New Risk • May 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin). Reported Earnings • May 06
Full year 2026 earnings released: EPS: ₹5.07 (vs ₹7.18 in FY 2025) Full year 2026 results: EPS: ₹5.07 (down from ₹7.18 in FY 2025). Revenue: ₹23.1b (up 17% from FY 2025). Net income: ₹337.4m (down 29% from FY 2025). Profit margin: 1.5% (down from 2.4% in FY 2025). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. Announcement • Apr 29
Raymond Limited to Report Q4, 2026 Results on May 05, 2026 Raymond Limited announced that they will report Q4, 2026 results on May 05, 2026 Reported Earnings • Jan 30
Third quarter 2026 earnings released: EPS: ₹0.54 (vs ₹10.84 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.54 (down from ₹10.84 in 3Q 2025). Revenue: ₹5.57b (down 42% from 3Q 2025). Net income: ₹35.8m (down 95% from 3Q 2025). Profit margin: 0.6% (down from 7.6% in 3Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. Announcement • Jan 19
Raymond Limited to Report Q3, 2026 Results on Jan 27, 2026 Raymond Limited announced that they will report Q3, 2026 results on Jan 27, 2026 Announcement • Oct 16
Raymond Limited to Report Q2, 2026 Results on Oct 27, 2025 Raymond Limited announced that they will report Q2, 2026 results on Oct 27, 2025 Announcement • Jul 29
Raymond Limited to Report Q1, 2026 Results on Aug 06, 2025 Raymond Limited announced that they will report Q1, 2026 results on Aug 06, 2025 Reported Earnings • Jul 15
Full year 2025 earnings released: EPS: ₹0 (vs ₹0 in FY 2024) Full year 2025 results: EPS: ₹0 (in line with FY 2024). Revenue: ₹19.8b (up 94% from FY 2024). Net income: ₹477.6m (down 2.4% from FY 2024). Profit margin: 2.4% (down from 4.8% in FY 2024). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Jul 09
Raymond Limited, Annual General Meeting, Aug 04, 2025 Raymond Limited, Annual General Meeting, Aug 04, 2025, at 11:30 Indian Standard Time. New Risk • May 19
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.5% Last year net profit margin: 18% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (21% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.5% net profit margin). Buy Or Sell Opportunity • May 14
Now 70% undervalued after recent price drop Over the last 90 days, the stock has fallen 61% to ₹556. The fair value is estimated to be ₹1,873, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 57%. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹1,411, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 32x in the Real Estate industry in India. Total returns to shareholders of 682% over the past three years. Reported Earnings • Jan 31
Third quarter 2025 earnings released: EPS: ₹10.84 (vs ₹27.57 in 3Q 2024) Third quarter 2025 results: EPS: ₹10.84 (down from ₹27.57 in 3Q 2024). Revenue: ₹9.54b (down 60% from 3Q 2024). Net income: ₹721.3m (down 61% from 3Q 2024). Profit margin: 7.6% (down from 7.7% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Dec 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.6% to ₹1,680. The fair value is estimated to be ₹2,113, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to decline by 31% in the next 2 years. Announcement • Dec 19
Raymond Limited Appoints Mrs. Rashmi Mundada as Independent Woman Director on the Board Raymond Limited announced that the appointment of Mrs. Rashmi Mundada as an Independent Woman Director on the Board of the Company for a period of Two (2) Years subject to regulatory approvals. Mrs. Rashmi Mundada is a fellow member of Institute of Chartered Accountant of India and Practicing Chartered Accountants for more 22 years. She also holds Diploma in System Audit (DISA) by ICAI. She has immense experience in the field of auditing and assurance, Income-Tax and GST, business transformation, risk management and project finance. She established a highly successful practice and serving many Indian and multinational clients. She is presently serving on the Board of JK Files & Engineering Limited, Ring Plus Aqua Limited, Raymond Luxury Cotton Limited, Silver Spark Apparel Limited and Retail Hub Solution Limited. The date of appointment is December 18, 2024. New Risk • Dec 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.8% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.6% average weekly change). Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹1,725, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 42x in the Real Estate industry in India. Total returns to shareholders of 1,010% over the past three years. Buy Or Sell Opportunity • Nov 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to ₹1,622. The fair value is estimated to be ₹2,030, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to decline by 31% in the next 2 years. Reported Earnings • Nov 05
Second quarter 2025 earnings released: EPS: ₹9.02 (vs ₹24.01 in 2Q 2024) Second quarter 2025 results: EPS: ₹9.02 (down from ₹24.01 in 2Q 2024). Revenue: ₹11.0b (down 51% from 2Q 2024). Net income: ₹600.3m (down 62% from 2Q 2024). Profit margin: 5.5% (down from 7.1% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Announcement • Sep 09
