Raymond Limited Appoints Tikka Singh and Ajoy Mehta as Independent Directors

Raymond Limited has officially appointed two new Independent Directors to strengthen its board governance. The Board of Directors, meeting on December 29, 2025, approved the appointments of Mr. Tikka Singh and Mr. Ajoy Mehta as Additional Directors designated as Non-Executive Independent Directors, effective January 1, 2026.

Board Appointments Confirmed

The appointments represent the culmination of a process that began with the Nomination and Remuneration Committee's recommendations in August. Both directors will serve five-year terms, marking their first tenure as Independent Directors with the company.

Director Details:	Mr. Tikka Singh	Mr. Ajoy Mehta
DIN:	06521398	00155180
Designation:	Non-Executive Independent Director	Non-Executive Independent Director
Term Duration:	5 years	5 years
Effective Date:	January 1, 2026	January 1, 2026
Approval Status:	Subject to shareholder approval	Subject to shareholder approval

Director Profiles and Expertise

Mr. Tikka Singh

Mr. Tikka Shatrujit Singh brings extensive international business experience, having graduated from Doon School and Delhi University. He worked in finance for 10 years across New York's banking sector, with positions in Hong Kong, London, and Zurich. In 1995, he joined the French multinational group Moët Hennessy-Louis Vuitton (LVMH) as Chief Representative in Asia and was appointed Advisor to the Chairman of Louis Vuitton. He spearheaded Louis Vuitton's business development in India and helped launch Dom Pérignon champagne and Hennessy Cognac in the Indian market. He has been conferred the highest French distinction "Knight of the Legion of Honour."

Mr. Ajoy Mehta

Mr. Ajoy Mehta, aged 65 years, is a retired Indian Administrative Service (IAS) officer from the 1984 batch. He served as Chief Secretary of Maharashtra from May 10, 2019, to February 11, 2021, and subsequently as Chairman of the Maharashtra Real Estate Regulatory Authority from February 12, 2021, to September 20, 2024. As Municipal Commissioner of Mumbai, he worked on affordable housing initiatives and tackled sanitation issues. He completed his engineering from IIT BHU before joining the IAS.

Regulatory Compliance and Next Steps

The appointments comply with stock exchange requirements under circulars NSE/CML/2018/24 and BSE/LIST/COMP/14/2018-19 dated June 20, 2018. The Board meeting, which commenced at 2:00 p.m. and concluded at 2:32 p.m., formalized the appointments that were initially recommended by the Nomination and Remuneration Committee.

Compliance Requirements:	Status
Stock Exchange Circulars:	NSE/CML/2018/24 & BSE/LIST/COMP/14/2018-19 compliant
SEBI Regulations:	Regulation 30 of Listing Regulations
Shareholder Approval:	Required for final confirmation
Director Independence:	Both directors unrelated to existing management

Neither Mr. Tikka Singh nor Mr. Ajoy Mehta is related to any existing Director or Key Managerial Personnel of the company, ensuring their independence as per regulatory requirements.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.30%	-4.26%	-8.51%	-42.40%	-28.44%	+17.02%

Raymond , a prominent Indian textile and apparel company, is actively exploring strategic alternatives to mitigate the potential impact of US tariffs on its garment business. The company is considering shifting production to countries like Vietnam, Bangladesh, and Ethiopia to maintain its competitive edge in the US market.

US Market Exposure and Current Production

Group CFO Amit Agarwal revealed that 50-55% of Raymond's garment revenue is derived from the US market. The company's total garment business generates Rs 550.00 crore, with Rs 400.00 crore coming from India and Rs 150.00 crore from its Ethiopian plant. The Ethiopian facility currently benefits from a lower 10% duty rate, making it an attractive production hub for the company.

Strategic Production Shift

To address the potential tariff challenges, Raymond is evaluating several options:

Increasing Ethiopian Production: The company has the capacity to shift an additional Rs 50.00-75.00 crore worth of production from India to Ethiopia.
Exploring New Markets: Raymond is considering exporting fabrics to Bangladesh and Vietnam for garment manufacturing, potentially tapping into these countries' established garment industries and favorable trade agreements.

Timing Challenges and Market Outlook

Agarwal highlighted the timing challenges faced by US retailers, particularly with the upcoming Thanksgiving and Christmas sales seasons. With production cycles spanning 5-6 months, any immediate changes could impact the supply chain for these crucial retail periods.

The CFO expects the situation to stabilize by the end of the second quarter of FY26, indicating a cautious but optimistic outlook for the medium term.

Domestic Market Focus

Despite the challenges in the US market, Agarwal emphasized that 85% of Raymond's business remains in India. The company anticipates a stronger domestic performance, driven by the festive and wedding seasons, which traditionally boost demand for textiles and apparel.

Market Response

The news of Raymond's strategic considerations appears to have had a slight negative impact on investor sentiment. Raymond shares closed 1.59% lower at Rs 633.00 on the day of the announcement.

As Raymond navigates these international trade challenges, the company's ability to adapt its production strategy and leverage its strong domestic presence will be crucial in maintaining its market position and financial performance.