Good evening, everyone. As we celebrate our centenary year, we are pleased to have you join our first quarter of fiscal 2026 results conference call. Lika, you have had the chance to review our financial results and the investor presentation, both of which are available on the stock exchanges and on our company website. Moving ahead, it is essential to consider the broader macroeconomic landscape that has influenced our performance and strategic decisions. The global environment remains volatile, with geopolitical tensions and shifting trade policies creating uncertainty for exporters. Despite these challenges, India continues to demonstrate resilience, with GDP growth expected to hold at 6.5% for the fiscal 2026. However, consumer spending continued to remain tepid this quarter, impacted by high inflation and cautious CapEx as households focus on essentials over discretionary purchases. Furthermore, fiscal 2026 began under a cloud of uncertainty, particularly around the U.S.
tariffs, which is likely to persist. However, on the trade fronts, the newly signed India-U.K. Free Trade Agreement marks a significant milestone. By offering zero-duty access to 99% of Indian exports, it unlocks vast potential for textile exporters, especially in categories like ready-made garments. While realigning supply chains to fully capitalize on this opportunity will take time, the long-term outlook looks very promising. While we remain optimistic, we are also maintaining a cautious stance due to global macroeconomic uncertainties. Overall, India stands at a unique inflection point for us to navigate global disruptions and emerge stronger, supported by sound policies, strategic trade alliances, and a resilient domestic market. Now, I want to talk about the performance highlights.
Raymond Lifestyle Limited reported a higher Q1 performance in the seasonally richest quarter of the year, with a total income of INR 1,475 crore and year-over-year growth of 18%, mainly driven by improved business performance in the branded textiles and branded apparel segment, led by volume growth. Our EBITDA stood at INR 122 crore in the first quarter of fiscal 2026, with an EBITDA margin of 8.2%, reflecting a growth of 36% year-on-year on account of higher sales due to higher volumes, improved product mix, and operating leverage. Let me brief you about our various segments. The Branded Textiles segment's revenue grew significantly by 27% to INR 716 crore in the first quarter of fiscal 2026, as compared to INR 565 crore in the first quarter of fiscal 2025, mainly on account of higher bidding dates, leading to robust volume growth and increased consumer awareness as compared to previous years.
We almost doubled our EBITDA to INR 103 crore in the first quarter of fiscal 2026, as compared to INR 54 crore in the first quarter of fiscal 2025, with EBITDA margins at 14.3% in the first quarter of this year compared to 9.6% in the last year, on account of improved product mix and volume growth. A landmark moment in our centenary year was the launch of the Chairman's Collection and effects in the Indian men's dress suit. Meticulously crafted using premium fabrics such as Giza and Supima cotton, this limited edition line stands as a bold expression of intent, which reflects Raymond's commitment to championing India's heritage of craftsmanship while redefining luxury. Furthermore, in a strategic move to elevate its offerings, the brand has launched great scores in premium wool-rich blends, Super 120s and 140s, introduced Lanella, and all-wool jacketing range under Exotic Collection.
It also launched Urban Flare Super 100s and Aldano Super 90s at a very attractive price point. Additionally, Linear Legacy and AI-inspired high fashion lines were unveiled to showcase cutting-edge design and innovation. Now, let me talk about the Branded Apparel segments, where the revenue stood at INR 370 crore in the first quarter of fiscal 2026, as compared to INR 303 crore in the same quarter last year, which reflects a growth of 22% year-on-year basis. The growth was witnessed across all brands and key channels such as EBOs, MBOs, and online. The segment reported an EBITDA of INR 19 crore in the first quarter of fiscal 2026, as compared to INR 15 crore in the first quarter of fiscal 2025, with an EBITDA margin of 5% in first quarter 2026, on account of improved visibility due to increased marketing spend.
Our focus on operational efficiency led to optimizing our retail network, as we exited 35 underperforming stores during this quarter. We will continue this optimization drive in the coming quarters to ensure our retail footprint delivers long-term sustainable, profitable growth. As of 30th June 2025, our store count stood at 1,675 stores, vis-à-vis 1,540 stores on 30th June 2024, a net increase of 135 stores. The recently opened stores are expected to take some more time to reach full maturity. Ethnix by Raymond now operates a robust network of 140 stores across India. During the quarter, we opened six new stores, while 18 underperforming stores were closed. We are also introducing the new Smart Ethnix collection, an eclectic brand of fusion silhouettes featuring short kurtas, bandis, trousers, and characters with a contemporary design language. Now, let me talk about the garmenting segments.