Raymond Limited Approves Appointment of Mr. Harmohan H Sahni as Executive Director Raymond Limited announced that through postal ballot, approved the appointment of Mr. Harmohan H Sahni as an Executive Director of the Company and to fix his remuneration. His age is 56 years. Qualifications: Chartered Accountant. Three decades of experience in the field of Finance, Project and Real Estate Operations. A qualified Chartered Accountant, Mr. Harmohan H Sahni has a formidable experience of 29 years in real estate and core sectors. His previous two stints were at ECL Finance Limited (Edelweiss Group) and GCorp Developers Pvt. Ltd. He has rich and versatile expertise with luxury and affordable housing, commercial and retail properties. Effective management of end-to-end project operations is his forte. He is currently serving as business CEO (Realty Business) at Raymond Limited. List of Directorship held in all the Companies: Raymond Limited. Ten X Realty Limited. Ten X Realty East Limited. Ten X Realty West Limited. Rayzone Property Services Limited. A qualified Chartered Accountant, Mr. Harmohan H Sahni, aged 56 years, has a formidable experience of 29 years in real estate and core sectors. His previous two stints were at ECL Finance Limited (Edelweiss Group) and GCorp Developers Pvt. Ltd. He has rich and versatile expertise with luxury and affordable housing, commercial and retail properties. Effective management of end-to-end project operations is his forte. He is currently serving as business CEO (Realty Business) at Raymond Limited. Mr. Harmohan H Sahni has been looking after the overall affairs and operations of the Realty Business of Raymond Group. He is involved in policy planning, vision and strategy and long-term development activities of the Realty Business of the Company. The Realty Business of the Company has made enormous progress under the leadership of Mr. Harmohan H Sahni. Buy Or Sell Opportunity • Aug 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.9% to ₹1,958. The fair value is estimated to be ₹2,501, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to decline by 31% in the next 2 years. Reported Earnings • Aug 07
First quarter 2025 earnings released: EPS: ₹8.51 (vs ₹160 in 1Q 2024) First quarter 2025 results: EPS: ₹8.51 (down from ₹160 in 1Q 2024). Revenue: ₹9.38b (down 47% from 1Q 2024). Net income: ₹566.2m (down 95% from 1Q 2024). Profit margin: 6.0% (down from 60% in 1Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 67% per year, which means it is significantly lagging earnings growth. New Risk • Jul 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 7.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.5% average weekly change). Earnings are forecast to decline by an average of 13% per year for the foreseeable future. High level of non-cash earnings (24% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (₹388m sold). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment deteriorates as stock falls 30% After last week's 30% share price decline to ₹2,047, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 29x in the Luxury industry in India. Total returns to shareholders of 367% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹2,384 per share. Price Target Changed • Jul 04
Price target increased by 11% to ₹2,652 Up from ₹2,394, the current price target is an average from 3 analysts. New target price is 10% below last closing price of ₹2,962. Stock is up 70% over the past year. The company is forecast to post earnings per share of ₹140 for next year compared to ₹246 last year. Buy Or Sell Opportunity • Jul 01
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 64% to ₹3,041. The fair value is estimated to be ₹2,342, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 31% in 2 years. Earnings are forecast to decline by 35% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹2,990, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 28x in the Luxury industry in India. Total returns to shareholders of 632% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹2,062 per share. Buy Or Sell Opportunity • Jun 21
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 42% to ₹2,525. The fair value is estimated to be ₹2,022, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 31% in 2 years. Earnings are forecast to decline by 35% in the next 2 years. New Risk • Jun 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Earnings are forecast to decline by an average of 24% per year for the foreseeable future. High level of non-cash earnings (24% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (₹367m sold). Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹2,511, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 26x in the Luxury industry in India. Total returns to shareholders of 514% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹2,033 per share. Announcement • Jun 02
Raymond Limited, Annual General Meeting, Jun 27, 2024 Raymond Limited, Annual General Meeting, Jun 27, 2024, at 15:00 Indian Standard Time. Buy Or Sell Opportunity • May 10
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to ₹2,150. The fair value is estimated to be ₹1,745, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to decline by 37% in the next 2 years. Reported Earnings • May 04
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ₹246 (up from ₹79.45 in FY 2023). Revenue: ₹92.9b (up 13% from FY 2023). Net income: ₹16.4b (up 210% from FY 2023). Profit margin: 18% (up from 6.4% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 161%. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 88% per year, which means it is significantly lagging earnings growth. Announcement • May 04
Raymond Limited Recommends Dividend for the Financial Year Ended March 31, 2024, Payable on or After June 26, 2024 Raymond Limited at its board of directors meeting held on May 3, 2024, recommended payment of dividend of 100 % on the Equity share capital i.e. INR 10.00 per equity share of the face value of INR 10.00 each for the financial year ended March 31, 2024, subject To Approve the shareholders at the upcoming 99th Annual General Meeting. The dividend, if approved by the shareholders will be paid on or after June 26, 2024. Announcement • Apr 24
