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Rajnish Retail Ltd reported a massive jump in full-year revenue from ₹628.50 lakhs in FY24 to ₹8,482.35 lakhs in FY25, reflecting its pivot from the legacy diamonds business to retail. Profit after tax for the full year tripled to ₹105.94 lakhs from ₹34.17 lakhs. However, the March 2025 quarter alone slipped into a loss of ₹26.41 lakhs at the PBT/PAT level. Profitability margins compressed sharply — full-year EBITDA margin fell from roughly 8% to under 2% as revenue scaled up faster than profits. Cash flow from operations was negative at ₹(1,068.94) lakhs despite accounting profit, driven by a big rise in trade receivables and loans given. The statutory auditor (C.P. Jaria & Co.) issued a clean, unmodified opinion, and there are no auditor qualifications or exceptional items.
Top-line growth is impressive but margin compression and negative operating cash flow are red flags — the business is growing on paper but consuming cash. Shareholders should watch whether Q4's loss is a one-off or signals margin pressure continuing into FY26.