RLRaymond Lifestyle544240Earnings call transcript

Q2 FY27 call: record total income of INR2,125 crores, net cash surplus of INR69 crores

Raymond Lifestyle has shared the transcript of its Q2 and H1 FY27 earnings call held on October 29, 2026.

By ScoutQuest · Wed 4 Nov 2026, 7:01 PM IST · 2 min read

Q2 FY27 total income

INR2,125 crores, up 14% year-on-year (highest ever)

Q2 FY27 EBITDA

INR270 crores with a 12.7% margin

Net cash surplus

INR69 crores as of September 2026

Q2 and H1 FY27 earnings call: what management said

The update carries the transcript of Raymond Lifestyle's earnings call held on October 29, 2026, addressed by CEO Satyaki Ghosh and CFO E. C. Prasad, covering the quarter and half year ended September 30, 2026.

Record quarterly income

• Q2 FY27 total income was the highest ever at INR2,125 crores, up 14% year-on-year.
• Consolidated EBITDA for the quarter was INR270 crores at a 12.7% margin.
• For H1 FY27, total income was INR3,685 crores.
• Management said the EBITDA margin moderated year-on-year because of peak freight rates, elevated wool and cotton prices and marketing investment ahead of the festive season, partly offset by a richer product mix.

Balance sheet

• The company closed September 2026 with a net cash surplus of INR69 crores, which management described as a turnaround from a net debt position a year earlier.
• The balance sheet was described as debt-free, with the net working capital cycle shortened through inventory discipline and tighter collection cycles.
• Management also cited a lower net finance cost for the quarter compared with the same quarter last year.

Segment picture

• Branded Textile grew on premiumisation and strong trade bookings ahead of the wedding season, with a resilient segment EBITDA margin helped by a shift towards pure wool and poly-wool blends.
• Branded Apparel posted its highest-ever quarterly revenue, led by the casual brands ColorPlus and Parx.
• Garmenting continued its export growth, helped by order execution after US-India tariff rationalisation, early traction from the UK-India FTA and new global accounts, especially from Europe.
• High Value Shirting grew on linen demand and price rationalisation, with higher raw material costs partly offset by higher realisations.
• Emerging Businesses crossed a turnover milestone, but segment EBITDA was negative as these categories remain in their planned incubation phase. Ethnix rationalised stores towards an asset-light, high-productivity format.

Retail and reporting structure

• The active retail footprint is 1,634 stores, made up of The Raymond Shops, EBOs and Made to Measure stores.
• Over the past year the company exited lower-productivity stores and opened premium ones, a net rationalisation aimed at throughput and return on capital.

Guidance and targets

• Management said it remains firmly on track to achieve its stated FY27 guidance.
• It also said it is on track for 20 plus net store additions for the year.
• From this financial year the business is reported in five segments: Branded Textile, Branded Apparel, Garmenting, High Value Shirting and Emerging Businesses, with the emerging categories carved into a standalone segment.
• Management listed environmental and social targets alongside three CSR programmes: Project Neev, Project Good Neighbor and Project Weave.

What it means for a retail investor

• The call explains how the company reads its own numbers: top line at a record, margin under input-cost pressure, and a balance sheet in net cash.
• Segment-level commentary shows where growth is coming from (apparel and garmenting exports) and where spending is still ahead of profit (emerging businesses).

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