Raymond Limited

RAYMOND.BO

Manufacturing - Textiles · Industrials

Price

₹618.10

-8.45 (-1.35%)

Market Cap

₹41.20B

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Raymond Limited is one of India's most recognized textile and apparel companies. It makes fabrics, suits, shirts, and other clothing sold under the Raymond brand, which is widely known across India for men's formal and semi-formal wear. The company sells to individual consumers through its large network of retail stores, as well as to tailors and businesses, and it also has operations in real estate development.

Raymond earns money through fabric and garment sales, branded retail, and increasingly through its real estate projects in cities like Thane near Mumbai. It operates primarily in India, with some exports, and its main competitive advantage is strong brand recognition built over decades in the premium suiting segment. However, the company's low operating margin of around 3.8% and negative return on invested capital signal that profitability remains a challenge, and managing its shift toward real estate while keeping its core textile business healthy is a key risk going forward.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-94.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

55.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$19.0B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Raymond Limited is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 66.6M (2022) → 66.6M (2026)

Score breakdown

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Quality

Gross Margin

44.7%

Healthy — 44.7% gross margin

Operating Margin

6.4%

Modest — 6.4% operating margin

ROCE

1.0%

Weak — 1.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-36.7%

Shrinking sales (-36.7% YoY)

EPS YoY

-29.0%

Earnings shrinking (-29.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.35

Conservative — low debt load (0.35)

Interest Cover

0.99x

Dangerous — barely covers interest (1.0x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

0.8x

Attractive valuation — P/E 0.8

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-14.7

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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