Raymond Lifestyle Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Raymond Lifestyle Ltd filed with BSE on 07 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Raymond Lifestyle reported total income of Rs 1,560 crores for Q1 FY27, up 6% year-on-year, with EBITDA rising 11% to Rs 135 crores and margin expanding 40 basis points to 8.6%. The company became net cash positive with a surplus of Rs 154 crores versus a net debt position a year earlier, and net working capital days improved to 75 from 90. Garmenting revenue grew 50% year-on-year to Rs 296 crores driven by US-India tariff rationalization and new European and UK clients, while the company also introduced a new segment reporting structure separating emerging businesses from core operations.
Numbers mentioned
Total income: INR1,560 crores (Q1 FY27)
p. 4
“we recorded a total income of INR1,560 crores in Q1 FY27 versus INR1,475 crores in Q1 FY26, representing a 6% year-on-year growth”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
EBITDA: INR135 crores (Q1 FY27)
p. 4
“Our EBITDA for the quarter rose to INR135 crores, a 11% year-on-year growth, resulting in an improved EBITDA margin of 8.6%, a 40 basis point expansion over the same period last year.”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Net cash surplus: INR154 crores (June 2026)
p. 4
“We sustained our debt-free status with a net cash surplus of INR154 crores in June ‘26, a marked improvement from a net debt position of INR55 crores in June ‘25, which is a INR209 crores swing within the year.”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Net working capital days: 75 days (Q1 FY27)
p. 4
“Net working capital days improved by 15 days, stood at 75 days in Q1 FY27 versus 90 days in Q1 FY26.”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Branded Textiles revenue: INR684 crores (Q1 FY27)
p. 4
“In Branded Textiles, revenue stood at INR684 crores in Q1 FY27 compared to INR699 crores in the same quarter FY26, primarily due to the base effect from the previous year.”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Branded Apparel revenue growth: 4% year-on-year (Q1 FY27)
p. 4
“In Branded Apparel, revenue grew 4% year-on-year to INR349 crores, supported by high double-digit growth in LFS and online channels, with casual brands witnessing double-digit growth.”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Garmenting revenue: INR296 crores (Q1 FY27)
p. 5
“This segment reported a stellar performance with revenue of INR296 crores versus INR197 crores in the same quarter last year, reflecting a robust growth of 50% year-on-year.”
Satyaki Ghosh, page 5 of the filed PDF · View the filing
Garmenting EBITDA margin: 7.3% (Q1 FY27)
p. 5
“The segment achieved an EBITDA of INR22 crores versus negative INR8 crores last year same quarter, with an improved EBITDA margin of 7.3% versus minus 4.1% last year, which is a 1100 bps jump.”
Satyaki Ghosh, page 5 of the filed PDF · View the filing
High Value Cotton Shirting revenue: INR195 crores (Q1 FY27)
p. 5
“In High Value Cotton Shirting, revenue was INR195 crores compared to INR205 crores in the same quarter last year, on account of the same thing, the base effect of last year.”
Satyaki Ghosh, page 5 of the filed PDF · View the filing
Emerging Business revenue growth: 9% year-on-year (Q1 FY27)
p. 5
“This segment reported a revenue of INR79 crores reflecting a growth of 9% year-on-year.”
Satyaki Ghosh, page 5 of the filed PDF · View the filing
Active store network: 1627 stores (as of Q1 FY27)
p. 4
“Since June 2025, we exited 133 underperforming stores and strategically opened 85 new highyielding locations, bringing our active network to 1627 stores across 600 cities.”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Loyalty program members: 12.4 million
p. 5
“our loyalty ecosystem now reached 12.4 million members, providing a data-led consumer insight engine to drive repeat visits and lower marketing acquisition costs”
Satyaki Ghosh, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Order book / garmenting capacity utilization — full capacity till December, booking Q4 orders · through December 2026, Q4 booking started
stated firmly by Satyaki Ghosh
p. 7
“We have closed taking orders for December on 31st July. From 1st August, we've started booking for fourth quarter, that is January onwards, which means my garmenting capacity is full from now till December.”
