Skip to main content
C
CorpDigest
Search

Raymond

Aerospace & Defence ComponentsFounded 1925
Reviewed by Swet Parvadiya
Company data updated: October 2026
Independent Editorial Analysis
10 historical events · Editorial analysis

Raymond Company Profile: Revenue, Business Model & Strategy

Research depth: 10 milestones · 10 FAQs

Raymond Limited is an Indian engineering company (NSE: RAYMOND) that makes aerospace, defence and precision auto components through JK Maini Global Aerospace and JK Maini Precision Technology.

How Raymond makes money: Raymond Limited earns money by manufacturing engineered components for industrial customers under long-term supply contracts. 1.

Revenue & employeesCEO historyFoundersBusiness model
Annual Revenue (FY2026)~$257.7M
CEOGautam Singhania
Founded1925
IndustryAerospace & Defence Components
By Swet ParvadiyaLast reviewed:
Data sources: annual reports, SEC filings, methodology
Industry:Aerospace & Defence Components

Raymond key figures

Raymond had revenue of ~$257.7M for fiscal year 2026, up 12.1% from FY2025. Net income was ~$619.6M, a net margin of 240.4%.

Source: Raymond (NSE:RAYMOND) annual reports, as compiled by S&P Global (via StockAnalysis) · Last reviewed October 2026

Revenue growth, FY2022 to FY2026
-22.6% a year
Compound annual rate, ~$716.7M to ~$257.7M
Peak revenue year
FY2023
~$952.9M; the latest reported year is 73.0% below the peak
Documented transactions
3
Between 2002 and 2023
Founded
1925
101 years ago
Where was Raymond founded?
Raymond was founded in Thane, Maharashtra, India in 1925.
When did Raymond start?
Raymond was founded in 1925.
How old is Raymond?
Raymond is 101 years old as of 2026.
In-Depth Analysis
397 words · 2 min read

Raymond Limited in 2026: From India's Suiting Brand to an Aerospace Supplier

Raymond Limited (NSE: RAYMOND) began in 1925 as the Raymond Woollen Mill in Thane and was acquired in 1944 by Lala Kailashpat Singhania of the J.K. Organisation. Over the next eight decades Raymond became India's best-known suiting and menswear name, with Park Avenue, ColorPlus and the long-running 'The Complete Man' campaign.

Two demergers that changed the company

Under Chairman and Managing Director Gautam Hari Singhania, the group sold its FMCG brands to Godrej Consumer Products for ~$328 million (₹2,825 crore) in 2023, moved its apparel and textile business into Raymond Lifestyle Limited (listed September 2024), and moved its Thane real estate projects into Raymond Realty Limited (listed July 1, 2025). Shareholders received one Raymond Realty share for each Raymond share.

What Raymond Limited does now

The listed company is now an engineering business built around its 2023 purchase of a 59.25% stake in Maini Precision Products for ~$79.1 million (₹682 crore). JK Maini Global Aerospace makes aero-engine, airframe and defence components, while JK Maini Precision Technology supplies precision auto and EV parts, ring gears and tools. Gautam Maini runs the engineering business as Managing Director.

Financial performance

The engineering businesses generated about $268 million (₹2,312 crore) of total income and ~$38.9 million (₹335 crore) of EBITDA in FY26. In Q1 FY27 (April-June 2026), total income rose 13% to ~$72.8 million (₹628 crore), EBITDA rose 14% to ~$11.6 million (₹100 crore) at a 15.9% margin, and net profit rose 50% to ~$3.58 million (₹30.9 crore). Aerospace and defence revenue grew 40.4%, and the segment's order book stood above ~$691 million (₹5,960 crore) over about 10 years. The company ended the quarter with roughly $15 million (₹129 crore) of net cash.

The 2026 share rally

Raymond shares rose more than 230% in the six months to late September 2026, reaching ₹1,241.40 on September 30 for a market value of about $936 million (₹8,066 crore). The rally followed new multi-programme aerospace orders and a plan to invest about $116 million (₹1,000 crore) over five years, more than half in aerospace and defence.

Competitors and risks

Raymond now competes with Indian precision and aerospace suppliers such as Azad Engineering, PTC Industries, Dynamatic Technologies and Bharat Forge. The main risks are execution on new capacity, cyclical automotive demand and a valuation that has moved well ahead of current earnings.

