Interim report
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SECRETARIAL DEPARTMENT Jekegram, Pokhran Road No.1, Thane (W)-400 606 Maharashtra, India CIN No.: L 17117Mfl1925PLC001208 Tel: (91-22) 4036 7000 / 6152 7000 Fax: (91-22) 2541 2805 www.raymond.in RL/SE/26-27 /72 October 27, 2026 To The Department of Corporate Services - CRD BSE Limited P.J. Towers, Dalal Street Mumbai - 400 001 Scrip Code: 500330 Dear Sir /Madam, The National Stock Exchange oflndia Limited Exchange Plaza, 5th Floor Bandra-Kurla Complex Bandra (East), Mumbai - 400 051 Symbol: RAYMOND Sub: Outcome of Board meeting - Financial Results We wish to inform you that the Board of Directors of Raymond Limited ("the Company") at their meeting held today i.e. October 27, 2026, has inter alia considered and approved the Unaudited Financial Results (Standalone and Consolidated) for the Second Quarter and Half year ended September 30, 2026. The Meeting commenced at 2:30 p.m. and concluded at '6 '. 's <5' p,N) • Accordingly, pursuant to Regulation 30 and Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose the following: 1. Unaudited Financial Results (Standalone and Consolidated) of the Company for the Second Quarter and Half year ended September 30, 2026; and 2. Limited Review Report of the Statutory Auditors of the Company for the said period. Please take the above information on record. Thanking you. Yours faithfully, For RAYMOND LIMITED RAKESH DARJI COMPANY SECRETARY Encl.: A/a REGISTERED OFFICE Plol No. 156111 i'b. 2, Village Zajgam, Ralnagiri - 41 5 612, Maharashtra Tel: (02352) 232514 Fae (02352) 232513
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Price Waterho use Chartered Accountants LLP Review Report To The Board of Directors Raymond Limited JK House, 59A, Bhulabhai Desai Marg, Breach Candy Cumballa Hill, Mumbai - 400026. 1. We have reviewed the consolidated unaudited financial results of Raymond Limited (the "Holding Company"), its subsidiaries (the Holding Company and its subsidiaries hereinafter referred to as the "Group"), and its share of the net profit/(loss) after tax and total comprehensive income of its joint ventures and associate companies (refer paragraph 4 below) for the quarter ended September 30, 2026 and the year to date results for the period April 01, 2026 to September 30, 2026 and the Consolidated Balance Sheet as on that date and the Consolidated Statements of Cash Flows for the half-year ended on that date which are included in the accompanying Statement of consolidated financial results for the quarter and half year ended 30 September 2026 (the "Statement"). The Statement is being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes. 2. This Statement, which is the responsibility of the Holding Company's Management and has been approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements ('SRE') 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants oflndia. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. 4. The Statement includes the results of the entities listed in Annexure A. " % q" Price Waterhouse Chartered Accountants LLP, Nesco IT Building Ill, 8th Floor, Nesco I Gate No. 3 Western Express Highway, Goregaon East, Mumbai 400 063 T:+91(22)61197810 Reg,stered office and Head office· I 1-A, V15hnu D1gamber ~larg, Suchcta Bhawan, New Delhi - 110002 Pnce Waterhouse (a Partnership Furn) converted uuo Pncc Waterhouse Chartered Accouutant; LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect from July 25. 2014 Post ,ts conversion to Pnce Waterhouse Chartered Accountants LLP, its !CAI r<g,strauon number ts 012754NIN5000lo (!CAI registration number before con.,rnon was 0 12754N)
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Price Waterhouse Chartered Accoun tants LLP 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The interim financial results of 4 subsidiaries reflect total assets of Rs. 11,921 lakhs and net assets of Rs. 3,422 lakhs as at September 30, 2026, and total revenues of Rs. 4,504 lakhs and Rs. 8,350 lakhs total net profit after tax of Rs. 15 lakhs and Rs. 64 lakhs and total comprehensive loss of Rs. 109 lakhs and Rs. 56 lakhs, for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. 36 lakhs for the period from April 01, 2026 to September 30, 2026, as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also include the Group's share of net profit after tax of Rs. 67 lakhs and Rs. 38 lakhs and total comprehensive income/(loss) of Rs. (3,037) lakhs and Rs. 9,800 lakhs for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026, respectively, in respect of 2 associates and 1 joint ventures. These interim financial results have been reviewed by other auditors and their reports, vide which they have issued an unmodified conclusion, have been furnished to us by the Management or other auditors and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates and joint ventures, is based on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of the above matter. 7. The consolidated unaudited financial results also include the Group's share of net profit after tax of NIL and NIL and total comprehensive income of NIL and NIL for the quarter ended September 30, 2026, and for the period from April 01, 2026 to September 30, 2026, respectively, as considered in the consolidated unaudited financial results, in respect of 1 associate based on their interim financial results, which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group. Our conclusion on the Statement is not modified in respect of the above matter.
