According to latest reports from The Times of India, Raymond Ltd. is in advanced talks to acquire German engineering specialist Deharde, marking a significant strategic move into the aerospace sector. The deal would mark Raymond's first overseas acquisition since its 2024 restructuring and would expand the company's play in the aerospace sector, where several private-sector groups, including Tata, Mahindra and Bharat Forge, are strengthening their positions in global supply chains. Deharde traces its origins to 1909 as a metalworking workshop and has evolved into a specialist in aerospace engineering, tooling and assembly, currently headquartered in Varel with around 300 employees. Raymond has not commented on the market speculation, while Deharde has not responded to queries regarding the potential acquisition.
As reported by CNBC TV18, Raymond's recent ₹330 crore preferential issue had earmarked ₹248 crore for acquisitions. The company had identified sectors such as aerospace and space tech for potential acquisitions. Deharde is described as a German precision engineering and manufacturing company with Airbus and Boeing as its most prominent clients, making it a strategic fit for Raymond's expansion plans. The acquisition provides access to Deharde's ₹450 crore+ annual revenue potential and 15-18% EBITDA margins typical of the aerospace sector, contrasting favorably with textile volatility. Raymond remains net-debt free as it ended the fiscal with a net cash surplus of ₹68 crore.
According to The Times of India, the Deharde deal would enhance Raymond's manufacturing footprint, which currently comprises a facility in Karnataka, with plans to add another in Andhra Pradesh. The acquisition would give Raymond a certified European supplier relationship with major OEMs at a time of rising demand for outsourced aerospace components. Airbus had said it intends to increase annual sourcing from India to $2 billion by 2030, while Rolls-Royce had described India as a 'best-cost' sourcing market. This expansion aligns with Raymond's strategy to reduce reliance on the textile sector prone to consumer spending volatility.
As reported by The Times of India, Raymond's engineering business, led by Gautam Maini, posted an operating profit of ₹335 crore on revenue of ₹2,312 crore in FY26, and holds an order book of ₹2,350 crore over the next five years. The engineering vertical has been strengthened through the acquisition of Maini Precision Products earlier this year and the recent demerger of lifestyle business, positioning it as a secondary growth engine alongside real estate. The acquisition of Deharde is expected to re-rate Raymond's engineering business, currently overshadowed by its Lifestyle and Real Estate segments, and attracts institutional interest focused on the 'Make in India' for the world theme in the high-barrier aerospace sector.
According to CNBC TV18, Raymond reported an 8.2% revenue growth in the March quarter to ₹603 crore from ₹557.2 crore in the previous year. The company's earnings before interest, tax, depreciation and amortization (EBITDA) increased 26.2% to ₹75.7 crore from the previous year. The company's EBITDA margin expanded by 200 basis points from the year-ago period. Raymond recently completed the demerger of its lifestyle business and integrated Maini Precision Products into its engineering fold earlier this year, contributing to a robust cash position for acquisitions.
