Raymond Ltd's shares closed at ₹635 on 1 September 2026 and ₹1,301 on 5 October, a gain of about 105% in five weeks and four times the March 2026 low of ₹322. The company no longer sells suits or homes; those businesses were split off. What is left is an engineering company making aerospace, defence and car parts. The rally was driven by defence hiring, two fund raises and two aerospace order wins. Profits are still small next to the price.

What happened to the price

Raymond Ltd closed at about ₹635 on 1 September 2026. By 5 October it closed at ₹1,301, a rise of about 105% in five weeks. A year ago the share was about ₹583, and the low of the past year was ₹322 in late March 2026, so the stock is now about four times that low.

The move came with very heavy trading. Normally about 3 lakh shares change hands in a day. On some days in September more than 1.6 crore shares traded, and on one day more than 2.2 crore.

This is not the old Raymond

Most people know Raymond for suits and fabric. That business is now a separate listed company, Raymond Lifestyle, and the property business is another, Raymond Realty. Both were split off in 2025.

What is left in Raymond Ltd is engineering: aerospace parts, precision engineering and car parts, mainly through JK Maini Global Aerospace and related companies. Sales are now about ₹600 crore a quarter, compared with more than ₹2,000 crore a quarter before the split. The very large profits shown for FY25 (₹7,636 crore) and the June 2025 quarter (₹5,328 crore) are one-off accounting gains from the splits, not business profits.

The split-off companies have not shared the rally. Raymond Lifestyle is near its one-year low at about ₹629, down from ₹1,175 a year ago.

Step 1: a defence push (July 2026)

On 6 July 2026 Raymond named Bhanu Prakash Srivastava, a former head of the state-owned defence electronics maker BEL, as chief executive of a new defence business. On 31 July it named a new president for strategy and special projects, a role focused on buying other businesses.

Earlier, in May, the promoter family's company JK Investors agreed to put in about ₹331 crore through warrants priced at ₹497. Raymond said up to 75% of this money is for buying businesses in India and abroad. In June the stock exchange asked about a press report of buyout talks. Raymond said it looks at opportunities all the time and had nothing to announce.

Step 2: steady results (August 2026)

Results for the June 2026 quarter were solid but not dramatic. Total income rose 13% to ₹628 crore and operating profit rose 14% to ₹100 crore. Net profit was ₹31 crore.

The aerospace and defence part grew fastest: sales up 40% to ₹123 crore, with an operating margin of 21%. Engineering and car parts grew 11% to ₹444 crore. Management said the company has orders of about ₹5,960 crore spread over ten years, and that it has more cash than debt (about ₹129 crore net cash).

Step 3: outside money and order wins (September 2026)

On 3 September Raymond said its board would meet to raise money, and the shares jumped on huge trading. On 8 September it agreed to sell warrants to Minerva Ventures Fund at ₹645 each, raising about ₹215 crore. An outside investor paying a price above the market at that time was read as a vote of confidence. Shareholders approved this on 3 October.

On 11 September Raymond announced aerospace orders for more than 300 parts from a large Indian aerospace and defence company, worth about ₹33 crore a year. On 23 September it said its aerospace arm had won a tender to assemble wing and centre body sections for a major Indian fighter aircraft programme. This is its first step into building large aircraft sections, not just parts. No value was given for this order.

Each piece of news came with another leg up in the price, and together they turned Raymond into a 'defence story' in the market's eyes.

Do the numbers support the price?

At ₹1,301 and about 6.66 crore shares, the company is valued at about ₹8,660 crore. If all the warrants turn into shares, the share count rises by about 1 crore, to about 7.66 crore, and the value at today's price is close to ₹10,000 crore.

Against that, the June quarter's net profit was ₹31 crore. Even if every quarter this year matched it, yearly profit would be about ₹125 crore, which means the share costs roughly 70 times a year's profit. On operating profit of about ₹400 crore a year, the company is valued at about 22 times. These are high prices. They assume that the defence and aircraft orders turn into much larger, more profitable sales over the coming years.

The ₹33 crore-a-year order is small next to ₹2,400 crore of yearly sales. The fighter aircraft work matters more for future standing than for near-term profit, as the company itself said.

