; the company entered the UAE market in Q2 FY26.^[6]
In FY26 the precision business secured nominations for multiple components and assemblies from a European advanced drivetrain technology company.^[1][6]
The Tools & Hardware division set up a new distribution channel in Southeast Asia in Q3 FY26.^[7]

Expansion and capex

Andhra Pradesh greenfield at Gudipalli near Bangalore Airport: ₹510 Cr for aerospace and ₹430 Cr for auto components over 5 years; groundbreaking is complete and commercial production is targeted for late 2027.^[4]
October 2026: Raymond announced an interim brownfield facility in Andhra Pradesh to meet additional customer requirements and volumes in the current financial year.^[8]
The engineering subsidiaries can fund about ₹200 Cr of capex a year from internal accruals without using parent-company capital (Q4 FY26).^[6]
Net cash surplus was ₹129 Cr as of June 2026 (up from ₹68 Cr at March 2026); the company is debt-free and evaluating organic and inorganic opportunities.^[4]

Recent developments

12 October 2026: the company said it is speeding up its Andhra Pradesh capacity expansion with an interim brownfield facility.^[8]
September 2026: JKMGAL won a tender to assemble wing structures and centre fuselage structures for a major indigenous fighter aircraft programme.^[9]
Q1 FY27: Bhanu Prakash Srivastava, formerly a CXO at BEL, joined Raymond to lead strategy for the Defence segment.^[4]
The automotive aftermarket product line was commercially launched in Q2 FY27, using existing OEM-grade production capabilities and white-label products.^[4]
Q4 FY26: the company won its first build-to-spec order from a defence aerospace OEM, for specialised onboard storage systems.^[6]

Market Cap

₹7,213 Cr

High / Low

₹1,338 / 320

Stock P/E

191.0

Price / Book

2.5

Book Value

₹427

EPS

₹802.3

No. of Shares

6.66 Cr

ROCE

4.0%

ROE

162.8%

OPM

7.9%

Debt / Equity

0.35

Sales

₹2,212 Cr

Net Profit

₹5,361 Cr

Promoter holding

48.9%

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Raymond Ltd(RAYMOND)

About

Business segments

Products and brands

Operations and manufacturing

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

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Verdict

Company data

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