Satyaki Ghosh, page 7 of the filed PDF · View the filing
Garmenting EBITDA margin — double-digit EBITDA margin · possibly within two years or faster
stated as an aspiration by Satyaki Ghosh
p. 8
“there is no reason why we shouldn't go to double-digit EBITDA actually”
Satyaki Ghosh, page 8 of the filed PDF · View the filing
Price hikes in apparel and fabric — 5% to 7% in apparel, 7% to 8%/9% in fabric · Q2 onwards through FY27
stated conditionally by Satyaki Ghosh
p. 13
“my guess is between 5% to 7% in apparel and between 7 to 8% in fabric”
Satyaki Ghosh, page 13 of the filed PDF · View the filing
Revenue growth over medium term — at least double the turnover · three to five years
stated as an aspiration by Satyaki Ghosh
p. 14
“the aim in five years to at least double the business and grow EBITDA faster than that pace”
Satyaki Ghosh, page 14 of the filed PDF · View the filing
US share of garmenting exports — restrict U.S. at 55%
stated as an aspiration by Satyaki Ghosh
p. 15
“I should think I should be able to restrict U.S. at 55% and still run my factories full and be ready to put in new lines and add capacity”
Satyaki Ghosh, page 15 of the filed PDF · View the filing
ROCE — mid-teens
stated as an aspiration by Satyaki Ghosh
p. 16
“mid-teens is a good ROCE to have for a manufacturing-driven business, so that will be the endeavor”
Satyaki Ghosh, page 16 of the filed PDF · View the filing
Renewable energy share in factories — 25% · by 2030
stated as an aspiration by Satyaki Ghosh
p. 15
“we intend to get to 25% by 2030, but my guess is we will reach that much before time”
Satyaki Ghosh, page 15 of the filed PDF · View the filing
Net EBO openings — negative net openings this year · FY27
stated firmly by Satyaki Ghosh
p. 10
“our net openings in branded EBO stores will be negative this year”
Satyaki Ghosh, page 10 of the filed PDF · View the filing
H2 FY27 performance — H2 FY27
stated as an aspiration by Satyaki Ghosh
p. 12
“my guess is that our H2 will be very, very strong”
Satyaki Ghosh, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said individual SBU gross margins are healthy; the 35bps drop is due to business mix shift toward garmenting.
Answered by Satyaki Ghosh
Asked by Avinash Karumanchi: Is there gross margin impact in the textiles business from RM cost pressure?
p. 7
“If you see a gross margin drop in first quarter, 35 bps points, then that is the, that is the business mix.”
Satyaki Ghosh, page 7 of the filed PDF · View the filing
Management attributed the increase to a one-time lease accounting error of Rs 11 crores that will not recur.
Answered by Satyaki Ghosh
Asked by Avinash Karumanchi: How should depreciation trend going forward given the 25% increase this quarter?
p. 8
“There was a bit of an error which happened last year because of which there was a INR11 crores depreciation which has come in one time, that won't happen in the quarters going forward.”
Satyaki Ghosh, page 8 of the filed PDF · View the filing
Management detailed the shift in US/UK/Europe mix and named new clients including Next, El Corte Ingles, OVS, Carl Gross, and T.M. Lewin.
Answered by Satyaki Ghosh
Asked by Chetan: What is the update on the geographic mix and new clients in garmenting?
p. 9
“We've gone back to 59%-60% in US, but our UK has moved from 10% to 12% and Europe has moved from 6% to 7%-8%.”
Satyaki Ghosh, page 9 of the filed PDF · View the filing
Management described a shift toward Made-to-Measure for premium products and use of TRS and e-commerce channels for basic products.
Answered by Satyaki Ghosh
Asked by Chetan: What is the plan for Ethnix store rationalization and format changes?
p. 10
“Anything that costs upwards of INR50,000, let's say, sherwanis from INR75,000 to INR1 lakhs, INR1.5 lakhs, we are going to Made-to-Measure model from Made-to-Stock.”
Satyaki Ghosh, page 10 of the filed PDF · View the filing
Management said e-commerce and LFS channels are driving growth while ColorPlus and Parx lead casualization; Adhik Maas delayed festive purchases.