During the quarter, the revenue reported was INR 197 crore in the first quarter, as compared to INR 252 crore in the same quarter previously, impacted by uncertainty on account of U.S. tariff announcements. The EBITDA for the quarter was a loss of INR 8 crore compared to INR 9 crore profit in the last year, first quarter 2025. The EBITDA margin was at negative 3.9% in this quarter, impacted on account of same user ratio. The repeated imposition of new tariffs by the U.S. continues to create uncertainty. This approach is widely seen not as a consistent economic policy, but rather as a tactical maneuver to gain leverage in ongoing trade negotiations. The lack of stable trade stance makes it extremely difficult for Indian businesses to plan effectively, adding a considerable layer of complexity to the India-U.S. trade relationship.
However, the recently signed India-U.K. FTA unlocks zero-duty access for 99% of Indian exports, including textiles and apparels. This represents a major growth opportunity, especially in the labor-intensive categories like garmenting. However, realigning supply chains to fully leverage this agreement will require time and strategic coordination, particularly for small manufacturers and exporters. Now, let me talk about the high-value Cotton Shirting segment. It reported a revenue of INR 205 crore in the first quarter of fiscal 2026, as compared to INR 186 crore in the first quarter of 2025, a 10% year-on-year growth on account of strong demand from our B2B customers for our cotton and linen fabric shirting offerings. The segment reported an EBITDA of INR 20 crore in the first quarter of fiscal 2026, as compared to INR 10 crore in the last year, with an EBITDA margin of 9.5% in this quarter.
The growth was predominantly on account of higher sales and improved product mix. Now, let me talk about the balance sheet, where the Company has a net debt of INR 55 crore as of 30th June 2025. The net working capital stood at 90 days as of June 2025 compared to 83 days in June 2024. This sequential increase was mainly due to inventory buildup for the upcoming festive and wedding season. We remain focused on optimizing our net production capital on a continued basis. Looking ahead on the outlook, we anticipate fiscal 2026 to mark a strong recovery phase, supported by a promising start in the forward bookings for the Autumn-Winter 2026 selection, both in fabrics as well as apparel business. Regular restocking is underway, and retail expansion continues. The business is well-positioned to ride the wave of improving sentiment on urban consumption.
Now, we have opened the call for questions.
Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mr. Shreyansh from Equentis Wealth Advisors. Please go ahead, sir.
Congratulations on a good set of numbers, sir. Am I audible?
Yes, yes, you are. Thank you.
Yes, just a couple of questions. You mentioned within the Ethnix wear segment we've opened six stores and shut down 18 stores. I just wanted to understand what is the age of these stores that we shut down and what were the regions that these stores were being shut down in. The second question is, how has the post-Q1 response been for us? Like, how has July month been for us in terms of various segments?
Yeah, thanks, sir. Thanks, sir. I think, look, fundamentally, you know what we are doing at this juncture is relooking the entire portfolio of all the retail stores which are there. Because at the end of the day, if the store and when you open a good number of stores, you will find some of the stores are not doing well in spite of putting all the effort. I think we have done a very calibrated approach thereby, and it is across the country. It is not one particular region. We have identified some of the stores which have not done very well. We do not believe that it has also the possibility to do well going forward. That is why we have closed these stores for this. Now, the second point was the Q1 response. July, you all know, is traditionally a weaker month because practically nothing happens.
There's no wedding. There's no event which drives the consumer to buy. However, because of certain things which we changed, you must have seen in the newspapers our good policy on garment exchange program, which did exceedingly well compared to last year. We have seen a very, very big growth in the number of products which came to us, and the people got strict. Similarly, even if I look at it at the apparel, the end of season sales, I think we have seen, especially because that's the TRS, I know the numbers, and the EBOs, I know the numbers. I think there also we have seen a double digit, and that is a secondary sales. The reason for this secondary sales has grown in a double digit compared to last year. The reason for this is very simple.