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Price Water house Chartered Accountants LLP 8. (a) The comparative figures of the Group as set out in the Statement for the qua11er ended September 30, 2026 and the year to date results for the period April 01, 2026 to September 30, 2026, were reviewed by another firm of Chartered Accountants who, vide their report dated October 27, 2025, expressed an unmodified opinion on the same. (b) The consolidated financial statements of the Company for the year ended March 31, 2026, were audited by another firm of chartered accountants under the Companies Act, 2013 who, vide their report dated May 05, 2026, expressed an unmodified opinion on those financial statements. Our conclusion on the Statement is not modified in respect of the above matters. For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 Kalpesh Bhandari Partner Membership Number: 120036 UDIN: 26120036PYLVWC4605 Place: Mumbai Date: October 27, 2026
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Price Waterhouse Chart ere d Accountants LLP AnnexureA List of entities included in the consolidated financial statements HOLDING COMPANY • Raymond Limited SUBSIDIARIES • Pashmina Holdings Limited • Everblue Apparel Limited • Raymond Woollen Outerwear Limited • JK Maini Precision Technology Limited (including its subsidiaries JK Talabot Limited and PT JK Maini Precision Technologies Indonesia (w.e.f. 5 August 2025)) • JK Files & Engineering Limited (including its subsidiary Scissors Engineering Products Limited) • JK Maini Global Aerospace Limited ASSOCIATES • P.T. Jaykay Files Indonesia (including its subsidiary P.T. Jaykay International Indonesia) • J.K. Investo Trade (India) Limited (including its subsidiary J.K. Helene Curtis Limited) • Radha Krshna Films Limited JOINT VENTURES • Raymond UCO Denim Private Limited (including its subsidiary UCO Raymond Denim Holding NV and share in joint venture namely UCO Tesatura S.r.l.)
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Reaistered Office: Plot No.156/H No.2. Villaae Zadoaon. Ralnaolri 415 612 /Maharashlral CIN:L 17117MH1925PLC001208 Email : corp.secretarial@raymond.in; Website: www.raymond.in Tel: 02352-232514, Fax : 02352-232513; Corporate Office Tel : 02240349999, Fax 022-24939036 A.STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 September 2026 (~ in lakhs unless otherwise staledl Sr. wuarter enaeo Hair ,ear enaea Year ended No. Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 !Unaudited! runauditedl /Unaudited! 1Unauditea1 IUnauditedl fAudit""' Continuing o~erations 1 ln<.ome a) Revenue from operations 65,516 60,561 52,769 126,077 105,198 221,210 b) 01her Income 2,806 2,249 3,602 5,055 6,705 9,970 Total income 68,322 62,810 56,371 131,132 111,903 231,180 2 Expenses a) Cost of materials consumed 21,852 18,655 17,414 40,507 35,929 74,495 b) Purchases of stock-in-trade 2,321 1,536 1,280 3,857 2,312 4,103 c) Changes in inventories of finished goods, (2,265) (170) (1,223) (2,435) (2,106) (3,548) work-in-progress and stock-in-trade d) Employee benefits expense 12,170 11,366 10,255 23,536 20,260 41,758 e) Finance costs 2,162 2,027 2,150 4,189 4,005 8,363 f) Depreciation and amortisation expense 3,975 3,790 3,843 7,765 7,694 15,161 g) Other expenses - Manllfactuling and operating 16,306 14,547 12,837 30,853 25,320 52,022 • Others 7,601 6,897 7,881 14,498 13,530 28,886 Total expenses 64,122 58,648 5-4,437 122,no 106,944 221,260 Profit from continuing operations before 4,200 4,162 1,934 8,362 4,959 9,920 3 share in profrt/(loss) of associates and joint ventures, exceptional items and tax (1-2) 4 Share in profil/(loss) of associates and joint 67 (29) (22) 38 (226) (355) ventures, net of tax Profit from continuing operaHons before 4,267 4,133 1,912 8,400 4,733 9,565 5 exceptional items and tax (3+4) 6 Exceptional items (refer note 3) . (16,740 . (16,740 (20,142 7 Profit/(Loss) profit from continuing 4,267 4,133 (14,828) 8,400 (12,007) (10,577) operations before tax (5+61 8 Tax expense • Current tax (487) (625) (1,369) (1,112) (1,802) (1,844) - Deferred tax (refer note 3a) (574 (423: 17,586 (997 17,260 17,775 Total Tax (expense)/credlt (1,061 (1,048: 16,217 (2,109'. 15,458 15,931 9 Profit for the period/ year from i:ontinuing 3,206 3,085 1,389 6,291 3,451 5,354 operations (7+8) Discontinued 011erati0ns 10 Profit from discontinued operations (refer note - . - - 537,386 537,386 4) J -... , , ... (' ,.~ ... "' j. . , .. ;r