Answered by Satyaki Ghosh
Asked by Deepali Kumar: What is driving the branded apparel growth and which brands lead casualization?
p. 11
“From the casualization point of view, ColorPlus and Parx, which are our casual brands, are growing at double digit.”
Satyaki Ghosh, page 11 of the filed PDF · View the filing
Management indicated calibrated price increases planned for Q2 onwards, differentiated by segment.
Answered by Satyaki Ghosh
Asked by Deepali Kumar: What is the assumed raw material cost inflation and pricing plan for FY27?
p. 13
“In Q2, we will take some prices up and we will see how the situation goes in Q3 and Q4.”
Satyaki Ghosh, page 13 of the filed PDF · View the filing
Management said segment-level guidance is difficult but directionally aims to double turnover with EBITDA growing faster.
Answered by Satyaki Ghosh
Asked by Dhiraj Mistry: What is the three-to-five year revenue guidance by segment?
p. 14
“If you ask me directionally, I want to at least double or more than double the turnover and grow EBITDA faster than topline, without doing the project I am telling you.”
Satyaki Ghosh, page 14 of the filed PDF · View the filing
Management said ROCE is an output rather than a chased target, but mid-teens is considered a good level for the business.
Answered by Satyaki Ghosh
Asked by Dhiraj Mistry: What ROCE level is being targeted?
p. 16
“ROCE is sometimes an output metric and it's not a metric that you chase.”
Satyaki Ghosh, page 16 of the filed PDF · View the filing
Management said meetings with major global brand CEOs indicated positive demand sentiment across markets.
Answered by Satyaki Ghosh
Asked by Dev Rishi: What is the outlook for demand in the garmenting business from UK and US markets?
p. 16
“everybody is bullish about the business, everybody is seeing good off-take growth, like I am saying at the premium end of the market off-take in first quarter doesn't seem to be an issue.”
Satyaki Ghosh, page 16 of the filed PDF · View the filing
Management said wool imports from Australia were already duty-free, so the FTA has no material impact.
Answered by Satyaki Ghosh
Asked by Yogesh Vittalrao: Does the India-Australia/New Zealand FTA benefit wool raw material costs?
p. 17
“Actually wool never had so much taxes coming from Australia to India, it was always zero.”
Satyaki Ghosh, page 17 of the filed PDF · View the filing
Risks flagged
Geopolitical tensions and crude oil price volatility affecting energy and freight costs
p. 3
“the collapse of peace talks between US and Iran has pushed the Brent crude back to USD100 per barrel within this quarter, though it is now settling at USD80, exerting pressure on energy costs and freight”
Satyaki Ghosh, page 3 of the filed PDF · View the filing
Weak or delayed monsoon affecting discretionary spending
p. 3
“Persistent El Nino conditions have led to record-breaking heat waves and a potentially subpar monsoon, which we are monitoring closely as a factor in discretionary spending.”
Satyaki Ghosh, page 3 of the filed PDF · View the filing
Rising commodity costs for wool and cotton
p. 3
“we are seeing steady upward pressure on key commodities including wool and cotton, driven by supply constraints and high demand”
Satyaki Ghosh, page 3 of the filed PDF · View the filing
Unpredictability of international trade policy affecting garmenting business
p. 8
“the international headwinds now come without warning. A Truth Social message comes and things change in your life.”
Satyaki Ghosh, page 8 of the filed PDF · View the filing
Raw material cost inflation across wool, cotton, flax and chemicals
p. 13
“if you look at wool, it is almost increased 100% over the same quarter last year. Cotton and flax has almost increased by about 20% over last year. Your chemicals have increased by about 30%.”
Management, page 13 of the filed PDF · View the filing
Delayed festive and wedding dates due to Adhik Maas impacting suit sales
p. 11
“You'll see an after-effect of that, that all the celebration dates have gone back by 20-25 days.”
Satyaki Ghosh, page 11 of the filed PDF · View the filing
Order book uncertainty beyond near term due to geopolitical factors
p. 14
“if nothing dramatic happens in the US-India relationship, nothing dramatic happens in this war in the Middle East, we are looking good at this point in time to deliver the full year”
Satyaki Ghosh, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.