Raymond Lifestyle Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Raymond Lifestyle Ltd trades at ₹724, in a downtrend and 98 weeks into that stage. That is −22.1% against its own 200-day average. It sits at 3% of a 52-week range of ₹706 to ₹1,322. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).

Today the stock is in a downtrend — week 98 of stage 4, confirmed. At ₹724 it trades −22.1% versus its 200-day average and sits at 3% of its 52-week range (₹706–₹1,322).

Against the market, two honest reads. Cumulative: over the last 1.9 years the stock moved −73% while the NIFTY 500 moved −1% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-06-25) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 17th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Raymond Lifestyle Ltd trades at 39.6× P/E, near the bottom of its own range — cheaper only 17% of the time. Its long-run median P/E is 72.7×, measured across 1.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 39.6× is near the bottom of its own range — cheaper only 17% of the time, against a long-run median of 72.7× measured over 1.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +20.9% against a −39.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Raymond Lifestyle Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

45.7/100 — rank 19 of 26 in Textiles - Readymade Apparel · 65% evidence confidence

Raymond Lifestyle Ltd scores 45.7 out of 100 against the 26 companies it is compared with in Textiles - Readymade Apparel, ranking 19. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 20.3 + 10 + 9.9 + 5.5 = 45.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Raymond Lifestyle Ltd reported ₹1,776 Cr of revenue in the Mar 26 quarter, +18.9% year on year. That is the 4th straight quarter of year-on-year growth. Over 5 years it has compounded at 75.7% a year. The last full year, FY26, came in at ₹6,888 Cr. The last four reported quarters add to ₹6,887 Cr.

Raymond Lifestyle Ltd reported ₹1,776 Cr of revenue in the Mar 26 quarter, +18.9% year on year. That is the 4th straight quarter of year-on-year growth. Over 5 years it has compounded at 75.7% a year. The last full year, FY26, came in at ₹6,888 Cr. The last four reported quarters add to ₹6,887 Cr.

FY26 revenue came in at ₹6,888 Cr (+11.5% on the year), capping 5 years at 75.7% compound. The latest quarter (Mar 26) printed ₹1,776 Cr, +18.9% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +12.2% growth against the decade's 75.7% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +11.5% over the last 4 quarters against +0.8%/yr over the last 8 — accelerating; TTM profit +21.1% vs −83.4%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 7.0% this quarter (+6.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Raymond Lifestyle Ltd's operating margin is 7.0% in the Mar 26 quarter, +6.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 2.0% to 27.0%. The current quarter sits inside that band.

Raymond Lifestyle Ltd's operating margin is 7.0% in the Mar 26 quarter, +6.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 2.0% to 27.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 7.0%, +6.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 2.0%–27.0%.

Why the margin moved: operating margin went +5.8 pp year on year while gross margin went −3.5 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit null in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Raymond Lifestyle Ltd posted a net loss of ₹52.0 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹46.0 Cr. That loss is 2.9% of the quarter's revenue. The same quarter a year earlier lost ₹45.0 Cr. 4 of the last 12 reported quarters were loss-making.

Raymond Lifestyle Ltd posted a net loss of ₹52.0 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹46.0 Cr. That loss is 2.9% of the quarter's revenue. The same quarter a year earlier lost ₹45.0 Cr. 4 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹−52.0 Cr, null year on year. On the full year, FY26 printed ₹46.0 Cr (+21.1%).

→ Profit rose — but did the cash follow? Next: 36% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 36% of Raymond Lifestyle Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹546 Cr of operating cash against ₹46.0 Cr of profit. After ₹312 Cr of capital spending, ₹234 Cr was left as free cash.

FY26: operating cash of ₹546 Cr against reported profit of ₹46.0 Cr, leaving free cash of ₹234 Cr after ₹312 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 36% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 36%: the cash cycle stretched 70 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 70 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 102-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Raymond Lifestyle Ltd's cash conversion cycle runs 102 days in FY26, up from 32 days in FY21. Capital spending ran ₹8,749 Cr over the last 3 years. At FY26 sales of ₹6,888 Cr each day of that cycle holds about ₹18.9 Cr, so roughly ₹1,925 Cr sits inside the business at any moment.

FY26: debtors at 50 days, inventory at 217 days — roughly 7.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 102 days, looser than FY21's 32.

The full loop: cash goes out to suppliers and production on day 0; stock waits 217 days to sell; customers pay about 50 days after that; and suppliers themselves are paid at 165 days — netting out to the 102-day cycle.

In money terms: at FY26 sales of ₹6,888 Cr, each day of the cycle holds about ₹18.9 Cr — so the 102-day loop keeps roughly ₹1,925 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹8,749 Cr over the last 3 fiscal years against ₹938 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹141 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 4% and the ROIC − WACC spread is −10.3 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Raymond Lifestyle Ltd earns a ROCE of 4% in FY26. That is up from a trough of 3% in FY25. Return on invested capital clears the cost of that capital by −10.3 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 0.7% net margin on 0.49× asset turns.

FY26 ROCE is 4%, recovered from a FY25 trough of 3% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 0.7% net margin × 0.49× asset turns × 1.45× balance-sheet leverage ≈ 0.5% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 1.7% − 12.0% = a −10.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.23.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Raymond Lifestyle Ltd carries total debt of ₹2,186 Cr against shareholder equity of ₹9,636 Cr as of Mar 26, a debt-to-equity of 0.23 — effectively unlevered. On the annual view that ratio went from 0.16 in FY24 to 0.23 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹2,186 Cr against shareholder equity of ₹9,636 Cr — a debt-to-equity of 0.23. On the annual view, debt-to-equity went from 0.16 (FY24) to 0.23 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 5.3 points over 7 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 5.3 points of Raymond Lifestyle Ltd over 7 quarters, the biggest move on the register. That takes foreign institutions to 7.3% of the company. Promoters moved +4.9 points over the same window, to 59.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −5.3 points over 7 quarters to 7.3%; Promoters: +4.9 points over 7 quarters to 59.6%; Domestic institutions: −2.2 points over 7 quarters to 5.7%.

🚨 Why the register moved: foreign institutions drove it (−5.3 points), absorbed on the other side by promoters (+4.9 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Raymond Lifestyle Ltd: the Z-score reads 1.83. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits in the grey band between the two. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 1.83 sits in the grey band — neither clearly safe nor clearly distressed.

The safety line in one sentence: the Z-score reads 1.83.

Frequently asked questions