Raymond logo

Raymond MD, chairman, board of directors and AGM

NSE: RAYMONDBSE: 500330Industrial ManufacturingSmall Cap

Last close ₹1,063.40down ₹22.30 (2.05%)BSE ₹1,064.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,085.70.

52-week range of traded prices to 23 Oct 2026
₹320.00Low, 30 Mar 2026₹1,339.00High, 6 Oct 2026
Market cap
₹7,079 Cr982nd largest listed
P/E
191.0
P/E without one-offs
29.7
P/B
2.5
Dividend yield
Nonein the last 12 months
ROE
1.1%
ROE without one-offs
7.3%
ROCE
2.5%
Debt to equity
0.32
Volume, NSE
7,67,26532.4% delivered

Raymond board of directors

At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • Chairperson and managing directorGautam Hari Singhania
  • Company Secretary and Compliance OfficerRakesh Darji

8 directors6 independent1 executive1 non-executive

  • Gautam Hari Singhania · Chairperson and managing directorExecutive · joined Jul 2014 · reappointed Aug 2025 · 3 listed boards · 1 committee seat
  • Dinesh Kumar LalIndependent · joined Aug 2019 · reappointed Aug 2024 · 83 months as independent · 3 listed boards · 3 as independent · 4 committee seats, 2 as chair
  • Ashish Kiran KapadiaIndependent · joined Nov 2019 · reappointed Nov 2024 · 79 months as independent · 3 listed boards · 2 as independent · 4 committee seats
  • Kummamuri Narasimha MurthyIndependent · joined Apr 2023 · reappointed Apr 2023 · 38 months as independent · 4 listed boards · 4 as independent · 6 committee seats, 5 as chair
  • Harmohan H SahniNon-executive · joined Sep 2024 · 2 listed boards · 1 committee seat
  • Mundada Rashmi BrijgopalIndependent · joined Mar 2025 · reappointed Mar 2025 · 15 months as independent · 1 listed board · 1 as independent · 3 committee seats
  • Ajoy A MehtaIndependent · joined Jan 2026 · reappointed Jan 2026 · 6 months as independent · 3 listed boards · 3 as independent · 4 committee seats, 2 as chair
  • Tikka Shatrujit SinghIndependent · joined Jan 2026 · reappointed Jan 2026 · 6 months as independent · 1 listed board · 1 as independent

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

1 director who left
  • Nawaz Singhania, left 19 Mar 2025: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 25 May 20268 of 8 present6 independent · 19 days in between
    • 5 May 20267 of 8 present5 independent · 97 days in between
    • 27 Jan 20268 of 8 present6 independent

  • Audit Committee

    Chair Kummamuri Narasimha Murthy

    Ashish Kiran Kapadia, Ajoy A Mehta

    • 4 May 20263 of 3 present3 independent · 47 days in between
    • 17 Mar 20263 of 3 present3 independent
    • 23 Jan 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair Dinesh Kumar Lal

    Ashish Kiran Kapadia, Kummamuri Narasimha Murthy

    • 4 May 20262 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair Dinesh Kumar Lal

    Ashish Kiran Kapadia, Harmohan H Sahni

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Dinesh Kumar Lal

    Kummamuri Narasimha Murthy, Ashish Kiran Kapadia

    No meeting listed in the filing.

  • Corporate Social Responsibility Committee

    Chair Ashish Kiran Kapadia

    Dinesh Kumar Lal, Kummamuri Narasimha Murthy

    No meeting listed in the filing.

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • M/s. Chaturvedi & Shah LLP, Chartered Accountants (FRN: 101720W/W100355)Peer-review certificate valid to Jun 2026
1 earlier auditor
  • Walker Chandiok & Co LLPNamed in the filing for the quarter to Mar 2025

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Raymond AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Raymond dividend history

Extraordinary general meeting, 3 Oct 2026

2,57,438 shareholders on the register on 26 Sep 2026; present: 7 promoters and 38 others; votes counted by Dinesh Kumar Deora / DM & Associates Company Secretaries LLP.The company's voting result (opens in a new tab)

  1. Issue of 33,28,686 Share Warrants on preferential basis to Minerva Ventures fund
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.77%

    Turnout: all 56.57% · promoters 99.98% · institutions 57.54% · other public 0.19%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 14 Jul 2026, 4 resolutions

2,77,861 shareholders on the register on 7 Jul 2026; present: 7 promoters and 66 others; votes counted by Dinesh Kumar Deora / DM & Associates Company Secretaries LLP.The company's voting result (opens in a new tab)

  1. a) To consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2026 and the Reports of the Board of Directors and Auditors thereon; and b) To consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2026 and the Report of the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.94%

    Turnout: all 55.08% · promoters 100.00% · institutions 52.40% · other public 0.17%

  2. To appoint a Director in place of Mr. Harmohan Sahni (DIN: 00046068), who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.21% · other public 4.16%

