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Rajesh Exports Q2 FY26 results: net profit up 128.4% to ₹104.05 crore, revenue up 161.8%
Rajesh Exports Limited reported consolidated Q2 FY26 revenue of ₹1,75,212 crore and a net profit of ₹104.05 crore for the July–September 2025 quarter. Revenue rose year on year from ₹66,924 crore, while EBITDA increased from ₹76.56 crore to ₹176.10 crore and basic EPS from ₹1.54 to ₹3.52; the quarter also moved from a loss in Q1 FY26 to profit.
Key points
- Consolidated Q2 FY26 revenue was ₹1,75,212 crore, up ₹1,08,288 crore or 161.8% year on year.
- EBITDA was ₹176.10 crore, compared with ₹76.56 crore in Q2 FY25, while the EBITDA margin remained at 0.1%.
- Net profit was ₹104.05 crore, up ₹58.49 crore or 128.4% from ₹45.56 crore in the year-ago quarter.
- Against Q1 FY26, revenue rose ₹43,670 crore or 33.2%, and the company moved from a loss of ₹9.53 crore to a net profit of ₹104.05 crore.
- The stock was up 1.3% on the reaction day, 1.8% by the next day's close and 2.7% by five sessions later from its pre-results close.
How did Rajesh Exports perform in Q2 FY26?
Rajesh Exports Limited reported consolidated revenue of ₹1,75,212 crore in Q2 FY26, up ₹1,08,288 crore or 161.8% from ₹66,924 crore in Q2 FY25. EBITDA rose ₹99.54 crore or 130.0% to ₹176.10 crore, while the EBITDA margin remained at 0.1%. Profit before tax was ₹137.02 crore and net profit was ₹104.05 crore, compared with ₹54.37 crore and ₹45.56 crore, respectively, a year earlier.
Against Q1 FY26, consolidated revenue increased ₹43,670 crore or 33.2% to ₹1,75,212 crore. EBITDA rose ₹134.01 crore or 318.4% to ₹176.10 crore, while profit before tax moved to ₹137.02 crore from ₹1.76 crore. Rajesh Exports returned to a net profit of ₹104.05 crore from a loss of ₹9.53 crore, and basic EPS was ₹3.52 compared with a loss of ₹0.32. On a standalone basis, revenue was ₹3,365.43 crore and PAT was ₹18.06 crore.
| ₹ crore | Q2 FY26 | Q1 FY26 | Q2 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,75,212 | 1,31,542 | 66,924 | +161.8% | +33.2% |
| Other income | 12.30 | 9.46 | 21.66 | −43.2% | +30.0% |
| Total expenses | 1,75,087 | 1,31,549 | 66,891 | +161.7% | +33.1% |
| EBITDA | 176.10 | 42.09 | 76.56 | +130.0% | +318.4% |
| EBITDA margin | 0.1% | 0.0% | 0.1% | +0.0 pp | +0.1 pp |
| Profit before tax | 137.02 | 1.76 | 54.37 | +152.0% | +7685.2% |
| Tax | 32.97 | 11.29 | 8.81 | +274.2% | +192.0% |
| Net profit | 104.05 | −9.53 | 45.56 | +128.4% | turned to profit |
| EPS (₹) | 3.52 | −0.32 | 1.54 | +128.6% | turned to profit |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Rajesh Exports' costs and profit?
Against Q2 FY25, cost of materials rose ₹1,08,172 crore or 161.9% to ₹1,75,003 crore, in line with the increase in revenue. Employee cost increased ₹14.95 crore or 36.7% to ₹55.69 crore, finance costs rose ₹6.27 crore or 19.4% to ₹38.62 crore, depreciation increased ₹1.25 crore or 10.9% to ₹12.75 crore and other expenses rose ₹4.37 crore or 29.4% to ₹19.24 crore. Total expenses were ₹1,75,087 crore, up ₹1,08,196 crore or 161.7%.
