Key Metrics of Raymond
About Raymond
Sectors
Company details
- Website
- raymond.in
- Registered office
- Plot No. 156, H No. 2, Village Zadgaon, Ratnagiri, In-mh, 415612
- Listed
- NSE: RAYMOND · ₹1,063.40
Operational Areas of Raymond
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 22 Jul 2025 | CARE | Other | — | — | — | — | View |
| 09 Dec 2024 | CARE | Watch | AA- | — | Developing | ₹200 Cr | View |
| 11 Jul 2024 | CARE | Watch | AA- | A1+ | Developing | ₹3,829 Cr | View |
| 28 Dec 2023 | CARE | Watch | AA- | A1+ | Developing | ₹3,829 Cr | View |
| 08 May 2023 | CARE | Watch | AA- | A1+ | Developing | ₹4,562 Cr | View |
| 27 Sep 2022 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹3,427 Cr | View |
| 02 Dec 2021 | CARE | Assigned | AA- | — | Stable | ₹200 Cr | View |
| 29 Sep 2021 | CARE | Watch | AA- | A1+ | Stable | ₹485 Cr | View |
| 06 Oct 2020 | CARE | Watch (from AA) | AA- | A1+ | — | ₹1,665 Cr | View |
| 28 Jul 2020 | CARE | Watch | AA | A1+ | — | ₹1,665 Cr | View |
| 06 Jul 2020 | CARE | Watch | AA | A1+ | — | ₹1,665 Cr | View |
| 03 Apr 2020 | CARE | Watch | AA | A1+ | — | ₹1,665 Cr | View |
| 18 Nov 2019 | CARE | Watch | AA | A1+ | — | ₹1,665 Cr | View |
Credit strengths (CARE, Dec 2024)
+ Restructuring of real estate and engineering business in process
Demerger of the real estate segment into a separate entity “Raymond Realty Limited” is expected to be completed in the next 6- 12 months. The stock exchange has approved the scheme. Demerger will allow residential business to individually pursue growth trajectory. The real estate division reported an operating revenue of ₹1592.65 crore (~18% of the total revenue of RL pre demerger) and earnings before interest and taxation (EBIT) of ₹358.57 crore in FY24. Engineering business to be restructured
+ Healthy financial risk profile
RL’s financial risk profile is characterised by healthy capital structure and debt coverage metrics. In Q1FY24, the company has sold its fast-moving consumer good (FMCG) business to Godrej Consumer Products Limited for ₹2,825 crore and utilised the after - tax realisation proceeds of ~ ₹2,200 crore for repayment of external debt of ₹1,029 crore in RLL and the rest was invested in liquid investments. The Group’s (RL and RCCL) external gross debt (excluding interest accrued) reduced from ₹2,100 cr
Credit challenges
− Susceptible to commodity price risk and foreign exchange fluctuation risk
Engineering division’s profitability remains exposed to the raw material price volatility and forex fluctuations. The major raw material consumed is High carbon steel, billets and HSS steel. The company can pass on the increase in price of raw materials to the finished goods by increasing the price of finished goods. For auto components and engineering products business as well, products like steel bars, steel sheets and steel tubes form ~35-40% of total cost of sales. Revenue for ~50% of the en
− Inherent risk associated with execution of large-scale projects amid cyclical nature of real estate industry
RL has six projects under execution phase, comprising residential and under joint development (within Mumbai) as on September 30, 2024. Of the total, major work is being carried out at its own land parcel at a prime location in Thane (Maharashtra). Their first project named ‘Ten X Habitat’ sold 95% units as on September 30, 2024. The construction progress is fast-paced and the company delivered three towers in December 2022 two years ahead of the RERA completion date of December 2024. Despite
Could lead to an upgrade
• Sustained improvement in the scale of operations and earnings while maintaining its healthy financial profile and
Could lead to a downgrade
• Significant increase in debt for acquisition/expansion/Land purchase leading to overall gearing above 1.00x on a sustained basis. • Significant decline in sales and collections of the real estate vertical. • Moderation in margins of engineering business
Agency-reported financials (CARE, 28 Dec 2023)
| Metric | March 31, 2022 | March 31, 2023 |
|---|---|---|
| Total operating income | ₹8,226 Cr | ₹4,025 Cr |
| PBILDT | ₹1,194 Cr | ₹511 Cr |
| PAT | ₹537 Cr | ₹1,228 Cr |
| Overall gearing (times) | 0.84× | — |
| Interest coverage (times) | 4.64× | 3.03× |
| Revenue growth (YoY) | — | −51.1% |
| EBITDA margin | 14.5% | 12.7% |
| Implied interest cost (EBITDA ÷ coverage) | ₹257 Cr | ₹169 Cr |
| PAT margin | 6.5% | 30.5% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Continues to be on Long-term bank facilities (RWD) | Working capital & bank lines | — | ₹200 Cr | — | AA- | Watch | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE301A08431 | — | Commercial paper | — | — | — | — | A1+ | Not stated |
| INE301A08423 | — | Debentures & bonds | — | — | — | — | AA | Not stated |
| — | Debentures Non Under | Debentures & bonds | 8.80% | 02 Jun 2020 | 01 Jun 2023 | ₹145 Cr | AA- | Matured |
| — | Debentures Non Convertible Under Credit | Debentures & bonds | 8.80% | 02 Jun 2020 | 01 Jun 2023 | ₹80.0 Cr | AA | Matured |
| — | — | Debentures & bonds | — | 22 May 2020 | 22 May 2023 | ₹145 Cr | AA- | Matured |
| — | Debentures Non Convertible Under Credit | Debentures & bonds | 9.50% | 22 May 2020 | 22 May 2023 | ₹65.0 Cr | AA | Matured |
| INE301A14HU0 | Commercial paper + | Commercial paper | — | 02 May 2022 | 28 Apr 2023 | ₹550 Cr | A1+ | Matured |
| — | Debentures Non Convertible | Debentures & bonds | 8.65% | 27 Mar 2018 | 26 Mar 2021 | ₹0 | — | Withdrawn |
| — | Debentures Non Under Credit | Debentures & bonds | 8.65% | 27 Mar 2018 | 26 Mar 2021 | ₹100 Cr | AA | Matured |
| — | Debentures Non | Debentures & bonds | 8.35% | 21 Apr 2017 | 21 Apr 2020 | ₹0 | — | Withdrawn |
| — | Debentures Non Under Credit | Debentures & bonds | 8.35% | 21 Apr 2017 | 21 Apr 2020 | ₹150 Cr | AA | Matured |
| — | Debentures Non Convertible | Debentures & bonds | 9.52% | 10 Feb 2016 | 10 Apr 2019 | ₹0 | — | Withdrawn |
| — | Debentures Non Under Credit | Debentures & bonds | 9.52% | 10 Feb 2016 | 10 Apr 2019 | ₹100 Cr | AA | Matured |
| INE301A07060 | NCD Feb Feb | Debentures & bonds | — | — | — | ₹0 | — | Withdrawn |
| INE301A07078 | NCD Dec Dec | Debentures & bonds | — | — | — | ₹0 | — | Withdrawn |
| INE301A07045 | Oct Oct | Debentures & bonds | 8.85% | — | — | ₹0 | — | Withdrawn |
| INE301A07011 | May May | Debentures & bonds | 9.50% | — | — | ₹0 | — | Withdrawn |
| INE301A07029 | Jun Jun | Debentures & bonds | 8.80% | — | — | ₹0 | — | Withdrawn |
| INE301A07052 | Nov Nov | Debentures & bonds | 8.85% | — | — | ₹0 | — | Withdrawn |
| INE301A08415 | — | Debentures & bonds | — | — | — | — | — | Withdrawn |
CARE ratings on record (checked 24 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Cash Credit | — | Withdrawn |
| Commercial Paper (Standalone) | — | Withdrawn |
| Factoring/ Forfeiting | — | Withdrawn |
| Non Convertible Debentures | — | Withdrawn |
| Short Term | — | Withdrawn |
| Term Loan | — | Withdrawn |
Credit assessment · Cotton textile
Rating Methodology – Cotton Textile (Sep 2026) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 35% |
| Information on file | 67% · missing: Capex / investment plans, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 35% chance the next rating action is stable or better
What happened, step by step
- Dec 2023 — ₹1,700 cr raised through NCDs / bonds
- Jul 2024 — Debt free repayment of debt free
“RL issued non-convertible debenture (NCD) of ₹1,700 crore to RCCL to facilitate the repayment of external debt resulting in reduction of external debt from ₹2,100 crore as on March 31, 2023, to ₹1,071 crore as on June 30, 2023.”
Rated limits by facility
Timeline
From the report
As September 30, 2024, the company’s total debt stands at ₹946 crore includes engineering and real estate debt against a net worth of ₹3,762 crore and cash & cash equivalent of ₹1,372 crore, indicating a healthy capital structure.
