+8.33%
AT THE HIGH VS PRIOR CLOSE
+40.4%
AEROSPACE & DEFENCE Q1 FY27 REVENUE YOY
Rs 5,960+ cr
AEROSPACE ORDER BOOK
10-YEAR HORIZON
A focused post-demerger engineering platform
The market milestone follows Raymond’s separation of its lifestyle and real-estate businesses into independent listed companies. The remaining Raymond Limited is now centred on two engineering verticals: Aerospace & Defence and Precision Technology & Auto Components.[3]
Aerospace & Defence generated Rs 123 crore of revenue in Q1 FY27, up 40.4% from Rs 87 crore a year earlier. EBITDA increased 25.4% to Rs 26 crore and the segment delivered a 21.2% margin. The business represented approximately 19.6% of Raymond’s Rs 628 crore consolidated total income for the quarter, based on the reported figures.[3]
“Q1 FY27 was defined by healthy growth across our core Aerospace, Defence, and Precision Technology segments… Our priority is to scale at pace with global demand and capture high-margin opportunities that build long-term shareholder wealth.”
— Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited[3]
Long-cycle aerospace programmes create visible growth runway
Raymond’s Q1 FY27 exchange presentation disclosed a Rs 5,960+ crore aerospace order book across a 10-year contract horizon, alongside a Rs 1,632 crore active request-for-quotation pipeline, more than 2,000 active drawings and capacity to introduce over 100 new engine SKUs each year.[4]
The platform manufactures more than 1,300 aero-engine components, including over 350 parts associated with the CFM LEAP engine family, and serves more than 25 aerospace customers. The company’s strategic direction is to move from build-to-print components toward complex assemblies, specialised processes and design-to-build solutions.[4]
Global customer agreements deepen programme participation
Maini Precision Products, now within Raymond’s engineering platform, signed a five-year MOU/long-term agreement with Safran Aircraft Engines for machined assemblies used in CFM LEAP engine combustors.
Raymond has also described a long-term supply agreement with Pratt & Whitney covering precision-machined and assembled aerospace components.[5]
Diligence clarification: the reviewed public sources describe the Safran and Pratt & Whitney arrangements as commercial agreements—not aerospace joint ventures. No global aerospace joint venture has been confirmed in the cited materials.
Defence moves from qualification toward production
Raymond has disclosed its maiden build-to-spec order from a leading defence-aerospace OEM for specialised onboard storage systems and the start of mass production of precision components for a leading defence OEM. Customer identities and contract values were not disclosed.[4]
The company appointed former Bharat Electronics chairman and managing director Bhanu Prakash Srivastava as CEO–Defence. Raymond said the mandate includes expansion beyond precision manufacturing into defence electronics, software and systems integration.[7]
Capacity investment supports the next phase
JK Maini Global Aerospace is progressing an advanced aerospace manufacturing facility in Andhra Pradesh. The project was reported at Rs 510 crore across approximately 47 acres, with 1,400 potential jobs; Raymond’s Q1 FY27 presentation said commercial production remained on track for late 2027.[6][4]
Policy backdrop reinforces—but does not guarantee—the opportunity
India’s FY2026–27 defence budget earmarked Rs 1.39 lakh crore, equivalent to 75% of the capital-acquisition budget, for procurement from domestic defence industries, including private-sector participants. This provides a supportive setting for indigenisation, but it should not be read as a guarantee of orders for Raymond.[8]
What the record high signals
The new high indicates rising market attention to Raymond’s transition from a diversified legacy group into a more focused engineering company. The evidence supporting the constructive case is measurable: double-digit segment growth, a 21.2% aerospace and defence EBITDA margin, long-duration programme visibility, named global engine-customer agreements, initial defence production milestones and committed capacity expansion.[3][4][5]
The forward case remains execution-dependent. Conversion of RFQs into firm orders, customer qualification, programme ramp-up, imported-material availability, commissioning of the Andhra Pradesh plant and returns on R&D and growth capital will determine whether operating performance sustains the market re-rating.
About Raymond Limited
Raymond Limited is the listed engineering company of the Raymond Group following the demergers of its lifestyle and real-estate businesses. Its core engineering verticals are Aerospace & Defence and Precision Technology & Auto Components. Aerospace and defence operations are conducted through JK Maini Global Aerospace Limited; Raymond entered the sector through its acquisition of Maini Precision Products, originally announced as a 59.25% stake acquisition for Rs 682 crore through the engineering structure.[3][9]
Raymond’s engineering businesses serve customers across more than 60 countries, with exports contributing more than half of total business.[3]
