In a market that’s drifting lower, identifying quality businesses becomes less about momentum and more about conviction. Among the various signals investors track, insider buying stands out. This is because when those closest to the business start putting their own money on the line, it often reflects a level of confidence that numbers alone don’t reveal.
If they increase the stake, it usually serves as a leading indicator of better times for the company. Insiders – who know the company best – usually buy more shares when they feel the business is headed in the right direction. This is because promoters know their business and expect growth better than anyone else.
On similar terms, we have picked three stocks in which promoters have increased their stakes at a time when the market is in a downtrend. Let’s take a look.
#1 Raymond Lifestyle: 3.5% Stake Increase Amidst 70% Price Correction
Raymond Lifestyle is a leading Indian fashion and lifestyle company, widely known for its iconic brand identity, “The Complete Man.” The company offers a wide portfolio of products, ranging from premium fabrics to ready-to-wear apparel, as well as B2B exports.
A 3.5% Stake Increase Amidst a 70% Price Correction
Its share price crashed by over 70% post-listing in 2024 due to poor performance amid uneven consumption. Meanwhile, the promoters have been consistently increasing their stake over the past year. The promoters’ stake has risen from 54.7% in March 2025 to 58.2% in the December 2025 quarter.
Decoding Raymond 2.0: Core Textiles and the ‘China+1’ Export Pivot
The retail company has several business segments: Branded Apparel, Branded Textiles, New Categories (Growth Vectors), Garmenting, and High-Value Cotton Shirting. The Branded Apparel segment comprises Raymond’s ready-to-wear consumer clothing brands, including Park Avenue, ColorPlus, Parx, and Raymond Made to Measure.
The company has been actively shifting this portfolio toward greater casualization (now 15-17% of the portfolio) while maintaining its strong formal-wear legacy. Branded Textile is the core engine of Raymond, focusing on manufacturing and selling premium suiting and shirting fabrics.
The Garmenting segment operates entirely as a B2B export business. Acting as a ‘white-label’ manufacturer for third-party global clients, Raymond produces tailored clothing and finished or semi-finished garments. Its clientele is primarily situated in the US, UK, and European markets.
To expand its presence and cater to every aspect of consumers’ lives, Raymond is building new growth vectors. Ethnix by Raymond targets the ethnic-wear market serving India’s massive wedding and festive market. It offers an array of fusion silhouettes, including short kurtas, bundis, and trousers, branded under its “Smart Ethnix” collection.
Raymond’s forward-looking strategy, termed “Raymond Lifestyle – 2.0,” is focused on three main pillars: strengthening its core (Branded Textiles), accelerating growth vectors (Branded Apparel and Garmenting), and building new categories (Ethnic Wear, Sleepwear, and Innerwear).
Raymond is shifting its export focus away from the US towards the UK, Europe, and the Asia-Pacific regions. It aims to capitalize on the “China+1” strategy and Free Trade Agreements. It views the upcoming India-EU Free Trade Agreement as highly favorable for improving the competitiveness of its premium garments in European markets.
To fill immediate gaps, the company is pivoting to accept smaller domestic orders (ranging from 5,000 to 10,000 pieces). Despite current sluggishness, the garmenting division is well-positioned for future scale, as its expanded facilities (such as the one in Indupur) can comfortably generate 50% more revenue at current capacity.
Asset-Light Expansion: Scaling the ‘Complete Man’ into Tier-2 India
Raymond is also rationalising its physical footprint. Over the next six months, the company will complete this rationalization process by shutting down unprofitable outlets or those unlikely to yield returns. Following this, it expects a much larger expansion phase over the next 18 months.
This expansion will be highly disciplined, utilizing an asset-light, franchise-led model focused on marquee locations and capturing rising affluence in Tier-2/3 towns. The goal is to ensure all new stores hit profitability within 36 to 42 months of opening. Newer verticals are still at a nascent stage and will take another 3-4 years of brand-building.
Financial Health Check: 12.5% Margins and 9MFY26 Revenue Vitals
From a financial perspective, revenue grew 9% year-on-year to ₹5,223 crore in 9MFY26, driven by strong growth in the core textile (+14%) and apparel (+12%) and product mix improvements. EBITDA was 18% higher at ₹650 crore, with a margin of 12.5%. Net profit (before exceptional items) grew by 11% to ₹160 crore.
#2 Senco Gold: A Pan-India Retail Play Backed by Consistent Insider Buying
Senco Gold is a premier Indian jewelry retailer with a rich family business legacy spanning over eight decades. It operates on a House of Design philosophy, launching roughly 100 new designs daily with the backing of over 210 skilled master karigars.
Senco boasts a robust pan-India retail network of 196 showrooms across 18 states and union territories, covering 128 towns and cities, alongside an international presence of 2 showrooms in Dubai. The network is strategically divided into 113 company-owned stores and 83 franchisee outlets.
The 14 bps Stake Increase: Promoter Conviction in Retail
The promoters are continuously buying stocks from the open market. In the December 2025 quarter, their shareholding in the company increased to 64.47%, up from 64.33% in the same quarter last year.
Beyond the East: Senco’s ₹1,700-Crore Revenue Target for New Markets
Management has provided a conservative revenue growth guidance of 25%+ year-over-year for the fourth quarter. For FY27, Senco is targeting a 20%+ overall revenue growth. A large portion of this growth is expected to come from non-East markets, which are projected to grow at 25-30% and reach ₹1,500-1,700 crore in revenue.
Despite achieving EBITDA margins of 10.8% in 9MFY26, driven by operating leverage and high sales volumes, management guides to a sustainable, long-term EBITDA margin of 7.5-7.8% for FY27. Senco plans to launch 18-20 stores in FY27, from the expected 200 stores in FY26. This will be on the Franchise-Owned, Franchise-Operated model to ensure a high Return on Equity.