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Reaistered Office : Plot No.156/H No.2. Viltaoe Zadoaon. Ratnaairi 415 612 /Maharashtra\ CIN:L 17117MH1925PLC001208 Email : corp.secretarial@raymond.in; Website: www.raymond.in Tel: 02352-232514, Fax: 02352-232513; Corporate Office Tel: 022-40349999, Fax 022-24939036 A.STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 September 2026 It in lakhs unless otherwise stated) Sr. QuarterendAd Half Year ended Year ended No. Particulars 30.09.2026 30.06.2026 30,09.2025 30.09.2026 30.09.2025 31.03.2026 runa11111tedl 111nauditedl UJnaudiledl runauditedl rUnauditedl rAuditedl 11 Tax expense on discontinued operations . . . . (6,633) (6,633) 12 Profit from discontinued operations for the . . . . 530,753 530,753 period/year (10+11) 13 Profit for the period/ year (9+12) 3,206 3,085 1389 6 291 534 204 536,107 Other Comprehensive Income ('0Cf1 14 Continuing 011erations Items that will not be subsequently reclassified to profit or loss Remeasurements af defined benefit plan 36 . 46 36 81 594 Fair value changes on equity instruments 1,527 8,798 (7,679) 10,325 (44) (18,973) through OCI Jn,:;ome tax relating to above items (218) (1,258) 1,101 (1,476) (2) 2,633 Share of OCI in associates and joint ventures (3,103) 12,865 64,992 9,762 64,992 39,503 (net of tax) Items that will be subsequently reclassified to profit or loss Exchange differences on transfa~ng financial 3 2 . 5 . statements of foreign operations Share of OCI In associates and joint ventures - 9 . 9 10 (net of tax) Other Comprehensive lncome/(Loss) from (1,755) 2.0,407 58,469 18,652 65,046 23,767 Continuing Operations for the period/ year Other Comprellensive lncomel(Loss) from . . . . 15 Discontinued Operations for the period/ year Total Other Comprehensive fncome/(Loss) (1,755) 20,407 58,469 18,652 65,046 23,767 16 for the period/ year (14+15) 17 Total Comprehensive Income for the 1,451 23,492 59,858 24,943 599,250 559,874 period/ year (13+16)
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Reoistered Office : Plot No.156/H No.2. Villaoe Zadaaon. Ratnaairi 415 612 fMaharashtral CIN:L 17117MH1925PLC001208 Email : corp.secretarial@raymond.in; Website: www.raymand.in Tel: 02352-232514, Fax: 02352-232513; Corporate Office Tel: 02240349999, Fax 022-24939036 A.STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 September 2026 ,, in lakhs unless otherwise slated! Sr. auarter en""" Ha11 Year ended Year ended No. Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 7Unaud1tedl /Unaudited\ /Unaudited I IUnauditPdl 1u naudited• IAuditedl Profit for the period/ year attributable to Owners of the Company 2,235 2,099 1,138 4,334 533,657 534,127 Non--oontrolling interests 971 986 251 1,957 547 1,980 3,206 3,085 1,389 6,291 534,204 536,107 Other Comprehensive lncome/(Loss) for the period/ year attributable to Owners of the Company (1,765) 20,406 58,469 18,641 65,046 23,610 Non-controlling interests 10 1 - 11 - 157 (1,755) 20,407 58,469 18,652 65,046 23,767 Total Comprehensive Income for the period/ year attributable to Owners of the Company 470 22,505 59,607 22,975 598,703 557,737 Non-controlling interests 981 987 251 1,968 547 2,137 1,451 23.492 59,858 24.943 599.250 559.874 18 Paid-up equity share capital 6,655 6,655 6,655 6,655 6,655 6,655 (Face Value - , 10 per share) 19 Other equity 277,743 20 Earnings per equity share (Face value off 10 each) Continuing operations (a) Basic 3.36 3.15 1.71 6.51 4.36 5.07 (b) Diluted 3.13 3.15 1.71 6.34 4.36 5.07 Discontinued operations (refer note 4) (a) Basic - 797.51 797.24 (b) Diluted - - 797.51 797.24 Continuing and discontinued operations (a) Basic 3.36 3.15 1.71 6.51 801.87 802.31 'bl Diluted 3.13 3.15 1.71 6.34 801.67 802.31
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B.SEGME NT WISE REVENUE, RES UL TS, ASSETS AND LIABILITIES (CONSOLIDATED) FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026 (tin lakhs, unless otherwise stated) Quarter ended HalfYear ended Year Ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited} Segment revenue Revenue from external customers - • Precision technology and auto component 47,061 44,391 40,923 91,452 80,751 166,693 • • Aerospace and defence 13,936 12,273 6,104 26.209 16.842 39,238 - • others 4,559 3,925 3,752 8,484 7,618 15,314 Inter segment revenue (40) (26) (10) {68) (13) (35) Segment revenue from continuing operations (a) 65,516 60,561 52,769 126,077 105,198 221,210 Revenue from discontinued operations (refer foot note - 13,754 ~) . 13,754 Total revenue (a+b) 65,516 60,561 52,769 126,077 118,952 234,964 Segment results -• Precision technology and auto component 4,030 4,i73 3,699 8,203 5,979 14,504 •·Aerospace and defence 1,855 1,562 724 3,417 1,838 4,864 - Others (215) (235) (174) (450) (319) (362) Segment profit before finance costs, Unallocated 5,670 5,500 4,249 11,170 7,498 19,006 lncome/(expenses) (net), share in profit/(loss) of associates and joint ventures, exceptional items arid tax Finance costs (1,997) (1,863) (2,019) (3,860) (3,713) (7,804) Unallocated lncome/(expenses) (net) 527 525 (296) 1,052 1,174 (1,282) Profit from continuing operations before share In 4,200 4,162 1,934 8,362 4,959 9,920 profit/(loss} of associates and joint ventures, exceptional ilems and tax Share in profil/(loss) of associates and joint ventures, net of 67 (29) (22) 38 (226) (355) tax Exceptional items - (loss) (refer note 3) - - (16,740) - (16,740) (20,142) Profit/(Loss) before tax 4,267 4,133 (14,828' 8,400 {12,007) (10,577} Tax credit/ (expense) (refer note 3a) (1,061) (1,046) 16,217 (2,109) 15,458 15,931 Prof rt for the period/ year from continuing operations 3,206 3,085 1,389 6,291 3,451 5,354 Profit from discontinued operations for the period/year . . - 530,753 530,753 (refer footnote (i)) Profit for the period/ year 3,206 3,085 1,389 6,291 534,204 536,107
