I thought Raymond was just a Textile Company, But I was wrong.
What I initially thought was a textile story turned out to be just one chapter of a much larger business. Raymond is not just about Suits and Fabric and Park Avenue and Weddings. Its business goes much further.
Behind the name “Raymond” stands a much more complex and diversified business segments spanning Textiles, Brands, Real Estate, Engineering, Auto components and Aerospace and Defence!!!
Yes, you read that right.
Each business works in its own market, yet they are bound by the same discipline of craft, integrity, and long-term thinking.
Raymond has spent 2024-2026 breaking itself apart.
Earlier, Raymond Group: Lifestyle+Real Estate+Engineering
Now, it Demerged its businesses into;
Lifestyle business: Listed on September 5, 2024 as “Raymond Lifestyle Ltd“, stands at more than ₹4,100 crore market capitalisation.
Realty Business: The Realty business was listed on July 1, 2025 as “Raymond Realty Ltd” and is worth more than ₹4,400 crore market capitalisation.
The remaining: “Raymond Limited” is now a pure-play engineering and aerospace group, restructured into two subsidiaries in August 2025.
Management stated that demerger helps “focused companies command a premium over undifferentiated conglomerates.
Raymond Group’s Business Vertical
01.Raymond Lifestyle Ltd.
M.Cap: ₹4,093 cr. | CMP: ₹672 | D/E: 0.23 | P/E: 27.4
Raymond Lifestyle is a vertically integrated fashion & lifestyle company, one of India’s most iconic textile and apparel brands.
FY26 was a record year. Raymond Lifestyle crossed ₹7,000 Cr in revenue for the first time, with a debt-free balance sheet.
Business segments
-
Branded Textiles (48% of Sales): It is a B2C brand for Suiting and Shirting fabrics. This is the business’s core, cash generating engine. It has the highest market share in the worsted suiting fabric industry. It’s the largest segment in terms of revenue.
-
Branded Apparel (25% of Sales): It offers ready to wear brands like Park Avenue, ColorPlus, Parx, Raymond Ready to Wear (RTW), Ethnix, etc. which are distributed through retail formats including multi-brand outlets (MBOs), Large format stores (LFS) and The Raymond store (TRS).
-
Garmenting (15% of Sales): RLS is a white-labelled integrated manufacturer and B2B focused exporter of high-value clothing products like suits, jackets, trousers, etc.
-
High Value Cotton Shirting (12% of Sales): The company runs a B2B business as a manufacturer of high value / finest shirting cotton fabrics. The product range includes premium cotton and linen shirting and bottom-weight fabrics
International Presence
Exports: 40+ countries | Retail Stores: 1600+ | International Stores: 43 | Plants: 10+ | Global Offices: 4
FY27 Guidance
- Premiumisation: Premiumization across all 3 segments by shifting the product mix toward Wool & Linen.
- Casualization: Expanding into smart casuals, chinos, polos, denim via ColorPlus & Parx.
- GTM Expansion: Exiting underperforming stores, focusing on high-margin aspirational locations.
- Geographical Diversification: Targeting higher EU/UK share via FTAs for Garmenting.
- Holistic Marketing Campaigns: Sharper brand positioning, differentiated communication, prudent media selection & last mile activities.
02.Raymond Realty Ltd.
M.Cap: ₹4,720 cr. | CMP: ₹709 | D/E: 0.65 | P/E: 15.6
Raymond Realty is a pure play real estate developer with a strong presence across the Mumbai Metropolitan Region (MMR) and has quickly become one of the top five premium listed residential developers in the MMR by revenue and stands amongst the Top 10 real estate players in the country. The Company has established a portfolio spanning aspirational, premium, and super premium residential developments.
In FY 2026, it crossed the milestone of the ₹3,000 Crores revenue mark in six years of existence.
