Small-cap multibagger stock: 135% return in YTD | Defence subsidiary wins ₹33 crore aerospace order

Multibagger stocks in India: At a time when key benchmark indices have delivered negative returns in the YTD, finding a multibagger stock is a real delight. It is also a lesson for investors to pick the theme and the fundamentals that help a stock show resilience, even when market conditions are not conducive to easy picking.

For Indian stock market investors, Raymond shares are worth scanning. The company has recently forayed into the defence and aerospace sectors through its subsidiary, and the defence subsidiary has provided strong wings to the small-cap exporter stock, which has risen 135% YTD.

On Friday, Raymond share price closed at ₹1,003 on the NSE, after hitting a new 52-week high of ₹1,024.50 per share. Interestingly, Raymond shares hit a new 52-week high on Friday despite sharp selling in the key benchmark indices of the Indian stock market.

Raymond news

The parent company announced last week that it had won an aerospace and defence order from an Indian aerospace and defence major. The deal is worth ₹33 crores.

In an exchange filing to the Indian exchanges on Friday evening post-market close, Raymond said, "Raymond Limited’s Aerospace Subsidiary Wins Multi-Programme Aerospace Orders from a Leading Indian Aerospace and Defence Major."

Without divulging the Indian aerospace and defence major's name, Raymond Group parent company said, “The award covers more than 300+ part numbers — precision-machined, casting and structural — across multiple aircraft applications, with annual volumes exceeding 37,000+ components. At expected production rates, this represents an annual business potential of approximately ₹33 crore. Production commences progressively across 2026 and 2027.”

Scope spans precision machining, aerospace castings, structural components and complex assemblies, extending the Company's participation across a wider portion of the aerospace value chain.

Speaking on the development, Rakesh Tiwary, Group Chief Financial Officer, Raymond Limited, said: “This order win sits squarely within the product mix optimisation we have identified as a core margin lever. The award win reaffirms the strong manufacturing process of Raymond Ltd., which spans machining, castings, structures, and assemblies rather than a single stage of the value chain, raises our capture rate per programme, and improves the quality of the multi-year backlog we are building against. It also broadens our customer base into India's growing domestic aerospace ecosystem, in a business that has until now been predominantly export-led."

These new orders further strengthen the Company’s multi-year aerospace order pipeline and reinforce its strategy of building a scaled, high-precision aerospace and defence manufacturing platform in India.

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