Raymond Limited's Board of Directors, at their meeting held on May 5, 2026, considered and approved the Audited Financial Results (Standalone & Consolidated) for the financial year ended March 31, 2026, pursuant to Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting commenced at 11:30 a.m. and concluded at 1:25 p.m. The Independent Auditors, Chaturvedi & Shah LLP, issued their Audit Report with an unmodified opinion on both the Standalone and Consolidated Annual Audited Financial Results. The audio recording of the investor and analyst conference held at 5:30 p.m. on the same date is accessible on the company's official website at www.raymond.in .

Consolidated Financial Performance

For FY26, Raymond's consolidated total income reached ₹2,312 Cr, representing a 10% increase over FY25's ₹2,105 Cr. Revenue from operations for the full year stood at ₹2,212 Cr compared to ₹1,947 Cr in FY25. EBITDA for FY26 was ₹335 Cr, flat on a year-on-year basis, with an EBITDA margin of 14.5% versus 15.9% in FY25. FY26 EBITDA includes a one-time gain of approximately ₹13 Cr on account of sale of land in Q2 FY26. Net profit for FY26 grew 3% YoY to ₹53 Cr from ₹52 Cr in FY25. The company continues to remain net-debt-free, ending the year with a net cash surplus of ₹68 Cr.

The following table summarises the consolidated profit and loss performance:

*FY26 EBITDA includes a one-time gain of ~₹13 Cr on account of sale of land in Q2 FY26.

Segmental Performance

Raymond operates across two primary business segments — Precision Technology & Auto Components and Aerospace & Defence — alongside an Others category that includes unallocated expenses, eliminations, and other income.

Aerospace & Defence

The Aerospace & Defence segment, represented by JK Maini Global Aerospace Ltd., delivered strong growth in FY26. Full-year revenue rose 26% YoY to ₹392 Cr from ₹311 Cr in FY25, while EBITDA grew 25% to ₹88 Cr from ₹70 Cr. EBITDA margin remained broadly stable at 22.3% versus 22.4% in FY25. For Q4 FY26, revenue grew 11% YoY to ₹119 Cr, with EBITDA of ₹30 Cr at a margin of 25.5%, unchanged from Q4 FY25. The growth was largely driven by new SKUs adding to revenue and production stabilising at a key aerospace OEM. The segment currently holds an order book of INR 2350+ crore over the next 5 years, with a high-conversion pipeline and scalable programme expansion.

Precision Technology & Auto Components

The Precision Technology & Auto Components segment, represented by JK Maini Precision Technology Ltd., recorded FY26 revenue of ₹1,667 Cr, up 10.2% from ₹1,513 Cr in FY25. EBITDA for the full year surged 34% to ₹223 Cr from ₹167 Cr, with EBITDA margin expanding to 13.4% from 11.0%. In Q4 FY26, revenue grew 5% YoY to ₹442 Cr, while EBITDA rose 26% to ₹67 Cr, with margin improving to 15.2% from 12.7% in Q4 FY25. Margin expansion was driven by volume growth, an improved product mix, and enhanced operating leverage. FY26 results also include a non-recurring gain of ~₹13 Cr from a land sale in the second quarter.

Demerger of Real Estate Business

Pursuant to the Scheme of Arrangement approved by the Hon'ble National Company Law Tribunal, Mumbai Bench, the Real Estate Business Undertaking of Raymond Limited was demerged and transferred to Raymond Realty Limited with effect from May 1, 2025. The accounting of this Real Estate Scheme was done based on Appendix A to Ind AS 10 "Distribution of Non-cash Assets to Owners" on the effective date. The Demerged Company debited the fair value of the real estate business undertaking amounting to ₹6,64,136 lakhs to retained earnings, representing a dividend distribution attributable to shareholders. The difference between the fair value of ₹6,64,136 lakhs and the carrying amount of the net assets of ₹1,28,544 lakhs as at May 1, 2025 was recognised as a gain on demerger amounting to ₹5,35,592 lakhs, presented as an exceptional item in the consolidated statement of profit and loss. As consideration for the demerger, Raymond Realty Limited allotted 6,65,73,731 equity shares of face value ₹10 each to shareholders of Raymond Limited on May 16, 2025, in a 1:1 swap ratio. These equity shares were subsequently listed on BSE and NSE on July 1, 2025.

