Raymond Lifestyle Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Raymond Lifestyle Ltd filed with BSE on 14 May 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 its highest-ever total income of INR7,034 crores for FY26, up 11% year-on-year, with EBITDA rising 23% to INR804 crores at an 11.4% margin. Q4 FY26 total income reached INR1,810 crores, up 15% year-on-year, with EBITDA up 53% to INR152 crores and margin improving 210 basis points to 8.4%. Management described FY27 as a 'Year of Consolidation' focused on premiumization, casualization, store network rationalization, and working capital improvement across the Branded Textile, Branded Apparel, and Garmenting segments.
Numbers mentioned
Total income: INR7,034 crores (FY26)
p. 4
“recording our highest-ever total income of INR7,034 crores and 11% year-on-year growth”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
EBITDA: INR804 crores (FY26)
p. 4
“EBITDA for the year rose to INR804 crores with a 23% year-on-year growth, with an EBITDA margin of 11.4%”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Net cash surplus: INR179 crores (FY26)
p. 4
“We remain debt-free with a net cash surplus of INR179 crores”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Net working capital days: 77 days (FY26)
p. 4
“Net working capital improved significantly over last March and has come down by 10 days from 87 days to 77 days, showing efficiency in the system”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Q4 total income: INR1,810 crores (Q4 FY26)
p. 4
“We recorded our highest-ever Q4 total income of INR1,810 crores, a 15% year-on-year growth”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Q4 EBITDA: INR152 crores (Q4 FY26)
p. 4
“EBITDA for the quarter rose by 53% to INR152 crores”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Q4 EBITDA margin: 8.4% (Q4 FY26)
p. 4
“Our EBITDA margin improved by 210 basis points Q-o-Q to 8.4%”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Branded Textile revenue: INR831 crores (Q4 FY26)
p. 4
“In our Branded Textile segment, revenue grew 14% to INR831 crores in Q4, driven by robust volume growth and premiumization”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Branded Textile EBITDA: INR115 crores (Q4 FY26)
p. 4
“EBITDA for the segment grew by 126% to INR115 crores on account of improved product mix, strong volume, ASP growth, and scale leverage”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Core four brands revenue: INR1,667 crores (FY26)
p. 4
“The core four brands' revenue was INR1,667 crores with an EBITDA margin of 7.8%, which is without these new businesses”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Branded Apparel revenue: INR469 crores (Q4 FY26)
p. 4
“Branded Apparel, the way we report today, is INR469 crores in Q4 with a 20% year-on-year growth”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Branded Apparel EBITDA: INR19 crores (Q4 FY26)
p. 5
“EBITDA for the segment grew significantly to INR19 crores, and if we exclude the emerging businesses, the margin was at 5.4% in Q4”
Satyaki Ghosh, page 5 of the filed PDF · View the filing
Garmenting revenue: INR342 crores (Q4 FY26)
p. 5
“The segment reported a revenue of INR342 crores in Q4 FY26 as compared to INR248 crores in the same quarter previous year, reflecting a growth of 38% Y-o-Y”
Satyaki Ghosh, page 5 of the filed PDF · View the filing
Garmenting EBITDA margin: 4.1% (Q4 FY26)
p. 5
“the EBITDA margin for the quarter was at 4.1%, which is higher than the rest of the year and is much higher than negative 2.9% in the same quarter last year”
Satyaki Ghosh, page 5 of the filed PDF · View the filing
High value cotton shirting revenue: INR197 crores (Q4 FY26)
p. 5
“In our high value cotton shirting, the B2B segment, revenue grew at 6% to INR197 crores in Q4”
Satyaki Ghosh, page 5 of the filed PDF · View the filing
Emerging and new businesses revenue: INR140 crores (FY26)
p. 8
“For the year, it is about INR140 crores, but on this INR140 crores, because we invest in these businesses, we incur losses”
Satyaki Ghosh, page 8 of the filed PDF · View the filing
Sleepwear annual EBITDA drag: INR20 crores (FY26)
p. 11
“It's about INR20 crores was the annual drag”
Satyaki Ghosh, page 11 of the filed PDF · View the filing
Capex: INR180 crores (FY26)
p. 13
“So, the capex for the next year also would remain almost on the similar lines. So, of the INR180 crores, INR50 crores is on account of our SAP implementation that we did”
E.C. Prasad, page 13 of the filed PDF · View the filing
Casual portfolio share of Park Avenue and Raymond Ready-to-Wear: 15% (FY26)
p. 13
“our casual portfolio is right now about 15% of our total revenues, and we are still quite a formal-looking brand”
Satyaki Ghosh, page 13 of the filed PDF · View the filing
Store network: 1,653 stores (FY26)
p. 15
“It will not dip below 1,653”
Satyaki Ghosh, page 15 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.
