Raymond Lifestyl Q1 FY27 Results (NSE: RAYMONDLSL)

31 Jul 2026 · Analysis by Alpha Inflection

Signal: Loss widened

The read

Revenue grew 5.9% YoY but PAT loss widened to ₹22.59 Cr from ₹19.82 Cr, as EBITDA margin expansion (to 8.9%) was offset by higher depreciation (+23.1%) and finance costs, while segment mix deteriorated with textile/apparel weakness. Garmenting turnaround is a positive, but overall profitability remains weak.

P&L walk

Revenue grew 5.9% YoY to ₹1,515.51 Cr, but PAT loss widened to ₹22.59 Cr. EBITDA margin improved 40bps to 8.9% due to lower input costs, but higher depreciation (+23.1% YoY) and finance costs (+10.5% YoY) offset operating gains. Segment mix deteriorated: Textile profit halved, Apparel losses deepened, while Garmenting turned profitable.

Segments

Garmenting turned profitable (₹1,384 lakh vs loss of ₹1,491 lakh a year ago), but Textile profit halved to ₹3,314 lakh (down 52.5% YoY) and Apparel loss deepened to ₹1,821 lakh. Emerging businesses losses widened to ₹3,808 lakh, dragging consolidated results.

Key positives

• Garmenting segment posted a profit of ₹1,384 lakhs versus a loss of ₹1,491 lakhs in Q1FY26, a clear turnaround.
• Consolidated EBITDA margin improved to 8.9% from 8.5% YoY, aided by lower input cost share.
• Revenue growth of 5.9% YoY was driven by garmenting (+50%) and apparel (+4.2%) segments.

Key concerns

• Consolidated net loss widened to ₹22.59 Cr from ₹19.82 Cr YoY, the third loss in the last four quarters.
• Textile segment profit halved YoY to ₹3,314 lakh, with revenue slightly declining.
• Apparel segment loss deepened to ₹1,821 lakh from ₹1,377 lakh a year ago.
• Emerging businesses losses increased to ₹3,808 lakh from ₹2,971 lakh.
• Standalone net loss ballooned to ₹34.86 Cr from ₹1.65 Cr a year ago, driven by higher depreciation and other expenses.

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