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C. Consolidated Balance Sheet as at 30 September 2026. (f in lakhs, unless otherwise stated} Particulars Asat Asat 30 Seotember 2026 31 March 2026 (Unaudited) (Audited} I. ASSETS 1 Non-current assets (a) Property, plant and equipment 84,190 84,125 (b) Capital work-in-progress 6,336 3,817 (c) Goodwill 9,759 9,759 (d) Other intangible assets 56,233 58,539 (e) Intangible assets under development 161 79 (f) Investment Property 1,914 - (g) Investments accounted for using the equity method 75,256 65,456 (h) Financial assets (i) Investments 67,730 53,533 (ii) Loans 20 46 (iii) Other financial assets 2,383 2,454 (i} Deferred tax assets { net) - 1,092 0} Income tax assets (net) 1,042 747 (k) Other non-current assets 4,697 3,520 Total Non-current assets 309,721 283,167 2 Current assets (a) Inventories 54,729 48,701 (b) Financial assets (i) Investments 21,144 50,516 (ii) Trade receivables 55,995 52,075 (iii) Cash and cash equivalents 7,867 13,479 (iv) Bank balances other than cash and cash equivalents 42,601 4,763 (v) Loans 2,634 2,702 (vi} Other financial assets 4,113 3,332 (c) Other current assets 16,062 15,059 Total Current assets 205,145 190,627 TOTAL ASSETS 514,866 473,794 Jf
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C. Consolidated Balance Sheet as at 30 September 2026. (' in lakhc, unlou othorwise stated' Particulars Asat Asat 30 September 2026 31 March 2026 {Unaudited) .{Audited) II. EQUITY AND LIABILITIES 1 Equity (a} Equity share capital 6,655 6,655 (b) Other equity 309,101 277,743 Equity attributable to owners of the Company 315.756 284,398 (c} Non-controlling interests • 29,334 27,366 Total Equity 345,090 311,764 2 Liabllltl&s I Non-current liabilities (a) Financial liabilities (i} Borrowings 44,320 46,003 Oi) Lease liabilities 5,975 4,747 (iii) Other financial liabilities - 6 (b) Deferred tax liabilities ( net} 1,827 417 (c) Other non-current liabilities 25 26 Total Non-current liabilities 52,147 51,199 ii Current liabilities (a) Financial liabilities (i) Borrowings 57,982 53,848 (ii) Lease liabilities 1,225 891 (iii} Trade payables Total outstandina dues of micro enterorises and small enterorises: and 3,529 3,706 Total outstanding dues of creditors other than micro enterprises and small 33,169 30,776 enterprises (iv} Other financial liabilities 7,966 8,763 (b) Other current liabilities 4,769 4,341 ( c} Provisions 7,813 7,379 ( d) Current tax liabilities (net} 1,176 1,127 Total Current liabllltles 117,629 110,831 Total liabilities 169,776 162,030 TOT AL EQUITY AND LIABILITIES 514,866 473,794
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D. Consolidated Statement of Cash Flows Particulars CASH FLOW FROM OPERATING ACTIVITIES: Profit from continuing operations before exceptional ftems and tax Profit from discontinued operations before tax Adjustments for non-cash Items and Items considered separately: Share in net (profit)/ioss of associates and joint ventures Advances written off Gain on demarger of business (discontinued operations) Allowance for expected credit loss (net) Depreciation and amortisation expense Rental Income received on Investment properties Apportioned income from government grants Net (galn)/loss on disposal/discard of property, plant and equipment Net (gain) on sale/ fair valuation of financial assets classified as FVTPL Finance costs Interest income Dividend Income Employee stock option expenses Operating profit before working capital changes Changes In working capital : Trade and other receivables Inventories Trade and other payables and provisions Cash generated from operating activities before taxes Income taxes paid (net of refunds) Net cash (used in)/ generated from operating activities • (Al CASH FLOW FROM INVESTING ACTMTIES: Purchase of property, plant and equipment/ intangible assets Sale proceeds from disposal of property, plant and equipment Proceeds from sale of non-current invesbnents Rental Income received on Investment properties Acquisition of non-current investments Redemption/ (Placement) of deposits with bank {net) Redemption/(Acquisition) of current investments (net) Interest income received Dividend income received Net cash used in investing activities - [B] CASH FLOW FROM FINANCING ACTIVITIES: Dividend paid Payment of other financing costs Proceeds from long term borrowings Recovery of Dividend paid on behalf of Raymond Lifestyle