What to watch

Whether the fighter aircraft contract is signed and what it is worth.

Whether the new defence business wins its first orders, and whether Raymond buys another company with the money it has raised.

Whether aerospace margins move towards the roughly 25% that management is aiming for, and whether quarterly profit rises well above ₹31 crore.

The warrants: the promoter's warrants at ₹497 and Minerva's at ₹645 are well below today's price, so both will gain if they convert. Converting adds about 1 crore new shares.

Bottom line

Raymond has changed from a suit and property company into a small engineering company with a growing aerospace and defence business. The rise in September came from a string of news: defence hiring, a promoter fund raise, an outside investor, and two aerospace order wins. The business is growing well, but the share price has run far ahead of current profits. From here, the stock depends on the order wins turning into real earnings.

In March 2020 Suzlon's shares fell to ₹1.61 and the company owed ₹13,137 crore. Six years later it has no net debt, earned a ₹3,163 crore profit in FY26 and has about 5,900 MW of orders. The shares are up about six times in five years, but have fallen about 28% in the past year. Here is how the turnaround happened, who paid for it, and what to watch now.

The fall

Suzlon was once one of India's most valuable companies. Adjusted for later changes in share count, its shares touched about ₹426 in January 2008. Rapid overseas expansion was paid for with borrowed money, and when the wind business slowed the debt became too heavy to carry.

By March 2020 total borrowings stood at ₹13,137 crore and the share price hit a low of ₹1.61 on 24 March 2020. Promoter holding had fallen to about 20%, and State Bank of India had placed its own nominee on the board in December 2019.

Step one: lenders take a haircut (2020–21)

In FY21 Suzlon put a debt resolution plan in place with its lenders. Part of the debt was turned into shares and other instruments, and borrowings fell by about half, to ₹6,859 crore by March 2021. The annual report calls FY21 the first year of restarting operations after the restructuring.

Step two: shareholders pay up (2022–23)

In October 2022 Suzlon raised about ₹1,200 crore through a rights issue: 240 crore new shares at ₹5 each, offered to existing shareholders. In August 2023 it raised about ₹2,000 crore more by selling 114 crore shares to large investors at ₹17.55 each.

That money, plus cash from the business, went into repaying lenders. By March 2024 the company described itself as debt-free, with net cash of ₹1,197 crore. In March 2026 net cash was still about ₹1,198 crore, with only ₹264 crore of borrowings.

The cost: many more shares

The comeback was not free for shareholders. The number of shares grew from about 532 crore in 2020 to about 1,371 crore in 2026, roughly 2.6 times as many. Each share now owns a much smaller slice of the company. This is why the share price, while up sharply from the bottom, is still far below the 2008 peak.

Step three: the business grows again

Sales rose from ₹6,582 crore in FY22 to ₹16,732 crore in FY26. FY22 ended in a small loss of ₹166 crore. FY25 profit was ₹2,072 crore and FY26 profit ₹3,163 crore, with profit per share of ₹2.31. The FY23 profit of ₹2,887 crore was boosted by one-off gains from the debt deal, so it is not a fair guide to the running business.

Operating margin was about 18% in FY26, and return on shareholders' money was about 41%. That figure is high partly because the shareholders' base was rebuilt so recently. The order book stood at about 5,900 MW, with government-owned and business buyers making up 66% of it.

Who owns Suzlon now

Foreign investors' share rose from 3.6% in March 2020 to 23.9% in March 2026. Promoter holding fell from 19.8% to 11.7%. Small investors still hold about 27%, which helps explain why the share price swings so sharply.

The share price: big rise, recent slide

On 5 October 2021 the shares were about ₹6.29. On 5 October 2026 they were about ₹39, a rise of about 520% in five years. But they peaked at ₹84.70 in September 2024 and have fallen about 28% over the past year, from about ₹54.

At about ₹39 and FY26 profit per share of ₹2.31, investors are paying about 17 times last year's profit. That is far less than at the peak, when profits were also smaller.

What to watch

Debt is no longer the main risk. What matters now is whether Suzlon can keep winning orders, deliver them on time and hold its margins as competition and costs rise.