We brought in some of the new products which we talked about for the fabric side. Secondly, even on the apparel side, I think the uniqueness which we brought and the way we communicated to the market across the branded suitings, shirtings, as well as apparel has led to the consumer coming to our stores and buying the products. I think we are quite, should I say, satisfied with the July performance.
Got it.
I would also like to add a certain point. When we started this garment exchange program in a big way, the participation from the stores was about 900 stores participated. That is one. We got about 55,000 new customers in the store. This was a very, very strong foothold that came to the stores, and we hope to build upon that. It also helps the inventory liquidation in a big way in the store. We are getting very good response in the next season booking. Winter booking is getting stronger and stronger.
Got it. Very clear. Just to follow up on the Ethnix wear side, the answer that you gave, is it because of the demand concern within that region, or is it something like temporization that is happening within the stores that we've done, or what sort of calibration are we doing there? Is it just like because of the poor response that?
I think primarily it is the poor response because the markets suddenly are getting market shifts from a location A, 100 m down the road, there is a new shift of this wedding market, 200 m. I think those are some of the news. There are some things we need to see, that is, is it really appropriate to have in a city like that, which is a smaller city where people like to buy a local boutique product and not a branded product. I think there's a combination, and we are not doing just one level. We have a seven-pointer scale in which we measure the metrics, and then we decide on continuing or closure of a store.
Got it. Thank you. I'll follow up on that.
Thank you. The next question is from the line of Mr. Chetan from Systematix Group. Please go ahead.
Yeah, hi. Thank you for the opportunity. My question is on our store rationalization strategy. We have closed around 35 underperforming stores this quarter, and 18 were of Ethnix. Can you highlight which other specific brand stores were closed? Is there like any specific brands which are not performing well currently?
Actually, this is not that one is not performing, the other is performing. It is basically, as I said for the Ethnix in the previous question's response, that we have created a matrix by which if these things do not come forward and they have demurred the whole cycle, the winter cycle, the summer cycle, for example, apparel, even the end of season sales, pre-end of season sales which should have seen, and then all those parameters we have seen, and then we have decided. It was known. It was not that we are deciding just that we have to close, we are closing. It is equally distributed if I look at it over our four brands that how many stores we closed for Raymond Ready to Wear or Park Avenue. Broadly, equitably, we have closed the stores.
Are we shifting towards a smaller or larger store format? Are we focusing more on multi-brand expansion ahead?
Actually, you know this is very unique with Raymond , our apparel business, that I have got actually three or four typical channels working for me. We have the TRS, which is actually practically in the industry, not many which have this kind of a channel. The spread is to the tune of more than 1,000 stores over 600 cities, which sell our apparels. That gives you the reach very well. We have the LFS, which everybody has, EBOs, which we have, they have. I think the uniqueness comes from us from this side. The third thing is the MBO, which we talked about. We believe there has to be a right balance between an EBO and what we call MBO because TRS is as good as an EBO because the customer comes in to buy fabric, customer comes in to buy apparel, and the cross-selling happens.
It's a very unique opportunity which we are able to provide to consumers that somebody wants to buy a shirt and gets a trouser since he has the capability or the vice versa. That is a very unique model which we have through the TRS. Some of the policy changes which we have done for the TRS also helped us to grow and finish this. We are seeing very clearly, as Mr. Pokharna pointed out, that the growth we just started the booking for the autumn-winter for the apparel, and we have already seen a good double-digit growth in the apparel booking for the autumn-winter as well.
Okay. Thank you. Just one last question on garmenting. Have you received any formal commitments or volume indications from any U.K.-based clients that post this FTA?
It is just not possible that from today to tomorrow. It is a cycle of 8- 10 months. Now what happens is in the process of 8 - 10 months, the people have come. I can't tell you the name, but in the last four days, two large, what we call customers have come who have already started to look at our facilities, who were not considering to come to India primarily because of a price reason. Now they have started to come look at it. It is a journey, and that's why I'm saying next 12- 15 months, you have to give this journey, and then you would start seeing translation of orders.
Okay, great. Yeah, thank you.
Thank you. Participants, if you wish to ask a question, you may press star and one on your touchstone telephone. The next question is from the line of Ms. Deepali Kumar from Arihant Capital Markets Limited. Please go ahead, ma'am.
Yeah, hi. Thanks for the opportunity. I have a question with exterior demand on B2B segments. How do you see growth in the retail segment going ahead, and how do you gather more one-time and do they repeat regularly?
Okay. I think your voice has been very clear, but if I understood your question, you're saying institutional markets. Is that a correct understanding?
Yeah, yeah. B2B demand.
Yeah. B2B demand, actually, you see, there is this demand coming from the fabric business. Primarily, we are seeing there is a trend because we have been able to innovate some of the product designs which are liked by the B2B players. That is why we have caught an increase in this quarter. This journey we are on, and we are seeing to continue for the next few quarters because that has become a change in terms of the designing capability which we have brought in. That is going to help us to grow our volume. As I said earlier in my script also, this quarter is characterized by a good volume growth. Once you have a volume growth, it has an ability to take the shore.
The reason why I say this, we all had been impacted, especially in the MBOs for the suitings, that some of the Italian products or some of the foreign products, imported products were in the counters, which we have been able to replace with our product. I think that is a fundamental shift which has happened, which is becoming a stronger base for us.
That's wonderful. What's your FY 2026 CapEx budget? How do you plan and apply the tools for that?
Yeah. As we say always, we are not doing anything major going forward as a large business of manufacturing all the suiting, shirting, and the garmenting business. We intend to put anything between INR 175 crore -INR 200 crore of CapEx, of which, let's say, 55% - 60% is the maintenance CapEx. I think INR 40 crore- INR 45 crore will go into the garmenting, which is the expansion of the line which we talked about earlier. That is continuing expansion in other countries. The balance is a little bit on the IT side. We are upgrading some of the IT tools, our ERP system, and financing.
Sir, your working capital days has increased to 90 from 83 . This is related to garmenting. Is this expected to normalize after the festive season?
Yes, absolutely. This is a cycle which we follow every year that it gets normalized. What you're saying is right. In this particular quarter, you have seen a little increase compared to the last year. The reason being simple. As I said, the garmenting, because in the garmenting, which is an export business, some of the businesses we could not deliver because of the uncertainty which was hanging around. First, it was 9th of July, so people were very apprehensive. Only at the end of the month, they said, "No, it will get shifted to August." I think that is something which did not enable us to ship it out, which we have been able to ship out in the month of July. It was just us. That inventory sat on our books.
The other part of the inventory, which we always do and we want to do that positively, is to prepare for the festive and the wedding season. Actually, when we produce our units full, and that operating efficiency and operating leverage kicks in, that has also either support in improving the profitability of the business.
Okay. Sir, can you give guidance, segment wise guidance upcoming two or three years onward, also the margins?
Yeah, we show that margin. In any case, if you look at it in our paper, we show the margin what we have achieved. Broadly, if you see, the first quarter margin is not receptive for the whole year. If I look at it over the year, I think the Branded Textile business will be in that range of around the 20% which we have talked about all along. Our target, considering that apparel, I think what you can look is our two, three-year paper that we have been hovering around these margins because in the apparel business, there is a significant investment going on in terms of ramping up the stores, opening more MBOs, doing LFS. I think that is business which is in the build phase because it includes also the, what should I say, Ethnix, innerwear, sleepwear. This is a build phase.
As far as high-value Cotton Shirting, you see consistently they deliver a certain margin. The garmenting business, it is largely dependent upon the volume because you have a large workforce who works here. Once the order is pushed out, shipped out, then you get the operating leverage, which is also in the range of 8%, 7%, 8%, 9% margin.
Okay, sir. Can we expect this margin for the whole year?
This margin is?
Like the margin which came for Q1, we can expect this margin for the whole FY 2026?
No, no. I think you can expect a better margin than that. You can see significantly better margin from the first quarter because first quarter, I couldn't give you and I'm not giving you a guidance. The past trend tells that the first quarter is anything between 17%, 18%, 19%, 20% of the total yearly revenue. The fixed cost revenue is the same. The incremental revenue gives you an operating leverage, which improves your EBITDA margin dramatically going forward for Q2, Q3, and Q4.
Okay, sir. Thank you so much.
