Slides
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October 28, 2026 RESULTS PRESENTATION - Q2FY27 & H1FY27
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Table of Contents 03 04 01 02 05 2 Macro Outlook & Business Overview 3-7 Highlights 8-12 ESG, CSR & Way Forward 20-26 Financial Performance 13-19 Leadership Team 27-30
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MACRO OUTLOOK & BUSINESS OVERVIEW
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4 Macro Outlook Geopolitical & Currency Impact • Brent crude continues to trade above $105–$110/bbl, maintaining strong cost pressures on synthetic fiber inputs, dye chemicals, and freight costs • Indian Rupee continues to hover near record lows (nearing 94–95 USD/INR), elevating import costs for raw materials • Persistent global supply chain disruptions Environmental & Commodity • Unpredictable seasonal rainfall patterns and extreme heat events continue to impact agricultural yields, creating supply-chain swings in raw fiber availability • Benchmark wool prices remain firm near elevated multi-year levels • Domestic cotton prices remain elevated Economy & Inflation • Reserve Bank of India (RBI) has raised India’s FY27 real GDP growth projection to 7.1% (up from earlier baseline estimates), reflecting resilient domestic consumption, strong urban demand, and ongoing premiumization across retail categories • CPI inflation projection for FY27 has been revised to 5.2% (up from earlier estimates) driven by persistent input cost pressures
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5 Strategic Objectives VALUE CREATION BRAND LEADERSHIP PREMIUMIZATION MARKET LEADERSHIPCASUALIZATION ESGOMNICHANNEL OUR FOCUS Consistent Profitable Growth Margin Expansion STRATEGIC OUTCOMES OPERATIONAL EXCELLENCE RETAIL EXCELLENCE DIGITAL & CONSUMER Strong Cash Flows Long-term Shareholder Value Creation • Strengthen core brands • Build brand equity • Invest in marketing • Disciplined store expansion • Improve store productivity • Grow omnichannel • Supply chain optimization • Lean & efficient operations • Cost and productivity focus • Data-led consumer insights • Digital engagement • Technology-driven growth OUR FOUNDATION Strong Heritage Brands | Consumer Trust | Manufacturing Excellence | Extensive Distribution Network | Robust Governance KEY ENABLERS Store Expansion Supply Chain Efficiency Talent & Culture Global Growth
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• Fabric Mix Upshift Transitioning towards high-value Wool, Poly- wool blends, and pure Linen • Launching Premium Products Accelerating premium product introductions across collections • Casualization Expansion Accelerated growth in core casual brands ColorPlus & Parx; increasing casual mix within formal brands Park Avenue & Raymond RTW • TRS FOFO Dominance – Sustaining > 90% share in FOFO model • 1,600 + Stores: Active network optimization toward high-yielding premium retail locations 6 Value Drivers Category Dominance Asset Light & Retail Strength Premiumization & Casualization Fortified Balance SheetEfficiency & Profitability Strategic Growth Levers • ~65% Worsted Suiting fabric share & OTC Shirting leadership • Pricing Power: Wedding/celebration wear driving strong EBITDA margins >18%. • Fully vertically integrated business model • Manufacturing Excellence: First Time Right (FTR) > 95%, Capacity Utilization > 90% • FY26 Performance: 23% EBITDA growth (₹804 Cr) and a massive 63% surge in PBT • FY27 Target: Double digit top line & higher double digit EBITDA growth • Working Capital: NWC cycle reduced from 87 to 77 days in FY26 • Sustained Net-Debt Free entity status • Disciplined working capital management yielding robust Free Cash Flow • FY27 Roadmap: Focused on Premiumization, Casualization & Geographical Diversification • International Growth: Expanding into EU & UK markets via trade agreements (FTAs)
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Emerging Business 7 Our Business Portfolio Branded Textiles Premium Suiting & Shirting fabrics. Branded Apparel Garmenting Serving marquee brands across the US, UK & Europe through a scalable B2B export platform. Leveraging a vertically integrated model from "fabric-to-garment“. High Value Cotton Shirting Maintaining market leadership through end- to-end integrated manufacturing. Supply premium cotton & linen shirting fabrics to domestic & global markets. Segment Reclassification Note: Emerging Business (New Segment):Comprises Raymond Home (reclassified from Branded Textiles), Ethnix by Raymond and Park Avenue Inner Wear (reclassified from Branded Apparel), Sexual Wellness (reclassified from Others) and the newly launched Chairman’s Collection
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HIGHLIGHTS
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9 Q2FY27 & H1FY27- Performance Snapshot Note: Data as of Sept’’26 FINANCIAL PERFORMANCE TOTAL INCOME EBITDA PBT Q2FY27 YoY Margin 12.7% 14% 4.0%₹ 2,125 Cr. ₹ 270 Cr. YoY YoY (16%)₹ 91 Cr. Margin 4.3% OPERATING HIGHLIGHTS STORE COUNT International momentum and domestic premiumization fuel solid performance ₹ 69 Cr. NET CASH 1,663 29 1,627 7 YoY SEP ’26 QoQ 1,634 (₹ Cr.) H1FY27 Margin 11.0% 10% 6.0%₹ 3,685 Cr. ₹ 404 Cr. (37%)₹ 53 Cr. Margin 1.4%
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10 Q2FY27 & H1FY27 Performance Trends TOTAL INCOME EBITDA & MARGINS (%) PBT & MARGINS (%)(₹ Cr.) (₹ Cr.) (₹ Cr.) Y-o-Y Growth 14% • Total Income growth of 14% Y-o-Y was on account of: o Strong performance by the garmenting segment, driven by order book execution, following the US-India Tariff rationalization, & onboarding of new global clients o Robust performance within Branded Apparel led by casualization o Successful premiumization across Branded Textile • Margin were at 12.7%, reduced by 120 bps on account of increased marketing investments and significant increase in raw material prices & freight costs • Robust cash flow with net cash position at ₹ 69 Cr in Sep’26 from (₹ 246) Cr in Sept’25, representing a cash generation of ₹ 300+ Cr • Network Optimization: 53 underperforming stores exited; strategic expansion with 24 new locations, net closures of 29 stores since Sep’25 Y-o-Y Growth 10% Y-o-Y Growth 4% Y-o-Y Growth 6% 108 91 83 53 5.8% 4.3% 2.5% 1.4% 0. 0% 1. 0% 2. 0% 3. 0% 4. 0% 5. 0% 6. 0% 7. 0% 0 20 40 60 80 100 120 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 259 270 381 40413.9% 12.7% 11.4% 11.0% 0. 0% 2. 0% 4. 0% 6. 0% 8. 0% 10. 0% 12. 0% 14. 0% 16. 0% 0 50 100 150 200 250 300 350 400 450 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 1,865 2,125 3,340 3,685 0 500 1, 000 1, 500 2, 000 2, 500 3, 000 3, 500 4, 000 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27
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1,622 1,870 Sept'26Sept'25 No. of Days 11 Q2FY27 Performance Highlights • NWC improved by 23 days, stood at 82 days in Sept’26 v/s 105 days in Sep’25, mainly due to better collections and inventory management Net Working Capital* * NWC Days calculated based on Trailing Twelve Month Revenue (₹ Cr.) 105 82
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12 Unrivalled Presence & Distribution Depth 40+ Countries Exported to 43 International Stores Retail Stores 1600+ 11 Manufacturing Facilities 600+ Cities & Town 23,000+ Employees (D+I)* Note: (D+I)*- Direct & Indirect stralian rea of Sta s cs, Geo ames, icroso , avinfo, pen Places, penStreet ap, vert re aps F nda on, om om, enrin Powered y ing Europe North America IndiaMiddle East Asia Ethiopia South America Mumbai Bengaluru Hindupur Manufacturing Capacity • Vapi, Chindwara & Jalgaon (43 Mn sq. meters fabric) • Amravati & Kolhapur (23 Mn sq. meters fabric) • Bangalore & Hindupur (8.4 Mn pieces) • Ethiopia (1.7 Mn pieces) Massive Footprint across 600+ Towns/Cities • 1,134 TRS Outlets: The flagship Raymond Shop footprint nationwide • 450 EBOs: Exclusive stores for Raymond Ready to Wear (RRTW), Park Avenue, ColorPlus & Ethnix • 20,000+ Trade Points: Deepest wholesale distribution network in Indian apparel • 12.4 Million Loyalty Members: High-value active CRM engine driving repeat purchases
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FINANCIAL PERFORMANCE
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14 Q2FY27 & H1FY27 - P&L Statement Consolidated Performance Particulars (₹ Cr.) Q2 FY27 Q2 FY26 YoY H1 FY27 H1 FY26 YoY Revenue from Ops 2,075 1,832 13% 3,591 3,263 10% Other Income 49 33 94 78 Total Income 2,125 1,865 14% 3,685 3,340 10% Expenses 1,855 1,606 3,281 2,960 EBITDA 270 259 4% 404 381 6% EBITDA Margin % 12.7% 13.9% 11.0% 11.4% Depreciation 105 91 214 180 Interest Expense 74 60 137 117 PBT 91 108 (16%) 53 83 (37%) PBT margin % 4.3% 5.8% 1.4% 2.5% Taxes (23) (28) (8) (23) Net Profit 68 80 (15%) 45 60 (25%) Exceptional Items 0 (5) 0 (5) Net Profit Post Exception 68 75 (10%) 45 55 (19%)