Table of Contents

Raymond Key Facts

CompanyRaymond
Annual revenue change+12.1% (FY2025–FY2026)
Financials~$257.7M (FY2026, last reviewed October 2026)
Market Cap$910M
FY2026 net income~$619.6M
Last reviewedBy Swet Parvadiya, Founder & Editor - October 2026
Founded1925
Founder(s)Albert James Raymond, Kailashpat Singhania
CEOGautam Singhania
HeadquartersMumbai, Maharashtra, India
IndustryAerospace & Defence Components
TickerRAYMOND

Raymond Company Profile: Revenue, Business Model & Strategy

"Raymond spent a century selling suits to Indian men; in 2026 its listed parent is valued as an aerospace parts maker."

Why Raymond Wins

Qualified aerospace supply positions, an order book above ~$691 million (₹5,960 crore), a cash-generating auto and tools base, and a net cash balance sheet.

Raymond Limited is an Indian engineering company (NSE: RAYMOND) that makes aerospace, defence and precision auto components through JK Maini Global Aerospace and JK Maini Precision Technology. Founded as a Thane woollen mill in 1925, it demerged its apparel business in 2024 and real estate in 2025, and earned about $268 million (₹2,312 crore) of total income in FY26.

Revenue

~$257.7M

Founded

1925

Market Cap

$910.0M

Author: CorpDigest Research DeskCompany Research

Key Facts

  • Founded: Raymond was established in 1925 and is headquartered in Mumbai, Maharashtra, India.
  • Revenue: Raymond had ~$257.7M in annual revenue (FY2026).
  • Valuation: Market capitalization of approximately $910M.
  • Business Model: Raymond Limited earns money by manufacturing engineered components for industrial customers under long-term supply.
  • Competitive Edge: Raymond's edge is qualification: aero-engine and airframe parts require years of customer audits and approvals, and JK.

How Raymond Makes Money

Capital Allocation & Scaling Mechanics

Raymond Limited earns money by manufacturing engineered components for industrial customers under long-term supply contracts. Aerospace & Defence (JK Maini Global Aerospace): machined and assembled parts for aircraft engines, airframes and defence programmes, sold to global OEMs and tier-1 suppliers; this is the fastest-growing and highest-margin segment, with an order book above ~$691 million (₹5,960 crore) spread over about 10 years. Precision Technology & Auto Components (JK Maini Precision Technology): precision parts for passenger and commercial vehicles, EV components, flywheel ring gears and flexplates. Engineering tools: steel files and hand tools from the legacy JK Files business, sold domestically and exported. Apparel and real estate revenue no longer sits in Raymond Limited.

Explore Raymond In Depth

📅Raymond History & Milestones💼How Raymond Makes Money📊Raymond Revenue & Financials⚔️Raymond Competitive Strategy & SWOT👤Raymond Founders & Origin Story🏆Raymond CEO History & Leadership🤝Raymond Acquisitions & Deals

What Is Raymond's Growth Strategy?

Raymond's growth plan is to tilt the mix toward aerospace and defence: add capacity, win multi-programme orders (such as a September 2026 order covering more than 300 part numbers), move up to higher-value assemblies, and use auto and EV precision parts as a steady base business.

How Much Revenue Does Raymond Generate?

Raymond's reported numbers are distorted by its restructuring. Consolidated revenue fell to about $119 million (₹1,023 crore) in FY24 and rose to ~$230 million (₹1,982 crore) in FY25 and ~$258 million (₹2,222 crore) in FY26 as the apparel and then real estate businesses were moved out, while reported net profit in those years includes large one-time gains linked to the demergers. The cleaner view is the continuing engineering business: about $268 million (₹2,312 crore) of total income and ~$38.9 million (₹335 crore) of EBITDA in FY26, then Q1 FY27 total income of ~$72.8 million (₹628 crore) (+13%), EBITDA of ~$11.6 million (₹100 crore) (15.9% margin) and net profit of ~$3.58 million (₹30.9 crore) (+50%). Raymond Group is a major Indian branded fabric and fashion retailer, operating as one of the largest vertically integrated worsted suiting manufacturers in the world.

Financial MetricEstimated Value
Market Capitalization$910.0M
Latest Annual Revenue~$257.7M (FY2026)

Historical Revenue Chart

Raymond Annual Revenue History

Figures are in the currency each year was reported in.

Fiscal YearRevenue FigureYoY Change
FY2022~$716.7MN/A
FY2023~$952.9M+33.0%
FY2024~$118.7M-87.5%
FY2025~$229.9M+93.7%
FY2026~$257.7M+12.1%

The source for each year is listed on the Raymond financials page.

Core Strength

JK Maini Global Aerospace holds an order book above ~$691 million (₹5,960 crore) over about 10 years, and aerospace revenue grew 40% in Q1 FY27.