Thank you. Participants, if you wish to ask a question, you may press star and one on your touchstone telephone. The next question is from the line of Madhavendra Kumar, an individual investor. Please go ahead.
Yeah, hello.
Yes, sir. You're audible.
Good, please. Sir, as a customer at the presentation, our garmenting business doesn't have to be within U.S. territory, sir. They do uncertainty. It seems that garmenting business is seeing higher order. We can't really return to the worker. Means that how are we planning to do that given that the tariff is now at 50% and so much uncertainty?
Yeah, I think it's a very good point. Glad that you asked this question because when the problem becomes so large, then the solution comes to you. Not that I can hardly be in a 5%, 7% tariff. No. People would say something you share, something will be shared by the retailer in the U.S. When it is 50%, nobody has an ability to share. The only thing is if this continues, what will happen is eventually the U.S. consumer will pay and will have the impact. However, in my opinion, if I look at the current trend, which is the way, every second day you get a new version out of White House. First, we know that the second tariff increase, which he has put of 25%, he has delayed till 27th of August .
The reason why it is delayed till 27th of August is because he is sending a team into India to have a negotiation. Third, that we all know there is a discussion on that there would be a call between Russia, Ukraine, and U.S. to find a ceasefire. You have seen the reason why this 25% + 25% has been put because of the Russian oil and so on. I think it is a sort of, what should I say, negotiation tactics being deployed by the U.S. to put pressure across the globe in order to find some larger things like this, Ukraine, Russia, ceasefire and so on. I believe very strongly that these things may take a while to settle down, but it will settle down. It is for sure. If you look at it, it is every day we are hearing a new news.
Who is being targeted is typically the BRICS nations. If the BRICS nations are being targeted, the U.S. does not have the ability to have a consumption in that country without having the import of the various products coming out of these BRICS nations. Very, very clear, we are very confident that we will see some settlements going to be there. In any case, the overall larger business of ours, what is an export business for us, in any case, is 15%, 17%. Of that 15%, 17%, it is anything between 50% - 55%. Overall, if you see, the U.S. business is only 6.5%, 7% of the total. Of this 7%, 2.5% - 3% is serviced by Ethiopia. We have a plant in Ethiopia. Ethiopia stands to be at the lowest tariff rate of 10%.
I believe that there could be an opportunity coming to our way that our Ethiopian facility may have the ability to ramp up and produce more in order to service to that demand. I think, over time, this will be a good solution for a country like India. We are an integrated supplier, right from fabric to garmenting. And U.K. FTA we have exports to the U.K., and we have exports to Europe. We have exports to Japan. I think we have already put our teams in these countries in order to see if we can get more orders to ramp up over the next period of time.
How much does the U.K. contribute to our top line?
Sorry, can you repeat the question?
Yes. How much does the U.K. contribute to our top line?
U.K., if I look at it, it contributes in the exports. Garmenting revenue is around 15%.
Basically, our export business comes from the garmenting business, right?
Yes, yes, yes. It is from that roughly INR 1,100 crore business of the garmenting. That is an export business. Some fabrics we export, and we will continue to export the fabric because it is getting steep either in Bangladesh, Vietnam, and so on and so forth, Cambodia. That will continue because those guys are already sitting with the 20% duty.
Sir, in garmenting, how much comes from India?
Garmenting, nothing comes from India. I mean, 2% - 4%, we make it. 90% because that unit is meant for export.
Okay. As a non-large customer, as you said, the demand is in the area. Are we going to see better performance and gain profitability in coming to our customers?
Sorry, can you repeat? I think your voice is very.
Yeah, I was saying that we are seeing better demand in the Indian market. I mean, are we going to quote better performance regarding growth, profitability, and margin in the coming quarters?
2026 will be a much stronger and a better year compared to 2025.
Okay. Okay, sir, thank you so much.
Thank you. Before we take the next question, participants, if you wish to ask a question, you may press star and one on your touchstone telephone. The next question is from the line of Mr. Ujjwal Lal from an individual investor. Please go ahead, sir.
Thank you for the opportunity. What I understand from the annual report is that last year in the Branded Textiles segment, we grew by 20% in volume. Are there any steps that you have taken to correct this this year, and what exactly impacted certain areas more heavily last year?
