NSE: RAJRILTD · BSE: 530699
RAJ RAYON INDUSTRIES LTD
Manufactures polyester yarn through three integrated processes — polymerisation, POY/FDY (Partially Oriented Yarn / Fully Drawn Yarn), and DTY (Draw Textured Yarn) — and has completed three consecutive capacity expansions since the company was revived under SVG Group ownership in January 2023. FY26 revenue of Rs 1,179.72 crore was up 38.9% from the prior year, with EBITDA margin of 5.4% and operating cash flow of Rs 119 crore for the year. The company plans Rs 500-600 crore of investment over 18-24 months to reach 700 TPD polymerisation, 650 TPD POY/FDY and 400 TPD DTY capacity, including a 167% step-up in DTY capacity. Specialty offerings such as dope-dyed and micro-fibre yarns are flagged in management commentary as higher-margin products. Materials account for 82.4% of revenue, making raw material procurement the dominant cost line. The statutory auditor has issued a qualified opinion for three consecutive years owing to three inoperative bank accounts from the pre-CIRP period that current management has been unable to verify. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Polyester POY/FDY, Polyester DTY, Specialty polyester yarns. Capital-intensive polyester yarn manufacturer in an active capacity-expansion phase
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 137 | 745 | 849 | 1,180 |
| EBITDA (ex other income) | 669 | 2 | 27 | 30 | 64 |
| margin % | 1215937.3 | 1.3 | 3.7 | 3.5 | 5.4 |
| Owners' profit | 641 | (12) | 4 | 14 | 34 |
| EPS, as reported (₹) | 2807.34 | (0.22) | 0.07 | 0.50 | 0.61 |
| ROE % · ROCE % | 639.3 · 639.3 | (11.9) · (6.5) | 3.7 · 10.0 | 11.3 · 7.7 | 21.7 · 16.3 |
| Debt / equity (x) | 0.00 | 1.20 | 0.74 | 1.94 | 1.42 |
| Cash from operations | (5) | (75) | 79 | 37 | 119 |
| Capex | (6) | (65) | (92) | (105) | (48) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 212 | 229 | 206 | 260 | 319 | 305 | 295 | 204 |
| Profit before tax | (4) | 7 | 7 | 7 | 10 | 7 | 8 | 8 |
| Net profit | (4) | 8 | 13 | 6 | 8 | 6 | 14 | 7 |
| EPS (₹) | (0.16) | 0.30 | 0.48 | 0.22 | 0.28 | 0.11 | 0.25 | 0.12 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.4 | 16.8 | 110 of 179 | 39% |
| P/B | 7.1 | 1.1 | 174 of 185 | 6% |
| ROCE | 10.5 | 4.3 | 53 of 215 | 76% |
| ROE | 21.7 | 4.7 | 12 of 188 | 94% |
| Debt / Equity | 1.4 | 0.4 | 158 of 188 | 16% |
| EBITDA margin | 8.9 | 9.8 | 108 of 198 | 46% |
| Revenue growth | (21.4) | 6.9 | 163 of 192 | 15% |
| Profit growth | 12.9 | 20.0 | 117 of 203 | 43% |
| Market cap | 1114 | 61 | 24 of 223 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Second-quarter and half-year results due on 3 November 2026 | results | low | — | — |
| 13 Oct 2026 · Compliance certificate for Q2 FY26 under SEBI Depository Regulations | compliance | minimal | — | — |
| 30 Sept 2026 · Raj Rayon AGM: All 4 resolutions passed including related party deal | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Schedule of institutional investors meeting on 28 September 2026 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading window closed for insiders from October 1, 2026 | compliance | minimal | — | — |
| 8 Sept 2026 · Newspaper ad confirms dispatch of 33rd AGM notice and annual report | compliance | minimal | — | — |
| 7 Sept 2026 · Raj Rayon files BRSR for FY 2025-26 | compliance | minimal | — | — |
| 7 Sept 2026 · Raj Rayon submits 33rd Annual Report 2025-26; AGM on Sep 30, 2026 | board shareholder meetings | medium | — | — |
| 7 Sept 2026 · 33rd AGM notice on Sep 30, 2026; related party deals up to Rs 900 Cr | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Analyst/Institutional investor meeting scheduled for 31 Aug 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.