Other income fell ₹9.36 crore or 43.2% to ₹12.30 crore, while tax expense rose ₹24.16 crore or 274.2% to ₹32.97 crore. Despite the lower other income and higher tax, EBITDA increased ₹99.54 crore to ₹176.10 crore and PAT increased ₹58.49 crore to ₹104.05 crore. There was no exceptional item in either quarter, and the filings did not state a reason for the cost changes.
| ₹ crore | Q2 FY26 | Q2 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,75,003 | 66,831 | +1,08,172 | +161.9% |
| Employee cost | 55.69 | 40.74 | +14.95 | +36.7% |
| Finance costs | 38.62 | 32.35 | +6.27 | +19.4% |
| Depreciation | 12.75 | 11.50 | +1.25 | +10.9% |
| Other expenses | 19.24 | 14.87 | +4.37 | +29.4% |
| Total expenses | 1,75,087 | 66,891 | +1,08,196 | +161.7% |
| Other income | 12.30 | 21.66 | −9.36 | −43.2% |
| Tax | 32.97 | 8.81 | +24.16 | +274.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
For H1 FY26, operating cash flow was ₹300.02 crore, compared with ₹270.49 crore in H1 FY25. Investing cash flow was negative ₹288.42 crore against negative ₹180.47 crore, financing cash flow was negative ₹11.6 crore against negative ₹63.56 crore, and capital expenditure was negative ₹166.37 crore. Closing cash for H1 FY25 was ₹2,525.7 crore; no closing-cash figure was given for H1 FY26.
| ₹ crore | As of 30 September 2025 | As of 31 March 2025 |
|---|---|---|
| Total assets | 37,369 | 29,372 |
| Total equity | 16,730 | 15,828 |
| Borrowings | 883.13 | 927.45 |
| Cash and equivalents | 1,789 | 1,149 |
| Inventories | 15,029 | 9,626 |
| Trade receivables | 6,397 | 4,933 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY26 | H1 FY25 |
|---|---|---|
| Cash from operations | 300.02 | 270.49 |
| Cash from investing | −288.42 | −180.47 |
| Cash from financing | −11.60 | −63.56 |
| Capital expenditure | −166.37 | 0 |
Source: Company's results filing (XBRL).
How has Rajesh Exports done over the last 8 quarters?
Revenue rose year on year in each of the last four quarters. It reached ₹1,99,189.67 crore in Q4 FY25, fell to ₹1,31,541.8 crore in Q1 FY26, and rose to ₹1,75,211.76 crore in Q2 FY26. Profit followed a different path: it was ₹1.95 crore in Q4 FY25, moved to a loss of ₹9.53 crore in Q1 FY26, and then recovered to ₹104.05 crore in Q2 FY26.
The EBITDA margin was highest at 0.1% in Q2 FY26, Q2 FY25 and Q1 FY25. It bottomed at negative 0.2% in Q4 FY24 and was negative 0.0% in Q4 FY25 and 0.0% in Q1 FY26 before rising to 0.1% in the latest quarter. Revenue and PAT both moved higher in Q2 FY26 from Q1 FY26.
How did Rajesh Exports shares react?
After the filing appeared after market hours, the stock was up 0.5% after five minutes, up 0.4% after 15 minutes and down 0.4% after 30 minutes. From its pre-results close, it closed the reaction day up 1.3%. By the next day's close, it was up 1.8% from that close, and by five sessions later it was up 2.7%.
| After the filing | Stock |
|---|---|
| 5 minutes | +0.5% |
| 15 minutes | +0.4% |
| 30 minutes | −0.4% |
| Reaction day | +1.3% |
| Next day | +1.8% |
| 5 days | +2.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 5 August 2025 | −4.5% |
| 16 May 2025 | −1.0% |
| 14 November 2024 | +0.5% |
| 14 August 2024 | −2.3% |
| 31 May 2024 | −1.2% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Rajesh Exports' revenue in Q2 FY26?
Revenue from operations was ₹1,75,212 crore, up 161.8% from ₹66,924 crore in Q2 FY25 (consolidated).
Did Rajesh Exports make a profit in Q2 FY26?
Yes. Net profit was ₹104.05 crore, against a net profit of ₹45.56 crore in Q2 FY25.
What was Rajesh Exports' EPS in Q2 FY26?
Basic earnings per share were ₹3.52, against ₹1.54 in Q2 FY25.
How did Rajesh Exports shares react to the Q2 FY26 results?
On the reaction day the stock moved +1.3% from the previous close.
When did Rajesh Exports announce its Q2 FY26 results?
On 14 November 2025, in a filing to the NSE.
Sources
- Board Meeting Intimation for To Consider And Approve Unaudited Results For Sep 2025 (BSE, 10 November 2025) · PDF
- Outcome of Board Meeting (NSE, 14 November 2025) · PDF
- Outcome of Board Meeting (NSE, 14 November 2025) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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