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  • Raymond Lifestyle lists at Rs 3,020 on NSE; locked in 5% lower circuit | News on Markets

    Raymond Lifestyle lists at Rs 3,020 on NSE; locked in 5% lower circuit | News on Markets

    5 min read Last Updated : Sep 05 2024 | 10:52 AM IST

    Shares of Raymond Lifestyle Limited (RLL), a textiles and apparel maker demerged from the Gautam Singhania-led Raymond, froze in lower circuit of 5 per cent at Rs 2,869, after listing at Rs 3,020 on the National Stock Exchange (NSE) on Thursday. 

    Shares of RLL were frozen in lower circuit of 5 per cent on the BSE too, at Rs 2,850, after listing at Rs 3,000.

    The company’s stock also hit an intra-day high of Rs 3,100 on the BSE and NSE after listing.

    Around a combined 120,000 shares had already changed hands, while there were pending sell orders for 160,000 shares on the NSE and BSE till 10:09 AM.

    The scrip will be in Trade-for-Trade segment, where each transaction requires mandatory delivery, for 10 trading days.

    Raymond is India’s largest integrated worsted suiting manufacturer that offers end-to-end solutions for fabric and garmenting.  The company has some of the leading brands within its portfolio such as Raymond Ready to Wear, Park Avenue, ColorPlus, Parx, Raymond Made to Measure and Ethnix by Raymond, among others.

    Raymond has one of the largest exclusive retail networks in the country with about 1,450 stores in more than 600 towns.

    Raymond had fixed July 11, 2024, as the record date for the demerger of its lifestyle business from Raymond into RLL (formerly: Raymond Consumer Care) and for determining the entitlement of the shareholders of the company.

    The company had announced a share exchange ratio of 4:5, which means four shares of RLL would be allotted to shareholders for every five shares of Raymond that they held.

    In the April to June quarter (Q1FY25), RLL had reported 51 per cent year-on-year (YoY) drop in its earnings before interest, tax, depreciation and amortization (Ebitda) at Rs 87 crore, compared to Rs 180 crore in Q1FY24.

    Net revenue declined 8 per cent YoY to Rs 1,249 crore from Rs 1,353 crore in the year-ago quarter.


    The company’s management said the lifestyle business was impacted due to subdued consumer demand, prolonged heat waves, general elections, fewer wedding dates and inflation, which affected its overall revenue performance and margins.


    As India continues to be a preferred sourcing destination, the China-plus-one strategy is playing its part, the company’s management said, while adding that Raymond is expanding its garmenting capacity by a third of its current levels. Once fully commissioned, this capacity expansion would make Raymond the third largest suit maker in the world, management noted.

    Raymond, in its FY24 annual report, said the company anticipates maintaining a profitable growth trajectory. In the domestic market, consumer sentiment is expected to remain positive, driven by the approaching wedding and festive seasons and surging demand for formal and daily wear categories.

    The company aims to introduce new initiatives to bolster growth during this period.


    In the branded apparel segment, Raymond aims to diversify its product range through the demerger of its lifestyle business, which will facilitate new launches in its core portfolio, and emphasise casualisation and expansion of its Ethnix wear category.


    The company reiterated its guidance of 12-15 per cent revenue growth and doubling of Ebitda to over Rs 2,000 crore by FY28 (that is 19 per cent CAGR) in the lifestyle business. This, along with a reduction in working capital to 60 days, should result in free-cash-flow generation of Rs 600-700 crore annually.


    The management’s aspirational growth targets will be supported by the doubling of its exclusive brand outlets (EBO) network to more than 900 stores by FY27; capitalising on the Bangladesh +1, China +1 and free trade agreement (FTA) opportunities; the extension of new categories such as innerwear and sleepwear; and the wedding wear opportunity, said Motilal Oswal Financial Services in a company update.

    In the past, the Raymond group has largely been viewed as a textile/apparel player.