Business Strengths
-
Thane Land Bank: Raymond owns a massive 100-acre land bank in Thane, which is its foundational asset and carries an estimated revenue potential of ₹25,000 Crores at current market realizations. Out of which, ₹16,500 crore of projects are launched, and ₹8,500 are to be launched. Out of the total launched projects, ₹9,400 crore worth is sold ₹7,400 is collected and the remaining ₹7,100 crore worth remains unsold.
-
Joint Development Agreement (JDA): Raymond partners with landowners under Joint Development Agreements, keeping capital deployment low while expanding. Raymond Realty secures prime JDAs through three core strengths: an unmatched MMR brand, a proven history of early project delivery, and institutional financial discipline that landowners trust over pure price.
Gross Development Value (GDV) Breakup: (amt in ₹ crs)
Brand Portfolio: (amt in ₹ crs)
Portfolio Summary:
Upcoming Projects:
FY27 Guidance
Management reaffirmed: 20%+ pre-sales growth, 20%+ revenue growth, 17-19% EBITDA margin, 9-10% PAT margin and 20%+ ROCE, with JDA margins scaling to ~20% by FY28.
The next major step centres on the prime micro-market of Mahim, where two new projects are in the final stages of approvals and are firmly scheduled for launch in FY27.
Beyond the borders of the MMR, Raymond Realty is actively evaluating an entry into the Pune residential market and hopes to sign projects between MMR and Pune totalling to ₹8,000 Crores GDV in FY27. This will further add to our existing GDV of ₹42,000 Crores.
03. Raymond Ltd.
M.Cap: ₹8,047 cr. | CMP: ₹1,209| D/E: 0.37 | P/E: 47.8
Raymond Ltd today is a pure-play B2B engineering company, exporting to 60+ countries across Asia-Pacific, Africa, Latin America, Europe, and North America, with over 50% of revenue from exports. Raymond Ltd is evolving into a diversified, engineering-led enterprise, with a clear strategic focus on nation building and high-value manufacturing businesses alongside its legacy strengths.
Raymond Limited is a diversified company with majority business interests in Precision Technology & Auto Components and Aerospace & Defence businesses, catering to domestic and global OEMs and Tier-1 suppliers. With the acquisition of Maini Precision Products Limited (MPPL) Raymond’s engineering business has forayed into the sunrise sectors of Aerospace and Defence. EV components and caters to international as well as domestic markets.
Business Segments
-
Aerospace and Defence: Operating through JK Maini Global Aerospace Ltd., it manufactures high-complexity, mission-critical components operating inside extreme thermal and pressure environments. The company is a preferred supplier to top 3 Global Aircraft Engine manufacturers holding 88% market share.
The aerospace and defence segment operates across multiple segments: Commercial Aviation, Defence Aviation and Aero Engine programs. Aero Engine is the biggest revenue generator in this segment with more than 3/4th of the revenue from this segment.
Key Highlights
Order Book Value: 5960+ crore | SKUs Added: 100+ | Global Aero Components Client: 25+
Product Portfolio
Source: Raymond Ltd Investor Presentation Aug 2026
-
Precision Technology and Auto Components: Operating under JK Maini Precision Technology Ltd., this division combines market-dominant engineering consumables with powertrain-neutral automotive drivetrain components. The segment remained focused on expanding its global customer base, enhancing operational efficiencies, deepening co-development engagements with customers and increasing its presence across EV, hybrid and industrial applications. The business is strategically diversified across multiple high-growth and resilient sectors, including: Passenger Vehicles, Commercial vehicles, Electric and Hybrid mobility, Industrial and Hydraulics, Agriculture and Locomotive and Marine.
Under Auto Components, they are #1 in Ring Gears in India and have ~25% market share in India in Flex Plates. In Tools & Hardware division, they are #1 in Steel Files with ~65% Indian market share and ~25% Global market share.
Key Highlights
Manufacturing Facilities: 16 | Auto Component SKUs: 2000+ | Workforce Strength: 5250+ employees
Global Presence
Source: Raymond Ltd Investor Presentation Aug 2026
Raymond Group Financial Snapshot
This content is for educational and informational purposes only and should not be considered investment advice or a recommendation to buy or sell any security.