Limited Payment of interest on lease liabilities Proceeds from issue of share warrent Payment of lease liabilities Repayment of long term borrowings Proceeds from current borrowings (net) Net cash generated from financing activities • (Cl Net increase! (decrease) In cash and cash eauivalents • [A+B+C] Particulars Cash and cash equivalents at beginning of the period cash and cash eaulv alents as at end of the ocriodlvear Cash and, cash equlvalen'!! ~ f prises of the following Car.ha cash equivalents I J'.t"" Less· ~erdrawn bank balances ,:-, Ne h and cash ..,,uivalen ~ "tr) Half Year ended 30 SeDtember 2026 (Unaudited) 8,400 (38) 224 491 7,765 (320) 40 (842) 4,189 (2,880) (92) 109 17,046 (6,802) {6,028) 2,127 6,343 (1,330) 5,013 {7,634) 96 320 (5,391) (37,528) 31,731 2,249 92 (16,065 (23) {3,691) 3,895 (329) 8,272 {412) (3,973} 2,360 6,099 (4,953) Half Year ended 30 Seotember 2026 !unaud ited! 12,572 7,619 7,867 1248) 7 619 (t In lakhs) Half Year ended 30 SeDtember 2025 (Unaudited) 4,733 537,386 226 (537,386) 240 7,694 (2) (1,413) (1,765) 4,005 (2,681) (17) 82 11,102 (12,569) (5,429) 7,573 677 (4,013) (3,336 (3,926) 94 1,531 (12,371) 122 (9,414) 2,973 17 (20,9741 (3,603) 58,385 (291) (164) (32,042} 3,093 25,378 1,068 (' In lakhs) Half Year ended 30 Seotember 2025 (unaud ited) 3,437 4,505 4,612 11071 4505 I
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Notes to the Consolidated Financial Results: These consolidated financial results (the 'Statement') of Raymond Limited (the 'Company' or 'HoldillQ Company') and its subsidiaries (collectively, the 'Group') and its interest in associates and joint ventures (refer Annexure 1), have been prepared in accordance with the recognition and measurement principles laid dc1Nn in the applicable Indian Accounting Standards prescribed under section 133 of the Companies Act, 2013, as amended and other accounting principles generally accepted in India and are in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2 The Statement has been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on 27 October 2026. 3 Exceptional items: (' in lakhs, unless otherwise stated) Quarter ended Half Yew ended Year ended Particulars 30.09.2026 30.062026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 /Unaudited) (Unaudited) (Unaudited! /Unaudited! !Unaudited! IAuditedl Continuing operations Reversal of Goodwill ( Refer note a below) - - 16,740 - 16,740 16,740 Impact of new labour codes ( Refer note b below) . - . - - 752 Stamp duty pursuant to the scheme (Refer note a - - - - . 2,650 below) Exceptional items - (loss) . - 16,740 - 16,740 20,1-42 a The Composite Scheme of Arrangement (the 'Scheme') among JK Files & E119ineering Limited, Maini Precision Products Limited (MPPL 1, Ring Plus Aqua Limited, JK Maini Precision Technology Limited and JK Maini Global Aerospace Limited was approved by Hon'ble National Company Law Ttribunal (NCL T) on 4 July 2025 having appointed Date of 1 Apnl 2024 and became effective on 31 July 2025, which is accounted for under Appendix C to Ind AS 103 from the appointed date. On this Scheme becoming elfective, deferred lax liability ('DTL') of Rs.16,740 lakhs related to MPPL, originally recognised on temporary differences arising on recognition of intangible assets under purchase price allocation during the acquisition of MPPL by the Group in financial year 2023-24, as per the requirements of Ind AS 12 "Income Taxes•, has been reversed as ii now forms part of the lax base. ConsequenUy, carrying value of goodwill was re-assessed and carrying value of goodwill associated wi1h such DTL has been reversed and reoog_nised as 'Reversal of Goodwill'. Further, stamp duty payable on transfer of immovable properties was recognised as an •stamp duty pursuant to the scheme". b Pursuant to the four Labour Codes notified by the Government of India on November 21, 2025, the Group had assessed and recognised an incremental provision for gratuity towards past service cost 4 Pursuant to the Scheme of Arrangement sanctioned by the NCL T, Mumbai Bench (order dated 27 March 2025), the real estate business of Raymond Limited was demerged into Raymond Realty Limited with effect from 01 May 2025. The net results of the Realty Undertaking are disclosed as 'discontinued operations' under Ind AS 105, and the resultant gain on demerger has been disclosed under 'profit from discontinued operations'. Analvsis of discontinued ooerations : l' in lakhs. unless otherwise staled Quar1erended Half Year ended Year Ended Particulars 30.09.2026 30.06.2026 30.09,2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) {Unaudited) (Unaudited) (Unaudited) (Audited) Total income (including other income) . - - 14,381 14,381 Expenses - . - - (12,587} (12,587) Gain on demerger . - - . 535,592 535,592 Profit before tax - . - . 537,386 537,386 Tax expense - - - - (6,633) (6,633) Profit after tax - - - - 530,753 530,753 ,. .
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5 Subsequent to 1he period ended September 30, 2026, the shareholders of the Company approved the preferential issue of 33,28,686 convertible warrants to Minerva Ventures Fund at an issue price of Rs. 645 per warrant, aggregating to Rs. 21,470 lakhs. The proposed warrants shall be convertible into an equivalent number of equity shares of Rs.10 each of the Company within 18 months from 1he date of allotment, subject to the terms of issue. The Company is currenUy awaiting the requisite approvals from the stock exchanges. 6 During the quarter ended Sepetmber 30, 2026 , the Holding Company issued and allotted 66,57,373 convertible warrants at an issue price of Rs. 497 per warrant to JK Investors (Bombay) Limited, a promoter group entity on a preferential basis upon receipt of !he stock exchanges approval on 7 July 2026. The Company received upfront subscription of Rs. 124.25 per Warrant (25% of issue price) aggregating to Rs. 8,272 lakhs and each Warrant is convertible Into one equity share of ,10 each, within 18 months of allotment, on payment of the balance consideration. Mumbai 27 October 2026 Gautam Hari Singhania Chairman and Managing Director DIN: 00020088
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Price Waterhouse Chartered Accountant s LLP Review Report To The Board of Directors Raymond Limited JK House, 59A, Bhulabhai Desai Marg, Breach Candy Cumballa Hill, Mumbai - 400026. 1. We have reviewed the unaudited financial results of Raymond Limited (the "Company") for the quarter ended September 30, 2026 and the year to date results for the period April 01, 2026 to September 30, 2026, and the Standalone Balance Sheet as on that date and the Standalone Statement of Cash Flows for the half-year ended on that date which are included in the accompanying 'Statement of standalone financial results for the quarter ended 30 September 2026 (the "Statement"). The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes. 2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Petformed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement. Price Waterhouse Chartered Accountants LLP, Nesco IT Building III, 8th Floor, Nesco IT Park, Nesco Complex, Gate No. 3 Western Express Highway, Goregaon East, Mumbai 400 063 T:+91(22)61197810 Registered office and Head offo:c 11-,\, \'1~lmu D1gambi.!r Ma1·g. S11d1cta Bh;l\nm. Ne," Delhi - 1100()2 Pm.:e Wn1~rhouse (a Partnership Fmn) cunvenl;'d mto Price \\:atcrhou~e Chartered A..:countants U .P ~a L1ml1~J 1 iabtlit; Partncr$h1p wirh I.IP iJe1mry 110 LLPl>J ,\..\('-500 l) \1t1th effect frnm July 25. ~014. Post its conversion to Pnce \Vatt.:"rhouse Chartered Ac,mmIants LLP. Its IC'Al rcgIstrahon munher ,s 0l:?7i4N '\;5000 lo t ICAJ r~gI:itrntion number before .:onversLOn was 01:27.5-1-NJ
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Price Waterhouse Chartered Accoun tants LLP 5. (a) The standalone financial results of the Company for the quarter ended September 30, 2025 and the year to date results for the period April 01, 2025 to September 30, 2025 were reviewed by another firm of chartered accountants who, vide their report dated 27 October 2025, expressed an unmodified conclusion on those financial results. (b) The financial statements of the Company for the year ended March 31, 2026 were audited by another firm of Chartered Accountants, who issued an unmodified opinion vide their report dated May 05, 2026. Our conclusion is not modified in respect of these matters. For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 Kalpesh Bhandari Partner Membership Number: 120036 UDIN: 26120036TBVLMU6048 Mumbai, October 27, 2026
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Registered Office : Plot No.156/H No.2, Village ladgaon , Ratnagiri 415 612 (Maharashtra) CIN:L 17117MH1925PLC001208 Email : corp.secrelarial@raymond.in; Web$ite: www.raymond.in Tel: 02352-232514, Fax : 02352-232513; Corporate Office Tel: 022-40349999, Fax 022-24939036 STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026 1, In lakhs unless othefwise stated) . Sr. Particulal'II Quarter ended Half vea r endod Yoarendod No 30.09.202S 30.06.2026 30.09.2025 30.09. 71126 30.09.2025 31.03.2026 (Unaudl18d) -(Unaudited) (Unaudited) (Unaudited) • ,unaudited) (Audited) continuing operations 1 Income a) Revenue from operations 56 80 9 136 108 425 b) Other income 3263 ? 