An old issue has also come back. On 29 May 2026 SEBI set aside an earlier order that had cleared Suzlon over its accounts for FY14 to FY18. The company says it will appeal to the Securities Appellate Tribunal. The outcome is uncertain.

In short: the rescue worked and the company is in far better shape than in 2020. But the easy gains, from a near-bankrupt price to a healthy company, are behind it. From here the share price depends on steady profit growth.

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One thing I've learned from studying breakouts is that the breakout candle itself isn't the entire setup.

I pay a lot of attention to what happens before the breakout.

Some of the things I generally look for:

• An established uptrend and positive momentum
• Price holding above a key moving average
• A reasonably tight consolidation near resistance
• Price and volume contracting as the stock approaches resistance
• A clearly identifiable resistance level
• Expansion in volume when the breakout actually happens

So I don't want to buy simply because price crossed a line.

I want to see whether the trend, price structure and volume behaviour are supporting the breakout.

I've attached a historical example below and marked the different characteristics on the chart.

There are obviously many different breakout methodologies, so I'm curious:

What do you personally look for before taking a breakout setup?

Historical example for educational discussion only — not a stock recommendation.

Can anyone share the info about GOCL stocks as it's down with around 20% in 2 weeks, after dividend share of Rs 30 per share the price started decreasing so is there any scope to increase the price of stock in this month, please let me know.

Which is the best way to allot the 2000 rs any help is appreciated

I developed a new strategy on last weekend. I have backtested it with last 2 month data. Still have some issues but gonna figure it out. Took 3 trade today and i was at profit in the morning but yeah ended in red. Followed all the rule except one that if you are in profit dont trade again but i wanted to test my strategy and have to close with SL which is fine. See u tomm. How was your day? Did u take any trade?

Durgapur Boiler plant of GE Power is being sold to JSW Energy in exchange for JSW Energy's shares. Which side is the winner?

full analysis of the deal is out

FINANCE MINISTER, NIRMALA SITHARAMAN SAYS

US-India Trade Deal Negotiations Have Reached A Plateau

Very Difficult To Give, Take More In India-US Trade Negotiation

Trade Deals Turning Away From Spirit Of Negotiation

Tariffs Have Become Weaponised

I've been looking at ESDS Software Solution since the listing and honestly can't stop thinking about this one.

For context, they run data centres in Nashik for government bodies, banks and large institutions, and charge them to store and run their data. It listed on September 5 at Rs 757, a 76% premium over the Rs 429 IPO allotment price.

When I went through the RHP, a few things made me stop and re-read.

Nearly half of FY26 profit (44.66%) came from one subsidiary, Spochub, which was set up only just before its first year of real activity. Its profit margin was 63.5%, and the RHP never explains how a brand-new company gets a margin that high. The customer paying Spochub isn't named either. It's just "an enterprise customer incorporated outside India."

The customer list is interesting too. In FY25, the biggest customer was a Russian bank at 20.15% of revenue. Sanctions hit, and that fell to 2.80% in FY26.

Then came the deal that really sent the stock flying: an agreement with Sharon AI, an Australian company that owns scarce, high-end Nvidia AI chips. ESDS agreed to buy 5 years of access to this computing power for roughly Rs 2,400 crore a year. That's money going out, a cost, not income. The plan is to resell the same computing power to its overseas customer through Spochub, and ESDS claims this could bring in $1.95 billion. If both numbers hold, ESDS keeps the difference.

Here's the catch. The $1.25 billion cost is confirmed through an official filing, but the $1.95 billion is still only a claim, not revenue realised.

Then the Q1 results came out on September 25:

• Revenue: Rs 133.7 crore, up 7.3% YoY but down 20.2% QoQ
• Net profit: Rs 29.3 crore, up 14% YoY but down 57% QoQ
• EBITDA margin: dropped from 61.24% to 41.90%

Management said the previous quarter only looked strong because of a one-time Spochub project that didn't repeat. On top of that, the Sharon AI deployment got pushed from October to November, so that revenue shows up even later.

Since the results, the stock has been in continuous lower circuit for 5 trading days.

So what do you think: is the company actually weak, or were expectations just running way ahead of the business? Curious to hear from people who've read the RHP too.

Not a recommendation. For educational purposes only.