    However the analyst meet on Lifestyle 2.0 brought to light its position in the wedding wear segment and aggressive targets, implying a sizeable business going ahead (Rs 3,800 crore/Rs 5,800 crore in FY27F/30F, as per management’s 1.5x/2.3x targets, respectively, over the FY24 level of Rs 2,540 crore).

    “Considering that Vedant Fashion gets a 16x FY26F EV/sales valuation for its wedding business, RLL’s valuation has the potential for an upside, above our/street estimates going ahead”, analysts at InCred Equities said in an analyst meet update.

    Meanwhile, Raymond said the company undertook a corporate action of demerging the Lifestyle business from Raymond, a move to unlock value for its shareholders.

    The board has also approved the scheme of arrangement for the demerger of its realty business to Raymond Realty Limited (RRL) to unlock the value for shareholders and harness growth potential in the Indian property market.

    The demerged entity RRL will be listed on the bourses after obtaining the necessary statutory and regulatory approvals, the company said.

    Raymond shareholder will receive one share of RRL for every one share of Raymond they hold.

    First Published: Sep 05 2024 | 10:52 AM IST

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  • Raymond Lifestyle shares list at Rs 3,020 on NSE after demerger

    Raymond Lifestyle shares list at Rs 3,020 on NSE after demerger

    Unlocking value for shareholders of Raymond Ltd, shares of Raymond Lifestyle, which got demerged from the parent company in June this year, got listed on stock exchanges this morning. The stock is listed at Rs 3,020 on NSE and Rs 3,000 on BSE.

    Raymond Lifestyle’s listing is at a premium of 93% over the base price of Rs 1,562.65.

    The listing gives Raymond Lifestyle, a play on India’s wedding and ceremonial market, a valuation of around Rs 18,300 crore.

    As part of a group restructuring process, Raymond demerged its lifestyle business into a separate company and gave four shares of Raymond Lifestyle for every five shares held in Raymond.

    After listing, the stock hit the 5% lower circuit limit as early investors booked profits. Shares of Raymond Ltd also fell around 1%.Ventura Securities has valued the lifestyle business at Rs 30,000 crore which means a target price of Rs 4,927 per share.”Over the past four years prior to demerger, the management team at Raymond has scripted a sharp turnaround in the overall business. Not only has the company turned net debt free in FY24 (ahead of its stated timeline of FY25) but also returned a net cash position of Rs 200 crore,” Ventura Securities said.The company has guided for 12-15% revenue growth in the lifestyle business and also expects to double its Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) to over Rs 2,000 crore by FY28.

    Doubling down on the success of “Ethnix by Raymond” brand, Raymond is looking to speed up the rollout to a total of 350+ stores from the existing 114 stores.

    “Over FY24-27E, we forecast wedding revenues to grow at a CAGR of 19.2% to Rs 4,192 crore and EBITDA to grow at a CAGR of 17.7% to Rs 895 crore. We have conservatively modelled that the FY24 “wedding” margins of 21-22% should sustain over the forecast period,” Ventura analysts said.

    RLL has a legacy collection of well-established brands such as Park Avenue, Raymond, Parx, Ethnics by Raymond, and ColorPlus, yet it has remained underpenetrated with total EBOs (exclusive brand outlets) of 424 as of 1QFY25 end, Motilal said. The brokerage sees a strong growth potential for each brand which could reach at least 250 EBOs individually.

    The Indian textiles maker reported a multifold jump in first-quarter profit, helped by an exceptional gain from the sale of its consumer business. Raymond’s consolidated profit was 10.65 billion rupees ($128.7 million) for the three months ended June 30, compared with 809 million rupees a year earlier.

    As part of a restructuring process, Raymond also demerged its real estate business into a separately listed entity.

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  • Raymond Lifestyle shares to list on NSE, BSE today. What’s ahead?

    Raymond Lifestyle shares to list on NSE, BSE today. What’s ahead?

