Raymond Q2 FY27 Results: Consolidated Net Profit ₹32.06 Crore on Total Income of ₹683 Crore

Earnings
precision technology

Blacklitt Research27 October 20263 min read

Raymond (NSE: RAYMOND) said in a filing on 27 Oct 2026 that for the quarter ended 30 Sep 2026, consolidated total income was ₹683.22 crore and consolidated net profit was ₹32.06 crore. Standalone total income was ₹33.39 crore and standalone net profit was ₹1.59 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹683.22 crore, up 21.2% YoY and 8.8% QoQ
Net profit and EPS: ₹32.06 crore, up 130.8% YoY and 3.9% QoQ; basic EPS ₹3.36 against ₹1.71
Finance costs: ₹21.62 crore, up 0.6% YoY and 3.2% of total income

Standalone

The company on its own, without its subsidiaries

Total income: ₹33.39 crore, up 20.9% YoY and 38.6% QoQ
Net profit and EPS: ₹1.59 crore against a loss of ₹2.85 crore a year earlier; basic EPS ₹0.24
Other income: ₹32.83 crore, 98.3% of total income this quarter

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	683.22	563.71	+21.2%	628.10	+8.8%
Revenue from operations	655.16	527.69	+24.2%	605.61	+8.2%
Other income	28.06	36.02	-22.1%	22.49	+24.8%
	32.06	13.89	+130.8%	30.85	+3.9%
Finance costs	21.62	21.50	+0.6%	20.27	+6.7%
Depreciation	39.75	38.43	+3.4%	37.90	+4.9%
Tax expense	10.61	-162.17	n/a	10.48	+1.2%
Net profit margin	4.69%	2.46%	+2.23 pp	4.91%	-0.22 pp
Tax as share of profit before tax	24.9%	n/a	n/a	25.2%	-0.31 pp
EPS, basic (₹)	3.36	1.71	+96.5%	3.15	+6.7%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Net profit rose 130.8% YoY to ₹32.06 crore, while total income rose 21.2% to ₹683.22 crore. The year-earlier quarter is a low base: it carried an exceptional loss that the notes show as Reversal of Goodwill, and a tax credit of ₹162.17 crore, against a tax expense of ₹10.61 crore this quarter.

Revenue from operations rose 24.2% YoY to ₹655.16 crore, while other income fell 22.1% to ₹28.06 crore. Other income is 4.1% of total income this quarter, and finance costs are 3.2% of total income.

Aerospace and defence revenue from external customers was ₹262.09 crore in the half year ended 30 Sep 2026, against ₹168.42 crore in the half year ended 30 Sep 2025, according to the consolidated segment table.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	33.39	27.62	+20.9%	24.09	+38.6%
Revenue from operations	0.56	0.09	+522.2%	0.80	-30.0%
Other income	32.83	27.53	+19.3%	23.29	+41.0%
	1.59	-2.85	n/a	1.69	-5.9%
Finance costs	0.00	0.04	n/a	0.02	n/a
Depreciation	7.88	8.00	-1.5%	7.08	+11.3%
Tax expense	0.32	-0.96	n/a	0.34	-5.9%
Net profit margin	4.76%	-10.32%	+15.08 pp	7.02%	-2.25 pp
Tax as share of profit before tax	16.8%	n/a	n/a	16.7%	+0.01 pp
EPS, basic (₹)	0.24	-0.43	n/a	0.25	-4.0%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone total income rose 38.6% QoQ to ₹33.39 crore, and other income of ₹32.83 crore is 98.3% of that total. Net profit fell 5.9% QoQ, to ₹1.59 crore from ₹1.69 crore.

Revenue from operations rose 522.2% YoY, from ₹0.09 crore to ₹0.56 crore, which is faster than the 19.3% rise in other income.

Basic EPS was ₹0.24 for the quarter, against ₹0.25 in the previous quarter and a loss of ₹0.43 a year earlier. Depreciation was ₹7.88 crore, 1.5% below ₹8.00 crore a year earlier.

Inference

The company issued 66,57,373 convertible warrants at ₹497 each to JK Investors (Bombay) Limited, a promoter group entity, and received an upfront ₹82.72 crore, which is 25% of the issue price. Each warrant converts into one equity share of ₹10 within 18 months of allotment, on payment of the balance consideration.

After 30 Sep 2026, shareholders approved the preferential issue of 33,28,686 convertible warrants to Minerva Ventures Fund at ₹645 each, aggregating ₹214.70 crore, and the company is awaiting stock exchange approvals. A reader would want a date for those approvals; the filing leaves that open.

The auditor's review report on the consolidated results states that its conclusion is not modified. It notes that the results of one associate were not reviewed by that associate's auditors and are not material to the group.

Reference: Original filing (PDF)

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Raymond Q2 FY27 Results: Consolidated Net Profit ₹32.06 Crore on Total Income of ₹683 Crore

Key highlights

Consolidated

Standalone

Summary

Inference

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