MarketFriction

Raymond Ltd

NSE RAYMOND · BSE 500330 · Industrial Products
₹1,197.20 -1.31%
NSE close2026-10-01
52 week range320.00 - 1,241.00
Market cap₹7,894 Cr.
P/E46.9
ASM long-term Price band 10% Delivery 19.4%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales470678266450474466557524528557603606
Expenses427622256418449435513470485497529529
Operating Profit445710322531445443607477
OPM %9%8%3.7%7%5%7%8%10%8%11%12%13%
Other Income1531922497,39496951565,339-1319-1022
Interest9225161616171922212320
Depreciation171821353737373938383738
Profit before tax1702102347,37568731465,336-14810441
Tax %5%12%2%0%13%1%6%0%-109%30%-185%25%
Net Profit1611852307,36759721375,3281471231
EPS in Rs23.9927.5534.421,106.089.0210.8319.93799.581.710.540.173.15
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5,1775,3535,9066,5826,4823,4466,1798,2159731,9472,2122,293
Expenses4,7905,0485,4816,0135,9663,5075,4747,0159571,8151,9812,039
Operating Profit387305426569516-607051,19916132232254
OPM %7%6%7%9%8%-1.7%11%15%1.6%7%10%11%
Other Income93821371202851866311,7197,7415,206-110
Interest1901781842333032762282578658485
Depreciation15915717019634031424023559146152151
Profit before tax13252208260159-4652437371,6687,6625,202-93
Tax %35%42%32%33%-27%-35%-9%27%1%0%-3%
Net Profit8630142175202-3042655371,6437,6365,36164
EPS in Rs13.814.1621.9327.3630.31-44.6039.0979.42245.911,145.85801.995.57
Dividend Payout %22%30%14%11%0%0%8%4%4%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth-8%-8%-35%13%
Compounded Profit Growth49%85%109%229%
Stock Price CAGR26%65%45%107%
Return on Equity61%97%131%168%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital616161616165676767676767
Reserves1,4801,6111,6121,7511,8922,3112,0312,2932,8324,5513,6502,777
Borrowings1,8812,0632,1402,3532,4682,5562,4132,3532,5294,1817401,055
Other Liabilities1,2271,1701,4251,9252,2192,7902,2202,6542,7794,2033,260835
Total Liabilities4,6504,9055,2386,0906,6407,7226,7307,3668,20713,0017,7164,734
Fixed Assets1,2741,1741,1691,7411,9352,4412,0441,8781,9343,4751,7721,524
CWIP19624041227111440212536991039
Investments4276096406365405985001,1001,6392,8261,1201,695
Other Assets2,7532,8813,0163,4434,0514,6444,1644,3634,5986,6014,8141,476
Total Assets4,6504,9055,2386,0906,6407,7226,7307,3668,20713,0017,7164,734
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity38031734839525139070467780453323342
Cash from Investing Activity-140-211-223-415-127-14864-425-476-1,042-232-180
Cash from Financing Activity-250-118-12230-149-130-668-323-319502-104230
Net Cash Flow-10-1239-25113100-7110-6-10291
Free Cash Flow1569570-1021019870264670233791-71
CFO/OP104%95%126%102%56%83%-1,133%101%73%3,845%265%50%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days63747267706510152335287686
Inventory Days1811952002352472873633283043,796220237
Days Payable110981201641761832582792062,229133168
Cash Conversion Cycle1341711511381411692061001312,095163155
Working Capital Days2319-21-29-29-23112150626618
ROCE %10%10%6%9%11%9%-4%13%21%0%1%3%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters49.11%49.11%49.11%49.01%48.87%48.87%48.87%48.87%48.87%48.87%48.87%48.87%
FIIs17.71%14.39%14.50%15.56%15.67%15.38%15.64%13.79%13.61%11.01%9.74%7.89%
DIIs6.00%7.88%8.78%9.29%7.30%7.19%6.84%4.80%3.53%3.43%3.61%3.81%
Public27.14%28.59%27.59%26.10%28.11%28.52%28.60%32.50%33.95%36.64%37.73%39.38%
Others0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%
No. of Shareholders1,58,4031,84,4401,74,9191,72,7042,59,5522,76,5762,79,1422,91,1182,96,8862,93,6122,88,6162,72,532