Top-line and bottom-line growth — double-digit growth · FY27
stated as an aspiration by Satyaki Ghosh
p. 7
“our idea is even in the year of consolidation to keep a double-digit top-line growth and a double-digit bottom-line growth”
Satyaki Ghosh, page 7 of the filed PDF · View the filing
Gross new EBO stores — about 100 gross stores · FY27
stated firmly by Satyaki Ghosh
p. 6
“We plan to add a gross of about 100 EBO stores in FY '27”
Satyaki Ghosh, page 6 of the filed PDF · View the filing
Net EBO store additions — 30 to 40 net stores · FY27
stated firmly by Satyaki Ghosh
p. 6
“we think the net increase would be 30 to 40 this year”
Satyaki Ghosh, page 6 of the filed PDF · View the filing
Store count at year end — around 1,700 · end of FY27
stated as an aspiration by Satyaki Ghosh
p. 15
“at the end of next year, I think you should hear a number around 1,700”
Satyaki Ghosh, page 15 of the filed PDF · View the filing
Net working capital days — less than 70 days · FY27
stated firmly by E.C. Prasad
p. 16
“we are actually targeting less than 70 days of working capital, sorry, yes, less than 70 days of working capital in the next financial year”
E.C. Prasad, page 16 of the filed PDF · View the filing
Renewable energy share — 25% of total energy requirement · by 2030
stated firmly by Satyaki Ghosh
p. 5
“we remain on track to increase this to 25% of our total energy requirement by 2030”
Satyaki Ghosh, page 5 of the filed PDF · View the filing
Scope 1 and Scope 2 emissions reduction — 15% reduction from FY25 baseline · by 2030
stated firmly by Satyaki Ghosh
p. 5
“we are on track to reduce these by 15% by 2030”
Satyaki Ghosh, page 5 of the filed PDF · View the filing
Core four brands EBITDA margin — double-digits · next two years
stated as an aspiration by Satyaki Ghosh
p. 4
“we will endeavour to take it to double-digits over the next two years' time”
Satyaki Ghosh, page 4 of the filed PDF · View the filing
Casual portfolio share of Park Avenue and Raymond Ready-to-Wear — 20%-25%, aiming for 45% over time
stated as an aspiration by Satyaki Ghosh
p. 13
“take it towards 20%-25% and over a period of time aim towards 45%”
Satyaki Ghosh, page 13 of the filed PDF · View the filing
Garmenting business growth — high double-digit top-line growth · FY27
stated conditionally by Satyaki Ghosh
p. 18
“Unless something dramatic happens in the Middle East war or US comes back with another 30%-40% tariff under some other pretext, in the current business situation, order books are very robust and there is absolutely nothing to worry about growth in this business”
Satyaki Ghosh, page 18 of the filed PDF · View the filing
Long-term strategy plan completion — strategy plan ready · around November, execution from Q3
stated conditionally by Satyaki Ghosh
p. 20
“Strategy project is also somewhere between 12 to 14 weeks and then presentation another two weeks, so let's look at 16 weeks. So, June, we are looking at October. I think November-ish we should have a plan and start execution on it, let's say third quarter.”
Satyaki Ghosh, page 20 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 the prior year included a one-time government subsidy of INR53 crores that inflated the base; excluding that, there is no drop in gross margin, and operating expense leverage from higher factory utilization drove EBITDA growth.
Answered by Satyaki Ghosh
Asked by Vijay Jangir: What caused the decline in gross margins this quarter?
p. 7
“last year in our high value cotton shirting business, we had received a one-time subsidy of INR53 crores on our Amravati plant from the government. That is in the base”
Satyaki Ghosh, page 7 of the filed PDF · View the filing
Management attributed it to factory efficiency gains and the closure of non-profitable stores, which reduced both employee cost and losses.
Answered by Satyaki Ghosh
Asked by Vijay Jangir: What caused the decline in employee costs as a percentage of sales?
p. 7
“when factory produces more, the employee cost per unit starts going down”
Satyaki Ghosh, page 7 of the filed PDF · View the filing
Management explained the shift is meant to diversify away from over-dependence on the US and that Europe offers competitive freight costs and margins.
Answered by Satyaki Ghosh
Asked by Deepali Kumari: Why is the company shifting strategy toward the UK and Europe despite a US-India trade deal recovery?
p. 9
“any sane business will say that when you have high penetration in a vendor or in a customer or in a geography, you are susceptible to route shuts”
Satyaki Ghosh, page 9 of the filed PDF · View the filing
Management said there has been no major disruption so far, noting wool comes from Australia with no issues and flax from Europe has seen slightly better freight rates.
Answered by Satyaki Ghosh
Asked by Deepali Kumari: Has the Iran-US conflict disrupted raw material sourcing or shipping?
p. 10
“As of now, no. I think when, you know, troubled times come, bigger companies are more resilient to hold because we can hold some working capital”
Satyaki Ghosh, page 10 of the filed PDF · View the filing
Management said gross margin should improve directionally but gains may be limited because wool and flax raw material prices are also rising.
