Mumbai. The transformation of one of India’s most storied consumer brands into a precision engineering powerhouse is entering a new chapter. Raymond Limited is in preliminary discussions to acquire DeHarde, a German-based precision engineering firm that is a specialised player known for supplying aerostructures to major global aerospace manufacturers, including Airbus. The company has officially declined to comment on what it terms “market speculation,” and no financial terms or definitive timelines have been confirmed.
The target is no ordinary acquisition candidate. The inception of the Northern Germany-based company DeHarde GmbH dates back to 1909, and as early as 1968 the firm started machining services for the aviation industry, consistently expanding from a reliable mechanical engineer to a globally acting aerospace specialist.
As a Tier 1 supplier, DeHarde supplies Airbus and other well-known aerospace manufacturers in series production with ready-to-install assemblies, establishing not-yet-utilised processes quickly and flexibly to meet component manufacturing and assembly requirements. The company’s offerings span aerostructures, assembly of modules, flight test equipment, fibre composite tools, space flight and racing components, as well as design, development, welding, production, coating, and assembly services.
DeHarde today employs approximately 250 qualified employees and holds certifications from the German Aerospace Industries Association. The company is certified by ISO 9001, EN 9100, and is also certified as a Production Organisation under EASA 21G, the European Aviation Safety Agency’s rigorous standard for manufacturing organisations – a credential that would take years for any new entrant to earn independently.
For Raymond, the strategic logic is compelling. This interest in DeHarde is part of a broader transformation at Raymond. Following its 2024 corporate restructuring and demerger of its lifestyle and real estate businesses, the company has repositioned itself as an engineering-led entity, focusing resources on precision technology, auto components, and aerospace and defence manufacturing.
By potentially acquiring an established European manufacturer, Raymond aims to leverage existing European expertise and established client relationships, bypassing some of the initial hurdles of entering the international aerospace ecosystem where qualifying as a supplier to major OEMs can otherwise take years of rigorous testing and certification.
The financial groundwork for this move is already in place. Raymond shareholders approved a Rs 330.88 crore preferential issue at an EGM held on June 18, 2026, with 96.36% votes in favour, with funds earmarked 75% for acquisitions in aerospace, automotive, and defence sectors and 25% for general corporate purposes.
The engineering division has also demonstrated growing operational strength: in FY26 the engineering business reported consolidated revenue of Rs 2,312 crore and holds a strong order book valued at over Rs 2,350 crore.
The broader context makes the timing important. The global aerospace industry is currently facing a significant production backlog, pushing major manufacturers like Airbus and Boeing to diversify their supply chains, and India is increasingly viewed as a cost-effective and capable hub for precision engineering and structural components.
Domestic peers such as Tata Advanced Systems and Bharat Forge have also been scaling their capabilities to capture a larger share of this global opportunity, intensifying competition for international aerospace mandates.
Raymond has been quietly building an engineering business alongside its better-known lifestyle and real estate arms. The company is net debt free, ending the last fiscal with a net cash surplus of Rs 68 crore. In Q4 FY26, revenue grew 8.2% year-on-year to Rs 603 crore, while EBITDA jumped 26.2% to Rs 75.7 crore, driving a 200-basis point expansion in EBITDA margins.
Raymond’s engineering arm, JK Maini Global Aerospace Limited, is positioned as a key growth driver, with planned capital expenditure of approximately Rs 1,000 crore for facility expansion in Andhra Pradesh. A DeHarde acquisition would add a century of European aerospace pedigree to that domestic build-out – giving Raymond not just a factory, but a front door into the world’s most demanding aerospace supply chains.
