Please find enclosed Financial results for the quarter and half year ended September 30, 2026

SECRETADREIALP ARTMENT JekegProakhmr,Ra ona Ndo .T1h,a n(eW )-64060 0 MaharaIsnhdtriaa, CINN o.L1: 7 117Mfl1925PLC001208 Tel(:9 1-420237)600 0/6 15720 00 Fax(:9 1-225242)18 05 www.raymond.in RL/SE//2762- 27 Octo2b7e2,r0 26 The DepaorfCt omrepnoStre artve-iC cReDs TheN atioSntaoElcx kc haonfglen Ldiimai ted BSLEi mited ExchaPnlgae5zt haF ,l oor P.TJo.w eDrasl,Sa tlr eet Bandra-CKoumrpllae x Mumb-a4i0 000 1 Band(rEaa Msutm)b,-a 4i0 005 1 ScrCiopd 5e0:0 330 SymbRoAlY:M OND DeaSri/ rM adam, SubO:u tcoomfBe o armde eti-Fnign anRceisaull ts Wew isthoi nforymot uh tahtBe o aorfDd i recotfRo arysm oLnidm i(t"etCdho em panaytt" h)e ir meethienltgdo dia.yOe c.t o2b7e2,r0 2h6a,is n taelrci oan sidaenardpe pdr otvheUedn audited FinanRceisau(llS ttsa ndaanlCdoo nnes olifdotarht Seee dc)o Qnuda ratnedHr a lyfe aern ded Septe3m0b2,e0 r2 6. ThMee etcionmgm enact2e :d3p 0. ma.nc do nclautd'6 e'. 's d<5' p,N)• Accordpiunrgsluyta,oRn etg ula3t0ai nodRn e gula3t3oi fSo EnB (IL isOtbilnigg aatnido ns DisclRoesquurier eRmeegnutlsa)2t 0i1ow5ne,es n,c ltohsfeeo llowing: 1. UnauFdiintaenRdce isau(lSl ttasn daalnoCdno nes olidoaftt heCedom )p nayf ort hSee cond QuaratneHdral f y eaern dSeedp te3m0b,2e 0r2 6; and 2.LmiitReediev wR eprootf t hSett autAourdyi otfot rhCseo mpafnotyrh sea piedr iod. Pletaaskteeh a eb oivnef ormoanrt eicoonr d. Thankyionug. Youfrasi thfully, FoRrA YMONLDI MITED RAKESDHA RJI COMPASNEYC RETARY EncAl/.a: REGISTERED OFFICE Plol No. 125,V6 i1l1la1ge i'bZajgam., Ralnagi-r4i15 6 12Maharash,tra Tel:( 02325322)5 14 Fae (02325322)5 13 Price Waterhouse Chartered Accountants LLP Review Report The Board of Directors Raymond Limited JK House, 59A, Bhulabhai Desai Marg, Breach Candy Cumballa Hill, Mumbai - 400026. 1. We have reviewed the consolidated unaudited financial results of Raymond Limited (the "Holding Company"), its subsidiaries (the Holding Company and its subsidiaries hereinafter referred to as the "Group"), and its share of the net profit/(loss) after tax and total comprehensive income of its joint ventures and associate companies (refer paragraph 4 below) for the quarter ended September 30, 2026 and the year to date results for the period April 01, 2026 to September 30, 2026 and the Consolidated Balance Sheet as on that date and the Consolidated Statements of Cash Flows for the half-year ended on that date which are included in the accompanying Statement of consolidated financial results for the quarter and half year ended 30 September 2026 (the "Statement"). The Statement is being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes. 2. This Statement, which is the responsibility of the Holding Company's Management and has been approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements ('SRE') 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants oflndia. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. 4. The Statement includes the results of the entities listed in Annexure A. Price Waterhouse Chartered Accountants LLP, Nesco IT Building Ill, 8th Floor, Nesco I Gate No. 3 Western Express Highway, Goregaon East, Mumbai 400 063 T:+91(22)61197810 Reg,stered office and Head office· I 1-A, V15hnu D1gamber ~larg, Suchcta Bhawan, New Delhi -110002 Pnce Waterhouse (a Partnership Furn) converted uuo Pncc Waterhouse Chartered Accouutant; LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect from July 25. 2014 Post ,ts conversion to Pnce Waterhouse Chartered Accountants LLP, its !CAI r<g,strauon number ts 012754NIN5000lo (!CAI registration number before con.,rnon was 0 12754N) Price Waterhouse Chartered Accountants LLP 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The interim financial results of 4 subsidiaries reflect total assets of Rs. 11,921 lakhs and net assets of Rs. 3,422 lakhs as at September 30, 2026, and total revenues of Rs. 4,504 lakhs and Rs. 8,350 lakhs total net profit after tax of Rs. 15 lakhs and Rs. 64 lakhs and total comprehensive loss of Rs. 109 lakhs and Rs. 56 lakhs, for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. 36 lakhs for the period from April 01, 2026 to September 30, 2026, as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also include the Group's share of net profit after tax of Rs. 67 lakhs and Rs. 38 lakhs and total comprehensive income/(loss) of Rs. (3,037) lakhs and Rs. 9,800 lakhs for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026, respectively, in respect of 2 associates and 1 joint ventures. These interim financial results have been reviewed by other auditors and their reports, vide which they have issued an unmodified conclusion, have been furnished to us by the Management or other auditors and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates and joint ventures, is based on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of the above matter. 7. The consolidated unaudited financial results also include the Group's share of net profit after tax of NIL and NIL and total comprehensive income of NIL and NIL for the quarter ended September 30, 2026, and for the period from April 01, 2026 to September 30, 2026, respectively, as considered in the consolidated unaudited financial results, in respect of 1 associate based on their interim financial results, which have not been reviewed by their auditors. According to the information and explanations given to us by the M [Showing first 8,000 characters — download PDF for full document]