India, Sept. 9 -- Over the past year, Indian precision engineering and defence-linked manufacturing has become one of the market's favorite re-rating stories as investors increasingly reward companies that can prove genuine exposure to indigenization and import-substitution themes rather than just talk about them. Firms that have divested legacy, lower-margin businesses in favor of high-barrier segments like aerospace components and precision auto parts, where order visibility and margins are structurally better, have been rewarded by capital markets. Raymond's own evolution from a textile-to-realty conglomerate to a focused engineering platform is squarely within this broader theme, which is part of the reason why every incremental corp...