Raymond Limited to Report Q4, 2024 Results on May 03, 2024 Raymond Limited announced that they will report Q4, 2024 results on May 03, 2024 Buy Or Sell Opportunity • Apr 19
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to ₹2,011. The fair value is estimated to be ₹1,598, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to decline by 38% in the next 2 years. Buy Or Sell Opportunity • Apr 03
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to ₹1,919. The fair value is estimated to be ₹1,568, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to decline by 39% in the next 2 years. Buy Or Sell Opportunity • Feb 21
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to ₹1,871. The fair value is estimated to be ₹1,558, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to decline by 39% in the next 2 years. Reported Earnings • Feb 07
Third quarter 2024 earnings released: EPS: ₹27.57 (vs ₹14.25 in 3Q 2023) Third quarter 2024 results: EPS: ₹27.57 (up from ₹14.25 in 3Q 2023). Revenue: ₹23.9b (up 10% from 3Q 2023). Net income: ₹1.84b (up 94% from 3Q 2023). Profit margin: 7.7% (up from 4.4% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 73% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: ₹24.01 (vs ₹23.86 in 2Q 2023) Second quarter 2024 results: EPS: ₹24.01 (up from ₹23.86 in 2Q 2023). Revenue: ₹23.2b (up 7.0% from 2Q 2023). Net income: ₹1.60b (flat on 2Q 2023). Profit margin: 6.9% (down from 7.3% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 89% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 15
Price target increased by 14% to ₹2,239 Up from ₹1,960, the current price target is an average from 2 analysts. New target price is 16% above last closing price of ₹1,933. Stock is up 105% over the past year. The company is forecast to post earnings per share of ₹259 for next year compared to ₹79.45 last year. Announcement • Aug 15
Raymond Limited Announces Resignation of Atul Singh, Senior Management Personnel Raymond Limited announced that Mr. Atul Singh, Senior Management Personnel of the Company, has been facing health issues and had to undergo a procedure in US to resolve this condition. Post his procedure, Atul has been advised to restrict extensive flying and has therefore tendered his resignation. The Company has taken note of the same and he is being relieved of his duties from the end of business hours on August 14, 2023. New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 45% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 45% per year for the foreseeable future. Minor Risk High level of debt (45% net debt to equity). Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: ₹160 (vs ₹12.15 in 1Q 2023) First quarter 2024 results: EPS: ₹160 (up from ₹12.15 in 1Q 2023). Revenue: ₹17.7b (up 2.5% from 1Q 2023). Net income: ₹10.7b (up ₹9.84b from 1Q 2023). Profit margin: 60% (up from 4.7% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 95% per year, which means it is significantly lagging earnings growth. Announcement • Jun 18
Raymond Limited Proposes Dividend for the Financial Year Ended March 31, 2023 Raymond Limited proposed dividend of INR 3 per equity share for the financial year ended March 31, 2023 at its AGM to be held on July 11, 2023. Reported Earnings • May 10
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: ₹79.45 (up from ₹39.11 in FY 2022). Revenue: ₹83.4b (up 35% from FY 2022). Net income: ₹5.29b (up 103% from FY 2022). Profit margin: 6.3% (up from 4.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 90% per year whereas the company’s share price has increased by 91% per year. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹1,717, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 23x in the Luxury industry in India. Total returns to shareholders of 615% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹925 per share. Reported Earnings • Feb 04
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ₹14.25 (down from ₹15.06 in 3Q 2022). Revenue: ₹21.7b (up 18% from 3Q 2022). Net income: ₹948.4m (down 5.4% from 3Q 2022). Profit margin: 4.4% (down from 5.4% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 9.1%. Earnings per share (EPS) also missed analyst estimates by 48%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Luxury industry in India. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Jan 18
Raymond Limited to Report Q3, 2023 Results on Feb 01, 2023 Raymond Limited announced that they will report Q3, 2023 results on Feb 01, 2023 Board Change • Jan 10
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. President of Corporate Commercial & Logistics and Additional Non-Executive Director Shantilal Pokharna was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 22% share price gain to ₹1,610, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 26x in the Luxury industry in India. Total returns to shareholders of 132% over the past three years. Reported Earnings • Nov 04
Second quarter 2023 earnings released: EPS: ₹23.86 (vs ₹8.00 in 2Q 2022) Second quarter 2023 results: EPS: ₹23.86 (up from ₹8.00 in 2Q 2022). Revenue: ₹21.9b (up 41% from 2Q 2022). Net income: ₹1.59b (up 198% from 2Q 2022). Profit margin: 7.3% (up from 3.4% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 18% share price gain to ₹1,259, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 14x in the Luxury industry in India. Total returns to shareholders of 121% over the past three years. Buying Opportunity • Sep 23