Exceptional Items

Consolidated exceptional items for FY26 amounted to a loss of ₹20,142 lakhs from continuing operations. These comprised: reversal of goodwill of ₹16,740 lakhs related to deferred tax liability originally recognised on temporary differences arising from the acquisition of Maini Precision Products Limited, which was reversed upon the restructuring scheme becoming effective; statutory impact of new Labour Codes of ₹752 lakhs; and stamp duty on demerger of ₹2,650 lakhs. On November 21, 2025, the Government of India notified four Labour Codes consolidating 29 existing labour laws, and the Group has assessed and disclosed the incremental impact as an exceptional item for the year ended March 31, 2026.

Capital Expenditure and Expansion Plans

Raymond has outlined significant capital investment plans across both its engineering business segments. Key upcoming infrastructure developments include:

These investments are aimed at supporting the company's order book fulfilment and scaling production capacity across both segments.

Standalone Financial Highlights

On a standalone basis, Raymond Limited reported other equity of ₹1,72,012 lakhs as at March 31, 2026, compared to ₹3,25,609 lakhs as at March 31, 2025, reflecting the impact of the real estate demerger. Total standalone assets stood at ₹1,84,207 lakhs as at March 31, 2026. For FY26, standalone continuing operations reported a loss before tax of ₹1,425 lakhs, while discontinued operations (realty business) contributed a profit before tax of ₹5,34,379 lakhs, inclusive of the exceptional gain on demerger of ₹5,32,645 lakhs. Basic and diluted earnings per share from continuing operations on a standalone basis stood at ₹(1.98) for FY26.

The following table summarises key standalone balance sheet metrics:

Management Commentary

Commenting on the performance, Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited, said: "FY26 was defined by healthy growth across our core Aerospace, Defence, and Precision Technology segments, maintaining resilience even through the final quarter. Our strategy remains clear: we are investing in high-moat sectors where our technical expertise provides a competitive edge. As our subsidiaries continue to deliver strong operational results, our priority is now to scale at pace with global demand. We remain steadfast in our pursuit of high-margin opportunities that drive long-term shareholder wealth."

Raymond Limited has announced the appointment of M/s Price Waterhouse Chartered Accountants LLP as its new Statutory Auditors, following a board meeting held on May 5, 2026. The Board of Directors, acting on the recommendation of the Audit Committee, approved and recommended the appointment to the company's members, subject to shareholder approval at the forthcoming Annual General Meeting.

Auditor Transition Background

The change in statutory auditors follows a prior appointment made to address a casual vacancy. As communicated in an earlier intimation dated December 2, 2025 (serial no. RL/SE/25-26/68), M/s. Chaturvedi & Shah LLP, Chartered Accountants (FRN/Membership No: 101720W/W100355), had been appointed as Statutory Auditors effective December 2, 2025, to fill the vacancy caused by the resignation of the previous Statutory Auditor. M/s. Chaturvedi & Shah LLP were appointed to hold office until the conclusion of the 101st Annual General Meeting, at which point their term will conclude.

Details of the New Appointment

The following key details pertain to the appointment of M/s Price Waterhouse Chartered Accountants LLP, as disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

Profile of the Incoming Auditor

Price Waterhouse Chartered Accountants LLP is a firm of Chartered Accountants registered with the Institute of Chartered Accountants of India. The firm was established in the year 1991 and was converted into a limited liability partnership in the year 2014. Its registered office is located at Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi - 110 002, and it operates seventeen (17) branch offices across various cities in India.

The firm is primarily engaged in providing auditing and other assurance services and is a member firm of Price Waterhouse & Affiliates, a network of firms registered with the Institute of Chartered Accountants of India, bearing Network Registration No. NRN/E/14. Price Waterhouse & Affiliates comprises separate, distinct, and independent Indian Chartered Accountant firms. As of December 31, 2025, the firm has more than 125 Assurance Partners. It holds a valid peer review certificate and audits various companies listed on stock exchanges in India.

Regulatory Compliance

The intimation was filed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The Board meeting commenced at 11:30 a.m. and concluded at 1:25 p.m. on May 5, 2026. The intimation was signed by Rakesh Darji, Company Secretary of Raymond Limited, and is also available on the company's website at www.raymond.in .