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15 Segment Performance - Quarterly & Half Yearly Branded Textile Branded Apparel (₹ Cr.) (₹ Cr.) REVENUE Higher on account of volume growth, in spite of late festive onset and strong bookings as compared to the previous year EBITDA Favorable sales mix offset by elevated raw material costs & freight costs constrained margin expansion REVENUE Continued to enhance portfolio with Casualization strategy, while, growth was witnessed across key channels such as LFS, Trade & E-commerce EBITDA Impacted by adverse channel mix and higher raw material prices, offset by closure of non performing stores Segment Reclassification Note: Emerging Business (New Segment):Comprises Raymond Home (reclassified from Branded Textiles), Ethnix by Raymond and Park Avenue Inner Wear (reclassified from Branded Apparel), Sexual Wellness (reclassified from Others) and the newly launched Chairman’s Collection Particulars (₹ Cr.) Q2 FY27 Q2 FY26 YoY H1 FY27 H1 FY26 YoY Revenue 971 906 7% 1,654 1,605 3% EBITDA 188 186 1% 283 293 (4%) EBITDA margin 19.3% 20.6% 17.1% 18.3% Particulars (₹ Cr.) Q2 FY27 Q2 FY26 YoY H1 FY27 H1 FY26 YoY Revenue 559 465 20% 908 800 14% EBITDA 49 41 20% 67 67 (0%) EBITDA margin 8.8% 8.8% 7.4% 8.4%
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16 Segment Performance - Quarterly & Half Yearly Garmenting High Value Cotton Shirting (₹ Cr.)(₹ Cr.) REVENUE Strong order book execution, following the US-India Tariff rationalization, UK India FTA & onboarding of new global clients EBITDA Increased on account of higher volumes and increase in ASP REVENUE Higher due to strong linen performance & higher ASP EBITDA Impacted by higher raw material prices & freight costs, partially offset by higher ASP Segment Reclassification Note: Emerging Business (New Segment):Comprises Raymond Home (reclassified from Branded Textiles), Ethnix by Raymond and Park Avenue Inner Wear (reclassified from Branded Apparel), Sexual Wellness (reclassified from Others) and the newly launched Chairman’s Collection Particulars (₹ Cr.) Q2 FY27 Q2 FY26 YoY H1 FY27 H1 FY26 YoY Revenue 339 269 26% 635 466 36% EBITDA 25 14 75% 47 6 643% EBITDA margin 7.4% 5.3% 7.4% 1.3% Particulars (₹ Cr.) Q2 FY27 Q2 FY26 YoY H1 FY27 H1 FY26 YoY Revenue 222 212 5% 417 416 0% EBITDA 21 25 (17%) 40 44 (9%) EBITDA margin 9.5% 12.0% 9.6% 10.6%
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REVENUE Ethnix - Reduced retail footprint by net 27 stores since Sep’25 and changing the siness model Home – Delivered strong double digit growth & launched a super-premium line IW – Growth was witnessed across key channels 17 Segment Performance - Quarterly & Half Yearly Emerging Businesses# (₹ Cr.) EBITDA These emerging businesses continue to be in investment mode Segment Reclassification Note: Emerging Business (New Segment):Comprises Raymond Home (reclassified from Branded Textiles), Ethnix by Raymond and Park Avenue Inner Wear (reclassified from Branded Apparel), Sexual Wellness (reclassified from Others) and the newly launched Chairman’s Collection Particulars (₹ Cr.) Q2 FY27 Q2 FY26 YoY H1 FY27 H1 FY26 YoY Revenue 100 87 15% 179 160 12% EBITDA (23) (9) (42) (22) EBITDA margin (23.0%) (10.6%) (23.3%) (13.9%)
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18 Exclusive Retail Network 1,663 1,653 1,634 Total Stores Retail network evolution with new brand identity across brands with focus on premium locations Premium Formal Wear Wedding & Ceremonial Wear Luxury & Ultra Luxury Premium Formal Brands Casual Brands Exclusive Outlets & Brands 1,134 1,109 1,110 50 49 50 450 495 503 Sept'26 Mar'26 Sept'25 TRS MTM EBO