Now 22% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be ₹1,373, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years, while earnings per share has been flat. Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: ₹12.15 (vs ₹23.51 loss in 1Q 2022) First quarter 2023 results: EPS: ₹12.15 (up from ₹23.51 loss in 1Q 2022). Revenue: ₹17.5b (up 113% from 1Q 2022). Net income: ₹809.0m (up ₹2.37b from 1Q 2022). Profit margin: 4.6% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Board Change • Aug 02
High number of new directors Executive Vice Chairman Atul Singh was the last director to join the board, commencing their role in 2022. Reported Earnings • Jun 25
Full year 2022 earnings released: EPS: ₹39.11 (vs ₹44.63 loss in FY 2021) Full year 2022 results: EPS: ₹39.11 (up from ₹44.63 loss in FY 2021). Revenue: ₹61.8b (up 79% from FY 2021). Net income: ₹2.60b (up ₹5.57b from FY 2021). Profit margin: 4.2% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 23
Upcoming dividend of ₹3.00 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 13 August 2022. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.9%). Lower than average of industry peers (0.6%). Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 23% share price gain to ₹1,062, the stock trades at a trailing P/E ratio of 27.2x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 25% over the past three years. Reported Earnings • May 18
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹39.11 (up from ₹44.63 loss in FY 2021). Revenue: ₹61.8b (up 79% from FY 2021). Net income: ₹2.60b (up ₹5.57b from FY 2021). Profit margin: 4.2% (up from net loss in FY 2021). Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 39%. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Buying Opportunity • May 04
Now 21% undervalued Over the last 90 days, the stock is up 6.2%. The fair value is estimated to be ₹1,020, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. Board Change • Mar 29
High number of new directors President of Corporate Commercial & Logistics and Additional Non-Executive Director Shantilal Pokharna was the last director to join the board, commencing their role in 2021. Reported Earnings • Jan 26
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: ₹15.05 (up from ₹3.26 in 3Q 2021). Revenue: ₹18.7b (up 51% from 3Q 2021). Net income: ₹1.00b (up 362% from 3Q 2021). Profit margin: 5.4% (up from 1.7% in 3Q 2021). Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 39%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 29
Second quarter 2022 earnings released: EPS ₹8.00 (vs ₹19.97 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹15.8b (up 135% from 2Q 2021). Net income: ₹532.6m (up ₹1.86b from 2Q 2021). Profit margin: 3.4% (up from net loss in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Executive Departure • Aug 27
Independent Director Pradeep Guha has left the company On the 21st of August, Pradeep Guha's tenure as Independent Director ended after 12.2 years in the role. We don't have any record of a personal shareholding under Pradeep's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 8.79 years. Board Change • Aug 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. President of Corporate Commercial & Additional Non-Executive Director Shantilal Pokharna was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Jul 25
Non-Executive Director Surya Gupta has left the company On the 23rd of July, Surya Gupta's tenure as Non-Executive Director ended after 2.6 years in the role. As of March 2021, Surya still personally held only 500.00 shares (₹181k worth at the time). Surya is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 8.71 years. Reported Earnings • Jul 14
Full year 2021 earnings released: ₹44.63 loss per share (vs ₹31.44 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: ₹34.5b (down 47% from FY 2020). Net loss: ₹2.97b (down 252% from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Reported Earnings • May 08
Full year 2021 earnings released: ₹44.63 loss per share (vs ₹31.44 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: ₹36.5b (down 44% from FY 2020). Net loss: ₹2.97b (down 252% from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 20
New 90-day high: ₹363 The company is up 19% from its price of ₹305 on 21 November 2020. The Indian market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 14% over the same period. Reported Earnings • Feb 11
Third quarter 2021 earnings released: EPS ₹3.26 (vs ₹31.65 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹12.4b (down 34% from 3Q 2020). Net income: ₹216.9m (down 89% from 3Q 2020). Profit margin: 1.7% (down from 10% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 16
New 90-day high: ₹345 The company is up 22% from its price of ₹284 on 17 September 2020. The Indian market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 21% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: ₹310 The company is up 7.0% from its price of ₹290 on 21 August 2020. The Indian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 13% over the same period. Reported Earnings • Nov 11
Second quarter 2021 earnings released: ₹19.97 loss per share The company reported a poor second quarter result with weaker earnings, revenues and control over expenses. Second quarter 2021 results: Revenue: ₹7.32b (down 61% from 2Q 2020). Net loss: ₹1.33b (down 258% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings.