RAYMONDLSL
Micro CapRaymond Lifestyle Limited
Consumer
Raymond Lifestyle Limited (formerly Raymond Consumer Care Limited) is an Indian consumer company with a legacy spanning over a century. It operates in branded textiles, branded apparel (including core brands like Park Avenue, ColorPlus, Raymond Ready-to-Wear, Parx, and emerging businesses), garmenting, and high-value cotton shirting (B2B).
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 45/100Rev +19% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,776 Cr | +18.9% | -4.0% |
| EBITDA | ₹119 Cr | +750.0% | -49.8% |
| Operating margin | 7.0% | +600 bps | -600 bps |
| PAT | ₹-52 Cr | NDF | -220.9% |
| PAT margin | -2.9% | +8 bps | -526 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 total income crossed INR7,000 crores for the first time, up 11% YoY, with EBITDA up 23% YoY to INR804 crores (11.4% margin). Q4 FY26 total income was INR1,810 crores, up 15% YoY, with EBITDA up 53% YoY to INR152 crores (8.4% margin). Net working capital improved by 10 days to 77 days.
Strong FY26 performance driven by domestic consumption and operational efficiencies, despite global headwinds. New leadership aims for consolidation in FY27, focusing on profitable growth, premiumization, casualization, and strategic store rationalization before aggressive expansion. Working capital improvement is a positive sign.
Premiumization
Shift towards wool in suiting, linen in shirting, and more premium category garments in branded apparel.
Casualization
Focus on comfort-first fabric, hybrid blends, knitwear in Branded Textiles; smart casuals, polos, chinos, t-shirts, corduroy, denim in Branded Apparel, led by ColorPlus.
GTM Expansion
Expansion in MBOs and LFS counters, especially in the casual section of LFS, to build brand presence and distribution.
Garmenting Exports
Demand recovery post US-India trade deal, UK-India FTA, and impending Euro-India FTA expected to drive high double-digit growth.
EBO Stores
Plan to add a gross of about 100 EBO stores in FY27, with a net increase of 30-40 stores after exiting underperforming ones.
S/4HANA Implementation
Implemented in textile and home business to modernize supply chain and enhance operational agility.
Garmenting Factory
INR60 crores capex for new garmenting factory in Hyderabad.
US-India Trade Deal
Created significant demand recovery for exports, leading to highest-ever monthly revenue in Garmenting in March.
UK-India FTA & Euro-India FTA
Impending FTAs can create significant demand recovery for exports, especially in Garmenting.
Domestic Consumption
Strong domestic consumption drove healthy performance despite international headwinds.
K-shaped Recovery
Premium part of the market in Europe and domestic market shows no problem, benefiting premiumization strategy.
Volatile Macroeconomic Environment
Global headwinds persist, including US-Iran conflict keeping Brent crude over $100, increasing energy, raw material, and freight costs.
Domestic Weather Challenges
Extreme heat waves affecting multiple states and below-average monsoon forecast (92%) may impact discretionary spending.
Raw Material Price Inflation
Wool and flax prices are currently going through the roof, posing a challenge to gross margin improvement despite premiumization.
Geopolitical Conflicts
US-Iran conflict and potential for new tariffs could disrupt export orders and increase costs.
Discretionary Spending Impact
Macroeconomic volatility and weather conditions could reduce consumer discretionary spending on apparel.
Competitive Intensity in Ethnix
Many regional and smaller players have entered the wedding wear market, requiring recalibration of strategy.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company reports both full-year (FY26) and quarterly (Q4 FY26) results. YoY comparison is crucial for assessing overall annual growth and recovery, while QoQ provides insight into sequential momentum and operational efficiency improvements, especially in EBITDA margin.
Total Income
FY26: INR7,034 crores (+11% YoY); Q4 FY26: INR1,810 crores (+15% YoY).
EBITDA
FY26: INR804 crores (+23% YoY, 11.4% margin); Q4 FY26: INR152 crores (+53% YoY, 8.4% margin).
Net Working Capital Days
Improved by 10 days from 87 days to 77 days over last March.
Branded Textile Revenue
Q4 FY26: INR831 crores (+14% YoY), driven by robust volume growth and premiumization.
FY27 - Year of Consolidation
Shifting focus to restoring sustainable profitability through a lean and high-performing network, aiming for double-digit top-line and faster bottom-line growth.
New Leadership Focus
Renewed focus on expanding Branded Apparel, scaling newer categories, and driving operational efficiencies across the value chain.
Strategic Review
Employing a big consultancy firm to build a three-year strategy, with work starting around May-June and a plan expected by October-November.
ESG Commitment
Advancing towards 2030 goals: 25% renewable energy target, 40% female representation, and 15% reduction in Scope 1 & 2 emissions from FY25 baseline.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Store Additions | Net 30-40 EBO stores planned for FY27. | Actual net store additions and store economics, especially after the consolidation year. |
| Working Capital Days | Improved to 77 days. | Further reduction towards the target of less than 70 days in FY27. |
| Branded Apparel EBITDA Margin (Core) | 7.8% (excluding new businesses). | Progress towards the target of double-digit margins over the next two years. |
| Garmenting Business Growth | Q4 FY26 revenue +38% YoY, order books solid for Q1 FY27. | Sustained high double-digit growth and improved margin structure from diversified geographical mix. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -20.9% / mo · near 52W low
Technical chart
RAYMONDLSLweekly · 3Y-64.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 47. Wait for confirmation.
- SMA20 falling (~26.4% over last month) — short-term momentum negative.
- RSI(14) at 47 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 42% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 9.3%.
- Piotroski is strong at 7/9.
- Cash flow contributes 9/10 to the score.
Main drags
- Fair-value margin of safety is negative at -78753.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 2/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 42nd percentile within Consumer. Main check: results consistency is weak at 27/100.
Healthy Trust Lite: Promoter holding is 59.5%. Key concern: 4 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 42nd pctile, median 67 · Micro: 26th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 59.5%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 3.4%.
- ▸FCF yield is 9.5%.
Trust risks
- ▸4 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 3.7%.
- ▸ROE is low at 1.6%.
- ▸1/5 recent quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 30.20
- P/B
- 0.47
- EV/EBITDA
- 6.51
- Market Cap
- 4508.00Cr
Profitability
- ROE
- 1.55%
- ROCE
- 3.66%
- ROA
- 0.33%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 2.67%
- EPS 5Y
- -86.81%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.23
- Interest Coverage
- 2.82×
- Altman Z
- 2.48
- Book Value
- 1582.00
Cash Flow
- FCF Yield
- 9.29%
- FCF Positive Y
- 3/5
- OCF
- 546.00 Cr
- EPS TTM
- 7.58
Shareholding
- Promoter Hold
- 59.52%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.