Raymond Lifestyle (RAYMONDLSL) Q4 25/26 earnings summary

Executive summary

• Achieved record total income of ₹7,034 Cr in FY26, up 11% year-over-year, driven by robust domestic demand and volume growth in branded textile and apparel divisions.

• EBITDA grew 23% to ₹804 Cr, with margin improvement to 11.4% despite higher advertising spend.

• Maintained a net cash surplus of ₹179 Cr and remained debt-free, with net working capital days improved to 77.

• Leadership transition with new CEO, CFO, and CMO, and retail network optimized to 1,653 stores, opening 89 premium outlets and exiting 124 underperforming units.

• B2B and garmenting segments faced headwinds from US tariff uncertainty, mitigated by a domestic focus.

Financial highlights

• FY26 total income rose 11% YoY to ₹7,034 Cr; Q4 FY26 income up 15% to ₹1,810 Cr, marking the highest ever Q4.

• FY26 EBITDA increased 23% to ₹804 Cr; Q4 FY26 EBITDA up 53% to ₹152 Cr.

• FY26 PBT grew 63% to ₹200 Cr; Q4 FY26 PBT was negative at ₹(1) Cr due to exceptional items.

• Net profit for FY26 was ₹175 Cr, up 21% YoY; Q4 FY26 net profit was ₹15 Cr.

• Net profit post-exceptional items for FY26 was ₹46 Cr, down 44% YoY.

Outlook and guidance

• FY27 is positioned as a year of consolidation, targeting double-digit top-line and bottom-line growth, with a focus on premiumization, casualization, and digital transformation.

• Plans to add over 100 EBO stores gross, with a net increase of 30-40 stores after rationalization.

• Continued investment in ESG initiatives, including renewable energy and emissions reduction targets.

• Working capital days targeted to fall below 70 in the next year.

• Plans to diversify garmenting business geographically, leveraging UK and EU trade agreements.