Raymond Limited smashes Q3 FY26 targets: Revenue up 17.8%, aerospace and defence surges nearly 49%!

Raymond Limited continued its growth momentum, delivering a strong performance with total income of ₹ 580 Cr, reflecting a 17.8% increase compared to the same quarter of the previous financial year.

Raymond Limited delivered an EBITDA of ₹ 83 Cr with an EBITDA margin of 14.3% in Q3 FY26, an improvement of ~100 bps.

Building on previous momentum, our performance this quarter continues to be anchored by the Aerospace & Defense and Precision Technology & Auto Components divisions.

This reflects the deepening integration of Indian suppliers into the global high-tech value chain. We are seeing a sustained trend of domestic vendors transitioning into the production of sophisticated subsystems and complex precision components, which has maintained a robust order pipeline for Tier-1 and Tier-2 export partners.

While operational performance remains strong, EBITDA margins faced temporary pressure due to a reduction in non-operating income.

Commenting on the performance, Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said, "Despite a tightening competitive landscape, our core businesses in Aerospace, Defence, and Precision Technology achieved record sales performance this period.

"We remain committed to our strategic roadmap, prioritizing high-value expansion in sectors with significant barriers to entry. With both subsidiaries operating at strong performance, our focus now shifts to scaling these operations to capture emerging global demand and enhance shareholder returns."

Aerospace & Defence Business:

In Q3 FY26, this segment generated ₹ 105 crore in revenue, a robust 48.9% increase over ₹ 70 crore in Q3 FY25. EBITDA also grew significantly by 39.4%, reaching ₹ 19 crore compared to ₹ 14 crore in Q3 FY25.

The EBITDA margin stood at 18.6% for the quarter, compared to 19.8% in Q3 FY25. The margin compression is on account of the accelerated rollout of our new product line.

This strong momentum is further reflected in the 9M FY26 performance with the segment generating ₹ 273 crore in revenue, representing a 33.6% increase from ₹ 204 crore in 9M FY25. EBITDA also grew significantly by 34.2%, reaching ₹ 57 crore compared to ₹ 43 crore in 9M FY25.

The EBITDA margin stood at 20.9% for the quarter, compared to 20.8% in 9M FY25. This performance was anchored by two strategic factors, increased production requirements from a leading aerospace OEM and Tier-1 and Product Portfolio Expansion. The current demand environment remains favorable, providing a stable foundation for future expansion.

This is evidenced by a steady increase in Requests for Quotation (RFQs) and active exploration of new collaborative ventures with global partners. While internal growth indicators remain strong, the near-term outlook is currently influenced by external macroeconomic factors. Specifically, global trade pressures stemming from U.S. tariffs have introduced logistical complexities, resulting in some temporary scheduling delays across the industry.

Precision Technology & Auto Components:

In Q3 FY26, this segment generated ₹ 417 crore in revenue, a 14.9% increase from ₹ 363 crore in Q3 FY25. EBITDA also grew by 50.6%, reaching ₹ 57 crore compared to ₹ 38 crore in Q3 FY25 on account of higher sales and operating leverage. The EBITDA margin stood at 13.7% for the quarter vs. 10.4% in Q3 FY25.

In 9M FY26, this segment generated ₹ 1,225 crore in revenue, a 12.2% increase from ₹ 1,091 crore in 9M FY25. EBITDA also grew by 37.8%, reaching ₹ 156 crore compared to ₹ 113 crore in 9M FY25. The EBITDA margin stood at 12.7% in 9MFY26 vs. 10.4% in 9M FY25. This EBITDA margin improvement was on account of higher sales volumes, favorable product mix and includes a one-time gain of ~ ₹ 13 crore from sale of land in Q2FY26.

We continue with our strategy to expand into new international geographies and industrial sectors. We are observing business momentum across domestic and international markets, supported by China-plus one strategy, integration synergies, and focused operational efficiencies across all segments.

Raymond Limited continues to remain a net-debt free company with net cash surplus of ₹ 214 Cr.