Raymond Limited

RAYMOND.BO

Manufacturing - Textiles · Industrials

Price

₹642.85

-14.25 (-2.17%)

Market Cap

₹42.85B

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Good

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Winston Score History

The full picture

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.

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

₹0 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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

42.9%

Healthy — 42.9% gross margin

Profit after running costs

Operating Margin

6.5%

Modest — 6.5% operating margin

Return on the money invested

ROCE

2.7%

Weak — 2.7% 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 growth

Sales YoY

-25.5%

Shrinking sales (-25.5% YoY)

Profit growth

EPS YoY

-99.1%

Earnings shrinking (-99.1% YoY)

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

How steady the profit is

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

0.35

Conservative — low debt load (0.35)

Covers its interest

Interest Cover

1.23x

Dangerous — barely covers interest (1.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

91.1x

Expensive — P/E 91.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+75.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (91.1 → 15.5)

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Dividends

Not applicable for this business.

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