NSE: RAJESHEXPO · BSE: 531500
RAJESH EXPORTS LTD
Processes and sells gold jewellery as a single-product company, primarily through exports. Consolidated FY26 net sales were Rs 7,787,160.40 million (approximately Rs 77,872 crore), up about 84% from FY25, while net profit after tax grew 18.6% to Rs 1,124.98 million. The cost structure is dominated by raw materials — chiefly gold — at 99.9% of revenue, leaving wafer-thin margins. The standalone business recorded Rs 91,888.05 million in net revenue for FY26, with the gap indicating most revenue flows through subsidiaries. Inventory nearly doubled to Rs 177,464.75 million in FY26 against trade receivables of Rs 64,422.49 million, reflecting large gold stock holdings. The Q4 FY26 standalone quarter ended in a loss of Rs 170.94 million and the consolidated Q4 in a loss of Rs 534.97 million. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Gold jewellery (100%). Thin-margin, working-capital-intensive gold jewellery trading and exports
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,43,128 | 3,39,690 | 2,80,676 | 4,23,099 | 7,78,716 |
| EBITDA (ex other income) | 1,089 | 1,555 | 328 | 167 | 107 |
| margin % | 0.4 | 0.5 | 0.1 | 0.0 | 0.0 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 34.16 | 48.52 | 11.41 | 3.21 | 3.81 |
| ROE % · ROCE % | 8.1 · 8.3 | 9.7 · 9.9 | 2.2 · 3.3 | 0.6 · 1.5 | 0.6 · 1.9 |
| Debt / equity (x) | 0.07 | 0.05 | 0.04 | 0.06 | 0.06 |
| Cash from operations | 1,129 | 437 | 316 | 7,738 | 372 |
| Capex | (36) | 0 | (68) | (1,049) | (43) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 60,355 | 66,924 | 1,99,190 | 1,31,542 | 1,75,212 | 2,35,098 | 4,71,962 | 2,40,336 |
| Profit before tax | 17 | 54 | (8) | 2 | 137 | 65 | 26 | 55 |
| Net profit | 12 | 46 | 2 | (10) | 104 | 71 | 18 | 47 |
| EPS (₹) | 0.40 | 1.54 | 0.07 | (0.32) | 3.52 | 2.42 | 0.61 | 1.59 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · SEBI order: No penalty on Rajesh Exports, probe continues | regulatory legal | high | — | — |
| 8 Oct 2026 · Rajesh Exports names new Company Secretary and Compliance Officer | management changes | medium | — | — |
| 30 Sept 2026 · Rajesh Exports AGM held; financial statements adopted, director re-appointed | board shareholder meetings | low | — | — |
| 23 Sept 2026 · AGM on Sep 30, 2026; book closure from Sep 24 to Sep 30 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Rajesh Exports 32nd AGM on Sept 30, 2026; book closure Sept 24-30 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Rajesh Exports Annual Report FY26: PAT up, no dividend | results | high | — | — |
| 8 Sept 2026 · New Company Secretary appointed after previous one resigns | management changes | medium | — | — |
| 7 Sept 2026 · Rajesh Exports appoints new company secretary and compliance officer | management changes | medium | — | — |
| 31 Aug 2026 · Insider Trading SDD Compliance Certificate for Q1 FY27 | compliance | minimal | — | — |
| 27 Jul 2026 · Rajesh Exports clarifies on NEFRA probe news report | regulatory legal | high | — | — |
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.