Raymond Ltd

Dear Shareholders,

As Raymond celebrates its centenary year, it marks a landmark moment for all of us as well as for the Indian Textile Industry. It is indeed a privilege to write this message for this momentous milestone. It is a story of grit and ambition on how a humble woollen blanket manufacturer evolved into a textile and apparel powerhouse crafting some of the finest fabrics in the world.

A hundred years ago, in 1925, a modest woollen mill in Thane laid the foundation of what would become one of India's most trusted and iconic enterprises has since grown into a reckoning force - one that has remained relevant across eras, industries, and ideas.

This occasion is also pivotal marking a new phase in the journey of Raymond that stays resolute to its core values of Trust, Quality and Excellence. A legacy defined by enduring values: trust that withstands the test of time, quality that commands respect, and excellence that continually raises the bar. These principles have guided our journey through every transformation we have embraced, across our businesses be it textiles, real estate and engineering with aerospace & defence. They are the same principles guiding us as we script the next century of Raymond Group's evolution.

New Business Contours

There are only a few companies that have stood the test of time for over a century, and even fewer that have done so with grace, resilience, and the courage to reinvent themselves with finesse. "Raymond is among the rare few to have endured a century – guided by evolving purpose & unwavering poise. That is the Raymond Legacy." Today, the Company is writing a new chapter – from fabrics to real estate, and now into high-precision engineering. With strategic forays into sunrise sectors such as aerospace, defence, and electric vehicles (EV) components, this transformation

it embodies a deeper commitment to national progress and purposeful innovation.

To unlock shareholder value through growth and empower each vertical, Raymond has successfully restructured its organisation via demerger into three pure-play entities, net debt free and each listed independently. The Lifestyle business was listed as Raymond Lifestyle Limited on September 05, 2024, while the real estate business was recently listed as Raymond Realty Limited on 1st July, 2025 and Raymond Limited now comprises of the Engineering business. These successful listings are yet another milestone in Group's journey as the business gains scale and momentum. Moreover, this move enables the business to pave its own path with focussed leadership, access to capital markets, and strong governance framework. It also represents our commitment to deliver exceptional shareholder value and sets the stage for our transformative journey toward building a global Indian powerhouse. Raymond Realty stands as the crown jewel of than our transformation - a net debt-free, pure-play real estate entity that has swiftly risen to become one of the

Top 5 developers in the Mumbai Metropolitan Region (MMR). This achievement reflects our proven ability to execute large-scale projects in India's most competitive real estate market. With a capital-light Joint Development Agreement (JDA) model and strong financial discipline, it is now primed to accelerate growth and expand its footprint across the region.

In 2024–25, Raymond marked a transformative milestone with the integration of Maini Precision Products, strengthening its presence in aerospace, defence, EV, and auto components. To sharpen execution, the engineering business will be split into two focussed entities: one for

Aerospace & Defence, and another for Auto Components & Engineering Consumables. Each will be empowered with a defined mandate, and operate with clear strategic priorities, independent leadership, and strong governance.

This is not just a strategic shift, it is a pivotal moment. Raymond is evolving into a future-ready, innovation-led enterprise, committed to excellence and driving long-term value creation for our shareholders.

Aligning Optics for a New World Order

The year gone by saw the external environment unfold with layers of complexity. As uncertainty dominates global economy, the conflict in

Eastern Europe lingers, fuelling inflationary shocks with deepening energy insecurity, escalations in ambition, the Red Sea disrupting vital global shipping corridors, have compelled industries to reassess their supply chains. Volatility in the Middle East persisted, and the trade tensions between the world's largest economies simmered below the surface. In this increasingly volatile global context, the multi-year trend of heightened protectionism - a period that had seen a volley of tariffs, trade restrictions, and strategic decoupling. For India, the message is unequivocal: to seize this window to cement its position as a reliable, trusted alternative in global manufacturing and sourcing networks. Expediting the speed of ease of doing business India's structural reforms such as asset monetisation, disinvestment and the rapidly developing digital public infrastructure are unlocking market potential.

Amidst this backdrop, India stands at a pivotal moment in its economic journey - one marked by resilience, optimism, and forward momentum. With GDP growth projected at 6.5% for 2024-25, the country's progress is being driven by robust domestic consumption, sustained infrastructure investment, and a vibrant demographic profile. This momentum lays a solid foundation for long-term stability and opportunity.

As India embraces transformational change under Prime Minister Narendra Modi's Viksit Bharat 2047 vision - a comprehensive roadmap to become a fully developed nation by its centenary of independence

- Raymond 2.0 emerges as a bold testament to progress. This pivotal moment in our evolution marks the reinvention of our iconic 100-year-old brand into a modern, purpose-driven enterprise, deeply aligned with the nation's aspirations. It is a collective commitment to building a modern, self-reliant, and globally competitive India. Anchored in this collective aspiration,

Raymond Group's Lifestyle, Realty and Engineering businesses emerge not merely as business verticals, but as an embodiment of our commitment to nation-building. With a focus on delivering fabrics and homes that harmoniously blend affordability, aspirational living, and world-class quality, we strive to help fulfil the enduring

Indian dream. Complementing this, our Engineering division powers industrial innovation, producing precision components that support critical sectors from automotive to aerospace, helping strengthen India's manufacturing excellence. Through this multifaceted endeavour, we contribute meaningfully to the Viksit Bharat 2047 mission, ensuring that every citizen has access to dignified clothing, shelter, vibrant communities, and the opportunity to thrive. Equally, we recognise that true progress begins with education. As part of our broader commitment to nation-building, we continue to invest in nurturing future citizens through the expansion of Singhania Schools, setting an ambitious target to educate over one lakh children across India. By fostering academic excellence and holistic development, we reaffirm our belief that empowered minds are the foundation of a self-reliant and globally competitive Bharat.

Raymond's century-long journey has been marked by resilience, ambition, and a deep bond with its people - shareholders, employees, and customers. Through every challenge, the group has moved forward with purpose, building a bold identity rooted in trust and excellence. As we step into a new century, our commitment remains unwavering: to drive growth, expand strategically, and play a meaningful role in nation-building. With every new beginning, we aim to strengthen our legacy and proudly contribute to the evolving story of India.

Going forward, Raymond 2.0 will be anchored on these three powerful pillars that will define our future: Lifestyle, Real Estate, and Engineering. Our disciplined approach to capital allocation, combined with our strategic assets and deep understanding of the Indian consumer positions us to deliver sustainable returns. As we evolve into a future-ready enterprise, we remain committed to the highest standards of governance, continued investment in engineering excellence, and accelerated technology adoption to drive competitiveness and long-term growth. These focus areas form the foundation of our vision, to lead with purpose, driven by performance, innovation, and enduring value creation.