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19 Q2FY27 & H1FY27 Performance “Our performance in Q2 and H1 FY27 demonstrates sustained operational continuity, strategic resilience, and focused commercial execution across domestic and international markets. Our Garmenting business continued to deliver robust growth, capitalizing on global supply chain realignments, while our Branded Apparel business expanded by 20%, spearheaded by strong momentum across our casual brands ColorPlus and Parx. While elevated input costs and channel mix dynamics influenced near-term operating margins, our disciplined pricing, substantial working capital contraction, net debt-free balance sheet with ₹ 69 Cr in net cash provide tremendous operational resilience. As we enter the peak festive and wedding season, domestic demand indicators remain strong. Supported by retail network optimization, brand investments, and capacity ramp-ups, we remain firmly confident in our strategic direction and on track to achieve our stated FY27 guidance.” SATYAKI GHOSH Whole time Director & Chief Executive Officer
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21 ESG Target 2030 & Key Priorities 15% Reduction in Scope 1 & 2 GHG emissions <15% Employee Turnover Rate Zero Waste to Landfill by 2030 40%# Female Representation Zero* Liquid Discharge (ZLD) by 2030 100%^ Independent Directors on all Board Committees Fatalities in Workplace Safety Zero Renewable Energy Usage 25% Accelerate decarbonization and resource efficiency Nurture talent, diversity & well-being Enhance governance and risk management KEY PRIORITIES ESG TARGETS Note: Data as per the Business Responsibility and Sustainability Report (BRSR) for FY 2025-26; Baseline - FY2024-25 * At Chhindwara # Across employees & workers ^ Governance commitment
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22 Aligned to UN SDGs Key Achievements in FY26 Reduction in Scope 1 & 2 Energy consumption from renewable sources Increase in Liquid Discharge 3.7% 18.52% 24.26% Reduction in waste to landfill 73.54% On track towards improving female representation 37.22% 15% 25% Zero Zero 40% Achieved Remaining ESG Target 2030 Note: Baseline - FY2024-25
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23 CSR Key Focus Areas Disaster Management Livelihood & SkillEducation Community Environment Supporting quality learning, infrastructure, and educational resources for children. Fostering inclusive growth, community infrastructure, and enhancing social fabric. Strengthening preparedness, carrying out active relief, and supporting rehabilitation. Strengthening artisan livelihoods, and promoting skill development. Promoting green initiatives, conservation, and sustainable resource management. Targeted themes designed to drive sustainable development and social upliftment
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24 Proposed Strategic Programs A strategic three pillar approach designed for comprehensive social impact and sustainable community upliftment CSR Program 1 Project Neev by Raymond Integrated Village Adoption across manufacturing hubs Drives comprehensive rural upliftment through a structured Village Adoption model across 3 focal villages in Amravati, Vapi and Doddaballapur. Integrates localized development interventions customized to regional socio-economic needs and priorities. Establishes essential infrastructure, including water systems, roads, and sanitation, to support sustainable long-term growth. CSR Program 2 Raymond Good Neighbor Project Centralized and social interventions Focuses on specialized social welfare programs to empower community. To prevent ad-hoc scope creep, help is structured under the "Neighbor" theme: Neighborly Fixes: Urgent infrastructure repairs (e.g., community water taps, school roofs). Neighborly Care: Immediate relief (e.g., distributing blankets, emergency food, medical transport). Neighborly Time: Skill-based volunteering where Raymond employees drop in to help and mentor. CSR Program 3 Project Weave Strengthening artisan livelihoods Heritage Preservation: Protect India's textile traditions and crafts through NGO partnerships and capacity-building workshops. Sustainable Livelihoods: Empower artisans, weavers, and women-led SHGs through skill development, fair pay, and order-linked production. Enterprise Incubation: Transition artisans into self-sustaining enterprises via design mentoring, quality standards, and direct market access. Brand Synergy: Align community pliftment with Raymond’s legacy to build an authentic flagship CSR program.
