Raymond Lifestyle Income Rises to ₹2,125 Crore as Orient Cement Profit Falls
Key Facts
Raymond Lifestyle and Orient Cement reported mixed results for the second quarter of fiscal 2027, ended September 30, 2026. Raymond Lifestyle’s total income rose to ₹2,125 crore from ₹1,865 crore a year earlier, while Orient Cement’s revenue from operations fell to ₹565 crore from ₹643 crore. Raymond’s results showed growth in income and operating revenue, but consolidated profit declined year on year as costs rose. Orient Cement, meanwhile, posted declines in total income and in profit before and after tax. The figures present a mixed picture for the apparel and cement companies in the same quarter, without establishing whether revenue exceeded analysts’ expectations. The available data also do not include a dated move in Orient Cement’s share price following the announcement.
Reuters reported that Raymond Lifestyle’s consolidated profit was ₹675.3 million, compared with ₹751.9 million in the year-earlier quarter, but improved from a loss of ₹225.9 million in the previous quarter. Revenue from operations rose 13% to ₹20.75 billion, while total expenses increased about 16% to ₹20.34 billion. Reuters attributed cost pressure to higher yarn and cotton prices and supply-chain disruption linked to the Middle East. Raw material costs rose more than 23% year on year, while the cost of buying finished goods increased 34%. The quarter-on-quarter comparison shows improved profitability from the previous quarter, while profit remained below its year-earlier level as expenses grew faster than revenue.
By segment, Raymond said branded apparel revenue rose 20% to ₹559 crore from ₹465 crore in the same period a year earlier, while garmenting revenue increased 26% to ₹339 crore from ₹269 crore. The company linked branded apparel growth to momentum in casual wear, and cited the execution of orders following tariff rationalisation and the India-UK free trade agreement, as well as the addition of new global customers. Earnings before interest, tax, depreciation and amortisation were ₹270 crore, compared with ₹259 crore a year earlier, an increase of 4%. But the margin on this measure fell to 12.7% from 13.9%. The company attributed the contraction to higher marketing spend and input cost pressures, showing that sales growth did not fully translate into improved operating profitability.
At Orient Cement, total income fell to ₹578 crore from ₹655 crore in the corresponding quarter a year earlier, alongside a decline in revenue from operations to ₹565 crore from ₹643 crore. Profit before tax dropped to ₹44 crore from ₹74 crore, while profit after tax fell to ₹32 crore from ₹49 crore. The company’s board approved the unaudited results for the quarter and half-year ended September 30 at its meeting on October 22, 2026. On industry structure, Ambuja Cements said its shareholders had approved the proposed mergers of ACC and Orient Cement with the company. Completion of the merger remains subject to the required approvals, and the company expects to complete it during fiscal 2027.
The results coincided with mixed indicators for industrial and services activity in India. The government said 17 of 23 manufacturing industry groups recorded positive year-on-year growth in September 2026. The largest positive contributors were electrical equipment manufacturing, up 33.9%, followed by rubber and plastic products, up 19.9%, and motor vehicles, trailers and semi-trailers, up 19.0%. In the preliminary October purchasing managers’ index survey, the composite index rose to 56.7 points from 55.9 in September, marking the fastest expansion in business activity since June. The survey reported that growth in new export orders reached a six-month high, while input cost inflation eased for a seventh consecutive month to its lowest level in about a year.
The chief executive of Raymond Lifestyle said the company was entering the peak festive and wedding season, adding that domestic demand indicators remained strong and management saw itself on track to meet its fiscal 2027 guidance. This follows an improvement in the company’s net working capital cycle to 82 days from 105 days a year earlier. The company also reported net cash of ₹69 crore in September 2026, compared with net debt of ₹246 crore in September 2025. India is scheduled to publish its October industrial production index data on November 30, 2026, according to the official release calendar. This will provide the next indicator of the pace of industrial activity after the September reading, as Raymond enters the seasonal period during which it said it expects domestic demand to remain strong.