Rajesh Exports Ltd

₹ 177 -1.80%

08 Aug - close price

rajeshindia.com BSE: 531500 NSE: RAJESHEXPO

About

Incorporated in 1989, Rajesh Exports Ltd is a manufacturer of Gold and Gold Products^[1]

Key Points

Business Overview
The company is a gold refiner, manufacturer,, and exporter of gold products. It is the only company in the world with a presence across the entire gold value chain from refining to retailing, **processing 35% of gold produced worldwidedia.com/xml-data/corpfiling/AttachHis/4ede53b6-cf59-4f98-b184-bc3807d26740.pdf#page=77 #} ^[1]

Website BSE NSE

Market Cap ₹ 5,225 Cr.
Current Price ₹ 177
High / Low ₹ 310 / 151
Stock P/E 220
Book Value ₹ 171
Dividend Yield 0.00 %
ROCE 2.76 %
ROE 0.47 %
Face Value ₹ 1.00

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Pros

Stock is trading at 1.03 times its book value
Company is expected to give good quarter
Debtor days have improved from 186 to 137 days.
Company's working capital requirements have reduced from 102 days to 79.3 days

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
The company has delivered a poor sales growth of -31.6% over past five years.
Company has a low return on equity of 0.47% over last 3 years.
Earnings include an other income of Rs.58.1 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Consumer Durables Consumer Durables Gems, Jewellery And Watches

Part of BSE SmallCap BSE Allcap BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market Nifty500 LargeMidSmall Equal-Cap Weighted

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	1,661	1,298	1,331	1,634	1,498	1,466	1,602	1,006	1,327	731	1,762	2,619	1,915
	1,787	1,267	1,291	1,574	1,595	1,407	1,587	998	1,513	692	1,717	2,592	1,923
Operating Profit	-126	31	41	60	-97	58	15	8	-186	39	46	27	-8
OPM %	-8%	2%	3%	4%	-6%	4%	1%	1%	-14%	5%	3%	1%	-0%
	11	1	0	0	8	0	1	0	175	11	10	13	24
Interest	-0	-0	-0	-0	10	-0	-0	-0	42	30	32	33	37
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	-116	31	41	60	-100	58	16	8	-54	20	23	7	-21
Tax %	7%	-0%	-0%	-0%	2%	1%	10%	10%	13%	30%	15%	6%	-22%
	-124	31	41	60	-102	58	14	7	-61	14	20	7	-16
EPS in Rs	-4.21	1.06	1.38	2.04	-3.45	1.96	0.49	0.24	-2.06	0.46	0.67	0.22	-0.55
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	23,537	37,919	38,586	44,948	33,660	42,671	46,899	2,060	6,236	5,762	5,401	7,027
	22,920	37,170	37,803	44,153	32,778	41,934	46,252	1,820	6,133	5,658	5,410	6,923
Operating Profit	618	749	783	795	883	737	648	240	104	104	-9	104
OPM %	3%	2%	2%	2%	3%	2%	1%	12%	2%	2%	-0%	1%
	1	4	37	44	38	50	3	1	11	9	175	58
Interest	343	419	308	351	431	320	213	137	84	80	138	132
Depreciation	2	2	2	2	1	1	1	1	1	1	1	1
Profit before tax	273	333	510	486	489	466	436	104	30	32	27	29
Tax %	17%	21%	7%	5%	10%	5%	7%	5%	25%	6%	38%	18%
	227	264	475	461	441	442	403	99	23	30	17	24
EPS in Rs	7.69	8.94	16.10	15.62	14.94	14.97	13.66	3.35	0.77	1.03	0.58	0.80
Dividend Payout %	13%	11%	6%	7%	7%	7%	7%	30%	130%	-0%	-0%	-0%

Compounded Sales Growth
10 Years:	-16%
5 Years:	-32%
3 Years:	4%
TTM:	30%

Compounded Profit Growth
10 Years:	-21%
5 Years:	-43%
3 Years:	1%
TTM:	40%

Stock Price CAGR
10 Years:	-11%
5 Years:	-18%
3 Years:	-33%
1 Year:	-40%

Return on Equity
10 Years:	5%
5 Years:	1%
3 Years:	0%
Last Year:	0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	30	30	30	30	30	30	30	30	30	30	30	30
Reserves	2,583	2,811	3,251	3,712	4,121	4,533	4,907	4,976	4,970	4,987	5,005	5,029
	3,089	3,826	4,462	5,435	8,595	6,072	961	702	626	624	654	921
	5,359	8,860	11,339	12,023	7,185	10,535	12,444	3,576	3,934	2,920	1,419	1,486
Total Liabilities	11,060	15,527	19,081	21,199	19,929	21,170	18,342	9,283	9,560	8,560	7,108	7,466
	70	69	67	66	65	64	63	62	60	59	59	58
CWIP	0	0	1	1	2	0	0	0	0	0	-0	-0
Investments	117	168	636	732	720	2,602	2,592	2,510	2,554	2,554	2,590	2,742
	10,873	15,290	18,377	20,400	19,143	18,503	15,686	6,711	6,946	5,947	4,459	4,666
Total Assets	11,060	15,527	19,081	21,199	19,929	21,170	18,342	9,283	9,560	8,560	7,108	7,466

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-2,629	3,788	722	1,596	-2,855	3,728	3,924	-10,147	100	42	133	-9
	-116	-51	-469	-97	11	-12	-1,858	83	-41	1	-35	-151
	-12	283	292	622	2,696	-2,872	-5,354	-426	-189	-64	66	186
Net Cash Flow	-2,758	4,020	544	2,122	-148	844	-3,288	-10,490	-130	-21	165	26

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	38	28	35	27	17	20	22	808	286	253	169	137
Inventory Days	8	5	4	4	12	5	5	68	24	24	26	28
Days Payable	83	86	109	99	79	91	98	715	235	187	94	78
Cash Conversion Cycle	-37	-53	-70	-68	-50	-66	-71	162	75	90	101	87
Working Capital Days	-73	-82	-104	-103	-132	-108	-70	302	104	115	110	79
ROCE %	11%	12%	11%	10%	8%	7%	8%	4%	2%	2%	3%	3%

Shareholding Pattern

Numbers in percentages

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.55%	54.55%	54.55%	54.55%	54.55%
	17.72%	17.70%	17.62%	17.67%	17.60%	16.50%	15.38%	15.78%	15.08%	14.72%	14.81%	14.70%
	11.43%	11.39%	11.35%	11.27%	11.26%	11.16%	11.08%	11.07%	11.08%	11.12%	11.09%	11.12%
	16.80%	16.87%	16.97%	17.00%	17.08%	18.29%	19.49%	18.60%	19.28%	19.61%	19.54%	19.63%
No. of Shareholders	42,341	45,107	46,725	40,131	40,742	73,775	1,52,938	2,09,623	2,13,557	2,11,547	2,11,937	2,16,643

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Dec 2024
	53.94%	53.94%	54.03%	54.04%	54.05%	54.05%	54.05%	54.55%	54.55%
	17.89%	17.84%	17.69%	17.75%	16.89%	17.72%	17.60%	15.08%	14.70%
	2.59%	5.67%	6.70%	7.49%	9.14%	11.43%	11.26%	11.08%	11.12%
	25.58%	22.55%	21.58%	20.72%	19.93%	16.80%	17.08%	19.28%	19.63%
No. of Shareholders	30,779	26,637	24,814	22,472	46,038	42,341	40,742	2,13,557	2,16,643

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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