Answered by Satyaki Ghosh
Asked by Deepali Kumari: What is the expected impact on ASP and gross margin from the premiumization shift toward wool and linen?
p. 10
“we think overall we should still look at some gross margin improvement, but it may not be humongous because there are tailwinds and there are headwinds both”
Satyaki Ghosh, page 10 of the filed PDF · View the filing
Management quantified the drag and noted provisions were taken this year related to the exit.
Answered by Satyaki Ghosh
Asked by Deepali Kumari: What was the annual EBITDA drag from the sleepwear segment being discontinued?
p. 11
“It's about INR20 crores was the annual drag. So, that we should get back, but this year to do that we have had to take some provisions and that is evident I think in the data that you have”
Satyaki Ghosh, page 11 of the filed PDF · View the filing
Management pointed to premiumization, casualization, tailoring ecosystem support, and export opportunities as levers to restore profitability.
Answered by Satyaki Ghosh
Asked by Avinash: How should the Branded Textile segment's profitability be viewed given flat revenue and declining profitability over four years?
p. 12
“I believe that we will build gross margins over here and I believe it will come back to the older profitable -- older levels of profitability over a period of time”
Satyaki Ghosh, page 12 of the filed PDF · View the filing
Management cited premiumization, casualization led by ColorPlus, design digitization, and better store mix as levers.
Answered by Satyaki Ghosh
Asked by Avinash: What levers exist for the Branded Apparel segment beyond trimming advertising spend?
p. 13
“our strategy remains consistent. Number one, I'll reiterate again, is premiumization and number two is casualization”
Satyaki Ghosh, page 13 of the filed PDF · View the filing
Management said the network would not fall below 1,653 stores and expects a net addition of around 40 stores this year.
Answered by Satyaki Ghosh
Asked by Mayank Vaswani: Could the store network dip further as underperforming stores are rationalized?
p. 15
“we will open more than 100 gross and we will close in between 50 and 60, so net 40 addition will be there and at the end of next year, I think you should hear a number around 1,700”
Satyaki Ghosh, page 15 of the filed PDF · View the filing
Management said the market is growing but they are recalibrating strategy to focus on lighter, less structured products for the bridegroom's party rather than competing directly for the bridegroom segment.
Answered by Satyaki Ghosh
Asked by Ashutosh Joytiraditya: How is competitive intensity and demand in the Ethnix business given rising regional players?
p. 16
“we are recalibrating this business and we are thinking that, where do we have the right to succeed”
Satyaki Ghosh, page 16 of the filed PDF · View the filing
Management said yes directionally, citing resilience of small-ticket discretionary spending even amid broader market volatility.
Answered by Satyaki Ghosh
Asked by Dev: Is the current Branded Apparel growth momentum sustainable?
p. 18
“I think the directional answer is an emphatic yes”
Satyaki Ghosh, page 18 of the filed PDF · View the filing
Management said next year should be better than this year, citing full order books and improving US and EU demand.
Answered by Satyaki Ghosh
Asked by Dev: Is there scope for the Garmenting business traction to continue?
p. 18
“Actually, next year Dev, should be much better than this year because the US thing has become better, EU is responding, our order books are solid”
Satyaki Ghosh, page 18 of the filed PDF · View the filing
Management said it was too early in his tenure to commit to long-term numbers, pending completion of a strategy engagement with a consultant.
Answered by Satyaki Ghosh
Asked by Amrish Kumar Singh: What are the company's revenue targets for three, five, and ten years out?
p. 20
“difficult for me to talk about 10-year and five-year turnover plans, but directionally in these first 90 days, I have gone through a pitch process of the top consultants of the country and we have finalized one of them”
Satyaki Ghosh, page 20 of the filed PDF · View the filing
Risks flagged
Volatile macroeconomic environment including geopolitical conflict affecting crude prices
p. 3
“We are closely monitoring from Raymond the US-Iran conflict, which has kept brent crude prices hovering over $100”
Satyaki Ghosh, page 3 of the filed PDF · View the filing
Extreme heat waves and below-average monsoon forecast affecting discretionary spending
p. 3
“Domestically, we face the dual challenge of extreme heat waves affecting multiple states and below-average monsoon forecast at 92%, which may impact discretionary spending”
Satyaki Ghosh, page 3 of the filed PDF · View the filing
Rising raw material prices for wool and flax pressuring margins despite premiumization
p. 10
“currently there is a challenge that the wool prices are going through the roof, Merino wool prices. Also, flax prices are going up”
Satyaki Ghosh, page 10 of the filed PDF · View the filing
High customer concentration in the US market for garmenting exposing the business to tariff risk
p. 9
“We had about 65% to 66% dependency on US”
Satyaki Ghosh, page 9 of the filed PDF · View the filing
Potential for new US tariffs disrupting the garmenting order book
p. 18
“Unless something dramatic happens in the Middle East war or US comes back with another 30%-40% tariff under some other pretext”
Satyaki Ghosh, page 18 of the filed PDF · View the filing
Weak stock market sentiment among affluent consumers dampening discretionary spending on apparel
p. 18
“today people are getting a little spooked by the West Asia war and the way the share market is going”
Satyaki Ghosh, page 18 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.