28 January 2026, Mumbai
The Indian apparel sector is navigating a polarized landscape where resilient internal consumption is currently offsetting significant global trade disruptions. Raymond Lifestyle (RLL) exemplified this trend in its Q3 FY26 results, reporting a 5 per cent Y-o-Y increase in total income to Rs 1,883 crore. While consolidated net profit faced a 33 per cent decline to Rs 42.86 crore - largely attributed to aggressive US tariff hikes impacting the garmenting export segment - the company's domestic ‘Branded Textile’ division increased by 11 per cent to Rs 951 crore. This growth was propelled by an exceptionally strong wedding and festive season, confirming that high-value ethnic and formal wear remains a primary defensive category for Indian retailers.
Retail optimization and margin discipline
To counter export-led margin pressure, RLL is executing a disciplined rationalization of its physical footprint. The company’s retail network now stands at 1,675 stores, following the closure of nine underperforming outlets this quarter to prioritize high-throughput locations. Despite a deliberate increase in marketing expenditure to boost brand equity, the firm achieved an EBITDA of Rs 271 crore, representing a 23 per cent jump. The management is increasingly moving towards the UK-India Free Trade Agreement as a critical lever to diversify its international order book, reducing its 17 per cent revenue exposure to the volatile US garmenting market.
Resilience through operational efficiency
The broader sector impact of RLL's performance suggests a ‘quality-over-volume’ transition. By improving its product mix and leveraging operational efficiencies, the company expanded its EBITDA margin to 14.4 per cent from 12.3 per cent a year ago. Our resilience is anchored in domestic categories, while we proactively mitigate global headwinds through strategic sourcing and trade initiatives, noted Gautam Hari Singhania, Executive Chairman. This focus on domestic ‘mass affluent’ consumers is a recurring theme as Indian brands increasingly look inward for sustainable growth.
Raymond Lifestyle is India’s premier integrated manufacturer of worsted suiting and high-value shirting, dominating the formalwear and luxury textile markets. Historically established as a vertically integrated suiting facility, it now targets Tier-I and Tier-II expansion. RLL aims for double-digit revenue growth by 2027 through omnichannel integration and sustainable manufacturing.
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