From the report
CARE Ratings has withdrawn the rating assigned to the proposed commercial paper issue of Raymond Limited with immediate effect, as the company has not availed the proposed commercial paper issue rated by us and there is no outstanding under the said issue as on date.
From the report
The Group’s (RL and RCCL) external gross debt (excluding interest accrued) reduced from ₹2,100 crore as on March 31, 2023, to ₹1,151 crore as on September 30, 2023, but increased to ₹1,660 crore (excludes lease liabilities) as on March 31, 2024, with loan availed for acquisition of MPPL and increase in working capital borrowings.
From the report
RL’s financial risk profile improved in FY24 with the company being net debt free (debt for this purpose excludes lease liabilities and related party debt of ₹1,700 crore) as on March 31, 2024.
From the report
The company’s liquidity profile continues to be strong with cash and cash equivalents of ₹1,758 crore as on March 31, 2024.
From the report
Raymond Group (all the three verticals – lifestyle, real estate, and engineering) is net debt free with cash and cash equivalents of ₹1,758 crore against an external debt of ₹1,660 crore (excludes accrued interest, lease liabilities and related party debt of ₹1,700 crore) as on March 31, 2024.
From the report
The Group’s (RL and RCCL) external gross debt (excluding interest accrued) has reduced from ₹2,100 crore as on March 31, 2023, to ₹1,151 crore as on September 30, 2023, but has increased to ₹1,660 crore as on March 31, 2024 with loan availed for acquisition of MPPL and increase in working capital borrowings .
From the report
Post the restructuring/demerger scheme, announced by the company, the three business verticals housed under three separate entities will be net debt free with cash surplus of ~₹600 crore.
From the report
Post the restructuring/demerger scheme, announced by the company, the three business verticals housed under three separate entities will be net debt free with cash surplus of ~₹600 crore.
From the report
RL issued non-convertible debenture (NCD) of ₹1,700 crore to RCCL to facilitate the repayment of external debt resulting in reduction of external debt from ₹2,100 crore as on March 31, 2023, to ₹1,071 crore as on June 30, 2023.
From the report
As on September 30, 2023, Raymond Group (RL and RCCL) are net debt free and are expected to maintain its net debt status in the medium term on the expectation of sustainable cash accruals.
From the report
The Group’s (RL and RCCL) cash and cash equivalents balance has also improved from ₹1,411 crore as on March 31, 2023, to ₹1,712 crore as on September 30, 2023.
From the report
As on September 30, 2023, the Raymond Group (RL and RCCL) is net debt free and the companies in the group are expected to maintain the net debt free status in the medium term on the expectation of sustainable cash accruals.
From the report
Liquidity: Strong The liquidity profile of Raymond Group (RL and RCCL) is marked by unencumbered cash and liquid investments in liquid mutual funds and fixed deposits (including cash and bank balances) aggregating to ₹2,013 crore as on September 30, 2023.
From the report
According to the company this will be utilized to repay debt of Raymond Group.
From the report
The financial risk profile though improved marginally continues to remain average characterised by relatively high gearing levels; however, it is expected to further improve with higher future cash flows, deleveraging initiatives undertaken and management’s focus on becoming net debt free in FY24.
From the report
The real estate division is also exposed to the execution risk, and thus overall progress of the real estate projects and management plan for net debt free in FY24 would remain a key monitorable. 1Complete definition of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications 1 CARE Ratings Ltd.
From the report
Liquidity: Strong The liquidity profile of Raymond is marked by unencumbered treasury investments in liquid mutual funds and fixed deposits (including cash and bank balances) aggregating to ₹1,090 crore as on December 31, 2022.
From the report
The financial risk profile though improved marginally continues to remain averagecharacterised by relatively high gearing levels; however, it is expected to further improve with higher future cash flows, deleveraging initiatives undertaken and management’s focus on becoming net debt free over the next few years.
From the report
The real estate division is also exposed to the execution and saleability risk, and thus overall progress of the real estate projects and management plan for net debt free over few years would remain a key monitorable.
From the report
Liquidity: Strong The liquidity profile of Raymond is marked by unencumbered treasury investments in liquid mutual funds and fixed deposits (including cash and bank balances) aggregating to ₹742 crore as on June 30, 2022.
From the report
There is sufficient cushion between debt repayment for FY23 of ₹394 crore and expected gross cash accruals in excess of ₹600 crore for FY23.
