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“Raymond Limited Q1 FY27 Earnings Conference Call” August 07, 2026 MANAGEMENT: MR. RAKESH TIWARY – GROUP CHIEF FINANCIAL OFFICER MR. GAUTAM MAINI – MD, ENGINEERING BUSINESS MR. SANJEEV SHARMA – JOINT MD & CEO, JKMPTL MR. NAVIN SHARMA – CFO, ENGINEERING BUSINESS MR. SUNNY DESA – HEAD, INVESTOR RELATIONS MODERATOR: MR. DHIRENDRA TIWARI – ANTIQUE STOCK BROKING LIMITED MR. SANJEEV ZARBADE – ANTIQUE STOCK BROKING LIMITED Page 1 of 15 Raymond Limited August 07, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Raymond Limited Q1 FY27 Earnings Conference Call hosted by Antique Stock Broking Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Dhirendra Tiwari from Antique Stock Broking Limited. Thank you, and over to you, sir. Dhirendra Tiwari: Thank you. On behalf of Antique Stock Broking Limited, I would like to welcome all the participants to Q1 FY27 conference call of Raymond Limited. Today, we have with us from the senior management of Raymond Limited, Mr. Rakesh Tiwary, Group Chief Financial Officer; Mr. Gautam Maini, MD, Engineering Business; Mr. Sanjeev Sharma, Joint MD and CEO, JKMPTL; Mr. Navin Sharma, CFO, Engineering Business; and Mr. Sunny Desa, Head, Investor Relations. Let me start with, first of all, congratulating the whole team for doing a remarkable job in terms of the business and the growth opportunities explaining to investors, and that's a superb job done So, far. Now I would like to hand over the call to Mr. Gautam Maini to take the discussion forward. Over to you, Gautamji. Thank you. Gautam Maini: Thank you, Tiwariji. Good evening, everyone. Thank you for joining us today in our Q1 FY27 results conference call. I hope everyone has had an opportunity to go through our financial results and investor presentation, which have been uploaded on the stock exchanges as well as on the company's website. Moving ahead, let me start by talking about the broader macroeconomic landscape that has influenced our performance and strategic decisions. India commenced FY27 on a strong footing with Q1 real GDP expanding at an estimated 7%, driven by sustained industrial momentum, robust GST collections, and a sharp rebound in export activity. While the ongoing West Asia conflict continues to introduce localized supply chain friction and energy market fluctuations, domestic manufacturing has demonstrated high structural adaptability. Crucially, the global trade environment for Indian engineering exports has transitioned into a highly favourable phase. Look at the India-U.K. Comprehensive Economic and Trade Agreement, the CETA, which entered into force on 15 July 2026, serves as a pivotal catalyst for India's engineering and industrial sectors. By eliminating tariffs, which previously reached up to 18% on categories like machinery, auto components, and metalwork, the agreement grants India-based precision suppliers immediate cost competitiveness in the U.K. market. Following the recalibration and subsequent rollbacks of punitive U.S. tariff measures earlier this year, trade clarity has returned to the North American corridor. With destocking cycles Page 2 of 15 Raymond Limited August 07, 2026 concluding and tariff uncertainties receding, export orders for Indian automotive and industrial precision components are witnessing a sharp demand revival. Let's look at the export revival. Building on the record-breaking performance of FY26, the domestic auto sector maintained solid momentum through Q1 of FY27. On the international front, the automotive component export channel has shifted back into growth territory. The dual benefit of the U.K. FTA implementation and rollback of restrictive U.S. tariffs has restored competitive export pricing. Global Tier 1 buyers are actively rebuilding inventory buffers, driving strong order inflows for complex machined components and drivetrain subassemblies. Aerospace, let's look at the accelerated fleet ramp-up and sourcing execution. The global aerospace sector has entered into a decisive ramp-up phase in Q1 FY27 as major OEMs aggressively address historical order backlogs. OEMs recorded strong midyear momentum stabilizing at higher target production rates. While titanium and aerospace-grade alloy constraints persisted into late FY26, raw material supply channels and engine production schedules have gradually unblocked in Q1 of FY27, converting record order books into executable assembly volumes. India's position as a core aerospace manufacturing hub continues to expand with global OEM sourcing commitments well on track towards multibillion-dollar milestones. Protected by stringent qualification protocols and a formidable compliance moat, our precision aerospace engineering business remains uniquely insulated from low-cost competition, ensuring long-term value, revenue visibility, and margin stability as global build rates accelerate. Let's look at the consolidated performance. Raymond Limited continued its growth momentum and delivered a healthy quarterly performance, reporting a total income of INR628 crores, reflecting a 13% increase compared to the same quarter of the previous financial year. EBITDA grew by 14% Y-o-Y to INR100 crores with an EBITDA margin of 15.9% in Q1 of FY27 versus the total income of INR555 crores in Q1 FY26, delivering an EBITDA of INR87 crores with an EBITDA margin of 15.7% in Q1 FY26. Q1 FY27 performance continued to be anchored by the Aerospace, Defence, and Precision Technology divisions. We are witnessing an accelerated transition as domestic engineering vendors migrate beyond standard component machining into high-complexity subsystems, critical aero-engine modules, and precision-engineered assemblies. Backed by strong trade tailwinds, capacity expansions, and strict qualification barriers, this evolving capability mix significantly elevates contract stickiness, protects operating margins, and provides unparalleled long-term revenue visibility as global aerospace and mobility supply chains realign around preferred Indian suppliers. To further diversify our revenue channels, we are capitalizing on our OEM-grade manufacturing ecosystem and contract production capabilities for critical automotive components and white label products to establish an aftermarket business scheduled for commercial rollout in Q2 of FY27. Going forward, we continue to remain optimistic about the future growth trajectory given our expansion strategy in new product categories and new geographies. Page 3 of 15 Raymond Limited August 07, 2026 Let's look at segmental performance, starting with the Aerospace business, JK Maini Global Aerospace Limited, JKMGAL. At the segment level, the Aerospace and Defence business reported a robust performance with revenue of INR123 crores, which is 40% year-on-year growth, and EBITDA of INR26 crores, which is a 25% year-on-year growth, and an EBITDA margin of 21.2% in Q1 FY27 versus revenue of INR87 crores with an EBITDA of INR21 crores and an EBITDA margin of 23.7% in Q1 FY26. The Q1 FY27 performance was anchored by a major expansion in production capacity driven with a higher revenue realization across key aerospace OEMs and Tier 1 programs. EBITDA margins saw temporary compression as we incurred major R&D expenses and expenditures, which we naturally write off as explained on earlier occasions to unlock the 40% revenue expansion. As these newly developed programs transition into steady-state production, EBITDA margins will stabilize. Forward-looking indicators remain positive with strong RFQ activity. As external supply chain friction normalizes, our enhanced capacity positioning ensures seamless execution against a growing multi [Showing first 8,000 characters — download PDF for full document]