    Turnout: all 55.13% · promoters 100.00% · institutions 52.86% · other public 0.17%

  3. To appoint M/s. Price Waterhouse, Chartered Accountants, LLP as Statutory Auditor of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.31%

    Turnout: all 55.13% · promoters 100.00% · institutions 52.86% · other public 0.17%

  4. To approve payment of Commission to Non-Executive Directors based on Net Profits of the Company
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 7.32%

    Turnout: all 55.13% · promoters 100.00% · institutions 52.86% · other public 0.17%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Extraordinary general meeting, 18 Jun 2026, 1 resolution

2,83,877 shareholders on the register on 11 Jun 2026; present: 7 promoters and 46 others; votes counted by Dinesh Kumar Deora / DM & Associates Company Secretaries LLP.The company's voting result (opens in a new tab)

  1. Preferential Issue of Securities on a Private Placement Basis
    SpecialPromoters have an interest in it
    96.36% for3.64% against

    Against: promoters 0.00% · institutions 31.72% · other public 22.63%

    Turnout: all 55.22% · promoters 99.98% · institutions 53.84% · other public 0.16%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 11 Feb 2026, 3 resolutions

3,00,862 shareholders on the register on 2 Jan 2026; votes counted by Dinesh Kumar Deora / DM & Associates Company Secretaries LLP.The company's voting result (opens in a new tab)

  1. Appointment of Ms. Chaturvedi & Shah LLP., Chartered Accountants as Statutory Auditors of the Company to fill the casual vacancy.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.74%

    Turnout: all 56.55% · promoters 99.98% · institutions 51.74% · other public 0.56%

  2. Appointment of Mr. Tikka Singh (DIN: 06521398) as an Independent Director of the Company.
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.83%

    Turnout: all 56.55% · promoters 99.98% · institutions 51.74% · other public 0.56%

  3. Appointment of Mr. Ajoy Mehta (DIN: 00155180) as an Independent Director of the Company.
    Special
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.83%

    Turnout: all 56.55% · promoters 99.98% · institutions 51.74% · other public 0.56%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 4 Aug 2025, 3 resolutions

3,08,248 shareholders on the register on 28 Jul 2025; present: 6 promoters and 86 others; votes counted by Dinesh Kumar Deora / DM & Associates Company Secretaries LLP.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt: a) the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2025 and the Reports of the Board of Directors and the Auditors thereon; and b) the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025 and the Report of the Auditors thereon.MoreLess
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.90%

    Turnout: all 60.17% · promoters 99.98% · institutions 61.07% · other public 0.54%

  2. To appoint a Director in place of Mr. Gautam Hari Singhania (DIN: 00020088), who retires by rotation and being eligible, offers himself for re-appointment.
    OrdinaryPromoters have an interest in it
    98.18% for1.82% against

    Against: promoters 0.00% · institutions 9.71% · other public 4.09%

    Turnout: all 60.23% · promoters 99.98% · institutions 61.36% · other public 0.54%

  3. To appoint M/s. DM & Associates, Company Secretaries LLP as Secretarial Auditor of the Company
    Ordinary
    96.67% for3.33% against

    Against: promoters 0.00% · institutions 17.90% · other public 2.22%

    Turnout: all 60.23% · promoters 99.98% · institutions 61.36% · other public 0.54%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 20 Jun 2025, 1 resolution

2,84,571 shareholders on the register on 16 May 2025; votes counted by Dinesh Kumar Deora / DM & Associates Company Secretaries LLP.The company's voting result (opens in a new tab)

  1. Appointment of Mrs. Rashmi Mundada (DIN: 08086902) as an Independent Director of the Company
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.05%

    Turnout: all 63.60% · promoters 99.98% · institutions 66.77% · other public 1.69%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Meeting called by the tribunal, 25 Jan 2025, 1 resolution

2,83,760 shareholders on the register on 18 Jan 2025; present: 6 promoters and 46 others; votes counted by Jigar Darji / Jigar Darji & Associates Practicing Company Secretaries.The company's voting result (opens in a new tab)

  1. Approval of the Scheme of Arrangement between Raymond Limited (“Demerged Company”) and Raymond Realty Limited (“Resulting Company”) and their respective shareholders
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.33%

    Turnout: all 63.44% · promoters 99.98% · institutions 64.54% · other public 0.59%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 11 Oct 2024, 4 resolutions

The company's voting result (opens in a new tab)

  1. Re-appointment of Mr. Dinesh Lal (DIN:00037142) as an Independent Director of the Company
    Special
    94.45% for5.55% against

    Against: promoters 0.00% · institutions 23.49% · other public 6.67%

    Turnout: all 64.26% · promoters 99.98% · institutions 65.24% · other public 1.07%

  2. Re-appointment of Mr. Ashish Kapadia (DIN:02011632) as an Independent Director of the Company
    Special
    99.35% for0.65% against