The Pivot to Affordability: Leveraging 14-Carat Gold in a High-Price Market
With consumer budgets largely unable to match the 65% surge in gold prices, Senco’s product strategy is heavily skewed toward lightweight 9/14-carat gold and diamond jewellery. This pivot not only caters to affordability but also yields higher effective making charges and margins.
Operating Leverage: Analyzing the 200% Surge in Adjusted Net Profit
From a financial perspective, consolidated revenue grew 30% year-on-year to ₹6,433 crore in 9MFY26, driven by value growth in gold (+63%) and diamond (+32%) segments. Adjusted EBITDA was 133% higher at ₹695 crore, with a margin of 10.8%. Adjusted net profit (accounting for one-time customs duty impacts) grew by 200% to ₹417 crore.
#3 Rashi Peripherals: The Electronics Infrastructure Wave
Rashi Peripherals (RP Tech) is one of India’s largest distributors of Information and Communication Technology products. It serves as a crucial intermediary connecting 82 global technology OEMs to a vast domestic network of over 10,000 B2B channel partners.
The 57 bps Stake Increase
The company promoters are also continuously buying stocks from the open market. In the December 2025 quarter, they increased their shareholding to 63.98% from 63.41% in the same quarter of the previous year.
The company’s operations are divided into two primary integrated business verticals: Personal Computing & Enterprise Solutions (PES) and Lifestyle and IT Essentials (LIT). The PES segment delivers high-performance computing, enterprise storage, servers, and cybersecurity solutions.
It caters to institutional customers, data centers, government organizations, and the BFSI and education sectors. This vertical accounted for 58% of its revenue in 9MFY26. LIT is a fast-moving, consumer-oriented segment that distributes standalone tech products such as wearables, GPUs, and motherboards. This vertical contributed 42% of the company’s revenue.
The AI-Refresh Catalyst: Why Global PC Recovery Favors RP Tech’s PES Vertical
The company is positioned to benefit from a sustained recovery in global personal computing, fuelled by large-scale enterprise refresh cycles, the Windows 10 end-of-support transition, and the accelerated adoption of AI-ready devices.
Capturing India’s ₹40,000-Crore Electronics Manufacturing Cycle
The Indian PC market remains structurally underpenetrated, providing massive headroom for multi-year volume growth. Additionally, the 2026 Union Budget nearly doubled the initial outlay to around ₹40,000 crores to support electronics manufacturing, which is expected to structurally boost demand for advanced computing across the country.
Strategic Scaling: Enterprise Growth via the Dell Partnership Pivot
To capitalize on these trends, RP Tech is pursuing several strategic growth drivers. The company plans to enter high-growth, emerging sectors and introduce adjacent product segments to leverage its massive existing channel infrastructure.
The company is highly optimistic about scaling its enterprise vertical. Notably, business with Dell is expected to become substantial next year after a successful initial rollout. However, this is expected to be offset by the discontinuation of Micron’s ‘Crucial’ consumer brand.
Margin Resilience: Navigating Component Shortages and ASP-Driven Growth
From a financial perspective, consolidated revenue grew 5% year-on-year to ₹11,338 crore in 9MFY26, driven by both price and volume growth, as channel partners stocked inventory ahead of expected price hikes due to component shortages. EBITDA was 57.9% higher at ₹326.1 crore, with a margin of 2.88%. Net profit grew by 24.5% to ₹195.5 crore.
Management anticipates that unit volume growth will be relatively flat over the next one to two quarters due to global supply constraints and component shortages, which are driving up prices and creating affordability issues for consumers.
However, because of these steep price hikes (with some components like RAM seeing 2-3X price increases) and the dollar’s appreciation, overall revenue is expected to continue growing, driven by higher Average Selling Prices.
Valuation Check: Are These Stocks Trading at a Discount?
Rashi Peripherals leads the pack in return ratios such as Return on Capital Employed (ROCE) and Return on Equity (ROE). Senco’s return ratios are moderate, while Raymond’s weak track record of profitability amid restructuring has weakened its return ratios. Valuation-wise, all three companies are trading below their industry multiples.
| Peer Comparison (X) | ||||
| Company | EV/EBITDA | Industry EV/EBITDA | ROCE (%) | ROE (%) |
| Raymond Life | 9.9 | 10.4 | 2.9 | 0.7 |
| Senco Gold | 7.4 | 13.8 | 10.4 | 9.8 |
| Rashi Peripherals | 7.1 | 14.8 | 14.2 | 12.5 |
| source: screener.in | ||||
Promoter buying across Raymond Lifestyle, Senco Gold, and Rashi Peripherals signals improving confidence despite weak price trends. While each operates in a different cycle, the common thread is internal conviction.
Execution, demand recovery, and margin stability will determine whether this early signal translates into sustained earnings and stock performance. Meanwhile, add them to your watchlist and stay tuned.
Disclaimer:
Note: Throughout this article, we have relied on data from http://www.Screener.in and the company’s investor presentation. Only in cases where the data were unavailable have we used an alternative, widely accepted, and widely used source of information.
The purpose of this article is only to share interesting charts, data points, and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educational purposes only.
About the Author: Madhvendra has been deeply immersed in the equity markets for over seven years, combining his passion for investing with his expertise in financial writing. With a knack for simplifying complex concepts, he enjoys sharing his honest perspectives on startups, listed Indian companies, and macroeconomic trends.
A dedicated reader and storyteller, Madhvendra thrives on uncovering insights that inspire his audience to deepen their understanding of the financial world.
Disclosure: The writer and his dependents do not hold the stocks discussed in this article.
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