    Raymond Lifestyle Ltd, the demerged retail and lifestyle division of Raymond Ltd, is poised to make its market debut on today, September 5. It is the first step in the scheme of arrangement announced by Raymond Ltd, in which it plans to eventually have three separate listed businesses. Raymond shares went ex-Lifestyle business in July and the listing of the lifestyle business now, as a separate entity, is expected to unlock shareholder value.

    After the Raymond Lifestyle listing today, there would be two listed Raymond group companies. The Raymond board had on July 4 also approved the scheme of arrangement for demerger of real estate business to Raymond Realty. The demerged entity RRL will be listed on stock exchanges post obtaining necessary statutory/ regulatory approvals. Raymond has already filed application for grant of NOC under Regulation 37 with both the stock exchanges.

    “Post completion of all formalities for both the scheme of arrangements, there will be three listed entities in the Raymond Group i.e. Raymond Limited, Raymond Lifestyle Limited and Raymond Realty Limited,” Raymond said on September 3.

    Arihant Capital Markets noted that the ethnic wear market is expected to grow at an 8 per cent CAGR by 2027 and that Raymond Lifestyle is planning to capitalise on the shifting dynamics, where the organised segment is projected to equal the unorganised by 2027.

    “The company also plans to triple its exclusive brand outlet (EBO) network in two years. Ethnix is expected to contribute 12-15 per cent of the business, targeting Rs 1,000 crore in the next five years and they are working to reduce NWC from 76 days to 60 days,” it said.

    According to Antique Stock Broking, Raymond Lifestyle plans to scale up its branded apparel segment by applying the success of The Raymond Shop (TRS) to other brands. The company aims to expand its exclusive brand outlets (EBOs) through an asset-light model, with a target of opening 250-300 stores for each brand over the next three years.

    RLL’s focus on its wedding portfolio, which accounts for 35-40 per cent of revenue, both directly and indirectly, is expected to drive a 15 per cent CAGR over the medium term. This growth is anticipated to be fuelled by differentiated premium products and the expansion of its ethnic store network. According to the brokerage, key areas to monitor include the scaling up of the branded apparel and ethnic portfolios, as well as success in new categories like innerwear and sleepwear.

    The brokerage projects Raymond Lifestyle to deliver a revenue CAGR of 13 per cent and an Ebitda growth of 15 per cent from FY24 to FY27. It values Raymond Lifestyle at Rs 18,000 crore based on FY27 estimates.

    In FY24, Raymond Lifestyle recorded sales of Rs 2,550 crore from its wedding business. Amit Agarwal, Chief Financial Officer at Raymond Group, expects the company to double its EBITDA to Rs 2,000 crore in the next three years. “We are also targeting a 12–15% sales growth in the lifestyle sector, with the aim of capturing around 7% market share in the dynamic men’s-wear wedding market by 2027,” he said.

    MOFSL, which attended Raymond Lifestyle’s investor conference, reported that Raymond Lifestyle incurred a capex of Rs 100 crore in FY24 to increase its production capacity to 10.7 million pieces. The company plans to invest an additional Rs 100 crore in FY25, which is expected to generate Rs 400 crore of incremental revenue by FY27, representing a 2x asset turnover ratio. Assuming an Ebitda margin of 10 per cent, this could result in Rs 40 crore of incremental Ebitda, with a post-tax incremental return on capital employed (RoCE) of 16 per cent.

    MOFSL projects an 11 per cent revenue growth for Raymond Lifestyle over FY24-27.

    Raymond Lifestyle’s facility in Vapi, Gujarat, is the largest at 112.6 acres and contributes 45 per cent to the suiting segment’s revenue. This facility has the capability to produce high-quality suiting fabrics across various price points, according to InCred Equities. The company’s other two suiting business facilities are located in Jalgaon (38 acres) and Chhindwara (100 acres)

    Raymond Lifestyle plans to add 300 new Ethnix stores over the next two to three years. The management is targeting 1.5 times growth by FY27 and 2.3 times growth by FY30 compared to FY24 levels from its wedding business. This indicates significant potential in this segment to drive substantial revenue growth.

    Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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