BSE: 543285
Rajeshwari Cans Limited
Manufactures steel cans and corrugated boxes used in industrial packaging. Revenue comes from two product lines — steel cans and corrugated boxes — with the corrugated box line added when a new manufacturing unit started in September 2024. The company reported Rs 42.63 crore of revenue in FY26, up 5.94% year-on-year, with a 16.63% five-year revenue CAGR. Raw materials — primarily steel/tin sheet for cans and paper for boxes — are its largest input at 67.5% of revenue, and employee costs add another 13.6% of revenue. It is headquartered at Moraiya Industrial Estate, Sanand, Ahmedabad, and its shares are listed on the BSE SME platform. No dividend was declared for FY25, and paid-up share capital was doubled to Rs 10.49 crore via a 1:1 bonus issue in FY25. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Steel cans, Corrugated boxes. Small, materials-intensive packaging manufacturer with two product lines.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 25 | 33 | 35 | 40 | 43 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 0.75 | 2.03 | 2.53 | 1.83 | 2.14 |
| ROE % · ROCE % | — · 9.6 | — · 16.7 | — · 16.6 | — · 19.7 | — · 21.2 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (2) | 3 | 2 | 6 | 4 |
| Capex | — | — | — | (9) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16 | 16 | 15 | 19 | 20 | 21 | 22 | 20 |
| Profit before tax | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 1.19 | 0.84 | 1.23 | 1.29 | 2.01 | 0.82 | 1.25 | 0.89 |
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. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 7,122 | 14.6 | 2.48 | 7.8 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,672 | 12.9 | 1.94 | 7.1 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,177 | 6.1 | 0.51 | 6.6 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,700 | 32.0 | 5.15 | 14.0 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,999 | 146.7 | 0.74 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,900 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,359 | 71.4 | 2.95 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,940 | 11.5 | 1.20 | 7.3 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.0 | 16.6 | 3 of 64 | 97% |
| ROCE | 17.2 | 6.9 | 10 of 68 | 87% |
| Revenue growth | 5.6 | 14.0 | 42 of 61 | 32% |
| Market cap | 16 | 113 | 59 of 73 | 19% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting to approve half-year results | results | low | — | — |
| 21 Oct 2026 · Registrar confirms share conversion processing for September quarter | compliance | minimal | — | — |
| 30 Sept 2026 · All 10 resolutions passed unanimously at 8th AGM | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 8th AGM held on Sep 30, 2026; financial statements, director reappointments approved | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading window closed from October 1, 2026 ahead of H1 results | compliance | minimal | — | — |
| 22 Sept 2026 · CFO Mr. Soy Itty resigns from Rajeshwari Cans Limited | management changes | high | — | — |
| 5 Sept 2026 · 8th AGM on Sep 30 2026 - Annual Report 2025-26 web link shared | compliance | minimal | — | — |
| 5 Sept 2026 · Annual Report FY2025-26 filed along with 8th AGM notice | results | high | — | — |
| 5 Sept 2026 · 8th AGM on 30 Sept 2026: auditor change, director reappointments and regularization | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Rajeshwari Cans re-appoints two promoter Whole Time Directors for 3 years | 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.