Author: Nishtha Mehrotra | EQMint
Raymond Limited and PTC Industries offer different approaches to India’s aerospace manufacturing opportunity, with a notable valuation gap between the two companies. In the 24 September 2026 intraday snapshot, Raymond’s reconstructed trailing P/E stood at about 167.7x, versus 259.4x for PTC Industries. Raymond’s price-to-book ratio was around 2.77x, compared with 21.62x for PTC.
Raymond’s aerospace business is also showing strong growth. Q1 FY27 aerospace revenue rose 40% year-on-year to ₹123 crore, although EBITDA margin declined to 21.2% from 23.7% as new programmes and R&D increased costs.
The company has disclosed an aerospace order book of more than ₹5,960 crore over 10 years, alongside a ₹1,632 crore RFQ pipeline. It also plans around ₹510 crore of aerospace investment in Andhra Pradesh over five years.
The key question for Raymond is whether this order visibility and capacity expansion translate into sustained earnings, margins and cash generation. PTC, meanwhile, remains a more specialised aerospace manufacturing player. The valuation gap therefore reflects different expectations around growth, execution and business positioning rather than a simple measure of which company is cheaper.
Disclaimer: This article is for information purposes only and is not investment advice.
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