Key Weakness

A large share of precision technology revenue depends on automotive demand, which carries lower margins than aerospace.

Deep Dive into Raymond SWOT Analysis

Who Are Raymond's Main Competitors?

Raymond is the absolute, undisputed titan of the Indian worsted suiting and premium menswear market, fiercely battling Aditya Birla Fashion (Peter England, Louis Philippe) and Reliance Trends. For over 50 years, Raymond held an absolute monopoly on premium Indian formalwear, deeply embedding itself into the cultural fabric of the country through its legendary 'The Complete Man' advertising campaign. However, the company faces a massive, existential demographic shift; younger Indian men aggressively prefer casual, ready-made 'fast fashion' (like Zara or H&M) over buying expensive fabric to be custom-tailored. To survive, Raymond has aggressively expanded its own ready-to-wear brands (ColorPlus, Park Avenue) and is heavily monetizing its massive real estate holdings in Mumbai.

What Is Raymond's Full Historical Timeline?

Historical Timeline & Strategic Pivots

Key Milestones

2000 - Gautam Singhania Becomes Chairman

Gautam Singhania takes over leadership as Chairman and Managing Director.

2023 - Sells FMCG business to Godrej Consumer Products for ~$328 million (₹2,825 crore); agrees to buy 59.25% ...

Sells FMCG business to Godrej Consumer Products for ~$328 million (₹2,825 crore); agrees to buy 59.25% of Maini Precision Products for ~$79.1 million (₹682 crore).

2024 - Raymond Lifestyle Limited, holding the apparel and textile business, lists separately i...

Raymond Lifestyle Limited, holding the apparel and textile business, lists separately in September.

2025 - Raymond Realty demerger takes effect on April 30; the real estate company lists on NSE ...

Raymond Realty demerger takes effect on April 30; the real estate company lists on NSE and BSE on July 1.

2026 - Q1 FY27 total income rises 13% to ~$72.8 million (₹628 crore); shares rally more than 230% in six months...

Q1 FY27 total income rises 13% to ~$72.8 million (₹628 crore); shares rally more than 230% in six months on aerospace growth.

Risks & Weaknesses

Analytical Assessment

Primary Risk Factor

Execution on aerospace capacity expansion and a share price that has run far ahead of current earnings, plus promoter governance controversies.

Risk assessment based on public filings, SWOT analysis, and verified industry data. Not financial advice.

How Did Raymond Start and Grow?

Established

1925

Fiscal Revenue (FY2026)

~$257.7M

HQ Location

Mumbai, Maharashtra, India

Join 50,000+ business researchers

Get weekly deep-dives into how top companies actually make money, their competitive moats, and strategic pivots. Free forever.

No spam. Unsubscribe anytime.

Explore Raymond In Depth

Detailed research across every dimension of Raymond — history, financials, leadership, and strategy.

Company History

Raymond is a rare case of a century-old consumer brand turning its listed parent into an industrial company. The suiting mills, The Raymond Shop network and 'The Complete Man' brand now belong to Raymond Lifestyle…

Full Raymond history →

Revenue & Financials

Raymond had ~$257.7M in revenue for fiscal year 2026. Data covers 5 fiscal years. Market capitalization stands at approximately $1B.

Raymond financials →

Founders

Raymond was founded by Albert James Raymond, Kailashpat Singhania in 1925. Explore each founder's background, motivations, and their role in building the company.

Raymond founders →

CEO & Leadership

Raymond is currently led by Gautam Singhania. Explore the full CEO history — leadership transitions, tenures, and the strategic decisions of each chief executive.

Raymond CEO history →

Business Model

Raymond Limited earns money by manufacturing engineered components for industrial customers under long-term supply contracts. 1.

How Raymond makes money →

Acquisitions

Raymond has completed 3 documented acquisitions. Explore the full acquisition history and strategic rationale behind each deal.

Raymond acquisitions →

Competitive Strategy

Raymond's growth plan is to tilt the mix toward aerospace and defence: add capacity, win multi-programme orders (such as a September 2026 order covering more than 300 part numbers), move up to higher-value assemblies,…

Raymond strategy →

Related Company Comparisons

CorpDigest Research Desk

 Research Profile

Our analysts compile business strategy profiles from public financial filings, press releases, and analyst reports. Each profile is reviewed for accuracy before publication by our editorial desk and updated on a rolling basis.

About the Author →Our Methodology →

Frequently Asked Questions About Raymond

How does Raymond Limited make money?