From the report
The company has higher debt repayment obligation of ₹450 crore in FY24 out of which ₹285 crore is towards non-convertible debenture (NCD) as bullet repayment.
From the report
Liquidity: Strong - Liquidity continues to be adequate marked by unencumbered treasury investments in mutual funds and fixed deposits (including cash & bank balances) aggregating to around Rs.592 crore on consolidated basis as on September 30, 2021.
From the report
Liquidity: Strong - Liquidity continues to be adequate marked by unencumbered treasury investments in mutual funds and fixed deposits (in cluding cash & bank balances) aggregating to~Rs.685 crore on consolidated basis as on March 31, 2021 and Rs. 645 crore as on June 30, 2021.
From the report
Liquidity: Adequate Liquidity continues to be adequate marked by sizeable unencumbered treasury investments in mutual funds and fixed deposits (including cash and bank balances) aggregating to~Rs.450 crore on standalone basis and Rs. 556 crore on consolidated basis as on August 31, 2020.
From the report
Further, RL has already raised NCDs of Rs.145 crore since April 2020 and is planning to further raise Rs.450 Crore through NCDs.Its working capital utilization remains high at 86% for 12 months ending August 2020 3 CARE Ratings Limited Press Release Analytical approach: Consolidated List of companies that are consolidated are given in Annexure 4 below.
From the report
Timely completion of the project and offtake remain key monitorables. 3 CARE Ratings Limited Press Release Liquidity: Adequate Liquidity continues to be satisfactory, marked by sizeable unencumbered treasury investments in mutual funds and fixed deposits (including cash and bank balances) aggregating to Rs.461 crore on standalone basis and Rs. 541 crore on consolidated basis as on May 30, 2020.
From the report
Further, Raymond has already raised NCDs of Rs. 145 crore since April 2020.
From the report
Raymond Limited has also opted for moratorium on i nterest, principal repayments for some of its term loans as well as availed moratorium on interest payment of some of its working capital limits as part of RBI’s relief package.
From the report
Liquidity: Adequate Liquidity continues to be satisfactory, marked by sizeable unencumbered treasury investments in mutual funds and fixed deposits (including cash and bank balances) aggregating to Rs.461 crore on standalone basis and Rs. 541 crore on consolidated basis as on May 30, 2020.
From the report
Further, Raymond has already raised NCDs of Rs. 145 crore since April 2020.
From the report
Raymond Limited has also opted for moratorium on interest, principal repayments for some of its term loans as well as availed moratorium on interest payment of some of its working capital limits as part of RBI’s relief package.
From the report
The net sale proceeds of Rs.350 crore would be upstreamed to Raymond Limited by way of preferential allotment of equity and Compulsorily Convertible Preference Shares and would be utilised to prepay debt.
From the report
Liquidity: Adequate Liquidity comfort is derived through unencumbered treasury investments in mutual funds/ fixed deposits (including cash and bank balances) aggregating to Rs.377 crore as on March 31, 2019 (vis-à-vis Rs.420 crore as on March 31, 2018).
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Raymond
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| SILGO RETAIL LIMITED | · Manufacturing (Others) | — | — | Jaipur, Rajasthan, India |
| Denim & Casual Wear · Apparel, Textiles & Footwear | trentlimited.com | — | India | |
 Aditya Birla Fashion & Retail |
Formal & Premium Menswear · Apparel, Textiles & Footwear | abfrl.com | — | Mumbai, India |
 ARVIND FASHIONS LIMITED |
Denim & Casual Wear · Apparel, Textiles & Footwear | arvindfashions.com | — | Ahmedabad, Gujarat, India |
 Page Industries |
Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | pageind.com | 1995 | Bengaluru, India |
| S.P.APPARELS LIMITED | Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | — | — | Tiruppur, Tamil Nadu, India |
 VEDANT FASHIONS LIMITED |
Denim & Casual Wear · Apparel, Textiles & Footwear | manyavar.com | — | Kolkata, West Bengal, India |
 Monte Carlo Fashions (Oswal Woollen Mills) |
Denim & Casual Wear · Apparel, Textiles & Footwear | montecarlo.in | — | India |
| Denim & Casual Wear · Apparel, Textiles & Footwear | gocolors.com | — | Chennai, Tamil Nadu, India | |
| PRAXIS HOME RETAIL LIMITED | · Trading | — | — | Mumbai, Maharashtra, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Suiting, shirting and branded apparel
Filings
No filings on record yet.