    Against: promoters 0.00% · institutions 2.64% · other public 6.62%

    Turnout: all 64.26% · promoters 99.98% · institutions 65.24% · other public 1.07%

  3. Appointment of Mr. Harmohan H Sahni (DIN:00046068) as a Director of the Company
    Ordinary
    99.37% for0.63% against

    Against: promoters 0.00% · institutions 2.54% · other public 6.52%

    Turnout: all 64.26% · promoters 99.98% · institutions 65.24% · other public 1.07%

  4. Appointment of Mr. Harmohan H Sahni (DIN:00046068) as an Executive Director of the Company and to fix his remuneration
    Special
    99.42% for0.58% against

    Against: promoters 0.00% · institutions 2.33% · other public 6.62%

    Turnout: all 64.26% · promoters 99.98% · institutions 65.24% · other public 1.07%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it

Mutual fund votes, meeting of 18 Jun 2026, 2 fund houses

  • To offer, issue and allot from time to time in one or more tranches, up to 66,57,373 warrants, each convertible into, or exchangeable for, 1 (one) fully paid- up equity share of the Company of face value of Rs.10 each (Warrants) at a price of Rs.497 (including premium of Rs.487) per warrant payable in cash (Warrants Issue Price), which may be exercised in one or more tranches during the period commencing from the date of allotment of the Warrants until expiry of 18 (Eighteen) months, to JK Investors (Bombay) Limited, entity belonging to the Promoter Group of the Company.MoreLess
    Against Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Motilal Oswal Mutual FundCompliant with law. Governance and transparency concern: Excessive dilution; Warrants have been priced at par with equity shares as it is proposed to be issued at the floor price determined under Chapter V of the SEBI (ICDR) Regulations, 2018, without any premium for the conversion period
    • Nippon India Mutual FundGovernance and Transparency Concern: The proposal results in excessive dilution, with warrants priced at par with equity shares at the SEBI ICDR floor price, without any premium accounting for the conversion period.
    0 for2 against

Mutual fund votes, meeting of 11 Feb 2026, 2 fund houses

  • Appointment of Ms. Chaturvedi & Shah LLP., Chartered Accountants as Statutory Auditors of the Company to fill the casual vacancy.
    2 for0 against
  • Appointment of Mr. Tikka Singh (DIN: 06521398) as an Independent Director of the Company.
    2 for0 against
  • Appointment of Mr. Ajoy Mehta (DIN: 00155180) as an Independent Director of the Company.
    2 for0 against
4 earlier meetings

Mutual fund votes, meeting of 4 Aug 2025, 14 fund houses

  • To receive, consider and adopt: a) the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2025 and the Reports of the Board of Directors and the Auditors thereon; and b) the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025 and the Report of the Auditors thereon.MoreLess
    14 for0 against
  • To appoint a Director in place of Mr. Gautam Hari Singhania (DIN: 00020088), who retires by rotation and being eligible, offers himself for re-appointment.
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance Concern: Combined position of Chairman and Managing Director, which may lead to concentration of power in the hands of single individual; two full time positions.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundCompliant with law. Governance Concern: Combined position of Chairman and Managing Director, which may lead to concentration of power in the hands of single individual; 2 full time positions.
    8 for6 against
  • To appoint M/s. DM & Associates, Company Secretaries LLP as Secretarial Auditor of the Company
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
    • Angel One Mutual FundProposed fee of Secretarial Auditor not disclosed.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual FundNo concern on the merits of Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Proposed fee of Secretarial Auditor not disclosed.
    • Nippon India Mutual FundNon disclosure of Proposed fee payable to Secretarial Auditors.
    7 for7 against

Mutual fund votes, meeting of 20 Jun 2025, 14 fund houses

  • Appointment of Mrs. Rashmi Mundada (DIN: 08086902) as an Independent Director of the Company
    14 for0 against

Mutual fund votes, meeting of 25 Jan 2025, 12 fund houses

  • Approval of the Scheme of Arrangement between Raymond Limited (“Demerged Company”) and Raymond Realty Limited (“Resulting Company”) and their respective shareholders
    12 for0 against

Mutual fund votes, meeting of 11 Oct 2024, 15 fund houses

  • Re-appointment of Mr. Dinesh Lal (DIN:00037142) as an Independent Director of the Company
    Against Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundNo concern on the merit of proposed appointee. Non-Compliance: Re-appointment is not in accordance with law, no prior shareholders’ approval obtained for re-appointment as an ID
    11 for4 against
  • Re-appointment of Mr. Ashish Kapadia (DIN:02011632) as an Independent Director of the Company
    15 for0 against
  • Appointment of Mr. Harmohan H Sahni (DIN:00046068) as a Director of the Company
    15 for0 against
  • Appointment of Mr. Harmohan H Sahni (DIN:00046068) as an Executive Director of the Company and to fix his remuneration
    15 for0 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

At most 3 complaints open, quarter to Sep 2025.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
No
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.