Let’s Discuss Some Fundamentals: Is Raymond Just Stylish or Also Profitable?

The Company Operates Across four Business Segments 1. Branded Textile ( Revenue - 47%) ( EBITDA - 64.5%) 2. Branded Apparel (Revenue - 25% ) ( EBITDA - 18%) 3. Garmenting ( Revenue - 17% ) ( EBITDA - 7.6%) 4. High Value Cotton Shirting ( Revenue -12.6%) (EBITDA -17.5%) The

Lifestyle Brand was listed at ₹ 3,100 a Share giving it a Market capitalization of ₹18,256 Crore. The Goal was Bold to Double EBITDA to More than ₹2000 Crores by FY28, Backed by an annual sales Growth of 12-15%. However, what followed was far from ideal. In FY25, revenue fall 5% to ₹6360 crore due to Weak consumer Demand, While margins Contracted by 610 Basis Points to 10.2%. Net Profit Declined even More Sharply, Crashing 80% to ₹100 Crore. As a Result, the Stock Price Slupmed Nearly 70% by april, hitting a low of ₹911. FY25 was Tough , but FY26 looks like a Reset Year. The Company ended the Year with a net debt free balance Sheet and ₹90 Crore in Cash Reserves. Management Expects FY26 be a Recovery Year, Supported by Improving trends in textiles and apparel Bookings. Stock Trades at a Discount Owing to its Recent underperformance , the company's stock trades at a price to sales multiple of just 1.3 , significantly lower than that of its listed peers (2.5), Kewal Kiran (4.3) , Cantabil ( 3.2) and ( 14.5). it is also Trading below its book value of ₹1574, offering a margin of safety. This Valuation gap Suggests that any Meaningful recovery in Financial Could Trigger a Re-Ratings. As the Stock is Trading up 40% from its all time low, the Company has also experienced management attrition with several key personnel resigning over the past six month. with Early sign of a Segmental recovery, a net cash position, and an aggressive but calibrated store expansion strategy, the question now is whether raymond lifestyle can stitch together a sustainable turnaround in Fy26 and Beyond. Keep the stock on radar We are Waiting for Some technical filter.