Fundamentals

Market Cap₹ 7,894 Cr.
Current Price₹ 1,186
Stock P/E46.9
Book Value₹ 427
ROCE3.14 %
ROE168 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)13%
Compounded Profit Growth (TTM)229%
Consolidated figures.
Valuation
Market capRs 7,970 Cr
Enterprise valueRs 8,843 Cr
P/E (TTM)214.95x
Price to book2.80x
Price to sales3.48x
EV / EBITDA61.45x
EV / sales3.86x
Price to cash flow190.81x
Earnings yield0.47%
P/E, 3-year average0.80x
P/B, 3-year average0.73x
P/E, 5-year average2.08x
P/B, 5-year average0.66x
Profitability
Operating margin (excl. other income)10.47%
Operating margin (incl. other income)245.79%
EBITDA margin6.27%
Pre-tax margin-4.04%
Net profit margin1.62%
Net margin, latest quarter3.47%
ROE162.84%
ROCE126.52%
ROA85.80%
ROE, 3-year average129.86%
ROCE, 3-year average88.89%
ROA, 3-year average58.31%
ROE, 5-year average84.27%
ROCE, 5-year average59.30%
ROA, 5-year average37.08%
ROIC (approx.)-0.20%
Tax rate-3.06%
Other income / net worth183.04%
Growth
Sales growth (latest year)13.63%
Profit growth (latest year)-30.01%
Sales CAGR, 3 years-35.42%
Sales CAGR, 5 years-8.49%
Profit CAGR, 3 years116.15%
Sales growth QoQ0.45%
Profit growth QoQ1757.52%
Sales growth YoY (latest quarter)15.51%
Profit growth YoY (latest quarter)-99.61%
Per share
EPS (TTM)Rs 5.57
EPS (latest year)Rs 802.31
EPS (latest quarter)Rs 3.15
EPS, 3-year averageRs 731.54
EPS, 5-year averageRs 462.63
Book value per shareRs 427.19
Sales per shareRs 344.49
Cash flow per shareRs 6.27
Free cash flow per shareRs -10.66
Dividend per share, 3-year averageRs 10.00
Dividend per share, 5-year averageRs 5.33
Dividends
Dividend payout, 3-year average4.06%
Dividend payout, 5-year average5.17%
Efficiency
Asset turnover0.47x
Fixed asset turnover1.45x
Inventory turnover2.64x
Inventory days138 days
Debtor days86 days
Debtors turnover4.25x
Creditor days168 days
Cash conversion cycle155 days
Working capital days18 days
Leverage
Total debtRs 1,055 Cr
Cash and bankRs 182 Cr
Net debtRs 872 Cr
Debt to equity0.37x
Net debt / EBITDA6.06x
Interest coverage-0.09x
Current ratio (filing 2026-03-31)1.73x
Quick ratio (filing 2026-03-31)1.29x
Trade payables (filing 2026-03-31)Rs 345 Cr
Owners' fund to total sources60.08%
Debt to assets22.28%
Cash flow
Cash from Operating Activity (latest year)Rs 42 Cr
Cash from Investing Activity (latest year)Rs -180 Cr
Cash from Financing Activity (latest year)Rs 230 Cr
Net Cash Flow (latest year)Rs 91 Cr
Free cash flow (latest year)Rs -71 Cr
FCFE (approx.: FCF + change in debt)Rs 244 Cr
Cash from ops / profit, 5 years0.15x
Sales to cash flow52.96x
Statement figures
Net sales (TTM)Rs 2,293 Cr
Net sales (latest year)Rs 2,212 Cr
Sales (latest quarter)Rs 606 Cr
Operating profit excl. other income (latest year)Rs 232 Cr
Operating profit (latest quarter)Rs 77 Cr
Other income (TTM)Rs -110 Cr
EBITDA (TTM)Rs 144 Cr
PBDT (TTM)Rs 59 Cr
Profit before tax (TTM)Rs -93 Cr
Tax (latest year)Rs -159 Cr
Net profit (TTM)Rs 37 Cr
Net profit (latest year)Rs 5,341 Cr
Net profit (latest quarter)Rs 21 Cr
Depreciation (TTM)Rs 151 Cr
Depreciation (latest quarter)Rs 38 Cr
Interest (TTM)Rs 85 Cr
Cost of goods sold (latest year)Rs 1,284 Cr
Total expenditure (latest year)Rs 1,981 Cr
Total income (latest year)Rs 7,418 Cr
Share capitalRs 67 Cr
ReservesRs 2,777 Cr
Shareholders' fundsRs 2,844 Cr
Total assetsRs 4,734 Cr
Net blockRs 1,524 Cr
Capital work in progressRs 39 Cr
InvestmentsRs 1,695 Cr
ReceivablesRs 521 Cr
InventoryRs 487 Cr
Other liabilitiesRs 835 Cr
Shares outstanding (crore)6.66
Ownership
Promoter holding48.87% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 214.9 is at the 90th percentile of its own 8.4-year range (median 22.8, low 0.4, high 290.1).
P/B 2.80 is at the 58th percentile (median 2.49).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodRAYMONDNifty 50Difference
1 week-0.6%-2.8% +2.2 pts
1 month+88.4%-6.8% +95.2 pts
3 months+96.9%-7.6% +104.6 pts
6 months+272.0%+0.4% +271.6 pts
1 year+94.2%-9.9% +104.1 pts
2 years-35.1%-13.6% -21.5 pts
3 years-33.8%+14.2% -48.0 pts
5 years+164.6%+27.9% +136.7 pts
2 mutual fund schemes hold about ₹78 Cr. Over three months 0 bought more and 2 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Nippon India Small Cap Fund0.10%78 -48%
Motilal Oswal BSE 1000 Index Fund0.01%0 -44%