Yeah, you're right. The entire Branded Textiles business, we had an impact. There were two or three factors. There was a continued weak demand. Why weak demand? The inflationary pressure was one, very, very high. The interest rates were high. As you know, there was the election last year. There was a lot of, what should I say, economic activity was not at a pace. I'm not saying it has changed dramatically. It has started to improve. We all know that as per the Finance Tax Bill in the Income Tax Amendment, there is this INR 1 lakh crore which has been given in the hands of the people. The inflation has come down. If I look at the interest rates, they have softened, the people paying their EMIs have come off. Therefore, there is a higher disposable income. We stand in a risky certain category.
That is one external factor. What is internally which we are doing differently is that we have provided the products at a price point which are very, very attractive to the consumer. We are communicating it well about the unique features of the product. Especially if I talk about the shirting as well as in the apparel business, you know we all are moving as a country more towards casualization. More and more casualization and at the same breath, premiumization is also happening, which is helping us to grow. As simple, if we look at it, 22% revenue growth we have delivered in the apparel segment. We have seen 27% increase in what we call Branded Textiles.
It is all driven by volume growth because we are very clear that we want to provide a value to the customer so that he is more engaged with us and he keeps benefiting. As he buys more, I get the benefits. As I said earlier, call scale optimized. What should I say? By higher scale, I get benefits. I get a scale leverage. That is what was missing last year. We had a scale de-leverage, and that is why the profitability was impacted. You see this year, very clearly, we grew 17% revenue growth, but 56% EBITDA growth. You can imagine that how the scale makes a difference in the profitability.
Yes, that helps. Another question was that on the senior management side, are we looking for a new CEO and CFO for the lifestyle business externally? When can we expect some progress on that?
Yeah. Very clearly, the board and the NRC Committee is working on it hard. At the end of the day, the Company has got very efficient people in terms of Chief Business Officers of each of the respective businesses who are managing, who have been in the business for some time. They have a good ability to manage all these businesses. There is a lot of group support which is also available for the business. To that extent, it is clearly one path to identify the individuals for filling these positions. At the same time, without any compromise, we are working on with the management team what is available for the business.
Okay. My another question was on the Ethnix price. I understand that we have rationalized our approach, and last year we crossed INR 100 crore revenue. When can we expect to break even, or what is the current position on the EBITDA margin on the Ethnix side of the business? Can we break even in this year or the next year?
Look, Ethnix is a business which is in the mode of investment. You know, no brand has created overnight. It is a new line of business. We have a natural win possibility because we, you know, we are the largest in the wedding, and it is being suits have been worn. There won't be a wedding in India where a Raymond suit does not fit them. To that extent, I have a natural extension. However, it takes a while. The last year has been very muted even for the wedding. What has also happened is increasingly the competition is there. The competition is not only just from the organized sector. It is also that every city you have got four, five, what should I say, local booking brands coming up. That’s also naturally being created. Therefore, your competition is not just for the organized set. Your competition is getting worse.
However, because we have a natural inclination for the wedding market, we have a right to win in this market. We continue to invest. Obviously, it will take longer than what we thought or what you say in this year because we were very clear in the plans that it would take a four or five-year journey in order to become a much more stronger and a sustainable business. We are not going to rush into this, that I rush into a business, try to make it profitable, and then we have a challenge over the next two, three years. Therefore, we want to do a slow and steady growth, but a more profitable and a sustainable growth.
Thank you. That answers all my questions. Best of luck for the podcast.
Thank you.
Thank you. Participants, if you wish to ask a question, you may press star and one on your touchstone telephone. The next question in line is from Mr. Abhijeet Kundu from Antique Stock Broking. Please go ahead, sir.
Yeah, hi. Congrats on a strong set of numbers. What a great job turnaround during the quarter. In Branded Textile, you know, so what was one of the key driving factors? I mean, because if getting that share higher during the quarter, then obviously suitings must have done better. We had a plan some time back that to scale up branded textile as a business, we will also focus on shirting, you know, because that was something where the penetration was relatively lower. Sure, suiting and the penetration is relatively higher. What has happened during the quarter? I mean, suitings have driven growth. What are the plans with the shirting part? Secondly, you get to find that B2B played a big part in branded textiles. How was the, I mean, if B2B was one of the key drivers, what would be the contribution broadly?
