Raymond Limited (RAYMOND.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-39.7%

₹711.27

vs ₹1,179.00 price

Levered DCF

₹208.05

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.43

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	0.4×	0.4×	1.53×	3.17×	4.51×	-1.67×	1.46×	6.23×
P/B	0.75×	0.82×	0.54×	0.58×	0.5×	0.24×	0.12×	0.54×
P/S	0.97×	1.57×	0.28×	0.2×	0.19×	0.14×	0.04×	0.16×
EV / EBITDA	12.87×	17.93×	2.58×	3.35×	4.63×	19.81×	4.82×	5.07×
Gross margin	16.8%	39.1%	41.5%	41.4%	38.7%	36.0%	41.8%	43.1%
Operating margin	3.8%	0.9%	24.9%	25.3%	22.6%	-10.3%	3.1%	6.2%
Net margin	241.5%	391.8%	18.2%	6.4%	4.2%	-8.7%	3.0%	2.6%
Current ratio	1.72×	1.73×	1.66×	1.32×	1.29×	1.26×	1.03×	0.97×
Debt / equity	0.37×	0.2×	0.91×	0.87×	1×	1.15×	1.25×	1.26×
Interest coverage	0.99×	0.27×	5.98×	8.08×	6.16×	-1.28×	0.67×	1.76×
Dividend yield	0.0%	2.2%	0.8%	1.2%	0.8%	0.0%	7.7%	1.7%
Payout ratio	0.0%	0.9%	1.2%	3.8%	3.7%	-0.0%	11.3%	10.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	187.8%	205.4%	35.5%	18.2%	11.0%	-14.2%	8.3%	8.6%
Return on invested capital	-1.0%	0.2%	20.0%	26.9%	28.2%	-4.8%	3.6%	5.9%
Return on assets	112.7%	98.9%	12.4%	6.5%	3.5%	-4.4%	2.5%	2.5%
Free cash flow yield	-4.9%	2.5%	13.0%	41.0%	52.6%	137.2%	56.9%	-1.0%
Earnings yield	249.3%	250.3%	65.5%	31.5%	22.2%	-59.8%	68.4%	16.1%
Enterprise value	₹30.2B	₹34.9B	₹65B	₹40.5B	₹33.6B	₹26.8B	₹31.3B	₹34.9B
Net debt / EBITDA	3.75×	2.27×	1.59×	1.96×	3.01×	16.13×	4.37×	3.55×
Cash conversion cycle (days)	124	138	164	100	90	187	149	134