Aerospace order book
₹2,350 crore
+26% YoY
Order book provides multi-year revenue visibility; 75% from engine components across 25+ customers.
RAYMOND
Other
15 May 2026
Raymond Ltd — Q4 FY26
Raymond Engineering reported Q4 FY26 consolidated revenue of ₹613 crore (+2% YoY), with EBITDA of ₹85 crore (13.9% margin, down 250bps YoY) due to lower other income and one-time items.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Raymond Engineering reported Q4 FY26 consolidated revenue of ₹613 crore (+2% YoY), with EBITDA of ₹85 crore (13.9% margin, down 250bps YoY) due to lower other income and one-time items. The aerospace segment grew 11% YoY to ₹119 crore, maintaining a 25.5% EBITDA margin, driven by strong RFQ pipeline and new product development. Precision technology & auto components revenue rose 5% YoY to ₹442 crore, with EBITDA margin expanding 250bps to 15.2% (excluding a one-time land sale gain). Full-year revenue grew 10% to ₹2,312 crore, with EBITDA flat at ₹335 crore. Management guided for 25% CAGR in aerospace, supported by a ₹930 crore capex plan over 5 years (₹500 crore aerospace, ₹430 crore precision tech). The company remains debt-free with net cash of ₹68 crore. Key risk: US tariff uncertainties and raw material import dependency (100% imported aerospace alloys) could pressure margins.
Key Numbers
New components added (annual run-rate)
250-350
+25% YoY
Targeting one new component per day; 20-25% are sub-assemblies, moving up value chain.
Aerospace revenue growth (FY26)
₹392 crore
+26% YoY
Driven by portfolio expansion and increased OEM allocations; 25% CAGR guided.
Precision tech EBITDA margin (Q4)
15.2%
+250bps YoY
Excluding one-time land sale gain of ₹13 crore; synergies and cost reduction programs sustainable.
Management Guidance
Aerospace 25% CAGR growth
Management expects 25% year-on-year growth in aerospace revenue, with existing capacity sufficient for FY27 and new Andhra plant contributing from FY29.
Management guidance growthCapex plan of ₹930 crore over 5 years
₹500 crore for aerospace (greenfield in Andhra) and ₹430 crore for precision technology; annual spend ~₹200 crore, funded through internal accruals and debt.
Management guidance capexNew component addition target of 250-350 per year
Targeting one new component per day; 250-350 new components annually, with 20-25% as sub-assemblies to move up value chain.
Management guidance growthPrecision tech margins sustainable at ~15%
Excluding one-time gains, EBITDA margins of ~15% are sustainable due to permanent cost synergies and operational efficiencies.
Management guidance marginsKey Risks
US tariff and trade policy uncertainty
US tariffs have caused logistical complexities and temporary rescheduling; management noted 'some temporary rescheduling and delays across the industry'.
high · management_commentaryRaw material import dependency
100% of aerospace raw materials (titanium, aluminium alloys) are imported, exposing margins to geopolitical supply disruptions and cost inflation.
high · analyst_questionExecution risk in greenfield Andhra plant
New plant requires customer approvals and certification; any delays could impact FY29 growth trajectory.
medium · analyst_questionOrder book conversion pace
Order book of ₹2,350 crore implies ~₹470 crore annual run-rate, but actual conversion depends on new product ramp-up; management noted 'it's not like a fixed' order book.
medium · data_observationNotable Quotes
We have the capacity to grow this business by 25% for next year within our existing system.
The biggest opportunity for us is when we start setting up Andhra... it's a clean slate for all.
It's not the 250 which is more important, what is important is that how do you go up the value chain on those 250 parts.
Frequently Asked Questions
What was Raymond's revenue in Q4 FY26?
Raymond reported revenue of ₹603 Cr in Q4 FY26, representing a +2% change compared to the same quarter last year.
What guidance did Raymond management give for FY27?
Aerospace 25% CAGR growth: Management expects 25% year-on-year growth in aerospace revenue, with existing capacity sufficient for FY27 and new Andhra plant contributing from FY29. Capex plan of ₹930 crore over 5 years: ₹500 crore for aerospace (greenfield in Andhra) and ₹430 crore for precision technology; annual spend ~₹200 crore, funded through internal accruals and debt. New component addition target of 250-350 per year: Targeting one new component per day; 250-350 new components annually, with 20-25% as sub-assemblies to move up value chain. Precision tech margins sustainable at ~15%: Excluding one-time gains, EBITDA margins of ~15% are sustainable due to permanent cost synergies and operational efficiencies.
What are the key risks for Raymond in FY27?
Key risks include US tariff and trade policy uncertainty — US tariffs have caused logistical complexities and temporary rescheduling; management noted 'some temporary rescheduling and delays across the industry'.; Raw material import dependency — 100% of aerospace raw materials (titanium, aluminium alloys) are imported, exposing margins to geopolitical supply disruptions and cost inflation.; Execution risk in greenfield Andhra plant — New plant requires customer approvals and certification; any delays could impact FY29 growth trajectory.; Order book conversion pace — Order book of ₹2,350 crore implies ~₹470 crore annual run-rate, but actual conversion depends on new product ramp-up; management noted 'it's not like a fixed' order book..
Did Raymond meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Raymond Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.