Because B2C would be a bigger part. Firstly, some color on that.
I'll tell you very clearly what you said. The growth is when you had a higher number of wedding dates. At the end of the day, it is just not the wedding date. It is also the product range which you present. Clearly, Branded Textile, as you rightly said, shirting is a big journey for us. Shirting, we grew significantly higher than suiting because suiting, I'm already, what should I say, a big leader in the market, enjoy a large share in the worth-head market in the range of 60%- 65%. Ability to grow in that segment, you can shift a mix, which we have done because my core strength is a poly- wool. I went and grew in that segment. In the poly, of course, can be a bit a molecule lower, but we still definitely grew in the suiting.
If I talk about the shirting, which you rightly pointed out, I think we have grown almost 50% higher than what we have grown in suiting. The reason being which I alluded earlier, that it was the nice print design change in the blend. The linens, you know, linens are in big fashion. We brought a lot of different qualities, blends, silk linen, cotton linen, all these kinds of new new ideas and casualization. Otherwise, we were considered in our shirting fabric more a formal shirting company. Now we have changed to a good casualization piece also. That has led. Third thing, what we also did was advertise the product, that what is that coming into the market and how it is going to benefit.
Similarly, putting a little bit of a technical edge that it is a, what should I say, wrinkle-free, stain-free, and all these kinds of things which attract the customer. Mr. Pokharna , you want to add something?
I would say too, good afternoon. Apart from whatever Amit just said, you know Raymond is a very, very strong brand. We were missing out on certain product lines and certain price points, which was the advantage we were losing out in our multi-brand outlets because of price points not available. We did a thorough research on it and identified how do we grow on our markets there. We definitely worked on it, introduced right products to right price points, and we have seen a double-digit growth in multi-brand outlets, double-digit growth across the board. Similarly, in shirting also, we created products which met the demand of customers. All these actions put together have brought us volume growth and value growth, both. We continue to focus on these sites, and our strength is the poly- wool fabrics.
We are working on it so that we protect our market share in a big way and grow continuously on that.
As you mentioned, the substitution of the imported into the MBOs, you will be amazed, Abhijeet, that in the MBOs, some of the shelf space which we had was there maybe seven, eight years back. We got back those shelf spaces. The MBO revenue alone for us, I should not be going out, but since you asked the question, I have grown my MBO volume by 50%.
Wow.
That kind of a transformation we have seen in this quarter. This will continue. Once the product is of mine, he will sell them, and he will replace mine only.
Okay. On the Branded Apparel side again, which are the brands that have done well, or any brand that stood out, or it was a, you know, across the board, it was a very broad range performance?
I think it was broad based, but I think if I take, and these are relatively 2%-3% growth plus minus compared to the other brands, I think if I look at it, the Park Avenue and RR did extremely well. I think the Color Plus, because we have revamped the entire range of Color Plus in a very different manner, connecting to the young, what should I say, young mid-30s kind of people, which was going to mid-40s and 50s people, that we are trying to bring a range for catering to the demand for the mid-30s people. I think that we have seen we're just running right now a trade show for the apparel booking. There is a very good appreciation coming from the customers on the Color Plus, as well as the whole Park Avenue has brought in new technical fabrics.
I think it's free this, free that, free, and which is, again, very attractive to the market because people want to see some of the new developments, wear nice, comfortable. I think these are some of the big changes which we want to do. The casualization, I think, very important is a casualization which we are seeing.
How much would be the casual as percentage of, you know, a broad percentage of the overall offering now, and how much of the growth has come from that?
I think still our casual range would be in the range of 20% - 22% of the total product line in the apparel segment. I'm talking in the RR and TA. What happens is TP is entirely casual, and Parx is also entirely casual. I think these are the two which I have just said. What has happened is the number of options which we are getting in this casual range is becoming wider, which attracts the customers. India is a very large country. What sells in the North will not sell in the South. I think accordingly, we have created a range which would do very well in the North, which may not do as well in the South, but we create a range for the South. I think that is a combination. This will also help us in optimization of the inventory.
