India · Delayed Price · Currency is INR Raymond Lifestyle Earnings Call Transcripts
Fiscal Year 2026
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Achieved record FY 2026 revenue and EBITDA growth, driven by strong domestic demand and operational efficiency. Strategic focus for FY 2027 is on consolidation, premiumization, and digital transformation, with continued store expansion and improved working capital.
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Record Q3 revenue and double-digit EBITDA growth driven by premiumization, strong domestic demand, and disciplined expansion. U.S. tariff headwinds impacted exports, but diversification and cost control supported margins. Net debt remains near zero.
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Q2 and H1 FY26 saw record revenues driven by strong domestic demand, especially in branded textiles and apparel, despite export headwinds from U.S. tariffs. Margins were impacted by higher marketing spend and new store costs, but recovery is expected as stores mature and policy reforms support demand.
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Q1 FY26 delivered 18% revenue growth and 36% EBITDA growth, led by branded textiles and apparel. U.S. tariff uncertainty impacted garmenting, but the India-U.K. FTA offers strong export potential. Margins and profitability are expected to improve in the coming quarters.
Fiscal Year 2025
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Q4 FY25 saw a 9% revenue decline due to weak demand and a ransomware attack, but early FY26 bookings are up 12-13% year-over-year. Ethnic wear crossed INR 100 crore in revenue, and the company expects 10-15% growth in FY26 with margin recovery.
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Revenue grew 2% year-over-year amid weak demand, with EBITDA margin declining to 12.3% due to investments and adverse mix. Management expects gradual recovery and targets a 15% EBITDA margin by FY2026, supported by positive booking trends and continued retail expansion.
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Q2 FY25 saw sequential growth in income and EBITDA, but year-over-year declines due to muted demand and delayed wedding season. Expansion in retail footprint, new product launches, and capacity investments position the company for strong H2 growth, with debt expected to normalize by year-end.