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WAY FORWARD
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26 FY27 - Strategic Way Forward Casualization GTM Expansion Premiumization Geography Diversification Holistic Marketing Campaigns Premiumization across all 3 segments (Branded Textile, Branded Apparel & Garmenting) by shifting the product mix toward Wool & Linen. Capitalize on the industry shift for Branded Textile towards relaxed, comfortable, and versatile wearability. Branded Apparel launches in Smart Casuals: Polos, Chinos, T- shirts, Corduroy & Denim. Leverage innovations such as Airshield, Flex Tech & Techno Clean. Expand distribution for Branded Textile & Apparel via MBO & LFS counters. Leverage vertical integration and UK FTA, target higher share of business in EU & de-risk geographical concentration for Garmenting. Sharper brand positioning, differentiated communication, prudent media selection & last mile activities to drive awareness & footfall in Branded Textile & Apparel.
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LEADERSHIP TEAM
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28 Strong Governance with High Pedigree Board Members K. NARASIMHA MURTHY Independent Director ANISHA MOTWANI Independent Director VINEET NAYAR Independent Director DINESH LAL Independent Director GIRISH C. CHATURVEDI Independent Director RAJIV SHARMA Independent Director SATYAKI GHOSH Wholetime Director & CEO GAUTAM HARI SINGHANIA Executive Chairman
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29 Led by Experienced Management Team MANISH BHARATI Chief Business Officer (Garmenting & IB) ANUPAM DIKSHIT Chief Business Officer (Shirting) VIPUL MATHUR Chief Business Officer (Home & Ethnix) NEERAJ NAGPAL Chief Business Officer (Apparel, MTM & TRS) DEBDEEP SINHA Chief Business Officer (Sleepz & IW) VIKRAM MAHALDAR Chief Business Officer (Suiting) MLN PATNAIK Chief HR Officer KALPANA SINGH Chief Marketing Officer E C PRASAD Chief Financial Officer HRISHIKESH SINGH Chief Information Officer SATYAKI GHOSH Wholetime Director & CEO
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30 The particulars of this presentation contain statements related but not limited to revenues, financial results and supplemental financial information which has been compiled by the management, not to be construed as being provided under any legal or regulatory requirement and are not intended to invite any investment in the Company. The information contained in this presentation has not been subjected to review by Auditors or the Board of Directors of the Company. Commentary in the presentation describes the reporting q arter’s performance versus the same quarter of the corresponding previous year, unless specified otherwise. The figures for the previous periods in this presentation have been regrouped/ reclassified, wherever necessary. The Company assumes no responsibility and does not provide any warranty to the accuracy or comprehensivenessof the information contained in this presentation. This presentation is not intended to be a “prospect s” (as defined under the Companies Act, 2013), SEBI Regulations and relevant provisions of applicable laws. This presentation is for information purposes only and does not constitute or form part of and should not be considered as any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscription of securities in any manner. No part of this presentation and the information contained herein should form the basis of, or be relied upon, in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. Statements in this presentation describing the Company’s objectives, projections, estimates, expectations or predictions may constitute “forward looking statements”. Such statements are based on the current expectations and certain assumptions of the Company's Management, and are, therefore, subject to risks and uncertainties. Actual results may differ materially from those expressed or implied. The Company neither intends, nor assumes any obligation to amend, modify, revise or update these forward-looking statements, on the basis of any subsequent developments which differ from those anticipated. Disclaimer
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Thank You REACH US : RLL. IR@Raymond. in