BSE: 526873
RAJASTHAN SECURITIES LIMITED
A BSE-listed company based in Nagpur, Maharashtra, recently rebranded from Rajasthan Gases Limited and is pivoting toward a securities and trading business. In FY26, it reported revenue of Rs 61.21 crore and a net profit of Rs 80.99 crore, with a net profit margin of 132.3% per the facts. The cost structure is dominated by other operating expenses at Rs 25.03 crore (40.9% of revenue), while employee costs are Rs 0.14 crore (0.2% of revenue) and the company carries no debt. On 14 July 2026, the Board approved incorporating a wholly owned subsidiary in India with initial capital of Rs 1 crore to carry out general trading and securities trading. The available facts do not specify the activities that currently generate the company's revenue. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. General trading and securities trading (planned via Wholly Owned Subsidiary). Small, debt-free BSE-listed company in transition from industrial gases toward securities and trading
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 61 |
| EBITDA (ex other income) | (0) | (1) | (0) | (0) | 34 |
| margin % | — | — | — | — | 54.9 |
| Owners' profit | (0) | (1) | (0) | 7 | 81 |
| EPS, as reported (₹) | (0.19) | (1.92) | (0.06) | 0.91 | 10.54 |
| ROE % · ROCE % | (35.1) · (27.8) | (13.0) · (5.8) | (1.7) · (0.4) | 19.5 · 22.4 | 69.3 · 89.3 |
| Debt / equity (x) | 3.42 | 0.61 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (0) | (1) | (1) | 2 | (62) |
| Capex | 0 | 0 | 0 | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 61 |
| Profit before tax | (0) | 0 | 6 | 2 | 10 | 46 | (24) | 73 |
| Net profit | (0) | 0 | 6 | 1 | 10 | 34 | (24) | 61 |
| EPS (₹) | (0.01) | 0.00 | 0.83 | 0.09 | 1.25 | 4.45 | (3.12) | 7.95 |
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. % |
|---|---|---|---|---|---|---|---|---|
| RELIANCE INDUSTRIES LTD | 15,67,121 | 21.0 | 1.44 | 8.6 | 8.8 | 7.5 | 17.2 | 17.3 |
| INDIAN OIL CORP LTD | 1,82,983 | 5.3 | 0.81 | 3.9 | 19.4 | 17.1 | 11.6 | 1.6 |
| BHARAT PETROLEUM CORP LT | 1,22,623 | 7.2 | 1.22 | 3.8 | 25.8 | 23.2 | 11.4 | (0.6) |
| HINDUSTAN PETROLEUM CORP | 73,867 | 44.2 | 1.13 | 3.8 | 27.5 | 19.3 | 12.1 | (10.7) |
| MRPL | 30,294 | 9.6 | 2.13 | 6.8 | 13.6 | 15.7 | 15.6 | 4.5 |
| CHENNAI PETROLEUM CORP LT | 22,631 | 5.4 | 2.04 | 4.9 | 27.9 | 31.9 | 13.4 | 5.4 |
| SANMIT INFRA LIMITED | 726 | 382.7 | 18.78 | — | 5.1 | 6.1 | — | 10.2 |
| RAJASTHAN SECURITIES LIMITED ◆ | 464 | 5.7 | 3.97 | — | 69.3 | 88.6 | — | 119.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.7 | 8.0 | 5 of 13 | 67% |
| P/B | 4.0 | 1.7 | 10 of 12 | 18% |
| ROCE | 88.6 | 16.4 | 1 of 12 | 100% |
| ROE | 69.3 | 13.6 | 1 of 11 | 100% |
| Debt / Equity | 0.0 | 0.4 | 1 of 12 | 100% |
| EBITDA margin | 119.3 | 5.4 | 1 of 11 | 100% |
| Profit growth | 8986.1 | 4.3 | 1 of 9 | 100% |
| Market cap | 464 | 726 | 8 of 13 | 42% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA compliance certificate filed for quarter ended September 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 until Q2 FY26 results are declared | compliance | minimal | — | — |
| 23 Sept 2026 · Board approves Rs 40 Cr guarantee and loan to wholly owned subsidiary | results | medium | — | — |
| 22 Sept 2026 · 33rd AGM summary - 3 resolutions passed, results pending | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Rajasthan Securities 33rd AGM notice and annual report weblink | compliance | minimal | — | — |
| 1 Sept 2026 · Newspaper notice for 33rd AGM, e-voting and book closure | compliance | minimal | — | — |
| 31 Aug 2026 · Annual Report FY25-26 and 33rd AGM notice filed with BSE | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · 33rd AGM on 22 Sep 2026; book closure and e-voting details announced | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Board split: CMD role separated into Chairman and Managing Director | management changes | medium | — | — |
| 19 Aug 2026 · Board splits Chairman and MD roles; appoints new Chairman | management changes | medium | — | — |
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.