Raymond 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 Ltd trades at ₹1,003, in a confirmed uptrend and 14 weeks into that stage. That is +79.7% against its own 200-day average. It sits at 100% of a 52-week range of ₹343 to ₹1,003. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 27 straight weeks.

Today the stock is in a confirmed uptrend — week 14 of stage 2, confirmed. At ₹1,003 it trades +79.7% versus its 200-day average and sits at 100% of its 52-week range (₹343–₹1,003).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +1,080% while the NIFTY 500 moved +267% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 27 straight weeks — 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.

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 Ltd trades at 39.7× P/E, at the pricey end of its own range (89th percentile). Its long-run median P/E is 6.8×, measured across 10.5 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 39.7× is at the pricey end of its own range (89th percentile), against a long-run median of 6.8× measured over 10.5 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 −30.0% against a +63.1% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +60.7%/yr price move, ~+54.3%/yr came from earnings growth and ~+6.4 pp from the multiple (expanding); over 10y, of the +26.3%/yr price move, ~+2.7%/yr came from earnings growth and ~+23.6 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

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

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 379% on reported income across 13 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Stage: Deteriorating 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 Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −98.9% latest against +415.7% at its 12-quarter best), ROCE holding at 3.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

56.5/100 — rank 6 of 26 in Realty - Construction & Contracting · 75% evidence confidence

Raymond Ltd scores 56.5 out of 100 against the 26 companies it is compared with in Realty - Construction & Contracting, ranking 6. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 18.8 + 9.3 + 9 + 19.4 = 56.5. 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 Ltd reported ₹606 Cr of revenue in the Jun 26 quarter, +15.6% year on year. That is the 6th straight quarter of year-on-year growth. Over 10 years it has compounded at −8.2% a year. The last full year, FY26, came in at ₹2,212 Cr. The last four reported quarters add to ₹2,294 Cr.

FY26 revenue came in at ₹2,212 Cr (+13.6% on the year), capping 10 years at −8.2% compound. The latest quarter (Jun 26) printed ₹606 Cr, +15.6% year on year — the 6th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +13.7% growth against the decade's −8.2% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +13.5% over the last 4 quarters against +10.9%/yr over the last 8 — stabilising; TTM profit −98.9% vs −91.0%/yr — rolling over.

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 Ltd's operating margin is 13.0% in the Jun 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −1.7% to 15.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 13.0%, +3.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −1.7%–15.0%.

Why the margin moved: operating margin went +2.4 pp year on year while gross margin went +2.5 pp — the gain came mostly from the gross line: input costs and pricing.

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

Raymond Ltd earned ₹31.0 Cr of net profit in the Jun 26 quarter, −99.4% year on year. Full-year FY26 profit was ₹5,361 Cr. The 10-year compound rate is 51.2%. That is 5.1% of the quarter's revenue. The same quarter a year earlier earned ₹5,328 Cr.

Jun 26 profit was ₹31.0 Cr, −99.4% year on year. On the full year, FY26 printed ₹5,361 Cr (−29.8%), and the 10-year compound rate is 51.2%.

🚨 Why profit moved: revenue contributed +15.6% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit −89.3% vs revenue +13.7%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

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 6% of Raymond Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹42.0 Cr of operating cash against ₹5,361 Cr of profit. After ₹−67.0 Cr of capital spending, ₹109 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹42.0 Cr against reported profit of ₹5,361 Cr, leaving free cash of ₹109 Cr after ₹−67.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 6% 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 6%: the cash cycle tightened 51 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

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 Ltd's cash conversion cycle runs 155 days in FY26, down from 206 days in FY21. Capital spending ran ₹−50.0 Cr over the last 3 years. At FY26 sales of ₹2,212 Cr each day of that cycle holds about ₹6.1 Cr, so roughly ₹939 Cr sits inside the business at any moment.

FY26: debtors at 86 days, inventory at 237 days — roughly 7.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 155 days, tighter than FY21's 206.

The full loop: cash goes out to suppliers and production on day 0; stock waits 237 days to sell; customers pay about 86 days after that; and suppliers themselves are paid at 168 days — netting out to the 155-day cycle.

In money terms: at FY26 sales of ₹2,212 Cr, each day of the cycle holds about ₹6.1 Cr — so the 155-day loop keeps roughly ₹939 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹−50.0 Cr over the last 3 fiscal years against ₹357 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹39.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

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 Ltd earns a ROCE of 3% in FY26. That is up from a trough of −4% in FY21. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 242.4% net margin on 0.47× asset turns.

FY26 ROCE is 3%, recovered from a FY21 trough of −4% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 242.4% net margin × 0.47× asset turns × 1.66× balance-sheet leverage ≈ 189.1% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 379% on reported income across 13 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Raymond Ltd carries ₹1,055 Cr of borrowings against ₹2,844 Cr of equity in FY26, a debt-to-equity of 0.37. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹2,413 Cr to ₹1,055 Cr. Capital spending ran ₹−50.0 Cr across the last 3 of those years.

FY26: borrowings of ₹1,055 Cr against equity of ₹2,844 Cr — a debt-to-equity of 0.37. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹2,413 Cr to ₹1,055 Cr while capital spending ran ₹−50.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 379% on reported income across 13 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

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 7.7 points of Raymond Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 7.9% of the company. Domestic institutions moved −5.5 points over the same window, to 3.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −7.7 points over 8 quarters to 7.9%; Domestic institutions: −5.5 points over 8 quarters to 3.8%; Promoters: −0.1 points over 8 quarters to 48.9%.

🚨 Why the register moved: foreign institutions drove it (−7.7 points), alongside domestic institutions (−5.5 points) — distribution into the market’s bid.

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 Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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