Raymond Q2 FY26 Results: 10% Growth, Net Debt-Free

Raymond Limited announced its unaudited financial results for the quarter ended 30th September 2025, reporting a steady performance backed by growth in its Aerospace & Defence and Precision Technology & Auto Components businesses.

The company recorded a Total Income of ₹564 crore in Q2 FY26, up 10% year-on-year (YoY) compared to ₹512 crore in Q2 FY25. EBITDA stood at ₹79 crore, marking a 3% YoY increase from ₹77 crore in Q2 FY25, with an EBITDA margin of 14.1% against 15.1% in the previous year. Raymond remains net-debt free, maintaining a net cash surplus of ₹27 crore.

The strong financial performance reflects the company’s growing presence in precision manufacturing and high-value engineering. Both subsidiaries—Aerospace & Defence and Precision Technology & Auto Components—demonstrated consistent progress, underscoring India’s advancement in the global supply chain from simple assemblies to high-complexity components and subsystems. The slight EBITDA margin compression was primarily due to a decline in other income.

Commenting on the results, Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited, said,

“Both our aerospace & defence and precision technology & auto components businesses maintained strong momentum this quarter, delivering higher sales even in a competitive environment. We continue to focus on strategic business expansion. With both subsidiaries demonstrating robust performance, we are ideally positioned to seize upcoming opportunities and drive sustained stakeholder value.”

Q2 FY26 Segmental Performance

Aerospace & Defence Business

This segment generated ₹81 crore in revenue, reflecting a 15% increase from ₹70 crore in Q2 FY25. EBITDA rose 34% to ₹17 crore, up from ₹13 crore in the same period last year, with an EBITDA margin of 21% compared to 18% in Q2 FY25.

The growth was driven by production ramp-up at a leading aerospace OEM, alongside revenue from new and approved parts entering production, strengthening the topline. The higher sales volumes contributed to improved margins.

The segment continues to build a strong pipeline, supported by new Requests for Quotation (RFQs) and strategic collaborations. However, the outlook remains cautious due to external trade pressures and scheduling delays caused by U.S. tariffs.

Precision Technology & Auto Components

The segment reported ₹409 crore in revenue, up 9.9% YoY from ₹373 crore in Q2 FY25. EBITDA grew 57.3%, reaching ₹57 crore compared to ₹36 crore in the prior year, with an EBITDA margin of 13.9% against 9.7% in Q2 FY25.

The growth was supported by strong domestic demand in both Auto Components and Tools & Hardware, as well as increased interest in hybrid automotive products in Europe. However, the export market for Tools & Hardware witnessed softness.

Margin improvement resulted from higher sales volumes, favorable product mix, and a one-time gain of approximately ₹13 crore. The company continues to expand into new international markets and industrial sectors, supported by China-plus-one strategy, operational efficiencies, and integration synergies.

Raymond Limited remains a net-debt free company with a net cash surplus of ₹27 crore, underscoring its financial stability and disciplined execution.