Raymond Limited earns revenue by making aerospace and defence components (JK Maini Global Aerospace), precision auto and EV components (JK Maini Precision Technology), and files and tools. Engineering total income was about $268 million (₹2,312 crore) in FY26.

Who owns Raymond?

Raymond Limited is listed on the NSE and BSE. It is controlled by the Singhania family promoter group led by Gautam Hari Singhania, with the remaining shares held by institutional and retail investors.

Who is the CEO of Raymond?

Gautam Hari Singhania is Chairman and Managing Director of Raymond Limited. Gautam Maini is Managing Director of the engineering business.

Who are Raymond Limited's competitors?

In aerospace and precision engineering, Raymond competes with Azad Engineering, PTC Industries, Dynamatic Technologies and Bharat Forge, and with auto-component makers such as Sona BLW. Raymond Lifestyle, a separate company, competes with apparel brands like Aditya Birla Fashion and Siyaram's.

What were Raymond's latest quarterly results?

In Q1 FY27 (April-June 2026) Raymond reported total income of ~$72.8 million (₹628 crore) (up 13%), EBITDA of ~$11.6 million (₹100 crore) at a 15.9% margin, and net profit of ~$3.58 million (₹30.9 crore) (up 50%).

Why did Raymond shares rally in 2026?

Investors re-rated Raymond as an aerospace and defence play after strong Q1 FY27 growth, new aerospace orders and a ~$691 million (₹5,960 crore)-plus order book. The stock rose more than 230% in six months, reaching ₹1,241.40 on September 30, 2026.

What happened to Raymond's suits and real estate businesses?

The textile and apparel business was demerged into Raymond Lifestyle Limited (listed September 2024), and real estate into Raymond Realty Limited (listed July 1, 2025).

Who is the owner of Raymond Group?

The Raymond Group is owned and controlled by the Singhania family, currently led by billionaire Chairman and Managing Director Gautam Singhania.

Who founded Raymond?

The original mill was set up in 1925 by Albert Raymond in Thane, but it was fully acquired by the prominent Singhania family in 1944.

Analysis: How Raymond Makes Money

Deep dive into the Raymond business model, revenue streams, and strategic moats in 2026.

Competitor Benchmarking

Compare

    Financial data on this page is sourced from SEC EDGAR filings, official earnings releases, and verified press statements. Revenue figures are reviewed and updated periodically. Read our full data methodology ->

    Explore More Brand Histories

    This corporate intelligence report on Raymond compiles data from verified filings. Explore more detailed brand histories and company histories in the global Aerospace & Defence Components marketplace.

    Full Company Directory ->

    Related Companies to Raymond

    Tata Group
    Multinational Conglomerate
    The Boeing Company
    aerospace-defense
    Airbus SE
    Aerospace & Defense
    Mahindra & Mahindra
    Automotive Manufacturing
    Tata Motors Limited
    Automotive

    Editorial Methodology

    Company Research

    We use company filings, annual reports, company statements and press reports, with primary sources preferred where available. Each financial row shows its recorded source. Full-year figures are separated from annualized run-rates, partial periods and forecasts; unaudited figures carry a label. Source detail varies by company, so check the linked material when the reporting basis matters.

    1. Primary Sources

    Public companies may provide filings and annual reports. Private-company figures may come from statements or press coverage. A missing figure stays missing, and a source link should identify where its number came from.

    2. Expert Curation

    We organize company records and review claims for strategic context, source quality and clarity. Pages show a review date where one is recorded.

    3. Multi-Pass Audit

    Technical checks flag inconsistent figures and missing links. Editorial review of the underlying source remains necessary for claims those checks cannot verify.

    Swet Parvadiya
    SEC filings & public records methodology
    Sourced from public financial records

    Explore Related Pages for Raymond

    History & FailuresTimeline, setbacks, and key milestonesBusiness ModelHow they make money and market productsFinancialsRevenue history and fiscal metricsCompetitive StrategyRivals, benchmarks, and SWOT analysis

    Sources & References

    The data and narrative synthesized in this intelligence report were verified against primary sources:

    Related Competitor Intelligence

    Compare market positioning with top industry peers

    Competitor

    Boeing

    View Competitor Intelligence
    Competitor

    Airbus

    View Competitor Intelligence
    Competitor

    Tata Group

    View Competitor Intelligence
    Competitor

    Mahindra And Mahindra

    View Competitor Intelligence
    Competitor

    Tata Motors

    View Competitor Intelligence

    Explore Raymond

    Core profile pages, founders and related research hubs for this company.

    Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.