329 2 753 5,612 6,635 10.560 Tota l Income 3,339 2,409 2,762 5,748 6,743 10,985 2 Expenses a) Employee benefits expense 907 544 603 1,451 1,416 2,559 b) Finance costs -· 2 4 2 5 15 c) Depreciation and amortisation expense 768 708 800 1,496 1,673 3,140 d) Other expenses 1,453 952 1736 2,405 2453 6 674 Total expenses 3,148 2,206 3,143 5,354 5,547 12,388 3 Profrt / (Loss) from continuing operations before exceptlonal items 191 203 (381) 394 1,196 (1,403) and tax (1-2) 4 Exceptional items - (loss) (refer note 8) - - - - 121) 5 Profit/ (Loss) from cont In ulng operations befo re tax (3+4) 191 203 (381) 394 1,196 (1,424) 6 Tax expense - Current tax - - (935) - (1,263) (859) - Deferred tax /321 1341 1 031 1661 962 962 Total tax (expense)/ credit 1321 134 96 166 -/301 103 7 Profit I (Loss) for the period/ year from contin uing operations (5+6) 159 169 (285) 328 895 (1,321) 8 Q!scootln y1!! 011erat!oos (refer not1 Zl Prof,t from discontinued operations - - - - 5.34,379 5,34,379 Tax expense on discontinued operations - - - (6,654) (6,654) Profit from discon tinued operations f or the period/year - - - - 5,27,725 5,27,725 9 Profit/(Loss) for the perio d/ year (7+8) 159 169 (285) 328 5,28,620 5,26,404 10 Other Comprehensive Income ('OCI') Items that will not be raclasslfled subsequently to profit or loss Continuing 2 P1rations Fair value changes on equity instruments through OCI 1,532 8,794 (7,679) 10,326 (66) (19,002) Remeasurement of defined benefit plan (9) - 45 (9) 90 89 Income tax relating to above items (217) (1,258) 1,101 (1,475) (2) 2,695 Total Other Comprehensive lncome/(Loss) for the perio d/ year (net 1,306 7,536 (8,533) 8,842 22 (16,218) of taxes) 11 Total Comprehen slve lncome/(Loss) for the period/ year (9+10) 1465 7705 16 8181 9 170 5 28 642 5 10 186 12 Paid-up equity share capital (Face value - ~ 10 per share) 6,655 6,655 6,655 6,655 6,655 6,1555 13 Other equity 1,72,012 14 Earnings per share (face value , 10 each) (not annualised) (in fl Continu ing operations (a) Basic 0.24 0.25 (0.43) 0.49 1.34 (1,98) (b) Diluted 0,24 0.25 (0.43) 0.49 1.34 (1.98) Discontinued operations (a) Basic - - - - 792.96 792.69 (b) Diluted - - - - 792.96 792.69 Co ntinuing and disco ntinued operation s (a) Basic 0.24 0.25 (0.43) 0.49 794.30 790.71 (b) Diluted 0.24 0.25 (0.43) 0.49 794.30 790,71 . below rounding off norms adopted by the Company ~
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Raymond Limited Standalone Balance Sheet I ASSETS 1 Non-current assets (a) Property, plant and equipment (b) Investment properties (c) Financial assets (i) Investments in subsidiaries, associates and joint venture (ii) Other investments (iii) Loans (iv) Other financial assets (d) Deferred tax assets (net) (e) Income tax assets (f) Other non-current assets 2 Current assets (a) Inventories (b) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than cash and cash equivalents (v) Loans (vi) Other financial assets (c) Other current assets TOTAL ASSETS II EQUITY AND LIABILITIES 1 Equity a) Equity share capital b) Other equity 2 Liabilities Current liabilities (a) Financial liabilities (i) Trade payables Total outstanding dues of micro enterprises and small enterprises: and Total outstanding dues of creditors other than micro enterprises and small enterprises (ii) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (net) TOTAL EQUITY AND LIABILITIES I' in lakhs, unless otherwise stated) Asat 30 September 2026 tUnaudited\ 28,904 1,914 23,956 67,570 696 1,268 34 80 1,006 1,25,428 413 20,431 19 923 42,392 3,900 6,160 571 74,809 2,00,237 6,655 1,89,561 1,96,216 11 2,040 675 146 188 961 4.021 200,237 ,, Asat 31 March 2026 CAuditedl .. 31,120 - 23,956 53,386 664 1,216 1,575 - 2,028 1,13,945 407 49,920 15 4,392 4,563 3,900 5,397 1,667 70,261 1,84,206 6,655 1,72,012 1,78,667 22 2,875 1,358 175 148 961 5.539 1,84,206
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Raymond Limited Standalone Statement of Cash Flows Particulars CASH FLOW FROM OPERATING ACTIVITIES: Profit from continuing operations befQre tax Profit from discontinued operations before tax (refer note 7) Adjusbnents for: Depreciation and amortisation expense Finance costs Dividend income Rental income on investment properties Interest income Gain on demerger of realty business including profit from discontinued operations (Refer Note 7) Net gain on sale/ fair value of financial assets classified as FVTPL Net loss/ (gain) on disposal of property, plant and equipment Employee stock option expenses Operating {loss)/ profit before working capital changes Adjustments for working capital: Trade and other receivables Inventories Trade and other payables and provisions Cash flows used in operating activities before tax Less: Income taxes paid (net of refunds) Net cash flows used in operating activities CASH FLOW FROM INVESTING ACTIVITIES: Purchase of property, plant and equipmenU intangible assets Sale proceeds from disposa l of property, plant and equipment DMdend received Rental income received on investment properties Interest received (Placement) of deposits with banks (net) Redemption/ (acquisition) of current investments (net) (Acquisition) of non-current investments Redemption of non-current Investments Repayment of loans given to subsidiaries Net cash generated from/ (used