Raymond Q1FY27: PAT +50% YoY (adj), Aerospace +40% beats guidance, margins expand

Raymond Limited's consolidated (primary) Q1 FY27 results show revenue from operations of ₹605.61 Cr (total income ₹628.10 Cr) and PAT of ₹30.85 Cr. On a reported basis PAT is down ~99% YoY, but that comparison is meaningless: the year-ago quarter's ₹5,328.15 Cr PAT included a ₹5,307.53 Cr one-off gain on the demerger of the Realty business, booked under discontinued operations. Stripping that out, continuing-operations PAT was ₹20.62 Cr in Q1 FY26, so the adjusted YoY PAT growth is ~+50%, on revenue growth of 15.5% YoY (605.61 vs 524.29) and 0.4% QoQ (605.61 vs 602.91). Standalone, now essentially a holding entity post the engineering-subsidiary restructuring, posted a token PAT of ₹1.69 Cr on ₹0.80 Cr of operating revenue — all the operating profit sits at the consolidated/subsidiary level.

Margins expanded on both cuts: group EBITDA of ₹100 Cr carried a 15.9% margin, up from 13.9% in Q4 FY26 and 15.7% a year ago. The expansion was driven almost entirely by Precision Technology & Auto Components, where EBITDA margin jumped to 13.8% from 10.6% YoY (EBITDA +45.5% to ₹61 Cr) on export volume growth, better product mix and operating leverage, even as revenue grew a more modest 11.5% to ₹444 Cr. Aerospace & Defence revenue rose 40.4% YoY to ₹123 Cr and EBITDA grew 25.4% to ₹26 Cr, but segment margin compressed to 21.2% from 23.7% — management attributes this to targeted R&D spend to capture the revenue ramp, and says margins will stabilize as programs reach steady state; that claim is unverified pending next quarter's print.

The stock went into the print at ₹614.95, down 0.9% over the past month of trading.

Net cash surplus of ₹129 Cr as of June 2026 — company remains net-debt-free

Against the prior concall's guidance of 25% YoY growth in the Aerospace business, the actual 40.4% YoY growth is a clear beat, and the press release reiterates the ₹930 Cr Andhra Pradesh greenfield capex plan is "strictly on schedule." We found no specific street/consensus estimates published for this entity (distinct from the separately-listed Raymond Lifestyle and Raymond Realty, which did have previews) ahead of this print, so vsStreet is unknown. Management's own framing — a "healthy" quarter anchored by Aerospace/Defence and Precision Technology, per Chairman Gautam Hari Singhania — is consistent with the numbers: EBITDA and PAT both grew faster than revenue, evidencing operating leverage rather than just topline momentum. The quarter also saw two CEO/leadership appointments in the Aerospace vertical (Bhanu Prakash Srivastava as CEO-Defence, Deepal Shah as President-Strategy) and a new five-year statutory auditor (Price Waterhouse), alongside SEBI in-principle approval for a preferential warrant issue.