Red flags

F-score 6 of 8
explainWeak cash conversion Cash from operations was 6% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 112% of total assets in 2026
explainDebt up, profit down Borrowings up 42% while net profit fell in 2026
lookProfit leans on other income Other income was 100% of pre-tax profit in 2026
lookOn NSE surveillance On NSE surveillance: ASM long-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹606 Cr +15.6% vs Jun 2025. Net profit ₹31 Cr -99.4%.

Activity

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DateClientSideQtyPrice
2026-09-28Qe Securities LlpSELL370,9241,196.17
2026-09-28Qe Securities LlpBUY370,1851,192.78
2026-09-28Hrti Private LimitedSELL412,5551,194.56
2026-09-28Hrti Private LimitedBUY399,6051,188.16
Ex-dateActionFactor
2025-05-14Demerger
2024-07-11Demerger
2024-06-13Annual General Meeting/Dividend - Rs 10 Per Share
2023-06-23Annual General Meeting/Dividend - Rs 3 Per Share
2022-06-30Annual General Meeting/Dividend - Rs 3 Per Share
2021-07-22 Annual General Meeting
2020-07-30 Annual General Meeting
2019-05-23 Annual General Meeting/ Dividend - Rs 3 Per Share
2018-05-22 Dividend- Rs 3 Per Share
2017-05-25 Dividend - Rs 1.25/- Per Share
2016-05-26 Dividend - Rs 3/- Per Share
2015-05-27Dividend - Rs 3/- Per Share
2014-05-30Annual General Meeting / Final Dividend - Rs 2/- Per Share
2013-05-24Annual General Meeting / Final Dividend Re.1/- Per Equity Share
2012-05-16Annual General Meeting And Dividend Rs.2.50 Per Share
2011-05-18Annual General Meeting And Dividend Re.1/- Per Share
2010-05-26Annual General Meeting
2009-05-25Annual General Meeting
2008-05-30Agm/Dividend - 25%
2007-05-30Agm/Dividend-50%
2006-06-06Agm/Dividend-50%
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Trade dateShares sold short
2026-09-29583
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-04-09NCLTHANSA CUSTOMER EQUITY PRIVATE LIMITED Vs RAYMOND LIMITED
2020-05-26NCLTRAYMOND LIMITED Vs N/A
2020-02-27CESTATRAYMOND LIMITED ---VS.--- JABALPUR
2020-02-19CESTATRAYMOND LIMITED ---VS.--- JABALPUR
2020-02-05CESTATRAYMOND LTD ---VS.--- COMMISSIONER, CENTRAL EXCISE, CUSTOMS AND SERVICE TAX-RAIPUR
2020-02-05CESTATRAYMOND LTD ---VS.--- COMMISSIONER, CENTRAL EXCISE, CUSTOMS AND SERVICE TAX-RAIPUR
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1Scrip PE is greater than 50 (4 trailing quarters)
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03