Antique initiated coverage on Raymond with a ‘Buy’ rating and a target price of ₹903 per share, implying a potential upside of 30% from the stock’s last closing level.
The brokerage said the Raymond Group has been undergoing a transformation through value-unlocking measures. The company has demerged and listed its Fabric (September 2024) and Realty businesses (July 2025).
It has also strategically forayed into precision manufacturing for its auto and aerospace businesses. Raymond Ltd. now has three broad businesses: Automotive Components, Engineering Tools, and Aerospace.
Shortly, the company will be creating two specialised subsidiaries, one dedicated to defence and aerospace, and the other focused on auto components, electric vehicles, and engineering consumables.
The company plans to scale up its presence in these areas, especially defence and aerospace, which have strong growth potential supported by structural tailwinds.
Antique expects Raymond’s revenue, EBITDA, and profit to grow at 16%, 38%, and 55% annually, with operating margins rising to 12.2% in FY26, 14.9% in FY27, and 15.3% in FY28.