Got it. In terms of net levels, what would be the net debt level now? Because.
Net debt, yeah, INR 55 crore we have a debt. Again, it is an increase in the working capital by almost INR 110 crore-INR 115 crore. Some of the CapEx, which we had not incurred in the past years, incurred in this quarter as in the plans. Some of the maintenance CapEx had to be done. That has led to a net debt. Otherwise, on 31st March, we were sitting on a positive stat. I think in the next two quarters, by December, again, we will be sitting because, as I have told you earlier also, the first and the second quarter is an inventory build and receivable build for putting the product into the markets to meet the festive demand as well as the weddings.
Later on in the second half of the year, the company starts to get all the sales leads and everything, which helps to reduce the working capital. We are very confident. You have seen that over the last four or five years, we have been able to bring down our working capital dramatically. What used to be pre-COVID was much higher. We have a very focused, optimized approach. There is a very clear cadence how the working capital is being managed.
Okay. Great. This is the last one. In terms of consumer sentiment, we have seen that other companies also, like you, are into somewhere related to wedding and, during the quarter, because of good wedding season, and otherwise, also, you have seen a very strong recovery in terms. In terms of overall consumer sentiment, how do you see it in the sense that is there, you know, the recovery has started happening and we will see continued improvement? You said that in the trade show that you have had, there has been quite a positive response. One, there is an internal factor which has worked in the quarter. How has been the external factor as a whole?
I will say external factor has improved. Can I say it is a great improvement? The answer is no. Still, people are playing a bit cautious to go out and buy. There is still a little bit of a question mark. Shall I, shall I not? It is not the same as 2024 where there was a demand. Everybody was rushing into the store to buy the stuff. It is not exactly similar. Can I say to you there is an improvement compared to last year to this year? The answer is yes, but not to a great extent. What we have focused on, look, markets are markets. I can't change the market. What I need to do is internally, what is all the leverage which I have, I need to utilize those levers in order to see how can I get a market share higher.
As I gave you an example for you for the fifth time recession, it was a hard call for us to get the imported fabrics out of the MBO and get back the shelf space. I think that is something which we went out, drove this. We said, "You need a particular blend. We will give you a particular blend. You need a particular pricing." It is not that I compromised my gross margin. Otherwise, my profitability would have been hit. We did not do that. Similarly, in the TRS for the apparel, we saw there was some bit of a policy tweaking was required in order to see that the sale of the stock of TRS gets liquidated, gets reduced. We said, "Okay, we changed the policy. They reduced the stock. TRS will not go and buy from somebody else.
We will come back and buy." That we have clearly seen. If I look at the bookings for the last six, seven days, which have started on 31st of July to 7th of August, we are already seeing like-to-like anything between 20% - 25% growth. To that extent, these are cautious approaches which we do. Third thing, I need to communicate. I think we might have the greatest of the products because if Abhijeet doesn't know what product I have, how did Abhijeet come and buy my product? I have to communicate to Abhijeet that this is my product. Please come and see this. I think these are fundamental shifts we have done and connect to the trade. I think that is also very important. It's still relationship-based. We need to spend time with them, socialize with them, and that just helps the business with the sales.
I would like to add one more thing. As you are aware, Raymond is a very powerful domestic brand, and it's the aspiration of the Indian people to Raymond. We were outpriced on many product lines, and products were not created for the mass people, so they were getting out of reach. Accordingly, we focused on that upcoming consumers, and we created products for them to meet their aspiration to wear a Raymond cloth or a good quality fabric. We succeeded in that by putting up lines. As you have seen it in multi-brand outlets, we grew by 50% or so. We continue to make these efforts to bring in new customers into it and meet their expectations and aspirations to wear the Raymond. That's a big success which we have got into this year.
Got it, sir. Thanks a lot for all your answers. That's it from my side.
Thank you.
Thank you. That was the last question for this session. I would now like to hand the conference over to Mr. Amit Agarwal for closing comments.
Thank you very much. I really appreciated the kind of interest from everyone. We look forward to talking to all of you in the next quarters. Thank you.
Thank you so much, sir. On behalf of Antique Stock Broking Limited, that concludes this conference. Thank you for joining us, and you may now disconnect.