Shares of Raymond Ltd. gained as much as 2 per cent on Friday in the early trade on Friday. Raymond is seen as a lucrative stock in the recent one month. Brokerage Antique Stock Broking initiated coverage on the stock with a ‘buy’ rating and a target price of Rs 903 per share. This target implies a potential upside of 30 per cent from the stock’s last closing price.

The stock has shown impressive momentum, rising nearly 17% over the past month, reflecting growing investor confidence ahead of the company’s strategic transformation plans.

Antique highlighted Raymond’s ongoing transformation through value-unlocking initiatives, including the recent demergers and listings of its Fabric (September 2024) and Realty businesses (July 2025). The company has also expanded into precision manufacturing, focusing on its automotive and aerospace segments.

Raymond Ltd. now operates across three key business verticals: Automotive Components, Engineering Tools, and Aerospace. The company plans to further specialize by creating two subsidiaries dedicated to defence and aerospace, and another focusing on auto components, electric vehicles, and engineering consumables.

With strong growth potential in defence and aerospace, Antique projects Raymond’s revenue, EBITDA, and profit to grow at 16%, 38%, and 55% annually, respectively. Operating margins are expected to improve significantly, reaching 12.2% in FY26, 14.9% in FY27, and 15.3% in FY28.

Raymond shares have surged 16.6 per cent so far in 2025 and 29 per cent over the past three months, driven by growing investor confidence in the company’s post-restructuring roadmap. Formerly known for its textiles legacy, Raymond has undergone a strategic transformation, streamlining operations through a series of demergers and business realignments.

With the listing of Raymond Lifestyle in September 2024 and Raymond Realty in July 2025, the core industrial segments—engineering tools, auto components, and aerospace—now remain under Raymond Ltd.

Brokerage firm Antique Stock Broking sees this structural overhaul as a key value unlocker that enhances operational clarity and positions the company for stronger growth.

With a 30 per cent upside from current levels and momentum building after a 17 per cent monthly rally, Raymond emerges as a compelling investment play. Key sectors like defence and aerospace provide strong long-term growth prospects, but execution remains critical.