In) investing activities CASH FLOW FROM FINANCING ACTIVITIES: Payment of financing costs Dividend paid Proceeds from share warrant issued Net cash generated from/ (used in) financing activities NET (DECREASE) IN CASH AND CASH EQUIVALENTS Add: Cash and cash equivalents at beginning of the period Cash and cash equlvalenb at end of the period Cash and cash equivalent$ as per above comprises of the following: Balances with banks: In current account Less: Bank overdraft Balances as per statement of cash flows (f In lakh$, unless otherwise stated) Half year ended Half year ended 30 September 2026 30 September 2025 (Unaudited) 394 1,496 2 (7◄) (320) (2,922) (8◄1) 39 109 12117) 83◄ (6) 1846) (2,135) (80 12 215 (219) 74 320 2,331 (37,817) 31,860 (5,391) (8,842} (2) (23) 8272 8247 (2,810) 3,485 675 923 (248) 675 (Unauditeefl 1.196 5,34,379 1,673 5 (16) (3,167) (5 ,3◄ , 379) (1,614) (2) 82 11 843} (3,209) (1) 1231\ (5,284) (3,463) 18 7471 (414) 3 16 3,704 (1,793) (7,612) (12,299) 1,531 24 959 8,095 (5) (5l (667) 1,462 805 912 (107' 805
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Raymond Limited Notes to the Standalone Financial Results: 1 These unaudited standalone financial results (the 'Statement') of Raymond Limited (the 'Company') have been prepared in accordance With the recognition and measurement principles laid down in the applicable Indian Accounting Standards prescribed under section 133 of the Companies Act, 2013, as amended and other accounting principles generally accepted in India and are in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2 The Statement has been reviewed and recommended by the Audit Committee and approved by the Board of Directors at its meeting held on 27 October 2026 respectively. 3 The Board of Directors of the Company at its meeting held on 27 January 2026 approved the Scheme of Amalgamation (the 'Scheme') with Everblue Apparel Limited, a wholly-owned subsidiary of the Company, with the Company.~ Scheme under the provisions of Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 and the rules framed thereunder, has been filed with Hon'ble National Company Law Tribunal (NCL T) and which is subject to the requisite regulatory approvals and considering that, accounting impact of the Sclleme has not been considered in the statement. 4 Subsequent to the period ended September 30, 2026, the shareholders of the Company approve• the preferential issue of 33,28.686 convertible warrants to Minerva Ventures Fund at an issue price of Rs. 645 per warrant, aggregating to Rs. 21,470 lakhs. The proposed warrants shall be convertible into an equivalent number of equity shares of Rs.10 each of the Company within 18 months from the date of allotment, subject to the tenns of issue. The Company is currently awaiting the requisite approvals from the stock exchanges. 5 During the period ended 30 September 2026, the Company issued and allotted 66,57,373 convertible warrants at an issue price of Rs. 497 per warrant to JK Investors {Bombay) Limited, a promoter group entity on a preferential basis upon receipt of the stock exchanges approval on 7 July 2026. The Company received upfront subscription of Rs. 124.25 per Warrant (25% of Issue pri<:e) aggregating to Rs. 8,272 lakhs and each Warrant is convertible Into one equity share of ,10 each, within 18 months of allotment, on payment of the balance consideration. 6 Pursuant to the four Labour Codes notifled by the Government of India on November 21. 2025, and the draft Central Rules issued by the Ministry of Labour & Employment, the Company had assessed and recognised an Incremental provision for gratuity of Rs. 21 lakhs towards past service cost for the year ended March 31. 2026 as an Exceptional Item. 7 Pursuant to the Scheme of Arrangement sanctioned by the NCLT, Mumbai Bench (order dated 27 March 2025), the real estate business of Raymond Limited was demerged into Raymond Realty Limited with effect from 01 May 2025. The net results of the Realty Undertaking are disclosed as 'discontinued operations· under Ind AS 105, and the resultant gain on demerger has been recognised as gain on demerger. (f In lakhs, unless otherwise stated) Analysis of discontinued ooerations : Quarter ended Half year ended Year ended Real~ Unde!ll!kiag 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) {Audited} Income . . - - 11,084 11,084 Less- Expenses - - - - (9,350) (9,350) Exceotional item- aain . . - - 5,32,645 5,32,645 Profit before tax . . . . 5,34,379 5,34,379 Less-Taxtexoensesl . - - - 16,654) 16,654) Profit for the DArlod /vear . . . . 527,725 5,27,725 8 In accordance with Ind AS 108 "Operating Segments', the Company has opted to present segment information along with the consolidated financial results of the Raymond Limited. • t ... Mumbai Gautam Hart Singhania Date: 27 October 2026 Chainnan and Managing Director